Production ///

Strong long-term outlook for Texas oil highlighted by Commissioner Craddick

Railroad Commissioner Christi Craddick pointed to the positive impact Texas and U.S. oil producers will see as open crude oil markets increase demand for lighter, sweeter U.S. shale oil in keynote remarks at the North American Prospect Expo’s (NAPE) Global Business Conference in Houston earlier this week.

The oil industry got together and agreed things may never get better

The thousands of attendees seeking reasons for optimism didn’t find them at the annual International Petroleum Week.

Repsol to shut unprofitable Norwegian field amid oil price rout

Repsol SA plans to shut down its unprofitable Varg oil deposit in the North Sea, the first time a Norwegian field will be closed because of the crude-price collapse.

Traders look to floating storage as onshore oil tanks fill

The world is so awash with crude, the boss of BP Plc said people will be filling their “swimming pools” with it by the end of the year.

Statoil opts for ProSep technology for Gudrun platform

ProSep has been awarded a new contract by Statoil. The agreement, which commences this month, will see the company supply its proprietary ProSalt mixer technology to Statoil’s Gudrun platform in the Norwegian North Sea.

Capex cuts on flagship projects affirm Norway’s tax stability plans: GlobalData

Plans to continue development on critical Norwegian Continental Shelf oil and gas projects over the past few months, enabled by the achievement of significant cost reductions, will give Norway’s government some reassurance over its decision to maintain the stability of its fiscal regime in the face of falling prices, says an analyst with GlobalData.

BP CEO ‘very bearish’ on oil as storage tanks are filling up

BP is planning for oil prices to stay low for the first six months of the year and expects surplus production to only start diminishing when storage tanks fill up in the second half.

OPEC sees steeper drop in rivals’ supply as price curbs spending

OPEC revised estimates of production from rival suppliers, indicating a steeper drop in non-OPEC supply than previously anticipated.

Obama’s $319-billion oil tax plan raised to $10.25/bbl

President Barack Obama proposed Tuesday to raise $319 billion over the next decade for transportation and other needs with a $10.25/bbl tax on crude—up from $10 that was announced last week.

Report raises questions about Obama’s $10/bbl oil tax

Sen. Lisa Murkowski, R-Alaska, has released a report prepared by the Congressional Research Service (CRS) raising key questions about President Obama’s proposal to levy a new $10/bbl tax on oil.

EIA raises shale production estimates in monthly report

Shale patches in the U.S. are pumping out more oil and gas than the government previously thought.

MicroSeismic launches new completions evaluation services for early well appraisal

MicroSeismic has announced the release of PIndex, DIndex and Production Forecast—proprietary completions evaluation services to quantify and predict reservoir drainage and production.

IEA raises estimate of surplus oil supply on higher OPEC output

The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency.

Oil drillers exposed in three-way hedges as crude dips below $30

Oil at $30/bbl is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash.

NOC in West Libya warns about ‘illicit’ oil sales from East

National Oil Corp. in western Libya warned traders against loading “illicit” cargoes of oil at Hariga port in the eastern part of the country amid claims by a competing organization that it’s arranging such sales.

Vitol says it’s ‘business as normal’ as it buys Iranian oil

The world’s largest independent oil trader said it’s "business as normal" with Iran as Vitol Group BV confirmed it has already bought cargoes from the country after the end of economic sanctions.

Total starts production at Laggan-Tormore in the West of Shetland

Total has started production from the Laggan and Tormore gas and condensate fields, located in 600 m of water in the West of Shetland area. The fields will produce 90,000 boed.

UK offshore union calls for emergency measures to save future North Sea production

Unite, Britain’s biggest offshore oil trade union, has warned the UK government that billion-pound losses announced this week by oil industry supermajors could, without serious interventions, bring an end to meaningful production in the North Sea within years.

Murkowski hits out at Obama’s $10/bbl oil tax proposal

President Obama should be trying to make America’s energy sector more competitive, Sen. Lisa Murkowski warned after the President proposed a new $10/bbl tax on crude oil amid the worst oil slump since 1986.

Obama to seek new $10/bbl tax on oil in budget proposal

U.S. President Barack Obama will launch a long-shot bid next week to impose a $10/bbl tax on crude oil that would fund the overhaul of the nation's aging transportation infrastructure, the White House said on Thursday.