Production
News
March 14, 2024
Advanced AI is gaining a foothold in the oil field as drillers and producers are relentlessly focused on improving efficiency. While the technology is being tested around the globe, the U.S. is perhaps the most important spot to watch.
News
March 14, 2024
The expansion of the Tengizchevroil venture, known as the Future Growth Project, has delayed its full startup into the second quarter of next year. The project has gone well beyond its initial budget of $37 billion and the completion date had already been rescheduled twice from the original plan of mid-2022.
News
March 12, 2024
U.S. crude oil production is set to increase to 13.19 MMbpd this year, up from from a previous projection of 13.1 MMbpd, the Energy Information Administration said in its Short-Term Energy Outlook released Tuesday.
News
March 11, 2024
The data shows that U.S. crude oil and condensate production averaged 12.9 MMbpdin 2023, breaking the previous U.S. and global record of 12.3 million bpd set in 2019. Average monthly U.S. oil production established a monthly record high in December 2023 at over 13.3 MMbpd.
News
March 10, 2024
The Petrobras delegation visited oil fields in Lake Maracaibo this week in what people familiar with the matter described as a courtesy trip. Maracaibo is a key production region for Venezuela and an opportunity for the country to resuscitate the linchpin of its economy after years of underinvestment.
News
March 07, 2024
The market is expected to tighten further as the year goes on, CEO Sheikh Nawaf Al-Sabah, said in an interview. U.S. shale production has helped meet some of the recent growth in demand, he added.
Article
February 2024
Water quality and quantity
Article
February 2024
Despite escalating tensions in the Middle East, a significant OPEC+ output reduction and the war in Ukraine, crude prices fell in 2023, with WTI down 17.7% to average $77.60/bbl, $16.73/bbl less than the $94.33/bbl average for 2022.
Article
February 2024
Active natural gas wells saw a slight increase in the U.S. during 2023 of 0.9%, to 496,756 total wells, compared with 492,197 in 2022. Accordingly, total marketed gas production in the U.S. also saw an increase.
News
March 04, 2024
The curbs — which on paper total roughly 2 MMbpd — will remain in place until the end of June, according to statements from members such as Saudi Arabia, which accounts for half of the pledged reduction. Russia promised to strengthen its role by focusing more on cuts to production than exports.
News
March 01, 2024
The group’s production rose by 110,000 bpd to 26.68 MMbpd as the North African nation ramped up the Sharara field, which was closed earlier in the year due to protests. Iraq pared supplies slightly but, along with the United Arab Emirates, continued to pump above a new quota set at the start of the year.
News
February 27, 2024
Combining the capabilities of ALP’s flagship Pump Checker™ software with ChampionX’s XSPOC™ production optimization software delivers a comprehensive suite of advanced analytics across all major artificial lift types and chemical applications, enabling operators to gain invaluable insights and make informed decisions to meet their business objectives.
News
February 26, 2024
In 2024, APA plans to invest $1.9 to $2 billion in upstream oil and gas capital. APA will invest for the long term by directing $100 million of the upstream budget toward exploration activities, predominantly in Alaska, and $50 million toward progressing a large scale FPSO project in Suriname.
Article
February 2024
Despite a 4.6% reduction in U.S. drilling activity on an average yearly basis, U.S. crude production climbed to an all-time high of 12.93 MMbopd in 2023, an 8.8% increase compared to the 11.88 MMbopd average of 2022. The increased output was augmented by U.S. operators completing a large backlog of DUCs in three major oil shale plays.
News
February 26, 2024
Shipments from the Wafa oil field, which produces 40,000 to 45,000 bpd, are back up after being halted on Sunday as guards at the facilities demanded better pay, according to a person familiar with the operations.
News
February 25, 2024
Chief Executive Officer Mario Mehren said, “in a difficult year for Wintershall Dea, our team delivered stable operational performance, and robust financial results despite macroeconomic headwinds.” The company produced 323,000 boed in 2023.
News
February 25, 2024
Saudi Arabia and its partners plan to decide early next month whether to extend roughly 2 MMbpd of curbs beyond March. With global demand growth slowing and U.S. crude production climbing, OPEC+ may need to persevere.
News
February 20, 2024
Earlier this year, Romania's largest oil and gas company and Oil Dynamics GmbH signed two additional five-year supply and service contracts for over 180 Electric Submersible Pumps (ESP) to Romania
News
February 18, 2024
Set to deliver first LNG cargo this quarter, the Republic of Congo is transforming its industry through gas-focused investments and new E&P programs.
News
February 18, 2024
The acquisition reflects Gabon’s broader oil and gas sector revitalization strategy, which will be explored at the upcoming Invest in African Energy (IAE) forum in Paris this May.
News
February 15, 2024
The OPEC+ alliance, which is led by Saudi Arabia, agreed to slash production during the first quarter to avert a global oil surplus and shore up prices. While several countries appear to have complied, Baghdad and Astana were once again delinquent.
