Production ///

Oil tanker owners find solace in shale as OPEC readies cuts

America’s shale boom could be about to spare the world’s oil tanker owners from a typical OPEC ravaging.

U.S. oil production continues to grow despite lower prices

The U.S. government left its forecast for domestic crude production unchanged for 2019 even with prices averaging almost $11/bbl lower than its previous estimate.

OPEC data suggest deeper cut may be needed in late 2019

Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half of 2019, but more work may be needed after that.

Alberta's output-cut mandate may be driving oil prices too high

Alberta’s plan to boost crude prices through mandatory production cuts is working a little too well.

BSEE works to ensure safety for deepwater GOM production start-up

The Bureau of Safety and Environmental Enforcement recently conducted its final pre-production inspection of Chevron’s Big Foot tension leg platform, moored in the Gulf of Mexico about 225 mi south of New Orleans.

Marathon Oil reports successful Bakken core extension test in Ajax Area

Marathon Oil Corporation has announced encouraging early production results at an important four-well Middle Bakken pad in the company's Ajax area of the Williston Basin in Dunn County, North Dakota.

Are North Sea operators walking the talk on supply chain collaboration?

Last week, I was in London at the Oil & Gas Council World Energy Capital Assembly (WECA), speaking on a panel about collaboration and capital efficiency in a new oil world.

Eni announces new discovery, start-up, offshore Angola

Eni struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola.

Sulzer Wood wins contract extension with BP

Ellon-based rotating equipment services provider Sulzer Wood Limited has been awarded a five-year contract extension to provide pump maintenance services for BP operations in the North Sea.

Crude rises as supplies reduced by OPEC+

Oil rose on renewed optimism that production cuts announced by the OPEC+ coalition will re-balance the market, while Libya’s biggest field remained shut and risky assets globally rallied.

China’s oil demand will surge in 2019

Contrary to some observers who focus intently on trade data as a proxy for demand, China’s total oil product demand rose by only 150,000 bpd in 2018.

Russia to curb output in small increments as Saudis cut faster

Russia played a big part in making possible a new OPEC+ deal to curb production, but initially it’s letting Saudi Arabia shoulder the bulk of actual cuts.

U.S. shale becomes industry's safe haven as prices languish

Major oil companies are investing more in U.S. shale, not less, after the recent tumble in crude prices.

Hess has announced its 2019 E&P capital and exploratory budget

Hess Corporation has announced a 2019 E&P capital and exploratory budget of $2.9 billion. Of this, approximately 75% will be allocated to high return growth assets in the Bakken and Guyana.

Conoco sees U.S. shale growth at 25% in 2019, even as oil slides

ConocoPhillips, the world’s largest independent oil producer, sees shale production growing 25% next year even as crude prices tumble, proving the industry’s resilience in volatile markets, said CEO Ryan Lance.

Western Canada spot price surges +70% after mandatory output curbs

Alberta’s oil-production curtailment plan has largely accomplished its mission -- even before it has gone into effect.

Permian producers become "victims of their own success"

Emily Querubin, World Oil

Despite a few recent snags, Permian basin production should continue its upward trend through 2019.

Companies in the news

Michele Cowart, World Oil

Companies in the news

Libya's biggest oil field halts just as OPEC opts to cut output

Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global output cuts.

Huawei arrest intensives U.S.-China LNG spat

The arrest of a Chinese technology executive means the tariff war that ensnared LNG may not have reached a cease-fire.