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Venezuela’s oil boss projects soaring output, despite crumbling infrastructure and U.S. sanctions

“They blocked us, they sanctioned us, they stole all our foreign assets,” said Venezuelan oil minister Tareck El Aissami. “Without any financing, with our own money, we’ve been able to invest enough to stop the slide and start a gradual recovery.”

Devon Energy sets net zero 2050 emissions targets, ESG performance goals

Devon Energy announced it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain.

Equinor extends Heimdal gas center’s North Sea service contract to 2023

New wells at Valemon will extend profitable operations at Heimdal, which is processing gas from Valemon. The Heimdal partners have now decided to extend operations at Heimdal to 2023.

Suncor Energy and Terra Nova partners agree to short-term project funding

Co-owners of the Terra Nova FPSO facility and associated Terra Nova Field have reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision this fall.

Lundin Energy targets carbon-neutral oil from Johan Sverdrup

Lundin Energy is starting with the Johan Sverdrup field offshore Norway because the direct emissions from the project are already about 40 times lower than the world average, largely because its offshore facilities are powered by electricity.

Making in-situ flowmeter calibration a reality

Dr. Bruno Pinguet, TUV SUD NEL

A combination of laboratory and wellsite analysis can be used to address in-situ meter performance to reduce maintenance frequency. This conditioned-based monitoring can reduce the overall annual cost of operating multiphase flowmeters in deeper and more remote fields.

Iran believes a U.S. energy sanctions deal is in reach, warns “very little time” to settle it

Oil markets are closely watching the negotiations for any clues as to when the OPEC member will be able to resume crude sales, and how quickly Washington will allow it to ramp up production.

Keystone XL protestors want Biden to revoke more pipeline permits

Environmentalists emboldened by this week’s defeat of Keystone XL are pressuring President Joe Biden to revoke permits for other oil and gas pipelines, warning their votes depend on the administration blocking fossil fuel infrastructure.

Evidence-based initiative improves guided sucker rod longevity

Brian Wagner, NOV Tuboscope

A systematic approach reduces failures and associated costs, while extending beam pumping run times.

Norway’s energy minister sees both renewables and fossil fuels in the nation’s future

Norway, Western Europe’s biggest oil producing nation, plans to expand its green energy industry and strengthen its power grid, but isn’t willing to budge when it comes to exploiting its oil and gas resources.

Wellbore tortuosity logging improves ESP placement, enabling optimized production

Rob Shoup, Justin Boltz, Richard Harrison, Stephen Forrester, Gyrodata

Many factors must be considered when discussing how to optimize production, but industry evolution and advances in technology have made clear that operators cannot properly place artificial lift equipment without truly understanding the quality of their wellbore.

Oxy sells non-core Permian acreage for $508 million, reaffirms 2021 production guidance

The transaction, which is expected to close in the third quarter of 2021, includes approximately 25,000 net acres in the Southern Delaware Basin in Texas with current production of approximately 10,000 barrels of oil equivalent per day from about 360 active wells.

Uganda stands to be one of Sub-Saharan Africa’s top five oil producers by 2025

With the East African Oil Pipeline project recently getting the go-ahead, Uganda is set to produce its first oil as early as 2025 and production in the next five years is expected to jump to 230,000 barrels per day, from zero in 2021, says GlobalData, a leading data and analytics company.

Iran projects 90 days to hit 4 million barrels of daily oil output once sanctions are lifted

Iran plans to restore the bulk of its crude oil production within one month of the easing of U.S. sanctions if world powers manage to broker the revival of the 2015 nuclear deal, the official Shana news agency reported, quoting an official at the National Iranian Oil Co.

Biden’s climate czar to meet with API leaders on oil and gas emission cuts

The session will be at least the second meeting this year between top API executives and White House National Climate Adviser Gina McCarthy, who is coordinating the Biden administration’s efforts to clamp down on greenhouse gas emissions from the use of fossil fuels.

Canadian public opinion poll shows strong support for offshore oil and gas projects

“The offshore oil and gas industry continues to receive broad support across Newfoundland and Labrador and I believe this can be attributed to the value it provides our province and country in tangible terms of well-paying jobs, royalties and benefits to help pay for public services," said Charlene Johnson, Noia CEO.

KKR’s Independence Energy, Contango Oil & Gas aim for $5.5B all-stock merger

KKR and Contango are doubling down on investing in exploration and production companies as many in the sector seek to recover from years of poor returns amid the shale boom and bust. The combination is said to allow the merged company to reach greater scale, boost access to capital and drive down the cost of production.

Sponsored Content: One size does not fit all

In a fast-paced, cost-conscious oil and gas industry, OEM groups seek standardization and efficiencies through commodity manufactured valves. These products provide the availability and utility demanded by end users to adequately support operational needs. One variable difficult to fit into this “commodity mindset” is the choke valve.

BP CEO sees lasting trends in global oil demand growth, limited U.S. crude output

Energy giant BP sees a strong recovery in global crude demand and expects it to last for some time, with U.S. shale production being kept in check, according to CEO Bernard Looney.

World’s largest oil trader says U.S. has left OPEC in control of global crude prices

The decline in U.S. drilling and output leaves little competition to OPEC's efforts to manage markets, Mike Muller, Vitol’s head of Asia, said during an online conference on Sunday. Brent crude closed above $70 a barrel last week for the first time in two years, as buyers demand more oil than producers are pumping.