Production ///

Natural gas hits four-year low on ‘epic’ U.S. demand failure

Natural gas futures sank to a four-year low as the latest U.S. forecasts all but eliminated bulls’ hopes for a late-winter cold push.

Chevron’s Venezuela output jumps as U.S. considers more sanctions

Chevron has ramped up output at a key Venezuela oil project to levels not seen in almost a year, offering a thorny reminder of how U.S. sanctions are failing to deliver a knockout of Nicolas Maduro’s regime.

Chevron selects Sea Swift platform for Lifua-A field offshore Angola

Sea Swift was chosen for its modular design to minimize build and implementation time and for the ability to fabricate the platform locally in Cabinda, Angola.

Traders consider oil storage at sea as virus slows demand

Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China.

Cost of Trudeau’s pipeline wager balloons 70% to $9.5 billion

The cost to build Justin Trudeau’s governmental oil-pipeline project just got a few billion dollars more expensive.

Total profit beats estimates on rising output

Total SA’s fourth-quarter profit beat even the highest estimate as record production offset the impact of slumping natural gas prices and strikes at its French oil refineries.

Oil heads for fifth weekly loss as demand concerns dominate

Oil headed for a fifth weekly loss as demand concerns grow in Asia and Europe, while OPEC+ awaited Russia’s response to its proposal to cut output further.

Virus has U.S. exporters facing risk of production cuts

A grim situation for U.S. natural gas exporters has gotten even worse as the coronavirus outbreak sends global prices plunging on concern that China’s demand for the fuel will collapse.

Driving efficiencies and value creation via electrification of subsea systems

Adoption of electrically-operated subsea production architecture not only improves return on investment, but it helps operators get closer to their net-zero carbon goals as well.

Reducing greenhouse gas emissions through automated flaring

Gas flaring at refineries and other facilities is a delicate balance between volumes of flare gas, the steam that propels it, and natural gas that helps it burn. Getting the mixture wrong can result in hundreds of millions of dollars in fines.

Oil tumbles below $50/bbl with virus sapping Chinese demand

Oil fell below $50/bbl for the first time in more than a year as China’s oil consumption was said to plunge by 20% amid the spread of coronavirus, threatening what could be the largest demand shock since the since the global financial crisis.

U.S. crude oil and natural gas production increased in 2018, with 10% fewer wells

In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014. This increase in production, despite the decline in the number of wells, reflects advances in technology and drilling techniques.

Defining the oilfield service sector’s role in meeting CO₂ goals

As operators worldwide set ambitious net-zero-emissions goals, oilfield service companies have an opportunity to both play a key role in meeting these targets, and take a leadership position in shaping the path of the coming energy transition.

Baker Hughes & release BHC3 Production Optimization™

The application continuously uses machine learning algorithms to quickly aggregate historical and real-time data across production operations and creates a comprehensive view of production from individual and multiple wells to the pipeline, distribution, and point-of-sale.

Edge LNG to capture and liquefy Marcellus gas unreachable by pipeline

Edge LNG has been selected by a large producer to capture and liquefy gas from its stranded wells in Tioga County in the Marcellus basin. For the producer, this represents an opportunity to reap economic benefits on assets unreachable by pipeline.

Libya’s oil output just days away from complete stoppage

Libya’s oil output could be days from coming to a complete halt as conflict in the OPEC nation puts the country’s most vital industry at risk, the nation’s top oil official said.

EIA says growth of U.S. crude production will slow through 2021

EIA forecasts production will continue to grow as rig efficiency and well-level productivity rise, offsetting the decline in the number of rigs until drilling activity accelerates in 2021.

This year’s other big climate election is for a Texas oil and gas official

An election held in the U.S. in 2020 could do a lot to shape global climate outcomes in the immediate future. It won’t feature Joe Biden, Bernie Sanders, or Elizabeth Warren, and the winner won’t live in the White House.

Brazil stays out of OPEC to maximize its output expansion

Brazil, which became a net oil exporter last year, wants to expand its footprint in global energy markets without joining OPEC.

EIA: U.S. crude production from tight formations continues to grow

U.S. oil production from tight formations increased in 2019, accounting for 64% of total U.S. crude oil production, thanks to the increasing productivity of new wells that were brought online during 2019.