Production ///

Eni awarded new E&P license in the prolific Tano basin, offshore Ghana

Eni (70%) and its partner Vitol (30%) have been awarded rights to Block WB03, located in the medium deep waters of the prolific Tano basin, offshore Ghana.

BP says some of its oil won’t see the light of day

Oil companies are under increasing pressure to bring fuel to market faster and cheaper, leading BP to conclude some of its resources “won’t see the light of day.”

Nigeria’s largest oil independent to spend $5 billion to boost output

Nigeria’s largest independent oil producer plans to spend as much as $5 billion to boost its oil and natural gas production in the next five years.

Saudis dig-in for shale fight as OPEC+ extends cuts to 2020

Saudi Arabia, OPEC’s dominant producer, will keep doing the heavy lifting as the cartel and its allies were all but forced to extend their effort to counter the U.S. shale boom into a fourth year.

Oilfield service industry fighting for life in a world of cheap oil

For the oilfield services industry, it’s no longer about merely navigating a downturn. It’s now about survival.

Saudi Arabia and Russia aren’t feeling OPEC’s market-share pain

OPEC may be losing its share of the global oil market, but not all losses are spread equally.

Shale fight makes OPEC accept lowest market share since 1991

For almost three decades, OPEC has always pumped at least 30% of the world’s crude oil, creating an informal floor for Saudi Arabia and its allies in the cartel.

Government report confirms that U.S. output topped 12 MMbpd for first time in April

U.S. crude output soared to new heights in April, highlighting OPEC’s dilemma just days before the producer group meets amid growing geopolitical threats.

Russia, Saudi Arabia agree to maintain oil cuts for as long as nine months

Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman to extend the OPEC+ agreement at current production levels for the rest of this year and potentially into early 2020.

Five years after crude’s collapse, shale patch still struggles

It’s been five years since crude hit a low of $26/bbl. While prices have recovered some of the lost ground, shale producers are still feeling the pain.

OPEC keen to extend cut, Russia is cautious

For an OPEC+ meeting in which the key decision over an output-cut extension is supposedly “in the bag,” Monday’s gathering in Vienna could be as closely watched as any during the three-year coalition.

Emerald Bay Energy reports initial oil production from South Texas' Kuhn 3

Emerald Bay Energy Inc. has reported on the initial oil production from the Kuhn 3 well. During the first 24 hr, Kuhn 3 produced approximately 120 bbl of oil.

Russia’s Transneft reaches first deal on dirty oil compensation

Russia’s crude-pipeline operator has agreed to pay its Kazakh counterpart a fixed per-bbl compensation rate of $15 for contaminated oil.

OPEC+ grapples oil risks from trade war to Middle East conflict

OPEC and its allies look set to stick with their current strategy when they meet next week, renewing a deal to restrain oil supplies to prop up prices.

South Africa working on new oil, gas policy to enable growth

South Africa is working on a policy to govern the development of oil and gas resources after calls by potential investors to shield the industry from a long-running debate over laws that apply to mining exploration.

Thrifty drillers go electric as low natural gas prices spur fuel switch

Thrifty drillers have found a new use for the glut of natural gas that’s sent prices for the fuel below zero in America’s biggest shale patch: Use it to power fracing operations.

OPEC member fans out to Australia, Canada in global gas push

Kuwait plans to boost production from Canadian shale deposits by two thirds and increase output of natural gas in Australia as the OPEC member ramps up efforts to find and develop overseas deposits of the fuel.

Why oil's outlook could be even bleaker than expected

As storm clouds gather over the world’s top oil-consuming region, OPEC and its allies would be advised to pay close attention as they prepare to make a key decision on output curbs early next month.

Putin to meet with Saudi Prince just days before OPEC+ gathers

Russian President Vladimir Putin plans to meet Saudi Crown Prince Mohammed Bin Salman at the Group of 20 summit in Japan this week, just days before OPEC and its allies gather in Austria to discuss extending oil-output cuts.

LLOG reports start of production at Buckskin Project, in deepwater GOM

LLOG Exploration Company, LLC has announced that it has initiated production from the Buckskin Project in the deepwater Gulf of Mexico.