Production ///

Stauper Offshore wins Martin Linge platform upgrade contract

Stauper Offshore AS was awarded a contract by TechnipFMC for the upgrade of the Compact Flotation Units (CFU) at Equinor´s Martin Linge platform in the North Sea.

Is global oil drilling activity finding a bottom?

As the working rig count reaches historic lows, World Oil editors take a look at what it means for future production and inevitable consolidations to follow. Can technical innovation lead the industry out of the wilderness?

As oil demand sentiments diverge on a national and an operator level, are production plans evolving to keep pace?

From OPEC stalwarts down to individual producing companies, oil price and demand projections are dividing into two separate camps. World Oil's editors review some of these key differences, and what they mean for crude production plans.

ConocoPhillips to restore curtailed production as oil prices rise

The company will bring back output in Alaska and other states next month, with Canadian production coming back in the third quarter. “Given ongoing variability and uncertainty in the outlook for production curtailments, the company will continue to suspend forward-looking guidance and sensitivities,” Conoco said in a statement Tuesday.

Schlumberger introduces Symphony Live downhole reservoir testing

Symphony testing reduces operational time and improves safety and efficiency while enabling informed decision making for better reservoir understanding and reduced field development planning uncertainty.

Norway sets oil export records as OPEC+ cuts leave a void in the market

As OPEC and its allies make their deepest cuts yet to crude production, Norway’s giant Johan Sverdrup oil field is exporting more than ever before.

Are crude production models ignoring rig count and oil price realities?

World Oil editors review the Dallas Fed's recent oil production survey among U.S. operators and service companies, and discover a "split personality" between production estimate and pricing models that could lead to an oil supply shock in 2021.

Recent Dallas Fed survey reveals U.S. producers’ mindset, strategy for moving forward

A recent survey by the Dallas office of the Federal Reserve System reveals a very somber and wary mindset by U.S. producers toward the upstream oil and gas (O&G) market. And that attitude is reflected in their plans for coping with the Covid-19-affected O&G market.

U.S. drillers broke oil production records in 2019, despite lowest rig count since 1975

According to EIA research, increases in drilling efficiency pushed U.S. crude oil and natural gas production to establish new records of 12.2 MMbpd and 111.5 Bcfd, respectively, in 2019.

Civil war’s end won’t be enough to revive Libyan oil production

Libya’s oil industry is crumbling after more than nine years of neglected maintenance amid a civil war that’s killed thousands and destroyed towns across the country.

Weatherford digital transformation program adds $156 MM in revenue for Mideast operator

Weatherford International announced its Production Optimization Software Platform increased production by nearly 6,000 barrels per day, boosting revenue by $156 million over three years for a Middle East operator.

Dallas Fed sees more shale operators restarting idled oil wells

More than a third of shale explorers polled by the Federal Reserve Bank of Dallas say they’ll restart most of their idled output by the end of this month, ending production curtailments made during the crash in oil prices earlier this year.

Shale oil production may take years to recover, despite a short-term uptick

Looking out 18 months, U.S. output will still be around 16% below its peak in February, according to an average of surveys from the IEA, Genscape, Enervus, Rystad and IHS Markit. It will probably be at least 2023 before the U.S. again hits its record close to 13 million barrels a day.

Russian oil export cuts are raising physical crude prices

Cuts from one of the world's largest oil producers helped to increase demand for other European grades and recently boosted their values in the market where actual barrels of oil are traded.

Canada’s oil transport shortage solved by new pipelines, reduced demand

The pandemic-induced oil crash prompted Canadian companies to cut about 1 million barrels of daily crude output, freeing up space on the country’s previously congested pipelines. With that production likely slow to return and as many as three new conduits slated to be built in the next three years, the industry may have years of cheap, plentiful shipping capacity ahead.

Trendsetter introduces modular offshore intervention system

Trendsetter Engineering introduced its Trident Intervention System, designed for rapid reconfiguration in the field, providing the flexibility to conduct intervention riser, riserless wireline intervention and hydraulic stimulation operations all with a single system.

U.S. oil gaining appeal in Asia as OPEC+ suppliers limit output

Refiners in the top crude-importing region have been forced to accept big reductions in their regular contracted volumes from producers including Saudi Arabia and Iraq in the past couple of months. They’ve also been taken aback by sharp swings in official selling prices.

Continental Resources to begin phasing out production curtailments in July

The company previously announced it would curtail 70% of operated oil production in May, with continued curtailments into June. In July, the Company expects to partially begin resuming production but still expects to curtail approximately 50% of its operated oil production.

Chinese traders trying their luck with sanctioned Venezuelan oil

Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including PDVSA. Information from data intelligence firm Kpler, however, signals the Asian nation is still buying, with as much as 3.3 MMbbl waiting off the Chinese coast as of June 15 and another 5 MMbbl en route to the port of Qingdao.

After a record April, U.S. imports of Saudi oil near 35-year low in June

After flooding the U.S. with crude earlier this year, Saudi Arabia has all but cut off the taps to the American oil market.