Representatives of OPEC and several other major oil producers will start arriving in Vienna on Friday for their first meeting to monitor compliance with an agreement to cut output.
Demand from some of the most coveted oil buyers may slow this year because they didn’t purchase all that they could in 2016.
OneSubsea, a Schlumberger company, announced it has been awarded an engineering, procurement and construction contract by Statoil to supply the subsea production system for the Utgard gas and condensate discovery in the North Sea.
When OPEC and Russia meet this weekend to gauge progress on their oil-supply deal, they’ll be trying to dispel the shadow of previous unfulfilled promises.
Oil fell in New York, reversing earlier gains, after the head of the International Energy Agency (IEA) predicted a rebound in U.S. supply.
Top oil industry officials in Davos aren’t turning completely bullish just yet. Capping their enthusiasm is U.S. shale oil, which is likely to limit price increases and usher in a period of greater volatility.
Brent oil declined as investors looked for signs of compliance by OPEC and other producers with an output-reduction accord.
Today, Jan. 17, offers for 56 new production licences on the Norwegian continental shelf (NCS) will be sent to 29 companies.
China National Offshore Oil Corporation Limited announced that the Enping 23-1 oilfield has commenced production. The new field, located in the Pearl River Mouth basin of the South China Sea, is in an average water depth of approximately 90 m.
OPEC’s campaign to prop up oil prices is getting unlikely support from its biggest customer.
High-flying duo checks all the boxes
Using improved methods and the latest composite frac plug technology, operators can reduce running time, enhance reliability, and achieve efficient drill-outs without short trips.
Liquefied natural gas prices falling to the lowest in a decade last year spurred fresh demand while suppressing investment in new production, potentially leading to shortages and price spikes next decade, according to a new Bloomberg New Energy Finance (BNEF) report.
Egypt's gas market is poised to undergo profound changes in the next five years, and these could have an impact on the global LNG market, seeing Egypt position itself as a prominent seasonal player, research from global natural resources consultancy Wood Mackenzie shows.
Saudi Arabia says OPEC is on track to wrap up its production curbs by the middle of the year. That would leave its aim of clearing a global oil glut unfinished.
OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given the level of their compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.
Cost cuts are painful, but for Norway’s oil industry, making every penny count has also yielded a surprising production windfall.
MEG Energy Corp. is boosting production at its Christina Lake project in Alberta and tapped debt and equity markets for financing, further signs of a rebound in Canada’s oil patch as crude prices stabilize.
Recognizing that fracturing operations often influence the production of parent wells, STEP Energy Services (STEP) recently collaborated with a Montney producer to reduce offset well communication by using its far-field diverter technology, STEP-PLEX.
Saudi Arabia will consider renewing its pledge to cut crude output in six months and has already reduced production by more than its targeted level, Energy Minister Khalid Al-Falih said.