Oil News

Oil Producer APA Misses Quarterly Profit Estimates on North Sea Downtime

Feb 21, 2024

U.S. shale oil producer APA Corp missed Wall Street estimates for fourth-quarter profit on Wednesday, hit by weaker North Sea production.Its North Sea production was hit by a temporary shutdown during the reported quarter at its Beryl Bravo offshore platform…

Karoon Lowers Production Forecast at Baúna Field as it Plans Well Intervention

Jan 24, 2024

Australian oil and gas company Karoon Energy has revised oil production forecast for its Baúna Field offshore Brazil, as it prepares for SPS-88 well intervention to resolve the issues relating to equipment on the Cidade de Itajaí FPSO.Due to operational issues encountered at its Baúna Field…

BP Launches Its ‘Largest-Ever’ Seismic Program at Azerbaijan Oil Field

Jan 24, 2024

BP has started a new four-dimensional (4D) high-definition ocean bottom node seismic program on its Azeri-Chirag-Deepwater Gunashli (ACG) oil field in the Caspian Sea, offshore Azerbaijan.This is the largest-ever seismic acquisition commitment made by BP globally by all its aspects – area size…

Guyana Expects $2.4 Billion in Oil Revenue in 2024 as Output Rises

Jan 16, 2024

Guyana said it expects to receive some $2.1 billion from oil exports and $320 million from royalties this year as crude production continues to rise, an increase from the $1.62 billion received in 2023.The South American nation's gross domestic product is expected to increase by 34…

US Crude Production to Reach Record High in 2024, EIA Says

Jan 09, 2024

U.S. crude production will rise to record highs in 2024 and 2025, but will grow less than it did last year, the U.S. Energy Information Administration (EIA) said on Tuesday.In its Short-Term Energy Outlook (STEO), EIA projected U.S. crude production will rise by 290…

Lufeng Oilfields Phase II Commences Production

Jan 03, 2024

CNOOC has announced that the Lufeng Oilfields Phase II Development Project has commenced production.The project is located in the eastern South China Sea, with an average water depth of approximately 136 meters. It consists of the Lufeng 8-1 Oilfield…

West Azeri Platform Marks 1 Billion Barrels Milestone

Dec 29, 2023

West Azeri platform, located in the Caspian Sea at Azeri-Chirag-Gunashli (ACG) oil field, has achieved 1 billion barrels total production.The announcement was made by BP, which is the operator of ACG oil field, on behalf of its partners SOCAR…

Sangomar FPSO Sets Sail for Senegal

Dec 26, 2023

Woodside Energy has achieved another significant step forward for the Sangomar Project with the sail away from Singapore of the Léopold Sédar Senghor FPSO.The FPSO, named after Senegal’s first president, is travelling 12,000 nautical miles from Singapore to its final destination…

Enauta Acquires Stake in Campos Basin Oil Fields

Dec 25, 2023

Brazilian oil company Enauta said on Monday it acquired the entire 23% stake held by QatarEnergy Brasil Ltda in some oil fields in the Campos Basin for a total value of $150 million.In a securities filing, the company said that the transaction to acquire a stake in the Abalone…

Grupo Carso Acquires 50% of Ichalkil & Pokoch Oil Fields

Dec 18, 2023

Mexico's Grupo Carso reached an agreement to indirectly purchase for $530 million a 50% stake in the offshore, shallow water Ichalkil and Pokoch oil fields, according to a company filing published on Monday.The fields, located offshore from the Mexican state of Campeche in the Gulf of Mexico…

C-NLOPB Updates Hebron Field Volume Estimate

Dec 17, 2023

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has approved the Development Plan Amendment (DPA) for the Hebron Field.The Hebron oil field is located offshore Newfoundland and Labrador, Canada, in the Jeanne d'Arc Basin 340 kilometers southeast of St…

World Oil Demand Next Year to Rise Faster than Expected, IEA Says

Dec 14, 2023

World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains robust despite this week's COP28 agreement to transition away from fossil fuels…

Oil Investors to Usher in 2024 Amid Oversupply, Demand Concerns

Dec 14, 2023

Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility.Benchmark Brent has averaged around $80 a barrel this year, after a volatile…

OPEC Chief Urges Members to Reject Any COP28 Deal that Targets Fossil Fuels

Dec 08, 2023

OPEC Secretary General Haitham Al Ghais has urged OPEC members to reject proposals for any deal under negotiation at the COP28 climate summit which targeted fossil fuels rather than emissions, a letter dated Dec. 6 and seen by Reuters on Friday showed…

Talos Sees 'Immaterial' Impact in Q4 from Gulf of Mexico Oil Spill

Dec 07, 2023

U.S. oil and gas producer Talos Energy said on Thursday it expects the impact related to the Main Pass Oil Gathering pipeline shut-in following an oil spill to be immaterial to its fourth-quarter results.The oil spill was first observed on Nov…

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