Production ///

Canada's fading oil promise leaves U.S. majors struggling

Oil-sands investments in Western Canada that gobbled tens of billions of dollars over the past decade are proving an Achilles heel for some of the world’s biggest energy producers.

Iran's natural gas push not deterred by Trump

Iran is hard at work gaining a foothold in the global energy market, and it’s not letting U.S. President Donald Trump’s confrontational tone stop it from trying.

Europe savors taste of Brazilian oil with more blocks opening

European oil majors given a taste of Brazil may soon be ready for more.

Rosneft aims to expand oil-trading business with new crude deals

Rosneft will expand its oil-trading operations and seek more prepaid supply deals as the Russian energy giant moves to feed its growing network of international refineries.

OPEC still waiting for evidence oil cuts are doing their job

OPEC officials this week hailed the “excellent” and “unprecedented” implementation of their agreement to cut oil production, but were still waiting for solid evidence that the deal was fulfilling their key measure of success and shrinking the global glut.

Chevron names Saudi veteran to head Kuwait operations, Neutral Zone fields set to re-open

Chevron Corp. appointed veteran Saudi Arabian executive Ahmad Awad al-Omar as president of its operations in Kuwait as the two neighboring countries prepare to resume production from shared fields with capacity of more than 500,000 bpd.

Senex Energy sanctions $50-million investment in Australia's Western Surat gas project

Senex Energy Limited has sanctioned its first major investment in the Western Surat gas project, committing $50 million to a 30 well drilling campaign, with gas production of around ~0.6 MMboe expected by mid-2018.

Rosneft's Taas-Yuryakh Neftegazodobycha reports 2016 production increase of 18.9%

Taas-Yuryakh Neftegazodobycha increased oil production by 18.9% in 2016 compared to the same period in 2015.

Gas pioneer Chesapeake embarks on oil quest to escape poor investment rating

Chesapeake Energy, the number two U.S. natural gas producer, thinks it has a one-word answer to its debt issues: oil.

Total CEO says OPEC needs to prolong cuts to eliminate glut

OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total CEO Patrick Pouyanne.

Foothills Exploration brings two Duck Creek project wells into production

Foothills Exploration, Inc., an independent oil and gas E&P company engaged in the acquisition and development of properties in the Rockies and Gulf Coast, today announced that, since acquiring Tiger Energy Partners International on December 30, 2016, the Company has successfully reworked two wells in its Duck Creek project, obtaining production from the Green River formation.

Oil may drop to low $30s without extension of OPEC supply cut, says ABN Amro

Crude prices could plunge toward $30/bbl -- a rout of about 40% from current levels -- unless OPEC extends production cuts that are propping up the market, ABN Amro Bank NV said.

Oil prices climb as Citi raises forecast, OPEC targets 100% compliance

Brent oil extended gains to $57/bbl as Citigroup raised its price outlook and OPEC’s top official said the group will push for full compliance with supply cuts.

Rosneft signs Libya oil deal as more investors return to country

Rosneft signed investment and crude-purchasing agreements with Libya’s National Oil Corp. as more international companies return to the North African country to gain access to Africa’s largest reserves.

LEKOIL to ramp up production with start of continuous flow at Otakikpo field, Nigeria

LEKOIL, the oil and gas exploration and development company with a focus on West Africa, is pleased to announce that oil is flowing at Otakikpo field to onshore storage tanks, where it will be evacuated upon completion of the offshore pipeline.

Oil hovers in tight trading range amid global supply tug of war

Oil held above $53/bbl, after spending last week in the smallest trading range in 13 years as investors weighed rising U.S. drilling activity against OPEC production cuts.

OPEC wins investors back as cuts prompt record bets on oil

OPEC has never taken supply cuts so seriously, and hedge funds are loving it.

Russia overtakes Saudi Arabia as world's largest crude producer

Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades.

Saudi Arabia breaks records on oil exports and output for year

Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.

China's CNPC buys stake in $22-billion Abu Dhabi oil venture

China National Petroleum Corp. bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6% of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity.