Search Results
Sort
Date Range
Search Phrase
News
April 23, 2024
Baker Hughes will supply 17 pipeline centrifugal compressors driven by state-of-the-art aeroderivative gas turbines for Aramco’s project. The new 4,000-km pipeline is vital to the Kingdom’s energy transition, with expectations to increase domestic gas distribution and contribute to a reduction of carbon emissions and oil consumption.
Article
February 2024
The U.S. industry faces formidable challenges. In November 2024, elections for President, the Senate, and the House may change the political landscape to something more favorable. Irrespective, the Biden administration will be in office at least through January 2025, and the next 11 months will be a trying period.
Article
January 2024
While there was little change in activity from the third quarter of 2023 to the fourth quarter, there are some negative trends developing that have operators concerned. Yet, there is hope that 2024 can be a marginally better year.
Article
February 2024
Look for U.S. spending to increase just 2.2% in 2024, and drilling should be flat. Many factors are at play to bring this result.
News
November 28, 2023
The stalemate may not be resolved before the scheduled OPEC meeting on Nov. 30, potentially requiring a further delay, one delegate said.
News
February 01, 2024
A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Thursday, according to delegates who asked not to be identified.
News
March 11, 2024
The data shows that U.S. crude oil and condensate production averaged 12.9 MMbpdin 2023, breaking the previous U.S. and global record of 12.3 million bpd set in 2019. Average monthly U.S. oil production established a monthly record high in December 2023 at over 13.3 MMbpd.
News
October 31, 2023
U.S. crude oil production jumped to a record high of 13.05 MMbpd in August, the U.S. Energy Information Administration said Tuesday in a monthly report.
News
April 07, 2024
Valaris Limited announced that ARO Drilling, its joint venture in Saudi Arabia, received a notice of suspension from Aramco for one of its 19 contracted rigs, jackup VALARIS 143. The rig’s contract was previously scheduled to end in December 2024.
News
November 20, 2023
Oil is back in a bear market, but as things currently stand one of OPEC’s largest producers is set to increase output in January.
News
December 12, 2023
OPEC+ will need to maintain its latest oil production cuts throughout next year in order to keep the global market in balance, according to Citigroup Inc.
News
February 05, 2024
Seven coalition members have pledged supply curbs totaling about 900,000 bpd this quarter, in tandem with a 1 MMbpd reduction by group leader Saudi Arabia. They’ll review whether to continue the curbs in about one month’s time, according to officials, who asked not to be identified.
News
February 11, 2024
The world’s third-biggest oil importer behind China and the U.S., India is set to be the single largest source of global oil demand growth between now and 2030 thanks to a booming economy, growing middle class and youthful demographics, according to the International Energy Agency.
News
February 15, 2024
The OPEC+ alliance, which is led by Saudi Arabia, agreed to slash production during the first quarter to avert a global oil surplus and shore up prices. While several countries appear to have complied, Baghdad and Astana were once again delinquent.
News
March 01, 2024
The group’s production rose by 110,000 bpd to 26.68 MMbpd as the North African nation ramped up the Sharara field, which was closed earlier in the year due to protests. Iraq pared supplies slightly but, along with the United Arab Emirates, continued to pump above a new quota set at the start of the year.
News
March 10, 2024
The world’s biggest crude oil exporter is in “discussions with a number of entities in the U.S. and other regions, Chief Executive Officer Amin Nasser said on an earnings call with reporters. The company will focus on LNG internationally and look to use its gas output at home to produce blue hydrogen and power, he said.
News
April 11, 2024
KCA Deutag has announced the award of $204 million of onshore drilling contracts in Oman, Saudi Arabia, Peru and Bolivia.
News
November 23, 2023
Saudi Arabia and its allies are embroiled in a dispute over oil production quotas for African members. The disagreement has forced the group to push back its scheduled conference by several days to Nov. 30, sending crude plunging by as much as 4.9% to below $80 a bbl in London on Wednesday.
News
November 30, 2023
Members of the group agreed to make 1 MMbpd of additional oil production cuts at a meeting on Thursday, delegates said. That reduction comes alongside the much-anticipated extension into next year of Saudi Arabia’s voluntary output curb of the same size.
News
December 01, 2023
Traders were wary of how far countries will follow through on the production curbs, which are on a “voluntary” basis. At the end of fractious talks, Angola said it would reject its diminished output quota and keep pumping at current levels.
News
November 30, 2023
The Canadian province, which holds the world’s third-largest crude reserves, is benefiting from higher oil prices supported by production cuts from OPEC+ countries including Saudi Arabia and Russia.
News
January 31, 2024
State-run Aramco announced on Tuesday that it’s pausing a 1 MMbpd capacity expansion scheduled for 2027, without providing any explanation. With a constrained outlook for oil demand and swelling oil-service expenses, the decision makes sense, Wood Mackenzie said.
News
February 27, 2024
The company has booked 15 Tcf of raw gas and 2 Bbbl of condensate as proven reserves at Jafurah. It now estimates that Jafurah contains a total resource of 229 Tcf of raw gas, alongside an estimated 75 Bbbl of condensate.
News
March 18, 2024
Saudi Aramco Chief Executive Officer Amin Nasser said the global energy transition is “visibly failing” on most fronts as proponents overlook the impacts on consumers dependent on cheap, reliable fuels.
News
March 20, 2024
If Saudi Arabia and allies extend cuts beyond the second quarter, that could send prices even higher, Frederic Lasserre said during the CERAWeek by S&P Global conference in Houston. Cuts beyond the second quarter currently are not planned.
