Production ///

Statoil's Gullfaks Rimfaksdalen project on stream ahead of schedule

Gullfaks Rimfaksdalen (GRD) was scheduled for start-up on Christmas Eve this year, but the project has worked faster and now the field is on stream and at lower costs than planned.

Iraq agrees with Kurds to begin talks on oil revenue dispute

Iraq’s prime minister agreed with the semi-autonomous Kurdistan Regional Government to start talks about crude output in northern regions that have been bypassing the central government to export oil.

Norway awards IOR prize to Åsgard licensees for subsea gas compressor

The Norwegian Petroleum Directorate (NPD) has awarded its improved oil recovery (IOR) prize for 2016 to the licensees of Åsgard field, in the Norwegian Sea, for their subsea wet gas compressor. The compressor will yield an additional 306 MMboe and extend the field’s life to 2032.

Shell divests Gulf of Mexico assets for $425 million

Royal Dutch Shell plc, through its affiliate Shell Offshore Inc. (Shell), today announces it has an agreement to sell 100% of its interest in Gulf of Mexico Green Canyon blocks 114, 158, 202 and 248, referred to as the Brutus/Glider assets, to EnVen Energy Corp., through its affiliate EnVen Energy Ventures, LLC.

Oil resumes decline amid doubts of market-stabilization deal

Oil declined amid doubts that producers will agree on a deal to stabilize the market when global suppliers meet next month for informal talks.

Keppel to deliver Bumi Armada’s first North Sea FPSO

Keppel Shipyard, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M), is on track to deliver a floating production storage and offloading (FPSO) vessel to Armada Kraken Pte Ltd, a wholly owned subsidiary of Bumi Armada Berhad.

Oil pessimists exit as OPEC cap talk spurs bets glut easing

Oil investors are turning the car around. For a second week, money managers slashed bets on falling prices by a record and boosted wagers on a rally.

Wood Group secures subsea tie-back detailed design scope with Statoil

Wood Group has been awarded the detailed design scope of the subsea tie-back from Utgard gas and condensate field to the Sleipner facilities, in the Norwegian North Sea.

Iran oil-market share grab seen dimming prospect for production freeze

Iran’s plan to keep boosting crude production until it regains its OPEC market share is dimming prospects of collective action by major producers to freeze output, according to Patrick Allman-Ward, CEO of Dana Gas PJSC.

Statoil trims $2.9 billion off Johan Sverdrup cost as output boosted

Statoil lowered development costs for the start-up at its giant Johan Sverdrup oil field by $2.9 billion and raised the estimated initial output by 16% after intensifying drilling and streamlining operations.

ONS 2016: The synergy between sand control screens and inflow control devices

In the pursuit of additional hydrocarbon reserves and increased oil production, operators continue to look to challenging reservoirs, such as the high permeability, high productivity, clastic reservoirs that can be found in hydrocarbon basins around the world.

Statoil secures lifetime extension for Gullfaks B

The Norwegian Petroleum Directorate (NPD) has given the go-ahead for using the B platform on Gullfaks field in the North Sea until Jan. 1, 2036, which corresponds to the length of the production license.

Saudi Arabia holds China market share lead on record oil output

Saudi Arabia kept its spot as China’s biggest oil supplier for the first seven months this year after pumping record output in July, even as Russia threatens to overtake the kingdom in their contest for sales to the world’s largest energy consumer.

Iraq looks to boost oil output before OPEC talks in Algeria

Iraq asked international oil companies to boost output just as other OPEC nations are heading for talks amid a global glut.

Goldman sees possible OPEC output freeze as self-defeating

OPEC and some producers from outside the group may agree to freeze output during informal talks next month, which could prove “self-defeating” because it would benefit other suppliers, according to Goldman Sachs Group Inc.

Iraq will boost oil exports after agreement on Kirkuk fields

Iraq, OPEC’s second-biggest producer, will increase crude exports by about 5% in the next few days after an agreement to resume shipments from three oil fields in Kirkuk.

‘Well-timed’ OPEC talk forces oil bears into record reversal

OPEC has done it again. Talk of a potential deal to freeze output helped push oil close to $50/bbl and prompted money managers to cut bets on falling prices by the most ever.

Saudi crude, refined-product exports hit seasonal record

Saudi Arabia raised its combined crude oil and refined-product exports to 8.83 MMbpd in June, the highest on record for that month and the latest sign of the expansion of the kingdom’s share of global markets.

Pemex woes snowball as cash crunch deepens production plunge

Petroleos Mexicanos’ deteriorating finances are poised to get much worse, signaling no end in sight to years of declining oil production.

North Sea oil prices rebound as glut of floating crude clears

The glut of crude oil stored in ships on the North Sea is finally starting to dissipate.