World Oil (WO) — Canadian Overseas Petroleum Limited (COPL) and its partners announced first oil production from the Frontier 1 sands at its Cole Creek Unit. The company began recompletion operations on the well 11-27-35n-77w at the end of Dec. 2022 to evaluate the light oil potential of the reservoir sands. Frontier 1’s first oil production The lowest of
BOE Report Oil production in South Texas, home of the second largest U.S. shale field, is expected to rise as much as 4% this year, as higher prices spur more drilling and as U.S. crude exports set new records. Output in the Eagle Ford shale field tanked in 2020, but has returned to growth with an average increase per month
Oil Price How much will U.S. oil production grow this year—this is the question on a lot of minds, both in the United States itself, and across the world. After proving it could become a game-changer for the global oil market a decade ago, the U.S. shale patch is once again the focus of attention but this time because
World Oil (Bloomberg) — With over two-thirds of the Permian’s premium land now drilled, producers are seeking more permits than ever to burrow beneath Midland and its 130,000 residents, according to BMO Capital Markets. Analysts say the Permian could reach a production plateau within five years. Producers in the Permian’s two main zones are pumping less oil per foot
Yahoo Finance MOSCOW – Russia, the world’s biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes the West’s “stupid” price cap on Russian oil, President Vladimir Putin said on Friday. The Group of Seven major powers, the European Union and Australia last week agreed a $60 per barrel price
Oil Price OPEC raised its crude oil production by 146,000 barrels per day (bpd) in September compared to August, but the ten OPEC members in the OPEC+ pact still had their total output well below the target level under the agreement. OPEC’s oil production rose to 29.767 million bpd last month, according to secondary sources in the cartel’s closely
Investing VIENNA/LONDON – OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months
World Oil (Bloomberg) — Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country where output had more than halved since mid-April. The OPEC member, home to Africa’s largest crude reserves, ramped up its production to a “little over” a million barrels a day, Oil Minister Mohamed Oun said. The
World Oil (Bloomberg) — The White House believes the Organization of Petroleum Exporting Countries has room to raise oil production, should an upcoming visit by President Joe Biden to the Middle East yield any agreements. “We do believe there is a capacity for further steps that could be taken,” National Security Advisor Jake Sullivan said in a press conference on
World Oil (Bloomberg) — Canada’s economic expansion suffered a minor setback last month after a robust start to the year, driven by a drop in oil production. Preliminary data show gross domestic product contracted by 0.2% in May as output slid in oil and gas, manufacturing and construction sectors, Statistics Canada reported Thursday in Ottawa. That followed a strong
World Oil (Bloomberg) — Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages. Chevron will produce the equivalent of about 725,000 barrels of oil daily in the Permian Basin this year, a 15% increase from 2021, the company said
World Oil (Bloomberg) –Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity. With OPEC+ meeting in two days to consider output policy in the face of the fast-spreading omicron variant, Russia’s lack of growth highlights the limits of the group’s
