Production
News
February 25, 2024
Chief Executive Officer Mario Mehren said, “in a difficult year for Wintershall Dea, our team delivered stable operational performance, and robust financial results despite macroeconomic headwinds.” The company produced 323,000 boed in 2023.
News
February 25, 2024
Saudi Arabia and its partners plan to decide early next month whether to extend roughly 2 MMbpd of curbs beyond March. With global demand growth slowing and U.S. crude production climbing, OPEC+ may need to persevere.
News
February 20, 2024
Earlier this year, Romania's largest oil and gas company and Oil Dynamics GmbH signed two additional five-year supply and service contracts for over 180 Electric Submersible Pumps (ESP) to Romania
News
February 18, 2024
Set to deliver first LNG cargo this quarter, the Republic of Congo is transforming its industry through gas-focused investments and new E&P programs.
News
February 18, 2024
The acquisition reflects Gabon’s broader oil and gas sector revitalization strategy, which will be explored at the upcoming Invest in African Energy (IAE) forum in Paris this May.
News
February 15, 2024
The OPEC+ alliance, which is led by Saudi Arabia, agreed to slash production during the first quarter to avert a global oil surplus and shore up prices. While several countries appear to have complied, Baghdad and Astana were once again delinquent.
News
February 15, 2024
Palantir’s Foundry Platform and Artificial Intelligence Platform (AIP) will be deployed in a three-year agreement to help Bapco Upstream maximize its return on investment on energy production in the country and support its mission to connect the energy infrastructure of the Kingdom of Bahrain in an unprecedented way.
News
February 13, 2024
World consumption will increase by 1.2 MMbpd to 1.3 MMbpd in 2024 as economic growth slows in China and elsewhere, Executive Director Fatih Birol said. This will be easily matched by swelling production from the Americas, predominantly the U.S., Canada, Brazil and Guyana.
News
February 13, 2024
The acquisition of Coretrax will enable Expro to expand its portfolio of cost-effective, technology-enabled well construction and well intervention & integrity solutions, particularly across the North and Latin America, Europe and Sub-Saharan Africa and Middle East and North Africa regions.
News
February 11, 2024
The world’s third-biggest oil importer behind China and the U.S., India is set to be the single largest source of global oil demand growth between now and 2030 thanks to a booming economy, growing middle class and youthful demographics, according to the International Energy Agency.
News
February 07, 2024
Production in California has been falling for years even as other U.S. basins are still enjoying growth. The transaction will add large, producing assets to the driller’s portfolio, with executives eyeing opportunities to eventually increase oil recovery at the combined company.
News
February 05, 2024
Seven coalition members have pledged supply curbs totaling about 900,000 bpd this quarter, in tandem with a 1 MMbpd reduction by group leader Saudi Arabia. They’ll review whether to continue the curbs in about one month’s time, according to officials, who asked not to be identified.
News
February 05, 2024
During a meeting with Indonesian President Joko Widod, Eni CEO Claudio Descalzi disclosed plans following significant milestones in 2023, notably the discovery of 5 Tcf of natural gas with the Geng North-1 well in the North Ganal PSC, the acquisition of the Indonesia Deepwater Development assets from Chevron, and the further consolidation of Eni’s position in most of the key exploration and production blocks of the Kutei basin following the acquisition of Neptune Energy.
News
February 05, 2024
The No. 2 U.S. oil and gas operator incurred $3.7 billion of charges stemming mostly from assets in its home state of California and the dismantling of decades-old infrastructure in the Gulf of Mexico. Annual production climbed 4%, primarily boosted by rising output in the Permian basin and other U.S. fields.
News
February 02, 2024
About a quarter of the drop resulted from disruptions in Libya, which isn’t part of the planned cutbacks, and overall production remains several hundred thousand bpd above the collective limit as Iraq and the United Arab Emirates produce more than their quotas.
News
February 01, 2024
Oil and gas proved reserves at Dec.31, 2023 were 1.37 Bboe, compared with 1.26 Bboe at Dec. 31, 2022. Proved reserve additions and net revisions in 2023 totaled 261 MMboe, primarily from Guyana, which included sanctioning of the Uaru development, and from the Bakken.
News
February 01, 2024
A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Thursday, according to delegates who asked not to be identified.
News
January 31, 2024
The SMARTEN XE control system features a hardened industrial processing core that reliably manages downhole conditions with ESP-specific control algorithms to reduce nuisance shut downs and protect the ESP system.
News
January 31, 2024
State-run Aramco announced on Tuesday that it’s pausing a 1 MMbpd capacity expansion scheduled for 2027, without providing any explanation. With a constrained outlook for oil demand and swelling oil-service expenses, the decision makes sense, Wood Mackenzie said.
News
January 30, 2024
While it’s unclear whether the U.S. would restore a total ban or allow oil major Chevron Corp to hold limited operations in Venezuela, production could nevertheless drop to 600,000 or 700,000 bpd in a matter of months, according to said Fernando Ferreira, director of geopolitical risk at Rapidan Energy Advisors.
News
January 30, 2024
The surprise move comes after the world’s biggest oil exporter had said in November that it was progressing “very well” with a multibillion-dollar project to boost capacity to 13 MMbpd by 2027 as demand in China and India continues to grow.
