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Oil gains as investors weigh Russian ban and China outlook
Oil climbed, bookending another tumultuous week of trading, as investors weighed the prospect of a European Union ban on Russian crude and uncertainty over China’s virus resurgence.
Iran says it can double oil exports if market needs more barrels
Iran has capacity to double oil exports if there’s sufficient demand, a top official said, even as a deal on the country’s nuclear program that could pave the way for the lifting of sanctions remain elusive.
TotalEnergies, Ørsted partner to participate in Dutch offshore wind tenders
TotalEnergies and Ørsted have joined forces to jointly submit bids for the two Dutch offshore wind tenders Holland Coast West with the aim to achieve net positive impact on biodiversity and the Dutch energy system.
Apex International Energy tests well at 2,440 barrels per day in Egypt’s Western Desert
Apex International Energy announced the Fajr-8 development well was tested at a daily rate of 2,440 barrels of oil and negligible water.
Oil companies spend on investors, not output, prolonging crude crunch
Oil booms typically spark a chase for higher production -- but not this time. All five supermajors have kept their capital expenditure budgets firmly in check and pledged that this discipline will hold in future years.
Angolan exploration and production to drive Africa’s cumulative capital expenditure
Greenfield investments in Angola and other leading and emerging hydrocarbon producing countries in Africa will help increase cumulative capital expenditure across the continent’s oil and gas sector in 2022 and beyond.
OPEC fails to increase oil output amid capacity troubles
The OPEC cartel – which has struggled for many months to revive oil supplies halted during the pandemic – effectively failed to increase output at all in April as members remained plagued by capacity constraints.
Shell announces first production at FPSO Guanabara offshore Rio de Janeiro
The FPSO Guanabara has an installed capacity of 12 million cubic meters of natural gas and 180,000 bopd and initially has six producing wells and seven injector wells connected to the field.
Exxon, Chevron will spend more on stock returns than production
Exxon Mobil Corp. and Chevron Corp. will together give more cash to shareholders than they invest in oil and gas production this year even as political leaders call on the industry to increase output to help ease soaring consumer prices.
What’s new in production: Nano Fluids - Lubricants
In a heat exchanger column, I discussed the use of certain nano-particles to increase the thermal conductivity of fluids used in heat exchangers. This month, I’d like to expound a bit more on a particular type of nano-fluids: Nano-Lubricants.
New system builds on proven technology for reservoir management to smaller platforms and satellite wells
A new slickline-deployed, memory-based, cased-hole evaluation system delivers the same quality data used to identify bypassed reserves as conventional wireline but without the higher costs and logistical burdens.
Regional Report: Gulf of Mexico: Slings and arrows
Skyrocketing oil prices caused by Russia’s war on Ukraine and Biden’s war on hydrocarbons present the Gulf of Mexico E&P industry with a conflicting brew of circumstances.
Libya’s oil ministry says closed fields may reopen within days
Libya’s oil ministry said fields shut down by protesters may reopen within days, potentially allowing the OPEC member to get back to full production.
Nigeria to boost oil output in two weeks, finance minister says
Nigeria expects to raise its daily crude production closer to its OPEC quota in about two weeks as authorities re-open wells that had to be shut to keep criminals at bay.
Murphy Oil strikes first oil from new Gulf of Mexico project
Murphy Oil Corp. has begun producing oil from a new deepwater Gulf of Mexico project, months ahead of schedule.
OPEC tells EU that Russia oil crisis is beyond its control
OPEC’s top diplomat told European Union officials that the current crisis in global oil markets caused by Russia’s invasion of Ukraine is beyond the group’s control.
Canada to approve Equinor’s $12 billion offshore oil plan
Canada has given the green light to a $12 billion offshore oil project proposed by Norway’s Equinor ASA, handing a major win to an industry that has grappled with slumping investment and tougher climate policy.
ExxonMobil moves forward with $10 billion Guyana offshore oil project
The company’s fourth, and largest, project in the Stabroek Block offshore Guyana is expected to produce approximately 250,000 bpd starting in 2025.
Santos dispute with ConocoPhillips snags Alaska oil project, stake sale
Australia's Santos Ltd. is locked in a dispute with ConocoPhillips over road access in Alaska, potentially holding up a $3 billion oil project, according to letters from both companies to the U.S. state's government.
Shell Trinidad and Tobago delivers first gas from Colibri project
Shell Trinidad and Tobago (through BG International, a subsidiary of Shell plc) announced that production has started on Block 22 and NCMA-4 in the North Coast Marine Area (NCMA) in Trinidad and Tobago.
OPEC says the U.S. must trust its oil production strategy
Saudi Arabia and the United Arab Emirates said the U.S. must trust OPEC+’s strategy, as Washington and other major importers call on the group to hike oil production following Russia’s invasion of Ukraine.
