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Based on the report from its Vienna-based research department, the restart ought to be urgently needed. OPEC’s data suggest that world inventories should be depleting rapidly now and — unless the group opens the taps — face a substantial shortfall of more than 3 MMbpd in the fourth quarter. View the full article
The latest Emissions Monitoring Report from the NSTA shows that progress has been made and the 2030 target is within reach, but more work is needed to ensure that industry meets and surpasses key emissions targets and gets on long-term reduction trajectories. View the full article
The combined solution will address challenges in locating, re-entering and re-abandoning legacy wells that penetrate, or pass through, offshore oil and gas reservoirs or saline aquifers that have been earmarked to be repurposed for carbon dioxide (CO2) or hydrogen storage. View the full article
C-5H will be operator Empire Energy’s longest drilled and stimulated horizontal shale well and will target a ~3,000 m horizontal section and ~60 fracture stimulation stages. C-5H will integrate the best completion practices from North American shale analogues and incorporate learnings from Carpentaria-2H and Carpentaria-3H. View the full article
The Liwan 4-1 well was tested to produce 430,000 cmd of absolute open flow natural gas. The well is located in Baiyun Sag, the largest oil and gas-rich sag in the Pearl River Mouth basin, about 300 km southeast of Shenzhen, with a water depth of nearly 1,640 m. View the full article
The Transocean Spitsbergen rig drilled the well in production license 199 in the Haltenbanken Vest Unit in the Norwegian Sea. Preliminary estimates place the size of the discovery in the range of 2-4 MMcm of recoverable oil equivalent. View the full article
Chevron and NNPC signed documents on the conversion of five OMLs into four PPLs and twenty-six PMLs, in line with the new PIA terms, marking a significant step towards increasing domestic gas supply and expanding global market presence. View the full article
The American Petroleum Institute is raising concerns over the recent decision by the U.S. District Court for the District of Maryland to vacate the National Marine Fisheries Services’ (NMFS) Biological Opinion in the Gulf of Mexico. View the full article
Palantir’s AIP software will assist bp to safely and reliably harness large language models to improve and accelerate human decision-making with suggested courses of action based on automated analysis of the underlying data. Within the software, the robustness of the underlying data infrastructure and digital twin are combined with tools to ensure transparency into AI recommendations. View the full article
The establishment of transparent and stable regulatory frameworks is crucial for attracting upstream investors, who are more likely to commit capital when they have clarity on the legal and regulatory environment, according to the African Energy Chamber. View the full article
The group led by Saudi Arabia and Russia delayed easing supply curbs last week, but now needs to pick which way it wants to go ahead of next year, given outlook for balances was “not great”, said Ben Luckock, global head of oil at Trafigura. View the full article
Chevron, ExxonMobil and Shell are among the companies taking measures such as evacuating workers from vulnerable installations, suspending drilling activities, and shutting in some wells. The storm’s forecast path intersects with fields that account for roughly 125,000 bpd and 300 MMcfgd. Francine may rake nine major platforms, including Enchilada, Cerveza, Perdido and Hoover. View the full article
The first MoU focused on the expansion of Eni and SOCAR’s cooperation on oil and gas exploration and production, with the aim of strengthening the energy security of Europe, and Italy in particular. A second MoU envisages the cooperation of Eni and SOCAR to reduce greenhouse gas emissions and improve energy efficiency in the upstream sector. View the full article
The four new contracts encompass four heavy-size helicopters Sikorsky S-92A to support Petrobras in the pre-salt Santos basin. CHC will provide crew change flights to over 60 offshore units operated by Petrobras and its partners from Jacarepaguá and Maricá airports, located at Rio de Janeiro estate, Brazil. View the full article
The UK government’s newly announced proposal to grant carbon dioxide transport and storage licenses to Liverpool Bay CCS Limited (Hynet) and Net Zero North Sea Storage Limited - the East Coast Cluster round Humberside and Teesside as been welcomed by the country’s largest offshore trade group. View the full article
Slim has consistently ramped up his investments in Talos and US refiner PBF Energy Inc. over the past year in a sign that the 84-year-old billionaire sees plenty of upside in the oil and gas industry. In his native Mexico, Slim has partnered with Talos to explore one of the country’s most promising new discoveries in decades. View the full article
The transaction adds more than 8 MMboe in reserves and resources net to DNO. In terms of production, the acquired assets delivered approximately 3,000 boed in the first half of 2024, expected to rise to above 5,000 boed in 2026 as the Verdande contribution kicks in. View the full article
According to the Railroad Commission of Texas, the agency plugged 1,012 orphan wells in Fiscal Year 2024 using state funds. This exceeded the fiscal year’s goal of plugging 1,000 wells with state funds, making it the eighth year in a row in which the RRC has surpassed its legislative target. View the full article
The plant, located in offshore Akwa Ibom state in the oil-rich Niger Delta, is expected to be commissioned in 2028, with first gas a year later. It will produce LNG, petroleum gas and condensate. View the full article
The hedge fund veteran and founder of Hayman Capital Management says the backlash that’s been building against environmental, social and governance (ESG) investing in recent years is largely due to climate activists’ demands that oil and gas be abandoned here and now. As a proposition, that was never tenable or even responsible, he says. View the full article
Transocean announced that Reliance Industries Limited awarded a binding Letter of Award for the Dhirubhai Deepwater KG1 for six wells offshore India. The estimated 300-day program is expected to commence in the second quarter of 2026. View the full article
A fight over Gulf of Mexico oil production is looming in Washington as U.S. regulators race to redo guidance on how to protect endangered species ahead of a deadline that could ultimately threaten about 15% of the nation’s crude output. View the full article
Key coalition members won’t now increase production by 180,000 bpd in October and November, according to a statement on OPEC’s website. Yet their longer-term plan to revive 2.2 MMbpd of idle supplies gradually over the course of a year remained in place, with the completion date pushed back two months to December 2025. View the full article
Noble has published an updated fleet status report reflecting the addition of the Diamond rigs and other updates, chiefly the addition of 4.8 rig years of backlog recently awarded under the Commercial Enabling Agreement (CEA) with ExxonMobil for the company's four drillships operating offshore Guyana. View the full article
Following the completion of the interpretation of the CB23 seismic survey data and a review of prospectivity in the eastern Cabora Bassa basin, eight key prospects have been defined in the company’s Exclusive Prospecting Orders (EPOs) 1848 and 1849, totaling 2.9 Tcfg and 184 MMbbl condensate. View the full article
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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.
