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OPEC and its allies agreed on Sunday to gradually wind down about 2 MMbpd of production cuts starting in October. Since then, crude prices have fallen more than 3% in London, dipping below $80 a barrel as analysts question whether the market can absorb this extra supply. View the full article
Emerson’s suite of Roxar downhole monitoring tools will empower Equinor to use advanced oil recovery techniques, optimize reservoir performance and verify well integrity in real time. The Rosebank field is estimated to contain over 300 MMbbl of recoverable oil resources. View the full article
SBM Offshore announced that a Fast4Ward hull for the Block 58 development project offshore Suriname has been reserved by TotalEnergies. The announcement is in line with the Front End Engineering and Design (FEED) studies for a Floating Production, Storage and Offloading vessel (FPSO) for the development project. View the full article
The second day of the Energy NL Annual Conference & Exhibition 2024 got underway today with a morning address by the Honourable Seamus O’Regan Jr., Minister of Labour and Seniors, who outlined the Government of Canada’s efforts to support energy development, including amendments to the Atlantic Accord. View the full article
Engineering studies (FEED) are progressing for the development of the Sapakara and Krabdagu fields, with combined recoverable resources estimated above 700 MMbbl, thanks to the integration of Water Alternating Gas (WAG) injection technology to maximize recovery. View the full article
The U.S. LNG developer has reviewed various equity investment offerings from the energy companies related to its proposed Driftwood plant, said the people, who asked not to be named as they’re not authorized to speak to the media. View the full article
Drilling will shortly commence on the final section of the State 36-2R well. The objective for this short section is to land the well safely within the Cane Creek reservoir and drill the remaining 320 ft to intersect both the reservoir and the productive natural fracture system encountered by the original well. View the full article
The decisions made in Washington — “the capital of the energy world” — will have “massive impacts” and influence spending around the globe, Sawan said. View the full article
Eirin is a gas field located 250 km west of Stavanger. The field will be developed as a subsea facility that will be adapted and prepared as a tie-in point for future discoveries in the area that can be expanded with new wells. View the full article
Transocean Ltd. announced contract fixtures for three of its harsh environment semisubmersibles. Together, the fixtures represent approximately $161 million in firm contract backlog. View the full article
The FPSO is expected to process over 500 Mmcfgd. It will remove water, condensate and impurities from the gas before transferring it via pipeline to the Floating Liquified Natural Gas (FLNG) vessel at the Hub Terminal approximately 10 km offshore. View the full article
The FPSO Agogo is scheduled to commence operations in the fourth quarter of 2025 as part of the Agogo integrated west hub development project offshore Angola. With a field development plan encompassing 36 wells, including both production and injection wells, the project demands high-quality solutions to ensure reliable operations. View the full article
Environmental groups won a case in 2021 that halted the exploration activity in an area known as the Wild Coast. South Africa’s Supreme Court of Appeals dismissed Shell's appeal on Monday. However, it suspended the orders setting aside the granting of the exploration right and each of the two renewals in 2017 and 2021, pending finalization of the third renewal. View the full article
The SARB and Umm Lulu offshore concessions deploy cutting-edge digitalization and AI technologies for remote monitoring, smart well operations and production management to optimize production efficiency, reduce emissions, enhance safety and increase production capacity. View the full article
Geophysical exploration indicated there’s a “high possibility” the discovery offshore the port city of Pohang holds as much as 14 Bbbl of oil and gas, Yoon said. The estimated volume could be worth more than four years of oil consumption and as much as 29 years of gas demand for the country, he added. View the full article
BW Energy’s preliminary evaluation indicates an increase in Hibiscus gross recoverable reserves (mid-case) of approximately 8 MMbbl of oil to 12 MMbbl of oil. The company plans to complete the well as a development well later in 2024. View the full article
Surge has now identified the potential for up to 100 multi-lateral drilling locations at Hope Valley. Surge's technical interpretation of its recent 46 square kilometer 3-D seismic program has allowed the company to de-risk these future drilling locations in Hope Valley. View the full article
Energy Workforce & Technology Council (EWTC) issued a statement applauding the introduction of S.4405, the "Natural Gas Tax Repeal Act," by U.S. Senator Ted Cruz. If passed, the act would repeal the recently implemented tax on methane emissions, a move that the EWTC believes is crucial for the future of the energy industry. View the full article
Mineral Resources Development Company Limited (“MRDC”) and Twinza Oil Limited (“Twinza”) have obtained all internal approvals and executed a series of binding agreements for MRDC to take an up to 50% Participating Interest in the Pasca A Development Project. Additionally, the companies agreed to cooperate in the acquisition and development of other oil and gas assets in Papua New Guinea. View the full article
The agreement reached in Riyadh on Sunday exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year. However, it also begins rolling back those supply reductions in October, earlier than some OPEC-watchers had assumed. View the full article
Hess Corp. shareholders approved the company’s proposal to be acquired by Chevron Corp. for $53 billion by a razor-thin majority of 51% of shares outstanding. View the full article
The contract scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 102 km of rigid risers and flowlines for the steel lazy wave production system. View the full article
Stable, long-term policies that enable fair returns are critical to ensure UK firms and their people can compete in the global race for energy investment. OEUK says over £200 billion can be unlocked and ploughed into our energy future this decade, but only if firms, skilled people and capital stay here in the UK. View the full article
This deal involves the Clipper and Leman Alpha offshore field clusters and represents the latest move by major oil and gas companies to exit the aging North Sea basin in favor of more lucrative ventures. View the full article
The loan for the Scarborough project, which is scheduled to deliver its first LNG shipment in 2026, will come from the Japan Bank for International Cooperation. The public financial institution has stepped-up efforts to secure LNG, including granting loans for fuel purchases. 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.
