Production
News
February 02, 2024
About a quarter of the drop resulted from disruptions in Libya, which isn’t part of the planned cutbacks, and overall production remains several hundred thousand bpd above the collective limit as Iraq and the United Arab Emirates produce more than their quotas.
News
February 01, 2024
Oil and gas proved reserves at Dec.31, 2023 were 1.37 Bboe, compared with 1.26 Bboe at Dec. 31, 2022. Proved reserve additions and net revisions in 2023 totaled 261 MMboe, primarily from Guyana, which included sanctioning of the Uaru development, and from the Bakken.
News
February 01, 2024
A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Thursday, according to delegates who asked not to be identified.
News
January 31, 2024
The SMARTEN XE control system features a hardened industrial processing core that reliably manages downhole conditions with ESP-specific control algorithms to reduce nuisance shut downs and protect the ESP system.
News
January 31, 2024
State-run Aramco announced on Tuesday that it’s pausing a 1 MMbpd capacity expansion scheduled for 2027, without providing any explanation. With a constrained outlook for oil demand and swelling oil-service expenses, the decision makes sense, Wood Mackenzie said.
News
January 30, 2024
While it’s unclear whether the U.S. would restore a total ban or allow oil major Chevron Corp to hold limited operations in Venezuela, production could nevertheless drop to 600,000 or 700,000 bpd in a matter of months, according to said Fernando Ferreira, director of geopolitical risk at Rapidan Energy Advisors.
News
January 30, 2024
The surprise move comes after the world’s biggest oil exporter had said in November that it was progressing “very well” with a multibillion-dollar project to boost capacity to 13 MMbpd by 2027 as demand in China and India continues to grow.
News
January 29, 2024
bp’s strategy is flawed because the company is aiming to cut fossil fuel output to support a global objective of having net zero carbon emissions by 2050, a policy goal that is increasingly unrealistic, the hedge fund said.
News
January 26, 2024
On Friday, Jan. 26, 2024, World Oil hosted its 56th annual Forecast Breakfast at the Norris Conference Center in Houston, Texas. In an event described as a “first look” at upcoming upstream oil and gas trends, approximately 340 professionals from across the sector gathered for an early-morning meal to hear projections, data and analysis on global E&P from industry experts.
News
January 26, 2024
Oil prices have so far shown a muted response to the additional 900,000 bpd supply reduction being undertaken by OPEC and its partners, which comes alongside geopolitical tensions including a conflict in the Middle East and attacks on shipping in the Red Sea.
Article
January 2024
While there was little change in activity from the third quarter of 2023 to the fourth quarter, there are some negative trends developing that have operators concerned. Yet, there is hope that 2024 can be a marginally better year.
News
January 25, 2024
In 2024, net production target is 700 MMboe to 720 MMboe, of which production from China and overseas accounts for approximately 69% and 31%, respectively. The net production target is 780 MMboe to 800 MMboe in 2025, and 810 MMboe to 830 MMboe in 2026.
News
January 25, 2024
In an exclusive interview with Energy Capital & Power, Maggy Shino, Petroleum Commissioner of Namibia’s Ministry of Mines and Energy, discusses the country’s efforts to fast-track development of breakthrough discoveries in the Orange basin.
News
January 24, 2024
Perth-based Woodside forecasts production of 185 MMboe to 195 MMboe in 2024, of which about 45% of output will be LNG.
News
January 17, 2024
The development of hydraulic fracturing helped drive the U.S. shale industry and reversed the country’s declining output. Al Ghais said that innovations to improve fuel efficiency or capture and store carbon emissions, often known as CCUS, will similarly buoy hydrocarbons.
News
January 16, 2024
As much as 650,000 bpd is offline, up from 425,000 bpd on Monday, according to Justin Kringstad, director of the North Dakota Pipeline Authority. The state’s total production reached 1.2 MMbpd in October.
News
January 14, 2024
Gross production from the Dussafu license averaged 22,500 bopd in the quarter, amounting to a total gross production of 2,073,000 MMbpd for the period.
News
January 12, 2024
Total production jumped by 336,822 bpd to 4.16 MMbpd, the highest in data stretching back to 2010, according to the Alberta Energy Regulator’s website. Output over the first 11 months of the year averaged 3.79 MMbpd, versus 3.73 MMbpd for all of 2022, the data show.
News
January 10, 2024
Reservoir Xaminer service is designed to provide fast, high-quality, and customized data, even in the toughest conditions.
News
January 10, 2024
America’s record oil production today is largely due to policies from previous administrations. Washington can and should unite around American energy from diverse sources – including continued access to oil and natural gas.
News
January 10, 2024
Russia’s crude output in December was almost 60,000 bpd lower than the prior month and some 375,000 bpd below the February baseline for its production curbs. Russia has pledged to reduce its crude output by 500,000 bpd until the end of this year.
