2023 has been another noteworthy year for the rig market’s ongoing recovery, with a 3% increase in global marketed utilization versus 2022, a demand increase of 29 rigs, a 7% uptick in average contract duration, 16 further reactivations and newbuild deliveries…
World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains robust despite this week's COP28 agreement to transition away from fossil fuels…
Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility.Benchmark Brent has averaged around $80 a barrel this year, after a volatile…
Supermajor Shell reports it now has 100% working interest in the Kaikias field in the U.S. Gulf of Mexico after acquiring a 20% stake from Mitsui's MOEX North America.The field Kaikias, located in the prolific Mars-Ursa basin, approximately 130 miles from the Louisiana coast…
Yinson Production officially named its latest addition to the fleet, FPSO Atlanta, during a naming ceremony held at Dubai Drydocks World on December 13, 2023.FPSO Atlanta has a production capacity of 50,000 BOPD and a maximum storage capacity of 1…
Indonesia has approved a $238.71 million development plan for steamflood enhanced oil recovery in the Rokan block, the country's upstream oil and gas regulator SKK Migas said. The first development phase of the Rantaubais field in Rokan block…
PETRONAS and its Petroleum Arrangement Contractors recorded 19 exploration discoveries and two exploration-appraisal successes, contributing over 1 billion barrels of oil equivalent (bboe) of new resources for Malaysia in 2023. This achievement…
Asian Oil & Gas (AOG) is hosting a webinar on the groundbreaking patents that are pushing multiphase detection, measurement, and control technology forward.Throughout the oil and gas and petrochemical industries, liquid-to-liquid separation is a fundamental process…
Brent crude futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether OPEC+ would come to an agreement on further production cuts.Brent crude futures LCOc1 gained 29 cents, or 0.4%…
Sultan al-Jaber, the United Arab Emirates oil chief executive and leader of COP28 climate talks, has a formidable reputation for earnestly pursuing results.His position as leader of state energy giant ADNOC has alarmed environmental critics…
Indonesia's state oil company Pertamina Hulu Energi (PHE) estimated its oil and gas production this year at 1.043 million barrels of oil equivalent per day (BOEPD), up 8% from last year, its chief executive Wiko Migantoro said on Tuesday.For 2024…
China's CNOOC has begun production at the first phase of its Bozhong 19-6 gas condensate field, according to a statement released by the company on Tuesday. The project, located in the central Bohai Sea off the coast of eastern China, is expected to achieve peak production of approximately 37…
Abu Dhabi National Oil Company (ADNOC) has notified some term customers that it will reduce the volume of Upper Zakum crude oil supply in 2024, three sources with direct knowledge of the matter said on Thursday.The move could affect supplies to China…
Classification society ABS announced it has granted approval in principle (AIP) for a the Sterling Streamline, a next generation concept design for large floating production storage and offloading unit (FPSO) newbuild hulls from India's Shapoorji Pallonji Energy (SPE)…
Saudi Aramco on Tuesday reported a 23% fall in third-quarter net profit on the back of lower oil prices and volumes sold, marginally beating analyst estimates and helping underpin its shares.Net profit fell to $32.6 billion for the quarter to Sept…
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