Crude Oil News

 

Offshore Oilfield Cluster Bohai Becomes China's Largest Oil Producer

Jan 11, 2022

China's offshore oilfield cluster Bohai, run by state-run CNOOC Ltd, has become the country's largest crude oil producer with output hitting 30.132 million tonnes (602,640 barrels per day) in 2021, state news agency Xinhua reported.Bohai field, off north China, overtook the country's flagship onshore producer Daqing, in northeast China, which pumped 30 million tonnes last year as reported by state media a week earlier…

North Sea Benchmark Crude Oil Supply to Fall in February

Dec 30, 2021

Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 707,000 barrels per day (bpd) in February, loading programs showed, down from 813,000 bpd planned in January.Dated Brent is based on the Brent…

Update: Halliburton Says Not buying Exxon Stake in Iraqi Oilfield

Dec 01, 2021

Halliburton has not proposed buying Exxon Mobil's stake in Iraq's West Qurna 1 oilfield, a spokesperson for the U.S. oil services company said on Wednesday, denying comments from a senior official from Iraq's Basra Oil Co. (BOC).'We are not…

U.S. Crude Output in September Fell 3.5% after Ida Hit Offshore Platforms

Dec 01, 2021

U.S. crude oil production fell 3.5% in September after Hurricane Ida temporarily halted most crude production in federal waters of the Gulf of Mexico, according to a monthly report from the U.S. Energy Information Administration on Tuesday.Crude output dropped 380…

ADNOC Weighs IPO of Logistics, Marine Services, and Shipping Unit

Nov 22, 2021

State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering (IPO) of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters.ADNOC Logistics & Services (ADNOC…

D. R. Congo: Inpex Exits Offshore Block it Acquired in 1970

Oct 27, 2021

Japan-based oil and gas firm Inpex has said it has sold its stake in an offshore block in D. R. Congo, from which it produced oil since 1975. An expected significant decline in production is the reason for the sale, Inpex said.Inpex has sold its shares in Teikoku Oil (D…

BP to Buy All Oil Produced from Cliff Head Offshore Field (Australia)

Oct 14, 2021

BP Singapore has agreed to offtake crude oil produced from the Cliff Head oil field, offshore W. Australia.BP has signed a binding deal to buy the oil from the offshore oil field with the Cliff Head Joint Venture consisting of Triangle Energy and Pilot Energy…

TMC to Deliver Compressors for Woodside's Sangomar FPSO

Sep 21, 2021

Oslo-based offshore compressor firm TMC Compressors has won a contract to supply the marine compressed air system for Woodside's Sangomar FPSO, to be deployed offshore Senegal.TMC will deliver a large marine compressed air system to the FPSO…

CNOOC Brings Another Bohai Sea Field Online

Aug 26, 2021

Chinese national offshore oil and gas company CNOOC has started production from its Bozhong 26-3 oil field expansion project in the south of Bohai Sea, The field is located in an area with an average water depth of around 21 meters. 'In addition to fully utilizing the existing processing facilities…

Report: PDVSA Set to Restart Production from Corocoro Offshore Oil Field

Aug 13, 2021

Venezuela's national oil company PDVSA is reportedly preparing to resume production from the Corocoro offshore oil field.Reuters said Thursday, citing people familiar with the matter, that PDVSA would use the Cororoco oil to feed its refineries…

GlobalData: Brazil to Lead Offshore Oil and Condensate Output in 2025

Aug 13, 2021

Energy intelligence firm GlobalData expects Brazil to contribute around 23% or 1.3 million barrels per day (mmbd) of global crude oil and condensate production in 2025 from key offshore planned and announced projects (new-build projects) that are expected to start operations between 2021 to 2025…

OPEC+ Deal to Boost Output to End Talks of $100 a Barrel Oil

Jul 20, 2021

The OPEC+ deal to boost crude oil output from August was always the most likely outcome to the producer group's earlier impasse, and it should be enough to end market talk of $100 a barrel oil, at least for now.OPEC+ ministers agreed on Sunday to boost production by 400…

Report: ADNOC to Deepen Crude Oil Term Supply Cut

Jun 28, 2021

Abu Dhabi National Oil Company (ADNOC) will reduce the volume of crude oil it supplies to Asian term buyers by 15% in September, according to six sources with direct knowledge of the matter.The cut was much deeper compared with a reduction of…

BP Midstream Partners' Offshore Pipeline Volumes Up

May 07, 2021

BP Midstream Partners LP (BPMP.N) offshore pipeline volumes increased by 12% in the first financial quarter, but onshore oil and refined products pipeline demand lagged, company executives said on Thursday.Overall, the amount of crude oil and…

Hess Corp Swings to Quarterly Profit

Apr 28, 2021

U.S. oil producer Hess Corp on Wednesday swung to a profit in the first quarter despite lower production, as a winter storm boosted demand for natural gas, while steady COVID-19 vaccine rollouts aided a recovery in oil prices.Global crude prices…

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