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Oil & Gas Production News - page 3


Oil Jumps as Saudi Arabia and Russia Extend Supply Cuts to end-2023

Sep 05, 2023

Oil prices spiked more than 1% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.Brent crude futures for November were up $1…

Outcome of Chevron, Woodside, Australian Unions Talks May Take Days

Aug 15, 2023

Negotiations between Chevron, Woodside Energy Group, and Australian unions on Tuesday are unlikely to yield results for days because unions will need to consult members on any decision, according to a source with knowledge of the matter that was not authorized to speak to media…

Iran Says Oil Exports Surpass 1.4 Million BPD Target

Aug 14, 2023

Iran's oil exports have surpassed the government's 1.4 million barrels per day target, the head of Iran's Plan and Budget Organisation said on Sunday, according to the semi-official Tasnim news agency. 'Based on Iran's current budget, the government aims at exporting 1…

FACTBOX - Indonesia's Long-delayed Major Gas Projects

Aug 11, 2023

A recent ownership shakeup at two major Indonesian gas projects has injected renewed hope in the country's upstream gas sector, as the country hopes to tap into its rich hydrocarbon resources amid global energy transition, but barriers remain…

Indonesia's Gas Ambition Faces Investor Test with Shell, Chevron Exits

Aug 11, 2023

Indonesia hopes the recent exit of global giants Shell and Chevron from two long-delayed natural gas projects will jumpstart their development, as it races to more than double gas production by 2030.The Masela and Indonesia Deepwater Development (IDD) projects…

Harbour Energy Bids Farewell to Vietnam: Big Energy Steps In

Aug 10, 2023

UK-based oil firm Harbour Energy said Thursday it would sell its business in Vietnam to Big Energy Joint Stock Company for a consideration of $84 million.  Harbour Energy's Vietnam business includes a 53.125 percent interest in the Chim Sao and Dua producing fields in Block 12W…

Japan's Inpex Raises Profit Forecast, Seeks to Boost Value

Aug 09, 2023

On Wednesday, Japanese oil and gas explorer Inpex raised its full-year net profit forecast by 7% and announced measures to boost the company's value and shareholder returns, including a dividend increase and share buyback.To address the country's number of undervalued stocks…

Aramco Supplies Remain Adequate Despite Oil Output Cuts - CEO

Aug 07, 2023

Saudi Aramco's CEO Amin Nasser said on Monday that the company's supplies to customers remain adequate even with recent voluntary oil production cuts by the kingdom, adding that global demand remained resilient despite economic headwinds.Saudi…

Prima Energi Acquires Northwest Natuna PSC

Jul 26, 2023

PT Bumi Pratiwi Hulu Energi (Prima Energi), an Indonesian-based upstream oil company, has acquired full ownership of the Northwest Natuna Production Sharing Contract (PSC) via its purchase of AWE (AAL) NZ, AWE Northwest Natuna and AWE Holdings Singapore…

Eni Takes Over Chevron's Stakes in Three Blocks in Indonesia

Jul 25, 2023

Italian oil and gas company Eni  said Tuesday it had acquired Chevron interests and operatorship in the Indonesian Blocks named Ganal PSC (Chevron 62%), Rapak PSC (Chevron 62%) and Makassar Straits PSC (Chevron 72%), in the Kutei Basin, offshore East Kalimantan…

Zarubezhneft to Sell Stake in Indonesia's Tuna Offshore Block

Jul 18, 2023

Russian oil and gas firm Zarubezhneft plans to sell its stake in Indonesia's Tuna gas project, the upstream regulator said on Tuesday, after its British partner said sanctions were complicating their joint development.Zarubezhneft is partnering British firm Harbour Energy…

Tseven Elise MOPU Starts Gas Production at Bayan Offshore Field in Malaysia

Jul 12, 2023

Gas production has started via Tanjung Offshore Services' Tseven Elise Mobile Offshore Production Unit (MOPU) at Petronas Carigali's Bayan field. The news was shared Wednesday by T7 Global, a parent company of Tanjung Offshore Services.In 2020…

Valeura Energy Halts Production at Wassana Oil Field after FSO 'Contacts' CALM Buoy

Jul 07, 2023

Valeura Energy said Friday it had temporarily suspended production operations at the Wassana oil field, offshore the Gulf of Thailand after the floating storage and offloading vessel (“FSO”) stationed at the field deviated from its intended…

OPEC Upbeat Over 2024 Oil Demand Outlook Despite Slowdown

Jul 06, 2023

OPEC will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to OPEC said.OPEC's forecast…

Tackle Demand, Not Supply, to Cut Emissions, Oil Bosses Say

Jul 06, 2023

The bosses of global energy companies this week urged governments to shift the focus to limiting oil demand to reduce emissions, rather than pressuring producers to curb supply, which they say serves only to increase prices.Some western governments…

Current News

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COP28 Draft Text Sets New Options on Fossil Fuel Phase Out

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OPEC Chief Urges Members to Reject Any COP28 Deal that Targets Fossil Fuels

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Japan's Kansai Joins Floating Offshore Wind Project in Norway

Carbon Capture Chasm Exposed at Climate Summit

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Venezuela's Maduro Pledges to Permit Oil, Mines Development in Disputed Territory

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