Crude rose to a three-week high after Kuwaiti comments bolstered optimism that OPEC and its partners will extended output curbs.
Tambar- license, with owners Aker BP and Faroe, have now approved Tambar- development, consisting of two additional wells and gas lift. This is a major milestone for Tambar- that extends the production period from about 2018 to 2028 with a potential upside.
Two wells will be drilled from Goliat in the Barents Sea in order to start production from the Snadd discovery. This will increase oil reserves on Goliat by 1.2 MMscm (7.5 MMbbl).
Gazprom Neft and India’s ONGC Videsh Ltd. have used the International Arctic forum ‘Arctic: Territory of Dialogue’, currently taking place in Arkhangelsk, to announce the signing of a Memorandum of Understanding, which confirms the companies’ mutual intent in joining forces for implementation of offshore hydrocarbon production projects in Russia and elsewhere in the world.
Crude oil brings in the cash to keep South Sudan’s army fighting. That may have made oil workers a target for rebels waging the African nation’s three-year civil war.
Abu Dhabi National Energy Co reported its biggest loss on record as the state-controlled power and oil company wrote down the value of oil assets after prices slumped.
ConocoPhillips has signed an agreement with Cenovus to sell its 50% non-operated interest in the Foster Creek Christina Lake (FCCL) oil sands partnership, as well as the majority of its western Canada Deep basin gas assets, for a total of $13.3 billion.
The oil market is risking a supply crunch as producers cut spending on major projects to focus on short-term low-cost shale output in the U.S., some of the top crude and products traders said.
A surge in hedging contracts is helping U.S. shale drillers ride out the turmoil in global oil markets this year. Next year may not be so easy.
Gazprom and National Iranian Oil Company have signed a Memorandum of Understanding in Moscow.
Further to the Company’s announcement on March 10, 2017, President Energy has announced that the second workover of a previously producing well, DP1001, at Dos Puntitas field, has achieved successful production substantially ahead of rates prior to it being shut-in.
U.S. Interior Secretary Ryan Zinke is kick-starting a process that could lead to companies paying higher royalties for oil, gas and other energy resources they extract from federal land.
Oil prices rose after a pipeline halt reduced output in OPEC member Libya, countering concerns that a U.S. surplus shows little sign of diminishing.
In 2016, U.S. crude oil exports averaged 520,000 bpd, 55,000 bpd (12%) above the 2015 level, despite a year-over-year decline in domestic crude oil production. Even though oil exports have increased, growth in U.S. crude oil exports has slowed significantly from its pace from 2013 to 2015, when annual U.S. crude oil production grew rapidly.
Petrofac has been awarded a contract for Kuwait Oil Company’s (KOC) gathering center project, GC 32, located at Burgan oil field, southeast of Kuwait.
Schlumberger has announced the opening of a new purpose-built Production Technologies Center of Excellence aimed at solving customers’ global challenges related to oil and gas production chemistry, particularly those encountered in deepwater, heavy oil and other extreme environments.
Sound Energy, the African and European focused upstream gas company, has announced the results of its third well at its Tendrara licence, onshore Morocco, which both establishes the Westward extension of the primary hydrocarbon system proven in Algeria into Morocco, and further confirms the potential of the TAGI play in-country.
Genel Energy Plc sank to the lowest since the shares started trading after it reduced estimated reserves at its flagship oil field in Iraqi Kurdistan and scrapped an output forecast for the deposit.
La Generale Petroliere du Congo, a family-owned exploration company, said it expects the Democratic Republic of Congo’s government to sign an oil production-sharing contract after a tribunal upheld its rights to blocks covering the length of Lake Tanganyika.
When an angry mob torched City Hall in the southern Mexican town of Tecpatan last month, it sent a warning flare across a country already thrown into turmoil by Donald Trump.