Production ///

Oil CEOs urge Norway to throw a lifeline to carbon capture

Three of the world’s biggest oil companies called on Norway to help maintain funding for carbon capture and storage technology that is stagnating amid concerns about whether it can ever be cost-effective.

Foothills Exploration reports successful completion, flow testing of horizontal well in Utah

Foothills Exploration, Inc., an independent oil and gas exploration company engaged in the acquisition and development of oil and gas properties in the Rockies, reported today the successful drilling, completion and flow testing of the Stagecoach 111-20H horizontal well, now producing natural gas in commercial quantities.

OPEC considers moving the goalposts - here's where they might go

After a year of production cuts, OPEC and Russia are finally near their goal of shrinking the world’s swollen oil inventories. So why are they planning to change their target?

Deloitte: Industry exercises caution with M&A, though trend is changing

Deloitte forecasts that although the oil & gas industry may be in love with the recent rise in commodity prices it is still exercising some caution when it comes to M&A activity, but that is changing.

Venezuela plight has U.S. rushing for heavy UK crude

Oil refineries in the U.S. Gulf of Mexico are buying the most crude from the UK North Sea in more than seven years as they scramble to replace lost supplies from Venezuela.

Rail crunch leaves oil, wheat stranded out on Canada's prairies

A shortage of rail cars in Canada is leaving grain and oil shipments stranded on the prairies, sending crude prices plummeting and leaving farmers in a cash crunch.

Africa's top oil producer poised to give OPEC an output headache

Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies like Russia are trying to restrict output and prop up prices.

Oil trades near one-week high as stockpile gains slow down

Oil in New York traded near a one-week high as improving sentiment in equities spilled over into crude and American stockpiles increased slower than forecast.

East Canada’s Noia says more clarity required on new environmental assessment legislation

Following its successful Annual General Meeting (AGM) held yesterday, the Newfoundland and Labrador Oil & Gas Industries Association, Noia, states the Association will continue to seek clarity on proposed environmental assessment legislation announced by the federal government on Feb. 8, 2018.

Zion Oil & Gas encounters oil onshore Israel

Zion Oil & Gas, Inc., announces that during the current open hole wireline logging and subsequent reaming (cleaning the well bore) operations, Zion encountered free-flowing hydrocarbons while circulating drilling mud.

Norway, Russia sent record gas volumes to Europe in 2017, Rystad says

Gas exports to Europe from both Russia and Norway climbed to record levels in 2017, according to fresh analysis by Rystad Energy. Russian and Norwegian gas exports to Europe (including Turkey) reached 194 Bcm and 122 Bcm, respectively, in 2017.

Rosneft increased proved hydrocarbon reserves by 6% in 2017

As of Dec. 31, 2017, the Rosneft's SEC (United States Securities and Exchange Commission) proved hydrocarbon reserves achieved 39,907 MMboe. The hydrocarbon reserves increased by 2,135 MMboe or by 6% compared to the reserves at the end of 2016.

Oil near seven-week low on signs U.S. stockpiles rose a third week

Oil traded near its lowest closing level in seven weeks in New York as signs of rising U.S. crude stockpiles fanned concern of a new surge in shale-oil production.

Weatherford releases production optimization software

Weatherford International plc today announced a new software release for its ForeSite production optimization platform, which combines physics-based models with advanced machine-learning data analytics to improve performance across conventional and unconventional oil and gas assets.

Woodside crafts new LNG expansion plan after striking Exxon deal

Australia’s Woodside Petroleum finally got what it wanted from Exxon Mobil. And it only cost $744 million.

Russia, Saudis may go beyond their oil alliance with LNG deal

Russia and Saudi Arabia are seeking ways to amplify the success they’ve had working together to manage the oil market by reaching new energy agreements, including one on liquefied natural gas.

Venezuela's oil output crash is costly for U.S. refiners

U.S. Gulf Coast refiners are paying the price for shrinking Venezuelan crude output.

America's supertanker terminal set to export oil for first time

The flood of crude leaving the U.S. could be about to get a major boost: the nation’s top imports terminal is testing one of the industry’s biggest tankers to load an export cargo for the first time.

IEA says OPEC almost cleared oil glut but shale risk looms

OPEC and its allies have almost achieved their goal of clearing an oil glut, but their efforts could be derailed by rising supplies from the U.S. and other rivals, the IEA said.

Producing gas well total declines slightly

The number of active, producing U.S. gas wells slipped 1.6% last year, from 501,535 to 493,421, although, according to the EIA, the country’s gross gas withdrawals hit an 11-year high at 95.8 Bcfd last November.