Production

Libya has resumed oil production, restoring hundreds of thousands of barrels a day to global markets after an embargo was lifted by the country's eastern government. The move follows an easing of a political standoff that had sharply reduced output from the OPEC member.

Equatorial Guinea has bolstered the work of its national oil company with a $350 million contract award to Petrofac in April. It also plans to rely on other producers operating in the country including Chevron, Marathon Oil and Kosmos Energy to raise output. It recently held talks with oil trader Trafigura Group over financing.

As exploration and development activity increased in 2023, so did capital expenditures and mergers and acquisitions. Oil and gas companies have continued to increase their voluntary ESG disclosures.

The growth has made the U.S. the world’s largest oil producer — pumping almost 50% more crude each day than Saudi Arabia. It’s “been good for the American consumer and good for national security,” said John Podesta, the senior adviser to the president for international climate policy.

Wellhead production choke valves can cause unnecessary flaring if not accurately controlled. Workers must also drive to remote sites several times monthly to check and manually operate valves. The control valves have historically been operated by pneumatic diaphragm actuators that use the well-stream gas as their motive power, releasing methane every time the valve is stroked. To reduce these emissions, some operators have replaced well-stream gas with air compressors, which require a lot of energy. Electric actuators do not vent, and many provide one-piece actuation solutions, which reduce the risk of failure compared to the typical pneumatic solution involving multiple pieces of equipment. Electric actuators are more energy-efficient since they only consume electricity when in operation. They provide the required torques and thrusts while operating at the necessary speeds for choke and process control valves. In addition, they offer the highest resolution output and modulating duty for accurate pressure and flow rate control. During the webinar, we will explain the main reasons for selecting electric solutions for wellhead valve control: automation, process control, and energy efficiency. Each of these reasons benefits the operator and reduces environmental impact while increasing efficiency, safety, and profitability.

bp has chosen ABS to support its deepwater Kaskida project in the Gulf of Mexico. ABS will provide classification and engineering verification for the project's new semisubmersible production unit.

Harris twice invoked the surge in U.S. crude and natural gas production in the televised proceedings — a striking embrace of the nation’s fossil fuel output for a candidate who more often touts her green credentials and history of attacking the oil and gas industry as California’s top prosecutor.

Based on the report from its Vienna-based research department, the restart ought to be urgently needed. OPEC’s data suggest that world inventories should be depleting rapidly now and — unless the group opens the taps — face a substantial shortfall of more than 3 MMbpd in the fourth quarter.

Chevron and NNPC signed documents on the conversion of five OMLs into four PPLs and twenty-six PMLs, in line with the new PIA terms, marking a significant step towards increasing domestic gas supply and expanding global market presence.

The establishment of transparent and stable regulatory frameworks is crucial for attracting upstream investors, who are more likely to commit capital when they have clarity on the legal and regulatory environment, according to the African Energy Chamber.

Key coalition members won’t now increase production by 180,000 bpd in October and November, according to a statement on OPEC’s website. Yet their longer-term plan to revive 2.2 MMbpd of idle supplies gradually over the course of a year remained in place, with the completion date pushed back two months to December 2025.

The nation was pumping about 1 MMbpd before the halt order, with the vast majority of that coming from the east. Daily production in the past week plunged to about 450,000 bpd.

Having analyzed PEBs based on their availability of remaining hydrocarbon resources, development cost, emissions and the availability of new energy sources such as wind and solar, together with their suitability for carbon storage, the Central Arabian and Rub Al Khali basins stand out as carbon-efficient, resource-rich basins with significant potential.

The crane, built by heavy lifting firm Mammoet for tens of millions of dollars, is among the latest bets that rising energy consumption will require huge new equipment for years to come.

This collaboration enables E&P companies to seamlessly access TGS' licensed production, completions, and cost data via the ComboCurve platform, with fully automated data integration that requires minimal technical infrastructure.

Output rose to a record 362.6 MMboe, as Beijing pushed for increased production from its state-owned drillers to enhance energy security amid rising geopolitical tensions.

Libya’s oil production has more than halved this week — and risks taking close to 1 MMbpd off the global market — as the country’s fields reduce operations amid a stalemate over who controls the central bank.

China’s largest oil and gas driller said production rose to 905.5 MMboe in the period. Beijing has pushed its state-owned oil giants to invest heavily in production to help the nation meet energy security goals.

Production at the El-Feel field in southwestern Libya has stopped, according to people familiar with the matter, while local operators are indicating they’ll gradually halt pumping nationwide. The move to freeze all production and exports announced Monday by the eastern Libyan authorities came in response to a decision by the internationally recognized government in the west to replace central bank Governor Sadiq Al-Kabir.

Mexico’s President-elect Claudia Sheinbaum appointed energy economist Victor Rodriguez Padilla to lead state-owned oil driller and refiner Petroleos Mexicanos as her administration looks to revive the company’s flagging production and trim its nearly $100 billion debt burden.

Neuron 5 uses advanced AI models and deep learning algorithms to predict maintenance needs and monitor equipment performance by interpreting data, such as pressure, temperature and vibration, received from sensors on critical equipment.