Exploration and Production (E&P)
U.S. shale oil forecasts keep rising as smaller producers lead the way
March 2 – Publicly traded U.S. shale firms are not budging on production restraint vows as oil markets surge amid Russia’s invasion of Ukraine, leaving smaller producers to lead output gains during the highest prices in seven years.
Oil …
Texas upstream oil and gas economy experiences year of recovery in 2021
HOUSTON – The Texas oil and gas exploration and production economy enjoyed a year of recovery in 2021 on the heels of nearly two years of contraction, according to the Texas Alliance of Energy Producers’ Texas Petro Index…
Exxon announces ambitious plans for net zero emissions by 2050
ExxonMobil on Tuesday announced its ambition to achieve net zero greenhouse gas emissions for operated assets by 2050, backed by a comprehensive approach to develop detailed emission-reduction roadmaps for major facilities and assets.
The net-zero ambition is contained …
Analysis: Saudi-Polish deal dents Russian oil dominance in Baltic
MOSCOW, Jan 17 – Saudi Arabia’s planned purchase of Polish refining assets is set to put OPEC’s top producer in charge of two thirds of Poland’s oil supply, eroding previously dominant supplier Russia’s leverage as it grapples with regional …
EIA expects shale to drive record U.S. oil production in 2023
(Bloomberg) –U.S. annual oil production is set to rise to a record next year as shale producers continue to boost output.
Oil supply will average 12.41 million barrels a day in 2023, according to the Energy Information …
Oil prices could hit $100 as demand outstrips supply, analysts say
LONDON – Oil prices that rallied 50% in 2021 will power further ahead this year, analysts predict, saying a lack of production capacity and limited investment in the sector could lift crude above $100 a barrel.
Though the Omicron
Shale drillers delaying emissions cuts from operations, says Federal Reserve
HOUSTON (Bloomberg) –Less than half of oil and natural gas drillers in the U.S. Great Plains and Rocky Mountains plan to curb emissions of carbon dioxide and methane this year, according to the Federal Reserve Bank of Kansas …
Permian’s biggest oil producer closes 2022 hedges in bullish outlook
HOUSTON (Bloomberg) –Pioneer Natural Resources Co., the biggest oil producer in the Permian Basin, closed out almost all its hedges for this year, indicating a bullish outlook for crude prices.
The move will cost $328 million spread over …
OPEC+ expected to stick with planned Feb output increase, sources say
LONDON/MOSCOW, Jan 3 – OPEC+ is expected to stick to its plans for a February output increase when it meets on Tuesday, predicting a mild and short-lived impact on demand from the Omicron coronavirus variant, three sources from the …
Hamm says privately held drillers have more freedom to ramp up oil output
HOUSTON (Bloomberg) –Harold Hamm, who took Continental Resources Inc. public 14 years ago, says right now his closely held competitors can do what he simply can’t: increase oil production to meet rising demand.
The Oklahoma billionaire …
Guyana relaxes proposed local content terms in oil bill draft
Guyana’s government on Thursday delivered to the National Assembly the draft of a local content bill that will regulate its nascent oil industry, proposing requirements beginning at 5% by the end of 2022 for activities to be carried out …
Eni oil block expected to enter production in Q2 2023, Ivory Coast says
ABIDJAN — An offshore oil block in Ivory Coast controlled by Eni is expected to enter production in the second quarter of 2023 with daily output of 12,000 barrels of oil and 17.5 million cubic feet of gas, the …
Iran bases its 2022 budget on $60 oil
(Bloomberg) –The budget bill for Iran’s next calendar year is based on an oil price of $60 a barrel, up from $40 this year, the semi-official Fars news agency reported.
The country expects to export around 1.2 million
U.S. drillers add oil and gas rigs for sixth time in seven weeks -Baker Hughes
U.S. drillers this week added oil and natural gas rigs for the sixth time in seven weeks as demand for energy keeps growing after last year’s coronavirus demand destruction.
That rig count increase comes despite oil price declines …
Qatar energy and ExxonMobil sign Cyprus energy exploration deal
US giant ExxonMobil and Qatar Energy signed a contract Friday for oil and gas exploration and production-sharing off the divided island of Cyprus despite Turkey’s opposition to the deal.
Pilides, Varnavas Theodosiou, CEO of ExxonMobil Cyprus, and Ali al-Mana, …
Saudi Aramco CEO warns of social unrest if new investment in fossil fuels ends too quickly
Amin Nasser, the chief executive of Saudi Aramco, the world’s biggest oil producer, urged global leaders on Monday to continue investing in planet-warming fossil fuels in the years ahead, arguing that the assumption the world could transition to clean …
Digital oilfield technologies taking the industry closer to unmanned operations, says GlobalData
Oil majors are looking to automate their assets to reduce the impact of demand fluctuation on revenues, according to GlobalData.
The company notes that COVID-19 has been a wake-up call to the upheaval that a sudden drop in …
Global oil CEOs stress need for fossil fuels despite push for cleaner energy
HOUSTON -A global energy conference devoted to future technologies and low-carbon strategies kicked off in Houston on Monday with top executives from energy companies affirming the need for more oil for decades to come.
The World Petroleum Conference’s four …
Chevron’s Angola subsidiary signs 20-year extension for Block 0
LUANDA – Chevron’s subsidiary in Angola, Cabinda Gulf Oil Company Limited (CABGOC) has just renewed the concession of Block 0, located on Cabinda province’s offshore. The agreement, signed in Houston, United States of America, extends the concession for …
Analysis: Biden’s oil reserves bet mixes China outreach with appeal to U.S. voters
WASHINGTON, Nov 23 – President Joe Biden’s historic move to release oil from strategic reserves in coordination with big nations including China represents a unique bet that finding common ground with the United States’ biggest economic rival can help …
Biden oil reserve release an ‘ineffectual band aid’ that won’t replace domestic production, critics say
A number of critics, including the U.S. Chamber of Commerce and former President Trump, opposed President Biden‘s decision to tap into the Department of Energy‘s Strategic Petroleum Reserve, slamming the Biden administration for “ineffectual band aids” …
TotalEnergies, Eni to invest billions in Libyan energy projects
(Bloomberg) –France’s TotalEnergies SE and Italy’s SpA said they were ready to invest billions of dollars in Libya as the OPEC nation emerges from a decade of conflict and civil war.
“I want to contribute to Libya’s comeback,” …
Saudi Arabia’s crude oil exports hit eight-month high in September
Nov 18 – Saudi Arabia’s crude oil exports in September rose for a fifth month in a row to their highest since January, the Joint Organisation Data Initiative (JODI) said on Thursday.
The kingdom’s crude oil exports rose to …
Permian shale output expected to set a record in December
LONDON (Bloomberg) – Oil output in the Permian Basin is projected to hit a record as the largest U.S. shale patch leads the recovery in domestic production from its Covid-19 induced slump.
Supplies from the prolific oil …
Oil down after API data shows U.S. inventory build-up
LONDON – Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply.…
OPEC rejects Biden’s call for more oil
(Bloomberg) –OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices.
On Monday, Kuwait said the cartel should stick …
Oil majors won’t ride to the rescue as world faces energy shortages
HOUSTON (Bloomberg) –The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China …
Equinor makes its 6th Norwegian oil discovery of 2021
OSLO, Nov 1 – Equinor EQNR.OL has made an oil discovery estimated to hold up to 62 million barrels of crude off the coast of Norway, the energy major said on Monday.
The discovery, just north of the Tyrihans …
Energy-consuming nations consider response if OPEC doesn’t boost oil output
(Bloomberg) –The U.S. is talking to other energy-consuming nations about how to press OPEC+ to boost output to address the current supply crunch, a senior U.S. official told reporters in Rome.
The leaders will also discuss how they …
