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The first phase of decommissioning commenced in February, with Elemental Energies providing well management services from its Houston office for the plugging and abandonment of wells in the Matagorda Island area, offshore Texas. 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
UEM is an innovative approach that, for the first time, simultaneously integrates static and dynamic data in real time to represent subsurface conditions across multiple scales. This method improves the accuracy of reservoir models by consistently incorporating geologic uncertainties, making UEM vital to optimize reservoir recovery under uncertainty. View the full article
Abu Dhabi National Oil Co. (ADNOC) will purchase the stake in the Area 4 concession from Galp Energia SGPS SA, it said in a statement Wednesday. Galp will receive $650 million, and further contingent payments of as much as $500 million when two planned development phases go ahead, the Portugese company said in a separate statement. View the full article
Saipem has been awarded three new contracts by TotalEnergies EP Angola Block 20, a subsidiary of TotalEnergies, for the Kaminho deepwater project relating to the development of Cameia and Golfinho oil fields, approximately 100 km offshore Angola. View the full article
From 2020 to 2023, Guyana's crude oil production grew by an average of 98,000 bpd annually, making it the third-fastest growing non-OPEC producer. This surge has driven substantial economic growth, with a 62.3% GDP increase in 2022, the highest globally, according to the IMF. View the full article
Using the Dixstone-owned Nuada Self-Elevated Class 82 SD-C jack-up drilling rig, the Moke-East exploration well, located between Lukami and Motoba fields in the DRC coastal basin, encountered a 24 ft net oil-bearing column. The offshore discovery will be tested and the well completed in the coming weeks. View the full article
The International Maritime Industries (IMI) already has signed offtake agreements totaling $10 billion over 10 years with partners Aramco and Bahri, for the delivery of 20 rigs and 52 vessels acquiring at least 75% of Bahri commercial vessel needs over the period from the shipyard. View the full article
APA Corporation announced the sale of non-core producing properties by Apache Corporation in two separate transactions for over $700 million. Combined, the properties represent estimated net production in the first-quarter 2024 of 13,000 boed, of which just over one-third is oil. View the full article
Evaluation of logging data, sample examination and formation pressure measurements confirm approximately 24 m of pay in an overall hydrocarbon column of 37 me. Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation. View the full article
Neptune Energy and its partners announced an extension of higher gas production from the Duva field in Norway, supplying enough gas to heat a further 550,000 UK homes per day. View the full article
The American Petroleum Institute (API) submitted comments urging the U.S. Department of the Interior (DOI) to open offshore acreage to safe and environmentally responsible American energy development. View the full article
With U.S. energy costs up more than 20% and gasoline prices rising again to almost $4 a gallon, Chairman Christian urges President Biden to unleash domestic oil and natural gas production to lower prices for consumers. View the full article
OPEC+’s decision to lower its oil-production cap may set the stage for higher prices that would enable U.S. explorers to expand drilling, according to shale entrepreneur Matt Gallagher. View the full article
The National Ocean Industries Association has named Vallourec as the winner of the inaugural NOIA Environmental, Social, & Governance Excellence Award. View the full article
U.S. President Joe Biden said he’s disappointed by the surprise OPEC+ decision to slash oil production but that he doesn’t regret a trip to Saudi Arabia just three months ago in which he urged its leaders to keep crude flowing. View the full article
(WO) — During a Tuesday afternoon “Special Session” at SPE’s Annual Technical Conference and Exhibition, an ExxonMobil manager explained why faster carbon capture and storage (CCS) development will require hub projects with larger scales. View the full article
Dolphin Drilling secured a year-long, $96 million contract with Nigeria-based General Hydrocarbons Limited for the Blackford Dolphin rig. The contract will commence in the fourth quarter of this year. View the full article
The American Petroleum Institute President and CEO Mike Sommers and American Fuel and Petrochemical Manufacturers President and CEO Chet Thompson sent a letter to U.S. Secretary of Energy Jennifer Granholm raising significant concerns that the administration could pursue a ban or limits on refined petroleum products. View the full article
Brazilian state-owned oil and gas producer Petrobras awarded Sembcorp Marine Rigs & Floaters Pte, a wholly-owned subsidiary of Sembcorp Marine, a $3.05 billion contract for the P-82 FPSO vessel through an international tender. View the full article
Dolphin Drilling secured a year-long, $96 million contract with Nigerian based General Hydrocarbons Limited for the Blackford Dolphin rig. The contract will commence in the fourth quarter of this year. View the full article
Subsea7 announced that the heavy construction/flex-lay vessel Seven Arctic is to be equipped with a new energy-saving system. View the full article
Speaking at the Energy Intelligence Forum, ADNOC CEO H.E. Dr. Al Jaber said market sentiment does not reflect the real underlying fundamentals, tight spare capacity and long-term demand growth. View the full article
It’s the biggest reduction by the Organization of Petroleum Exporting Countries and its allies since 2020, but will have a smaller impact on global supply than the headline number suggests. Several member countries are already pumping well below their quotas. View the full article
Schlumberger announced it has entered into a partnership with Gradiant, a global water solutions provider, to introduce a key sustainable technology into the production process for battery-grade lithium compounds. 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.
