Production ///

Texas oil regulator pursuing plan to reduce gas flaring

On June 16th, the Railroad Commission of Texas heard from the state's oil and gas trade associations, environmental advocacy groups, and several oil and gas producers about the issue of flaring and how Texas can implement meaningful reforms to reduce flaring before oil and gas activity returns to previous highs.

Second Libyan oil field restarts, potentially complicating OPEC+ deal

Pumping began on Sunday at the El-Feel deposit, which had suspended operations due to the North African country’s civil war. El-Feel is resuming just a day after oil started flowing again from Libya’s largest deposit, Sharara.

Underperforming offshore wells rack up over $100 billion in abandonment liabilities worldwide

Aging offshore oil wells that once brought market prominence to Europe, the U.S. Gulf and Brazil are increasingly money losers that companies want shut down amid low oil prices and a struggling global economy. But the effort won’t be cheap.

OPEC+ extends production cuts through July on deal with Iraq

After almost a week of wrangling, OPEC+ leaders Russia and Saudi Arabia clinched a tentative deal with holdout member Iraq, according to a delegate. The pair were pushing Iraq to stop shirking its share of cuts and even to compensate for failure to comply with cuts in the past.

Weatherford introduces Velox Wellhead System

Velox delivers unmatched isolation between casing strings with quick-connect components that maintain pressure control, reduce potential leak paths, and minimize non-productive time during installation in many applications, including high-pressure, high-temperature, and sour-gas wells.

EIA data suggests official U.S. oil stockpile figures are too high

Various government data sets including stockpiles, production, imports and exports are signaling that current official figures on at least some supplies are excessive. While it’s unclear where exactly the discrepancy lies, the difference could signal a more bullish outlook for crude prices.

Tullow Oil suspends Kenyan oil-export program

Tullow Oil’s export and testing of Kenya’s crude under a pilot plan ended June 2, as timelines for development in the East African nation slowed.

Cheating on oil production quotas stalls this week’s OPEC+ meeting

A meeting between OPEC and its allies is unlikely to happen this week as Saudi Arabia and Russia draw a hard line over quota cheating by some nations.

Daily Brief podcast: What's in store for this week's OPEC+ meeting

Kurt Abraham and Cameron Wallace discuss some bold hypotheses for an accelerated OPEC+ meeting this week, along with potentially troubled waters for the global natural gas market.

Not even Russian output cuts can stop Europe’s natural gas surplus

Europe is choking with gas as demand slumped in line with the virus-stricken global economy, storage sites are more full than usual and little respite is seen in liquefied natural gas imports, even with benchmark prices near record lows.

Oil rally struggles as OPEC+ meeting stokes output uncertainty

OPEC+ and its allies will decide as soon as this week whether or not to extend their historic output curbs, yet how long and to what extent global production curtailments remain in place will be crucial to sustaining crude’s rally after a record rebound last month.

OPEC+ may meet this week to update production limits

The move, if confirmed, would give the oil cartel more flexibility to change its current production limits. The existing deal, struck in April as energy demand and prices collapsed because of the coronavirus pandemic, calls for curbs to ease from July.

Weekly Preview podcast: How prepared is the industry for an oil price rebound?

Our look ahead the coming week, including how drillers' ability to react to an increase in oil and gas demand could be impacted by technical and manpower limitations, and what key OPEC players have in store for the first week of June.

Saudis focus oil shipments on China during production cuts

An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.

ConocoPhillips completes Australian asset sale to Santos

Production associated with the assets being sold averaged approximately 46 Mboepd for the first three months of 2020, and proved reserves were approximately 17 MMboe at year-end 2019.

nanoActiv treatment preserves wells during shut-in periods

Treating a well with nanoActiv can alter the wettability of the rock surface, providing a preferential coating of nanoparticles which may help prevent asphaltene, condensate, and/or paraffin deposition.

Saudis, Russians plan to work together at June’s OPEC+ meeting

Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group.

Senior Canadian officials unite to support offshore industry

Newfoundland and Labrador Premier Dwight Ball, along with provincial Minister of Natural Resources Siobhan Coady, expressed support for a focused initiative to persuade the federal government to provide immediate assistance to East Canada’s offshore industry, which has been hit hard by Covid-19 and the collapse of oil prices.

Russian gas exports to Europe drop as Nord Stream 2 nears completion

The European gas market has been watching for signs when key producers Russia and Norway will start curbing flows as an unprecedented glut keep on growing.

Swift production declines may keep shale operators on oil rebound’s sidelines

Less than 20% of this year’s expected drop in overall U.S. crude output will come from shuttering existing wells, according to IHS Markit. Rather, the vast majority of the supply drop will be the direct result of canceled drilling projects.