Production of oil and natural gas in the Appalachian basin's Utica play—which includes both the Utica and Point Pleasant formations—has increased significantly since 2012.
OPEC members aren’t likely to reach a supply deal in Algiers next week, but an agreement to boost prices could be drawing closer after Saudi Arabia signaled for the first time in two years that it’s willing to cut production.
Oil rebounded to head for a weekly gain after Saudi Arabia was said to have offered to reduce production if Iran agreed to freeze its output.
Papua New Guinea is backing a new greenfield liquefied natural gas facility led by France’s Total SA, in addition to an expansion of the existing $19-billion Exxon Mobil Corp. PNG LNG project.
Now is the right time for OPEC to reach an agreement on oil output, and crude prices may fall if its members fail to take a decision when they meet next week in Algiers, Iraq’s governor to the producer group said.
Today marked the start of commercial production from the Incahuasi field in Bolivia. Incahuasi is one of the largest active gas and condensate fields in Bolivia.
Russia’s northernmost active oil field has entered commercial production.
CNOOC’s Enping 18-1 oil field, which lies in the Pearl River Mouth basin of the South China Sea and has an average water depth of approximately 90 m, has commenced production.
OPEC probably won’t clinch a deal to limit oil production in Algiers next week as members stay focused on either boosting output or defending their market share, according to a Bloomberg survey.
A tanker sailed from Libya with a crude cargo bound for Italy after a halt in fighting between rival armed forces enabled the OPEC country to resume exports from its third-largest oil port for the first time since 2014.
OPEC and oil-producing countries outside the group must find a way to cut crude supplies by 1 MMbpd to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said.
Libya boosted crude production by more than 70% since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years.
Expro has been awarded a contract worth over $30 million with the Hindustan Oil Exploration Company (HOEC) for Dirok gas field in India.
Saudi Arabia’s oil exports climbed in July to a record level for that month, as the kingdom curbed the amount of crude it burns to generate energy domestically, according to the Joint Oil Data Initiative.
The world’s largest oilfield services providers are making plans to help boost output in Venezuela, according to the president of the country’s state-run oil company.
Major oil producers will rely on acquisitions for about half their reserve replacement in the future after cutting exploration budgets to weather the crude-price collapse, according to Wood Mackenzie Ltd.
Brazil’s main oil workers union is meeting Monday and doesn’t rule out a strike as it battles with state-controlled Petroleo Brasileiro for more compensation, union leader Jose Maria Rangel said in an interview.
Junex Inc. has announced that long-term oil production testing of its Galt No. 4 horizontal well continues to deliver strong results.
Eni has resumed exploration activities onshore Tunisia in the Sahara desert, approximately 700 km south of Tunis.
Oil rebounded from the lowest close in more than a month after clashes halted what would be the first crude shipment from Libya’s Ras Lanuf export terminal since 2014.