Production ///

Norway’s oil production beats October forecast, still lags full-year projections

The Norwegian Petroleum Directorate’s preliminary production figures for October 2019 show an average daily production of 1.82 MMbblof oil, NGL and condensate, an increase of 264,000 bpd compared to September.

New pre-salt production begins on P-68 FPSO for Shell, Total in Brazil

Deepwater production has come online from the Brazilian pre-salt Santos basin. Shell Brasil and its consortium partners announced the start of oil and natural gas production at the P-68 FPSO, located in BM-S-11-A Concession in Berbigão, Sururu and West Atapu.

Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

The practice of oil tankers turning off their location signals has increased in the past month, according to shipping data, after the U.S. went after a Chinese-owned shipping company it said was moving crude for sanctioned Iran.

Oxy looks to sell as much as $15 billion in assets by mid-2020

Oxy is trading at its lowest in 14 years as investors balked at the amount of borrowing needed to complete the Anadarko deal, and then questioned whether Oxy can produce enough oil to manage the debt burden.

ADNOC invests $489 million to upgrade Bab onshore field, sustaining long-term production capacity

The investment will re-energize ADNOC’s first field producing Murban grade crude to sustain long-term crude oil production capacity and reinforces ADNOC’s commitment to maximizing value from Abu Dhabi’s vast hydrocarbon resources as it delivers its 2030 smart growth strategy.

Tullow stock sinks on finding high sulfur content in Guyana crude

The stock sank as much as 23% on the news that crude from two wells in Guyana was found to be heavy, with a high sulfur content. That’s disappointing as the Guyanese discoveries earlier this year had countered concerns over troubled ventures elsewhere.

Tunisian gas field to start production by year-end, slashing imports

Tunisia’s long-delayed, $1.2 billion joint venture with Vienna-based OMV AG will start producing natural gas by the end of the year, the country’s industry minister said.

Offshore oil to peak in 2020, then join the shale slump, says analyst

A report by analysts at Sanford C. Bernstein & Co. sees projects in the Gulf of Mexico and off of South America significantly boosting output next year. After that, though, the odds drop for any further growth gains, the report found.

Repsol looks to Alberta to replace Mexican and Venezuelan oil

Repsol SA is looking as far away as Western Canada for oil for its European refineries amid dwindling supplies from Mexico and Venezuela.

Emerson launches IIoT-enabled Connected Services to support multiphase flow meters in unconventional shale

Oil and gas producers have a new means of optimizing wellhead production that lowers operating costs while increasing safety, thanks to a newly launched service from Emerson that leverages cloud-based technologies to remotely monitor flow meter performance at the wellhead.

OPEC+ risks sub-$50 oil without deeper supply cuts

“The prospect of oversupply looms over the market in 2020,” said Martijn Rats, global oil strategist at Morgan Stanley. “Either OPEC deepens its cuts, or prices will fall to about $45/bbl, and force a slowdown in U.S. shale that balances the market.”

ADNOC to launch futures exchange for its Murban crude

Murban pricing will move from a retroactive official selling price to market-driven, forward pricing using a Murban futures contract as its price marker.

Tenaris taps Sandvik to deliver CRA OCTG in ADNOC supply agreement

The award includes a relevant portion of corrosion resistant alloy materials, which will be supplied by Sandvik as part of the Sandvik-Tenaris Alliance Agreement.

Weatherford introduces digital wellhead flow-measurement technology

Built for every production environment from heavy oil to wet gas, ForeSite Flow provides precise flow measurements for any fluid mixture without separation.

Alberta loosens oil curbs by exempting new conventional wells

Alberta loosened crude-oil production limits for the second time in two weeks, exempting new conventional wells from output caps in a bid to spur drilling and boost employment.

ExxonMobil taps SBM Offshore for third Guyana FPSO

The FPSO, to be named Prosperity, will utilize a design that largely replicates the design of the Liza Unity FPSO. As such, the design is based on SBM Offshore’s Fast4Ward program that incorporates the company’s new build, multi-purpose hull combined with several standardized topsides modules.

Costain lands over £4m in UK gas terminal contracts

Infrastructure solutions company Costain has secured some £4m worth of design, engineering and consultancy contracts for the energy market, shaping the future for sustainable operations and improved efficiencies at several UK onshore gas terminals.

EIA: Brent and WTI hedge terms getting shorter as production cycles change

The U.S. Energy Information Administration reports that changes in the oil investment and production cycle may be affecting trading dynamics for West Texas Intermediate (WTI) and Brent crude oil futures contracts.

U.S. oil production growth in for a ‘major slowdown,’ says IHS Markit

U.S. shale production—the chief source of rapid growth that made the United States the world’s largest oil producer—is slowing down fast, says a new report by IHS Markit.

Gravity to acquire Permian water gathering and disposal company from White Deer Energy

Gravity's acquisition of On Point will create the largest commercial produced water disposal company by injection volumes in the Midland basin.