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The well remains on schedule to begin drilling this month and is targeting 163 MMbbl of unrisked prospective oil resources or 843 Bcf of unrisked prospective natural gas resources, net to ReconAfrica. 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
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
Block 49 and Block 50 are Chevron’s first operated assets outside the Cabinda concessions and are near other productive offshore concessions, like Block 17. Post exploration, these new blocks are expected to yield substantial returns and enhance Angola’s portfolio of ultra-deepwater assets. View the full article
World oil consumption will see a year-on-year increase of 2.3 MMbpd in the second half, about 150,000 bpd more than during the first, amid continued economic growth in China and other emerging economies, OPEC said in a monthly report. View the full article
Three development wells are planned to be drilled, completed and put on production over the next months. Production is then planned to be evacuated via a 24-inch subsea multiphase line to the existing Vega Pléyade platform 35 km from Fénix, and from there to the Rio Cullen facilities at shore. View the full article
‘Logging While Drilling’ (LWD) and wireline logging data have indicated that several oil-and-gas-bearing sandstones have been encountered within the targeted Middle Miocene turbidite sequences. View the full article
ADNOC made the final investment decision to build the LNG plant in the industrial city of Ruwais, according to a statement. The project will add 9.6 million tons of annual gas export capacity and more than double ADNOC's production capability. View the full article
Matador expects to have over 190,000 net acres in the Delaware basin, part of the greater Permian basin, producing over 180,000 boed, with proved reserves exceeding 580 MMboe. The enterprise value of the combined company is projected to exceed $10 billion. View the full article
Preliminary evaluation of the offshore gas condensate discovery indicates gross recoverable resources in the range of 16-38 million barrels of oil equivalent (MMboe) with a mean of 25 MMboe, well above predrill estimates. Just over half of the resources were encountered in the Middle Jurassic primary target, and the balance in the Upper Jurassic secondary target. 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
Wood will provide front-end engineering design (FEED), detailed design, procurement support, and construction and commissioning assistance for the first phase of the Associated Gas Upstream Project, part of the Gas Growth Integrated Project (GGIP) in Southern Iraq. 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
Improvements in drilling and fracking techniques amid a wave of corporate takeovers will drive the expansion and more than offset recent reductions in rig deployments, analysts at the the London-based bank wrote in a note titled ‘Underestimate U.S. shale at your peril.’ 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
Angola aims to produce 1.1 MMbopd by 2027, with plans to reach 2 MMbpd in the long-term. At the same time, the country aims to increase the share of natural gas in the energy mix to 25% by 2025, highlighting strategic opportunities for foreign investors and project developers. 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
Eni has embarked on a reorganization to help fund its transition to gas and renewable energy. Chief Executive Officer Claudio Descalzi is pursuing a “satellite model,” which entails listing divisions or partnering with external investors to develop them. View the full article
The acquisition will consolidate more assets in the hands of what is already the world’s biggest LNG player, at a time when demand for LNG expands faster than other fossil fuels. Major energy producers, including Shell and Chevron Corp., assert that natural gas will play a long-term role in the energy transition. View the full article
Together, bp and Worley will deepen collaboration across a portfolio of site projects by leveraging digital capability and global scale to further drive efficiency across engineering, procurement, construction development and management. View the full article
Coordinated crude production reductions by the Organization of Petroleum Exporting Countries (OPEC) and its allies have led to a balanced global oil market, according to U.S. shale giant EOG Resources Inc. View the full article
The Nigerien nationals, who worked for the local affiliate of China National Petroleum Corp., were at Benin’s Sèmè Kpodji port to control the loading of crude for export, the ruling junta known as Council for the Safeguarding of the Homeland, said in a statement late Saturday. View the full article
The judge issued his order Monday hours after holding a hearing in the closely watched case over Exxon’s novel move to use the courts to keep ESG investor bids out of annual meetings. The suit was part of a broader corporate pushback to the power wielded by the U.S. Securities and Exchange Commission in the vetting of shareholder proposals. View the full article
Supported by TGS' extensive geological database, which includes data from over 425,000 wells and various interpretive products in the Permian basin, this survey offers a comprehensive resource for exploration and development. View the full article
PetroAI will utilize TGS' extensive subsurface, production and well data to create advanced AI models capable of accurately predicting well performance and identifying design sensitivities. This partnership offers quick access to pre-built, high-quality models tailored for both Proved Developed Producing (PDP) and Proved Undeveloped (PUD) wells at county or basin levels. 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.
