Production ///

Canada’s oil industry to spar over forced output cuts

Canada’s oil sector is divided over whether to force a temporary cut to production, with some major producers pushing the controversial idea in a bid to ease a supply glut and halt a steep plunge in prices, according to seven people familiar with the matter.

ADNOC to extend long-term gas supply agreement for LNG production

The Abu Dhabi National Oil Company (ADNOC) has agreed, in principle, to extend to 2040 its gas supply agreement with ADNOC LNG, in coordination with ADNOC LNG’s joint venture partners, Mitsui, BP and Total. The new gas supply agreement is scheduled to take effect from April 1, 2019, replacing an existing agreement, due to expire on March 31, 2019.

OPEC will cut output as required to stabilize market

OPEC will cut or adjust production as needed to balance the market, the group’s president, UAE Energy Minister Suhail Al Mazrouei, said Wednesday.

Natural gas soars 20% in U.S. on concerns about winter supplies

Natural gas soared the most in nine years as forecasts for lingering U.S. cold spurred concern that supplies may not be adequate to meet demand over the winter.

Wood awarded multimillion dollar contract extension for Upper Zakum project

Wood has secured a mult-imillion dollar contract extension from ADNOC Offshore, a subsidiary of Abu Dhabi National Oil Company (ADNOC), for services to the the UZ750 mega project offshore Abu Dhabi.

ADNOC signs framework agreement with Uzbekistan gas producer

ADNOC signed a framework agreement with Uzbekneftegaz, a joint stock company of Uzbekistan's oil and gas industry, under which ADNOC will provide strategic advice in relation to upstream and downstream operations.

Chevron, Exxon Mobil mulling bids for Endeavor Energy

Chevron and Exxon Mobil are among the companies considering first-round bids this month for closely held oil producer Endeavor Energy Resources.

Shale oil's good, but it's not here to stay

U.S. shale may be the darling of the oil industry right now, but the boom isn’t going to last, according to the International Energy Agency.

OPEC sees demand for its crude declining as rivals surge

OPEC sees demand for its own crude falling even faster than expected in 2019 as a slowing global economy crimps demand and rival supplies surge.

Canadian oil pain sparks call for government-backed output cut

The pipeline bottlenecks that have strangled Canadian crude prices have at least one major energy producer calling for oil-rich Alberta to mandate output reductions.

Abu Dhabi signals global ambition with 2 MMbbl oil hike

Abu Dhabi signaled its ambitions to send more oil and gas around the world as it woos investors to fields at home and hunts for assets abroad.

ADNOC CEO says oil and gas industry a critical enabler of economic growth

The global oil and gas will be a critical enabler of economic growth in the 4th Industrial Age, according to His Excellency Dr. Sultan Ahmed Al Jaber, UAE minister of state and group CEO, ADNOC.

Saudis see need for major supply cut amid fears of glut

Saudi Arabia said OPEC and its allies should reverse about half the increase in oil output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices.

ADNOC and Saudi Aramco sign natural gas and LNG agreement

ADNOC signed a framework agreement with Aramco to explore potential opportunities for collaboration in the natural gas and LNG sectors.

Wood secures $53 million of contracts supporting ADNOC Onshore

Wood has been awarded three new, call-off contracts totaling $53 million by ADNOC Onshore, a subsidiary of Abu Dhabi National Oil Company (ADNOC).

Canada's oil patch feels double pain with cuts, price collapse

Canada’s oil producers can’t catch a break. Even as local production cuts help alleviate pipeline bottlenecks, heavy crude plunged below $18/bbl for the first time since 2016 -- dragged down by global oil prices.

In OPEC heartland, billions spent to boost oil output

OPEC members are considering cutting production, but in the group’s Middle East heartland producers are spending billions to add output capacity for the long term.

Shale cash gusher sees EOG join $1 billion-a-quarter club

The well-heeled, buttoned-down world of international oil now has competition from cowboy boots and jeans.

Global oil and gas leaders discuss evolving energy landscape

Twenty-six of the world’s leading oil and gas sector leaders gathered in Abu Dhabi on Sunday, for a high-level industry forum focused on the evolving dynamics of the energy landscape, and the opportunities for hydrocarbon-produced energy to support global growth, today, and in the future.

Total inaugurates the Kaombo project and reiterates its commitment to Angola

The Angolan State Minister for Economic and Social Development, Manuel Nunes Junior, the Chairman and CEO of Total, Patrick Pouyanné, and the Chairman of the Board of Directors of Sonangol, Carlos Saturnino, inaugurated the Kaombo project