Production ///

DNV GL-led collaboration leads to first guidance on inspection, evaluation of non-metallic seals

DNV GL is now launching the first industry guidance, DNVGL-RP-B301, on inspecting, testing and evaluating non-metallic seals in operation.

Anasuria FPSO reaches safety milestone, awarded Order of Distinction

The Anasuria FPSO has been recognized by the Royal Society for the Prevention of Accidents (RoSPA) once again.

Trump vows new sanctions on North Korea over weapons program

President Donald Trump promised to slap new sanctions on North Korea as he prepared to meet Thursday with leaders of Japan and South Korea to discuss the growing crisis over Pyongyang’s weapons program.

Kuwait GDP seen contracting 0.5% in 2017 after oil output cut

Economists now see Kuwait’s economy contracting by 0.5 percent this year after the gulf nation reduced its crude oil production to 2.7 MMbpd, in line with the agreed OPEC target.

Iraq's Kurds seek independence, impact oil markets

Iraq’s Kurdish provinces plan to vote in a referendum on independence on Sept. 25, a poll that regional and Western powers, not to mention the central government in Baghdad, have decried as a catalyst for greater instability in a region gutted by war.

Oil above $50 as fuel-stockpile drop counters crude-supply gain

Oil held above $50 a barrel as a decline in U.S. fuel inventories countered a bigger-than-forecast increase in crude stockpiles.

Oil traders empty key crude storage hub as global demand booms

Oil traders are emptying one of the world’s largest crude storage facilities, located near the southernmost tip of Africa, as the physical market tightens amid booming demand and OPEC production cuts.

Wood Mackenzie study weighs cost of carbon on upstream sector

Wood Mackenzie has released Positioning for the Future, the first comprehensive study ever carried out into carbon emissions in the upstream oil and gas sector.

Gazprom Neft undertakes its largest-ever maritime oil shipment

Gazprom Neft Badra, operator of Badra field, Iraq, has undertaken the largest-ever maritime shipment of oil for export in the company’s history, with 1.78 MMbbl of hydrocarbons being despatched for the United States in the New Solution crude oil tanker.

Gas Plus Khalakan provides operational update on Shewashan field in Iraq

Gas Plus Khalakan (GPK), the operator of the Shewashan oil field in the Kurdistan region of Iraq, is pleased to provide an update on the operations and activity that has been delivered to further develop the Shewashan oil field.

Two words show why U.S. oil may finally be turning a corner

Oil futures have been stuck in glut mode, but that may be starting to change as backwardation, begins to replace contango.

OPEC has success at last, but oil revival may be short-lived

When OPEC and its allies gather this week, they’ll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived.

BP supplies natural gas to Mexico under energy reform measures

BP Energía México, BP’s natural gas marketing and trading arm in Mexico, has started to deliver approximately 200,000 MMBtu a day of natural gas to Mexico, making BP one of the first private companies to supply natural gas to the domestic market under the country’s energy reform measures.

Rosneft to finalize pipeline project in Iraqi Kurdistan

Rosneft has completed its due diligence on infrastructure of the export oil pipeline in Iraqi Kurdistan (KROP) and will shortly finalize the legally binding documents on oil pipeline project under the Investment Agreement signed at St. Petersburg International Economic Forum in June 2017.

Crude rises above $50/bbl on prospect of more OPEC action

Crude extended gains above $50/bbl in New York as the prospect of OPEC taking further steps to clear a global supply glut.

Aramco plans to buy non-Saudi crude in global trading expansion

Saudi Aramco plans to expand its trading business by buying and selling non-Saudi crude as the world’s biggest exporter prepares for what could be a record initial public offering.

Equatorial Guinea inks LNG sales, infrastructure agreement with Burkina Faso

The Ministry of Mines and Hydrocarbons, representing the Government of Equatorial Guinea, has signed a memorandum of understanding (MoU) with the Government of Burkina Faso to supply the West African country with LNG and build critical infrastructure to import, store and transport gas.

Crude trades near $50/bbl after decline in U.S. drilling

Oil traded near $50/bbl in New York, close to a three-month high, as a further reduction in U.S. drilling added to signs the global crude surplus is abating.

Major energy companies reducing emissions without government oversight

The world’s energy producers are reducing their carbon emissions on a year-over-year basis.

IEA sees risk of volatile oil prices on weak upstream investment

A dearth of new investment in oil production is stoking a risk of tighter crude supply and unstable prices, even as demand growth is expected to slow over the next five years, a senior International Energy Agency official.