Oil & Gas Production News - page 63


Oil at Six-week High

Jul 11, 2019

Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region.Brent crude futures were up 32 cents at $67…

Oil Rises Toward $65

Jul 09, 2019

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand.OPEC and its allies led by Russia agreed last week to extend their supply-cutting deal until March 2020…

Rosneft Cuts Oil Output

Jul 09, 2019

Russia's largest oil producer Rosneft said on Tuesday its oil production had declined due to a decision by oil pipeline monopoly Transneft to reduce intake of oil due to a contaminated oil issue.It said Transneft had imposed a 'significant'…

Aker Energy Issues Bonds to AFC

Jul 09, 2019

Aker Energy Ghana, a subsidiary of Norwegian-based oil exploration and production firm Aker Energy AS, has entered into an agreement to issue $100 million of convertible subordinated bonds to Africa Finance Corporation (AFC).AFC also intends to take part in future capital market activities…

Floater Sector Active Despite Market Volatility

Jul 08, 2019

Activity in the floating production sector has not been slowed by the recent volatility seen across global oil markets, according to a recent report by World Energy Reports (WER).Brent oil, which had reached as high as the mid $70 range earlier this year…

Eni, Sonatrach Push Algeria Projects

Jul 03, 2019

Algeria's energy giant Sonatrach and Italian multinational oil and gas company announced the intention to accelerate the development of new oil and gas projects in North Berkine Basin in the Algeria, that will lead to a significant increase in national production…

OPEC+ Extends Output Cuts

Jul 02, 2019

OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.The alliance, known as OPEC+, has been reducing oil…

USA to Dominate in LNG Capacity

Jun 21, 2019

The US and India are expected to lead capacity growth in the global LNG liquefaction and regasification industries from planned and announced (new-build) projects, respectively during the outlook period 2019-2023.The US's new-build liquefaction capacity is expected to grow from 26…

Pemex Steering Clear of Deepwater

Jun 21, 2019

Petroleos Mexicanos will focus on shallow water projects and onshore plays, and avoid investing in its deepwater riches for now, as the ailing Mexican state-run oil company seeks to turn around a 14-year slide in crude production, a top official said on Thursday…

Brent Oil Climbed 5% This Week

Jun 21, 2019

Brent oil rallied above $65 per barrel on Friday and was on track for a 5% gain this week on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.Brent crude was up $0…

Shell Sees More FLNG Opportunities

Jun 19, 2019

Royal Dutch Shell sees more opportunities for floating liquefied natural gas projects, but not necessarily like its $17 billion Prelude operation off Australia, which shipped its first cargo last week, over two years behind schedule.Shell Australia…

OPEC Output to Remain Flat: Rystad

Jun 19, 2019

OPEC and its allies, including Russia, can maintain their current cuts and not reduce outputs any more because there will be a crude oil demand surge later this year from changing shipping fuel standards worldwide.The OPEC+ countries will not…

US Leads World Oil Reserves

Jun 14, 2019

The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable…

Norway Wealth Fund to Drop ConocoPhillips, Hess

Jun 13, 2019

Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion 'rainy day' fund away from oil…

Prelude FLNG Ships First LNG Cargo

Jun 11, 2019

The first shipment of liquefied natural gas (LNG) has sailed from Shell’s Prelude floating LNG (FLNG) facility offshore Australia, Shell announced Tuesday alongside its joint venture partners INPEX, KOGAS and OPIC.This shipment from the world’s largest floating producer of LNG…

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