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The nation’s economy grew by 49.7% in the first half of 2024, with the oil sector accounting for 67% of that growth, Ali said Saturday on a live webcast. Guyana produced an estimated 113.5 MMbbl of oil from January to June, and the oil sector is projected to grow by 56.4% this year, he added. View the full article
Over the next five years, almost half of the additional oil and gas production that could have got the go-ahead under the current tax system would be uneconomic under the new proposals, OEUK said in a report. That puts more than 35,000 jobs at risk in 2029 due to projects being shelved, the group said. View the full article
The crane, built by heavy lifting firm Mammoet for tens of millions of dollars, is among the latest bets that rising energy consumption will require huge new equipment for years to come. View the full article
Under this contract, CHC Helikopter Service will provide crew change and transportation services for two key rigs: the Noble Invincible and the Deepsea Yantai. These critical missions will be supported by CHC’s Sikorsky S-92 aircraft, known for its exceptional performance and safety record in offshore missions. View the full article
By enabling "adaptive cruise-control" functionality for control room operators in critical industrial control centers, CruxOCM is transforming how the energy sector operates. View the full article
Marathon Oil will file the vote results of the special stockholder meeting in a Form 8-K with the U.S. Securities and Exchange Commission. The companies to expect the transaction to close late in the fourth quarter of 2024. View the full article
Harris took pains to point out her support for the Inflation Reduction Act, which included provisions meant to encourage more oil and gas leasing on federal lands and waters. The law made the government’s award of wind and solar rights on federal lands contingent on the sale of more oil and gas leases. View the full article
Tim Duncan, who was also one of the company’s founders, stepped down on Thursday. Board member Joseph Mills will serve as interim CEO. Earlier this month, Carlos Slim, Latin America’s richest person, took advantage of the equity-market selloff to boost his stake in Houston-based Talos, which focuses on oil exploration and production in the Gulf of Mexico. View the full article
This collaboration enables E&P companies to seamlessly access TGS' licensed production, completions, and cost data via the ComboCurve platform, with fully automated data integration that requires minimal technical infrastructure. View the full article
EOG, Conocophillips, Occidental and Devon Energy filled in the remaining four of the top five drilling customer positions. Patterson-UTI, Nabors, Ensign Energy Services and Precision Drilling took places 2-5 as the top U.S. land drillers. View the full article
The deal was “fundamental” to the Colombian oil producer’s future and without the resources it would have provided, its finances will deteriorate, Juan José Echavarría and Luis Alberto Zuleta wrote in their resignation letter, which is dated Aug. 30 but has already been published by local media. 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
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
It’s the latest round of cuts following similar moves in the company’s deal-making team, as well as low-carbon solutions, chemicals and offshore wind. The staff reductions would affect the company’s exploration, strategy and portfolio segment as well as its development, subsurface and wells business. View the full article
Almost 50% of the 1,300 senior professionals that responded to DNV’s survey said they plan to integrate AI-driven applications into their operations in the coming year, with Digital Leaders leading the charge. 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
Shell will leverage Akselos’ Structural Performance Management (SPM) software to monitor the structural health of critical assets across the Shell portfolio in near real-time. Akselos’ SPM software will help enable Shell to optimize the lifecycle of critical assets safely and sustainably. 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
Output rose to a record 362.6 MMboe, as Beijing pushed for increased production from its state-owned drillers to enhance energy security amid rising geopolitical tensions. View the full article
Libya’s oil production has more than halved this week — and risks taking close to 1 MMbpd off the global market — as the country’s fields reduce operations amid a stalemate over who controls the central bank. View the full article
During development of the new standard, OPITO and OEUK engaged closely with industry stakeholders, including Spirit Energy, Harbour Energy, HCA, bp, Repsol Resources UK, TAQA and TotalEnergies, to ensure employer needs were met. View the full article
China’s largest oil and gas driller said production rose to 905.5 MMboe in the period. Beijing has pushed its state-owned oil giants to invest heavily in production to help the nation meet energy security goals. View the full article
The package includes older wells in the Permian’s Central basin that produce small but stable amounts of oil, according to people familiar with the matter who declined to be named because sale negotiations are private. View the full article
Production at the El-Feel field in southwestern Libya has stopped, according to people familiar with the matter, while local operators are indicating they’ll gradually halt pumping nationwide. The move to freeze all production and exports announced Monday by the eastern Libyan authorities came in response to a decision by the internationally recognized government in the west to replace central bank Governor Sadiq Al-Kabir. View the full article
Mexico’s President-elect Claudia Sheinbaum appointed energy economist Victor Rodriguez Padilla to lead state-owned oil driller and refiner Petroleos Mexicanos as her administration looks to revive the company’s flagging production and trim its nearly $100 billion debt burden. 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.
