Production ///

U.S. shale becomes industry's safe haven as prices languish

Major oil companies are investing more in U.S. shale, not less, after the recent tumble in crude prices.

Hess has announced its 2019 E&P capital and exploratory budget

Hess Corporation has announced a 2019 E&P capital and exploratory budget of $2.9 billion. Of this, approximately 75% will be allocated to high return growth assets in the Bakken and Guyana.

Conoco sees U.S. shale growth at 25% in 2019, even as oil slides

ConocoPhillips, the world’s largest independent oil producer, sees shale production growing 25% next year even as crude prices tumble, proving the industry’s resilience in volatile markets, said CEO Ryan Lance.

Western Canada spot price surges +70% after mandatory output curbs

Alberta’s oil-production curtailment plan has largely accomplished its mission -- even before it has gone into effect.

Permian producers become "victims of their own success"

Emily Querubin, World Oil

Despite a few recent snags, Permian basin production should continue its upward trend through 2019.

Companies in the news

Michele Cowart, World Oil

Companies in the news

Libya's biggest oil field halts just as OPEC opts to cut output

Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global output cuts.

Huawei arrest intensives U.S.-China LNG spat

The arrest of a Chinese technology executive means the tariff war that ensnared LNG may not have reached a cease-fire.

China increases natural gas imports to avoid winter shortage

China has gone all out to avoid a repeat of last winter’s crippling natural gas shortages. The early verdict: so far, so good.

World Oil launches 2018 year-end drilling survey while entering 93rd year of forecasting history

Attention operators! World Oil has launched its 2018 year-end drilling survey, and we need your input to make the upcoming World Oil first-of-year Forecast a success.

President Energy reports successful testing of 2nd well in Rio Negro Province, Argentina

President Energy has provided an update relating to its concessions in Rio Negro Province, Argentina (President 90% and operator - EDHIPSA 10%) including the Puesto Flores/Estancia Vieja Concession ("PF/EV").

Equinor receives green light for a uniquely profitable project

The Ministry of Petroleum and Energy has approved the plan for development and operation (PDO) of the Troll Phase 3 development. Capital expenditures of $918.5 million (NOK 7.8 billion) will help extend the productive life of the Troll field beyond 2050.

OPEC agrees on larger-than-expected production cut

OPEC finally broke an impasse over production curbs, agreeing on a larger-than-expected cut with allies after two days of fractious negotiations in Vienna.

Oil rises as OPEC+ talks continue in hunt for production deal

Russian Energy Minister Alexander Novak met with his Iranian and Saudi counterpartsin an attempt to broker a deal as an agreement among OPEC members to curb output remained elusive.

Louisiana offshore port increases oil exports

The Louisiana Offshore Oil Port (LOOP) is pushing out the most crude it’s shipped in any one month since the terminal began supertanker exports in February.

Lukoil and Kazmunaygas establish a consortium on Zhenis project, Caspian

President of PJSC LUKOIL Vagit Alekperov and Chairman of the Management Board of JSC NC KazMunayGas Alik Aidarbayev signed agreements on joint cooperation and financing of the Zhenis project in the Kazakhstan's sector of the Caspian Sea.

U.S. becomes net oil exporter for first time in 75 years

America turned into a net oil exporter last week, breaking 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what U.S. President Donald Trump has branded as "energy independence."

Earthquakes in heart of Texas oil basin spur water crackdown

Texas is considering new restrictions on how shale explorers dispose of wastewater from oil drilling as earthquakes rattle the largest oil-producing American state.

OPEC waits on Putin's decision as it searches for production cut deal

OPEC meets on Thursday but the most important decision maker will spend the day a thousand miles away.

Pipeline opponents see vindication in Canadian oil patch's woes

As the Canadian oil industry endures its worst crisis ever, a fair share of the blame has been lobbed at environmentalists who oppose pipeline projects.