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Ovintiv followed Matador Resources Co. in raising full-year production plans at a time when U.S. drillers have been committing to flat or moderate output growth so they can return more cash to investors and expand portfolios of future drilling sites. View the full article
The Sensori fracture monitoring service provides true, real-time data acquisition and processing of near-well and far-field subsurface measurements. Through automation, cloud processing and big data analytics, the Sensori service provides continuous, real-time subsurface feedback for multiple well pads across an entire asset. View the full article
Coordinated crude production reductions by the Organization of Petroleum Exporting Countries (OPEC) and its allies have led to a balanced global oil market, according to U.S. shale giant EOG Resources Inc. View the full article
Net production was 494,000 boepd in the second quarter of 2024, compared with 387,000 boepd in the second quarter of 2023, primarily due to higher production in Guyana and the Bakken. In the third quarter of 2024, E&P net production is expected to be in the range of 460,000 boepd to 470,000 boepd, primarily reflecting planned downtime in Guyana and Southeast Asia. View the full article
The tale of the Guyana discovery isn’t about taking swashbuckling risks for a huge payoff. Exxon, it turns out, is as much a financial engineering company as an oil explorer. It hedged its bets, reduced its exposure and bought itself an option to make a fortune on an unlikely outcome. View the full article
Countries like Angola, Mozambique, Uganda and Tanzania are opening up new exploration frontiers, presenting attractive farm-in opportunities for independents like ReconAfrica. The oil reserves in Uganda’s portion of the Lake Albert basin, particularly in the Albertine Graben, are estimated at around 6.5 Bbbl, indicating promising prospects within the onshore region. View the full article
The London-based major now aims to reduce its net carbon intensity by 15% to 20% by 2030, compared with a previous target of 20%. View the full article
Designed and built in Perth, Western Australia, the 44-tonne full-scale prototype combines traditional subsea tree technology with several new elements that allow it to swivel, providing 360-degree mooring capability for offtake vessels. View the full article
Drillers have extended the horizontal length of their wells since the pandemic to three miles or more to squeeze more output from their sites. The longer so-called laterals are often credited with helping explorers deliver surprise production growth of 1 MMbpd last year. View the full article
World oil consumption will see a year-on-year increase of 2.3 MMbpd in the second half, about 150,000 bpd more than during the first, amid continued economic growth in China and other emerging economies, OPEC said in a monthly report. View the full article
Vital Energy and Northern Oil and Gas have agreed to acquire Point Energy Partners for $1.1 billion. The acquisition will increase Vital Energy’s Delaware Basin assets by 25%, bringing its total to 84,000 net acres. View the full article
TotalEnergies has announced its withdrawal from offshore Blocks 11B/12B and 5/6/7 off the southern coast of South Africa. This decision follows the exit of partner CNRI from Block 11B/12B, where TotalEnergies EP South Africa holds a 45% interest. View the full article
API supports technology-neutral policies at the federal level that drive greenhouse gas (GHG) emissions reductions in the transportation sector, taking a holistic “all-of-the-above” approach to fuels, vehicles, and infrastructure systems. Unfortunately, NHTSA’s final CAFE rule misses the mark. View the full article
The three new island rigs will operate on existing and newly constructed innovative artificial islands at the offshore Zakum field for drilling and completion of wells. The rigs, which will be constructed by Honghua Group (HH), will incorporate industry leading technology and automation. Delivery of the rigs and commencement of operations is expected during 2026. View the full article
Transocean Ltd. issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs. The aggregate incremental backlog associated with these fixtures is approximately $656 million. View the full article
Coconut will be a 50/50 joint venture with EOG as operator. The final investment decision has been taken by the joint venture partners and first gas is expected in 2027. View the full article
The Nigerien nationals, who worked for the local affiliate of China National Petroleum Corp., were at Benin’s Sèmè Kpodji port to control the loading of crude for export, the ruling junta known as Council for the Safeguarding of the Homeland, said in a statement late Saturday. View the full article
Westerton Access, a global provider of specialist subsea inspection, maintenance and integrity services to the energy market, announced the appointment of James Griffin, who has joined the business in the role of Regional Manager, overseeing sales and operations for the company’s Europe and West Africa business unit. View the full article
The bipartisan legislation introduced by Chairman Joe Manchin (I-WV) and Ranking Member John Barrasso (R-WY) seeks to strengthen American energy security by accelerating the permitting process for critical energy and mineral projects of all types in the United States. View the full article
“The federal Liberal and NDP coalition has passed draconian legislation that will irreparably harm Canadian’s ability to hear the truth about the energy industry and Alberta’s successes in reducing global emissions," said Alberta Premier Danielle Smith, along with Canadian Minister of Energy and Minerals Brian Jean and Environment and Protected Areas Minister Rebecca Schulz. View the full article
The case with Exxon, which claims to have a right of first refusal over Hess’s biggest asset offshore Guyana, will likely take at least until the fourth quarter, meaning the FTC’s review will extend several more months. The agency plans to announce its decision when the arbitration is finished, said the people, who asked not to be named discussing an internal agency matter. View the full article
Block 3B/4B covers an area of 17,581 km2 within the prolific Orange basin offshore South Africa in water depths ranging between 300 m and 2,500 m. The block is near a number of highly anticipated oil discoveries, including the Venus discovery. View the full article
Sheffield hired Brownstein Hyatt Farber Schreck LLP to lobby on “issues related to the FTC,” according to a recently filed disclosure report. View the full article
The 3 MW floating wind turbine will be located 2 km west of the Culzean platform, 220 km offshore Scotland. This turbine, expected to be fully operational by end 2025, will supply around 20% of Culzean’s power requirement, thereby reducing its GHG emissions. View the full article
TechnipFMC has been awarded a “substantial” contract by Petrobras to supply flexible pipe for the pre-salt fields offshore Brazil. The contract covers the design, engineering, and manufacture of flexible pipe for water injection and gas lift.
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
