Production ///

OPEC, Russia meet in Vienna for first check on oil-cuts progress

Representatives of OPEC and several other major oil producers will start arriving in Vienna on Friday for their first meeting to monitor compliance with an agreement to cut output.

Oil demand at risk as China reins in buyers that bought less

Demand from some of the most coveted oil buyers may slow this year because they didn’t purchase all that they could in 2016.

Statoil awards OneSubsea production system contract for North Sea development

OneSubsea, a Schlumberger company, announced it has been awarded an engineering, procurement and construction contract by Statoil to supply the subsea production system for the Utgard gas and condensate discovery in the North Sea.

OPEC seeks to quiet doubts on supply cuts as rally falters

When OPEC and Russia meet this weekend to gauge progress on their oil-supply deal, they’ll be trying to dispel the shadow of previous unfulfilled promises.

Oil falls as IEA chief sees ‘significant’ boost to U.S. output

Oil fell in New York, reversing earlier gains, after the head of the International Energy Agency (IEA) predicted a rebound in U.S. supply.

Oil bosses see shale rebound capping 2017 price surge

Top oil industry officials in Davos aren’t turning completely bullish just yet. Capping their enthusiasm is U.S. shale oil, which is likely to limit price increases and usher in a period of greater volatility.

Brent oil falls as investors await signs of production curbs

Brent oil declined as investors looked for signs of compliance by OPEC and other producers with an output-reduction accord.

Ownership interests on Norwegian continental shelf offered in APA 2016

Today, Jan. 17, offers for 56 new production licences on the Norwegian continental shelf (NCS) will be sent to 29 companies.

CNOOC commences production on Enping 23-1, South China Sea

China National Offshore Oil Corporation Limited announced that the Enping 23-1 oilfield has commenced production. The new field, located in the Pearl River Mouth basin of the South China Sea, is in an average water depth of approximately 90 m.

China’s inescapable oil slide is a record-breaking OPEC gift

OPEC’s campaign to prop up oil prices is getting unlikely support from its biggest customer.

ShaleTech: SCOOP/STACK

Jim Redden, Contributing Editor

High-flying duo checks all the boxes

A new approach to optimizing plug-and-perf completions

Duke VanLue, Downhole Technology

Using improved methods and the latest composite frac plug technology, operators can reduce running time, enhance reliability, and achieve efficient drill-outs without short trips.

LNG use surging while idled spending may trigger next spike

Liquefied natural gas prices falling to the lowest in a decade last year spurred fresh demand while suppressing investment in new production, potentially leading to shortages and price spikes next decade, according to a new Bloomberg New Energy Finance (BNEF) report.

Egyptian gas market sees seasonal surplus, says Wood Mac

Egypt's gas market is poised to undergo profound changes in the next five years, and these could have an impact on the global LNG market, seeing Egypt position itself as a prominent seasonal player, research from global natural resources consultancy Wood Mackenzie shows.

Saudi plans for early end to OPEC pact risk leaving job undone

Saudi Arabia says OPEC is on track to wrap up its production curbs by the middle of the year. That would leave its aim of clearing a global oil glut unfinished.

Saudis see no need to extend OPEC deal beyond six months

OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given the level of their compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.

Oil’s painful cost-squeeze generates output dividend for Norway

Cost cuts are painful, but for Norway’s oil industry, making every penny count has also yielded a surprising production windfall.

MEG expands Christina Lake project, taps debt market as oil rebounds

MEG Energy Corp. is boosting production at its Christina Lake project in Alberta and tapped debt and equity markets for financing, further signs of a rebound in Canada’s oil patch as crude prices stabilize.

STEP reduces offset well hits by deploying far-field diverter technology

Recognizing that fracturing operations often influence the production of parent wells, STEP Energy Services (STEP) recently collaborated with a Montney producer to reduce offset well communication by using its far-field diverter technology, STEP-PLEX.

Saudi oil cuts exceeds target and Kingdom may cut for longer

Saudi Arabia will consider renewing its pledge to cut crude output in six months and has already reduced production by more than its targeted level, Energy Minister Khalid Al-Falih said.