Production ///

Guilty plea on five counts in UK's Iraqi bribes case

A former oil executive pleaded guilty to five counts of corruption in the U.K. as part of one of the white-collar financial crime prosecutor’s biggest bribery investigations.

EIA: Summer natural gas prices on track to be the lowest since 1998

EIA forecasts Henry Hub natural gas spot prices for June, July, and August this year will average $2.37 per MMBtu.

Baker Hughes sells reciprocating compression business to private equity fund

Arcline Investment Management signed a definitive agreement to acquire the reciprocating compression division of Baker Hughes, a GE company.

EIA: Iran drove unplanned OPEC production outage to highest levels since 2015

EIA says unplanned crude oil production outages for OPEC averaged 2.5 MMbpd in the first half of 2019, the highest six-month average since the end of 2015.

ExxonMobil commits to joint development of open automation processes

The goal of this collaboration is the creation of a standards-based, open, interoperable, and secure automation architecture that addresses both the technical and commercial challenges of current systems.

Iran confirms it seized fuel tanker in the Persian Gulf

Oil extended gains after Iran confirmed it had seized an oil tanker in the Persian Gulf earlier this week.

Vanguard emerges from Chapter 11 bankruptcy as Grizzly Energy

Vanguard Natural Resources successfully completed financial restructuring, emerging bankruptcy as a new limited liability company.

MAN Energy Solutions awarded subsea compression FEED order

MAN Energy was awarded a FEED contract for the Chevron-operated Jansz-Io field in Western Australia.

Permian watch: America’s hottest shale play is slowing down

The engine of America’s shale boom is beginning to sputter.

Canadian heavy crude surges as rail shipments increase

Heavy Canadian crude prices narrowed to the smallest discount against U.S. benchmark futures since April as rail shipments increase.

U.S. oil lets top Korean refiner pivot away from Middle East

South Korea’s biggest oil refiner is looking to buy a wider variety of U.S. crude grades to reduce its reliance on Middle East supply.

Pemex seeks to reverse oil declines, balance budgets

Mexico’s Petroleos Mexicanos aims to balance its budget by 2021 and reverse a decade and half of declining crude production as early as next year.

Callon to acquire Carrizo in $3.2-billion stock transaction

Callon and Carrizo O&G have approved an agreement where Callon will acquire Carrizo in an all-stock transaction valued at $3.2 billion.

Hurricane Barry halts large portion of GOM oil output

Hurricane Barry shut-in three-quarters of U.S. GOM crude production.

EU to cut flow of funds to Turkey as drilling spat heats up

The European Union is poised to freeze most high-level contacts with Turkey and cut the flow of funds to the country, while holding back for now on sanctions that could target Turkish companies involved in offshore drilling in the eastern Mediterranean.

Recoverable oil reserves at Russkoye field increased 8%

The AB1 recoverable oil reserves of Russkoye field have increased 8% following exploration work carried out by Tyumenneftegaz, a petroleum production company belonging to Rosneft.

Norwegian Petroleum Directorate reports high activity in the first six months of the year

Production on the Norwegian shelf is holding steady at a high level. Many projects are in the development or planning phases.

EIA: Growth in Argentina’s Vaca Muerta shale, tight gas production leads to LNG exports

Argentina’s domestic natural gas production has been rising steadily in the past three years, largely because of increasing production from the Neuquén basin’s Vaca Muerta shale and tight gas play.

NPD reports June production figures below forecast

Preliminary production figures for June 2019 show an average daily production of 1,409,000 bbl of oil, NGL and condensate, which is a decrease of 184,000 bpd compared to May. Total gas sales were 9.4 Bscm, which is a decrease from the previous month.

Cracks in Permian promise slowing shale boom

The promise of the Permian is shrinking.