U.S. crude inventory has been hovering between 430 and 450 million barrels since early December — and remains around 6% above the five year average for this time of year.But there are indications that crude supply is beginning to decrease. U…
Struggling Venezuela already is producing oil at a multi-decade low, but the socialist nation's crude output could fall another 50 percent by 2020, according to a new report.After producing 2.4 million barrels a day as recently as 2015, Venezuela already is down to 1…
Norwegian inspection, maintenance and repair (IMR) company WellConnection Group has acquired Scotland-based Independent Oilfield Services (IOS) in a deal which marked its entrance into the UK market.WellConnection Group with bases in Stavanger…
U.S. oil and gas company Apache Corp said on Thursday it expects to spend much less on exploration and production this year than originally planned, becoming the latest shale producer to cut capital spending amid a fall in crude prices.Apache set a capital budget for oil production of $2…
Canadian oil and gas exploration company CGX Energy and compatriot petroleum exploration and production company Frontera Energy have executed a farm-in joint venture agreement covering CGX’s two shallow water offshore Petroleum Prospecting Licenses in Guyana…
Global deepwater oil production was expected to grow 700,000 barrels per day (b/d) this year to hit a record high of more than 10 million b/d.Norwegian research group Rystad Energy said that it 'expects global deepwater production to reach record high level and surpass 10 million bb/d…
Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimates, pushing it shares up nearly 3 percent in premarket trading as its oil and natural gas output rose slightly on a year-over-year basis.The company's fourth-quarter net income fell to $6 billion…
In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.Since last March the 63-year-old has clinched nine deals in the United Arab Emirates…
Indonesian oil and gas group Medco Energi Internasional has been given more time to decide whether it will proceed with the proposed takeover of Ophir Energy, or not.“At the request of Ophir, the Takeover Panel has consented to an extension…
Irish-domiciled multinational oilfield services company Weatherford said it has made a major enhancement to its ForeSite production optimization platform, which combines physics-based models with advanced data analytics to improve performance across wells…
Italian oil company Eni said that it has successfully launched a new production well in the Vandumbu field, about 350 km north-west of Luanda and 130 km west of Soyo, in the West Hub of Block 15/06, in Angola’s offshore.According to a press release…
Santos Ltd, Australia's No. 2 independent gas producer, on Thursday said it expects 2019 production to rise by up to 32 percent boosted by the acquisition of Quadrant assets.The company expects to churn out 71 million to 78 million barrels of oil equivalent (mmboe) in 2019…
French oil group Total will approve plans to proceed with the Ikike project in Nigeria in the coming months, and also aims to expand its liquefied natural gas (LNG) project in the country, CEO Patrick Pouyanne said on Monday.Total is one of the strongest players in the African oil sector…
The oil and gas industry achieved a net production increase of 164bn cubic metres (bcm), which represents the highest production growth since 2010, according to research by Rystad Energy.“Year-on-year growth was clearly driven by North America…
BP Canada is scaling back its oil and gas exploration plans off Nova Scotia, as the Canada-Nova Scotia Offshore Petroleum Board (NSOPB) said the company is giving back 50% of the area included in its license.According to NSOPB, half of the area…