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The companies agreed other contractors could finish work on Golden Pass last month, paving the way for a restart after several setbacks this year. The new schedule means the 18 million-metric-ton-a-year facility, one of the country’s biggest, will begin operations about six months later than the previous plan, Exxon Chief Financial Officer Kathy Mikells said during an interview. View the full article
The move would have allowed Ecopetrol to add around 50,000 bpd, “providing much-needed growth visibility outside of Colombia,” Bloomberg Intelligence analyst Will Hares wrote in a note. BTG Pactual estimated it would expand Ecopetrol’s reserves by 11%. View the full article
As part of the second development of the Atapu and Sepia offshore fields, SLB OneSubsea will provide the Petrobras-standard configured, pre-salt vertical trees, subsea distribution units, subsea control systems and pipeline systems, along with related installation, commissioning and life-of-field services. View the full article
EOG Resources Inc., one of the largest independent shale producers, Coterra Energy Inc. and Civitas Resources Inc. increased their 2024 production forecasts Thursday, with the latter saying it is seeing stronger-than-expected well performance in the Permian basin, North America’s busiest oil and gas field, where five producers over the past week reported results that surprised to the upside. Ovintiv Inc. and Matador Resources Co. made similar recent production announcements. View the full articl
Chevron CEO Mike Wirth has been extolling the virtues of the Lone Star State’s oil and gas business climate for at least half a decade. View the full article
The Pioneer takeover closed in early May, helping lift Exxon’s overall production by 15% on a sequential basis, and setting the stage for daily output to average more than 4 MMbbl this year. View the full article
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
Over 12 competitors, including Exxon and Shell, have shown interest in acquiring a 40% stake in Galp Energia's massive offshore oil and gas field. A spokesperson from the company emphasized Petrobras' expertise in deepwater operations and expressed confidence in their bid. View the full article
The combined company is the second largest operator in the Eagle Ford. The combination creates leading mid-cap E&P with scaled, balanced portfolio of high-quality assets. Additionally, the new company is well-positioned for further growth through accretive, returns-driven M&A View the full article
The project, which aims to remove 800,000 tonnes of carbon emissions annually, will also deliver permanent, verifiable and affordable carbon dioxide removals (CDRs). 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 digital solutions implemented onsite at SARB allow the field to be operated remotely from Zirku island, 20 km away. Remote monitoring, smart well operations and production management technologies are integrated at the remote control center for optimized real-time decision-making. View the full article
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 international arbitration panel handling Exxon’s claim that Chevron’s acquisition does not give it the right to control Hess’ stake in a Guyanese oil project has scheduled the hearing for May, the companies said. 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
Occidental Petroleum Corp. and Ecopetrol SA are gearing up to plumb the depths of Colombia’s Caribbean waters in search of oil and gas. The plan is to drill the Komodo-1 well before the year is out in seas roughly 3,900 m (close to 13,000 ft) deep. That’s equal to about 10 Empire State Buildings stacked on top of each other and would shatter the current water-depth record holder in Angola. View the full article
The awarded PSCs encompass a portfolio of 12 fields, comprising oil and gas assets within the Malay basin in Peninsular Malaysia. Located within a proven oil and gas basin and in close proximity to existing infrastructure, these DRO clusters offer synergistic development opportunities for monetization. View the full article
The Study, commissioned by NACEF and PAGE, and conducted by ICF, “Lifecycle GHG Emissions of U.S. LNG Exports: Concepts, Methodologies, Data and Results,” shows that U.S. LNG exports are likely to have represented a net reduction in the world’s GHG emissions compared to the mix of alternative fuels that would have likely substituted for the LNG exports had they hypothetically not existed in 2022. View the full article
Transocean Ltd. announced a 1,095-day contract for the Deepwater Invictus with bp in the U.S. Gulf of Mexico. The program is expected to commence in the first quarter of 2025 and is estimated to contribute approximately $531 million in backlog. View the full article
Eni CEO Claudio Descalzi and SOCAR (State Oil Company of Azerbaijan Republic) CEO Rovshan Najaf signed a Memorandum of Undestanding (MoU) in Baku to evaluate potential cooperation opportunities in the areas of oil and gas exploration and production, energy security and efficiency, GHG emissions reduction, gas transportation infrastructures and sustainability. 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
Ecopetrol is planning to spend $300 million this year — the most it has invested in offshore drilling in any year — as it pushes to produce more natural gas and get it to consumers in fewer than the 10 to 15 years it normally takes to bring to market, according to Elsa Jaimes, the company’s offshore chief. View the full article
An aging oil province like the North Sea, where most fields are heavily depleted and the remaining untapped resources are costly to develop, cannot tolerate these extra burdens, the oil and gas industry said. View the full article
World Oil and its parent, Gulf Energy Information, are pleased to announce that Repsol, a leader in global deepwater operations, has agreed to serve as Host Sponsor for the 2025 Deepwater Development Conference (MCEDD). Scheduled for March 25-27, 2025, in Madrid, this event will focus on the theme, “New Deepwater Plays, New Deepwater Ways.” View the full article
Petrobras ended Q2 2024 with an average production of 2.7 MMboed, an increase of 2.4% compared to the same period of the previous year. The increase was driven by the increase in production ( ramp-up ) of the FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi and Sepetiba, in addition to the entry into production of 12 new wells from complementary projects, eight in the Campos basin and four in the Santos basin. 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.
