Production ///

OPEC seen backing Saudi Arabia’s plan to keep supplies elevated

When Saudi Arabia argues next week that OPEC should keep up production to fight the rise in U.S. shale oil levels, prices will be on its side.

Big oil investors give cold shoulder to climate change

Investor resolutions urging corporate leaders to be more environmentally friendly in how they run their businesses are being rolled out at a record pace this year for the energy industry. Just don’t expect them to pass.

Ecopetrol’s new strategy targets 870,000 bopd by 2020

Ecopetrol, the worst performing major oil stock in the past year, is scraping a high-growth strategy to focus on preserving margins and boosting reserves.

Non-OPEC production growth reduced by over 2 MMbopd towards 2020: Rystad Energy

Non-OPEC liquids growth potential of 5.5 MMbopd over the next five years has been reduced by over 2 MMbopd to 3.3 MMbopd, according to Rystad Energy’s most recent forecasts.

New offshore wind blowing in North America: Douglas-Westwood

For the U.S. energy industry, 2014 will be remembered as the year when crude oil prices fell below $50/bbl, resulting in significant realignments in the sector, noted Douglas-Westwood’s DW Monday.

South Sudan oil field becomes battleground in civil war as economy reels

After 17 months of civil war spanning a swathe of South Sudan bigger than Syria, President Salva Kiir’s survival may hinge on the fate of a single oil field. Paloch in Upper Nile state, the only region still pumping crude in a nation with sub-Saharan Africa’s third-largest reserves, has re-emerged as the rebels’ prime target.

Canadian Natural shuts more output as Alberta fire rages

Canadian Natural Resources Ltd. reduced production from its Kirby South oil-sands operation in Alberta, raising the amount of production brought offline because of a nearby forest fire to the 233,000 bpd facility.

Oil becoming ‘mundane return-on-capital’ business to hedge fund manager

“Having to do things like drill in the Arctic” and “deal with Mr. Putin” are some of the reasons hedge fund manager Jim Chanos said he’s “really negative” on integrated oil companies.

Cue Energy brings Maari MR7A development well online

Cue Energy has initiated production from the Maari MR7A development well, with a provisional initial production rate between 1,500 to 2,000 bopd.

Alberta forest fires shut 9% of Canada’s oil sands capacity

Alberta forest fires have prompted the shutdown of about 9% of Canada’s oil sands production.

Libya airstrike sets oil tanker ablaze amid political strife

Warplanes deployed by Libya’s internationally recognized government bombed an oil tanker at a terminal controlled by the nation’s rival Islamist leaders, killing one person, the regional coastguard commander said.

Oil trades near $60/bbl as U.S. drillers add onshore rigs

Oil traded near $60/bbl as explorers in the U.S. increased drilling activity for the first time since November.

UK-based Third Energy submits planning application for hydraulic stimulation

Third Energy will submit a planning application to North Yorkshire County Council to hydraulically stimulate and test various geological formations, at the existing well KM8 at Kirby Misperton.

Oil bears miss out as record U.S. refinery demand drives rally

Oil speculators missed out as record demand from U.S. refineries helped trim supplies from their highest level in more than eight decades and drive prices higher.

Coast Guard responds to oil platform fire in Gulf of Mexico

The U.S. Coast Guard is responding to a report of a platform fire near Breton Island, Friday.

Petronas reports first oil from Indonesia’s Bukit Tua field

Petronas has reached a significant milestone in its upstream operations in Indonesia with first oil achieved from Bukit Tua field on May 17.

Saudi oil supply outpaces rivals in grab for record China demand

Saudi Arabia expanded its share of China’s oil market last month, outpacing rival producers as they compete to meet record demand from the world’s biggest energy consumer.

Core Bakken assets remain economical despite low oil prices, GlobalData says

While the 12 counties with Bakken production between North Dakota and Montana have lost the majority of their horizontal rigs over the last eight months, core areas of the shale play remain attractive, especially as oil prices creep towards $70/bbl, says an analyst with research and consulting firm GlobalData.

Jee bags FEED contract for EOR project from Amec Foster Wheeler

Jee Ltd. has been awarded a contract from Amec Foster Wheeler for the front end engineering design (FEED) of a jacket rigid polymer injection riser package (including J-tubes) as part of an enhanced oil recovery (EOR) field development.

Canadian crude oil supply chain adapts to U.S. glut, Genscape says

With a global oversupply of crude and ever-changing price environment, the crude oil supply chain between the U.S. and Canada has reacted quickly to rebalance supply and demand by moving U.S. crude north to the Canadian East coast, adding new infrastructure to de-bottleneck oil sand storage hubs, and conducting maintenance at Canadian oil sands production facilities, according to Genscape analysis.