Production ///

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.

Anadarko, Mozambique put foot on gas exports as Iran looms

Mozambique and Anadarko Petroleum Corp. are racing to tap gas from one of the biggest discoveries in decades as a global glut looms.

Sound Energy reports first gas from Nervesa discovery

Sound Energy achieved first commercial gas production from the company’s wholly owned Nervesa gas discovery on Wednesday, the company said in a statement.

Total signs LNG supply agreement with China’s ENN

Total has signed a binding Heads of Agreement with ENN LNG Trading for the delivery of 0.5 mtpa of LNG for a period of 10 years.

Cue discovers oil onshore Kutai basin, Indonesia

Cue Energy Resources Limited advises that the Naga Selatan-2 well (NS-2) has discovered oil and is currently being suspended to allow for future production testing.

Oil price seen surging about 50% by fourth quarter as supply eases

Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year.

America supplies OPEC with oil freed from 40-year export ban

The U.S. is now supplying OPEC with crude oil, sort of.

Oil gains after Russia says open to talking with OPEC

Oil rose on Wednesday, paring earlier losses after Russia reiterated its openness to talking with OPEC about output cuts, which helped revive hope among investors that the world's largest producers could act to boost prices.

Russia leaves door open to OPEC deal even as output hits high

Russia has, in the last week, sent mixed signals about possible cooperation with OPEC to support prices.