Production News


Guyana Has No Plans to Cut Crude Output

May 04, 2020

Guyana has no plans to cut crude output despite a plunge in oil prices, the government's top energy official said on Monday, adding that shutting down production could prove costly and harm future output.Mark Bynoe, the director of the Department of Energy…

Petrobras Looking to Sell Manati Field Stake

May 04, 2020

Brazilian oil firm Petrobras is looking for a buyer for its entire stake in the Manati field, in the Camamu Basin, in the State of Bahia.The company on Monday started the opportunity disclosure stage for the stake sale in the shallow water field…

Petrobras' Oil Exports Hit New Record

May 04, 2020

Brazilian state-owned oil giant Petrobras said on Monday it exported a record 1 million barrels of oil a day in April, beating the previous record of 771,000 barrels a day in December last year.In a securities filing, Petroleo Brasileiro SA…

IOG's North Sea Gas Development Plan Approved

May 04, 2020

UK-focused oil company Independent Oil and Gas (IOG) has informed that its field development plan for Core Project Phase 1 in the UK North Sea has been approved by the UK Oil and Gas Authority.The Core Project comprises gas resources across six discovered UK Southern North Sea ('SNS') gas fields…

Acteon Firms Take Part in Platform Installation Off Trinidad

May 04, 2020

Acteon Group subsidiaries MENCK and LM Handling have won a contract to support piling operations for a platform installation off the coast of Trinidad and Tobago. Subsea services firm Acteon said that the Trinidad and Tobago project would draw…

Maintaining Flow Assurance With a Systems Approach

May 01, 2020

Flow assurance can keep offshore wells productive, and it requires successfully preventing or mitigating problems in the reservoir, the subsea flowlines and the topsides equipment.To prevent flow assurance problems, it’s necessary to identify potential issues…

Chevron Cuts Spending, Says Asset Sales Lift Profits

May 01, 2020

Chevron Corp on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits.Global fuel demand has crashed by a third while many people shelter at home for an indefinite period…

Exxon Posts First Loss in 30 Years on $3 Bln Writedown, Oil Plunge

May 01, 2020

Exxon Mobil Corp on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown.Global fuel demand has tumbled…

BP to Reduce Azerbaijan Oil Production by 76,000 bpd in May-June

May 01, 2020

BP will cut its oil production in Azerbaijan by 76,000 barrels per day (bpd) in May and June as part of the ex-Soviet country's efforts to curb supply, state energy firm SOCAR said on Thursday.SOCAR plans to cut production by 17,000 bpd over the same period…

KrisEnergy Secures Loan for Offshore Project in Cambodia

May 01, 2020

Southeast Asia-focused oil company KrisEnergy has said it has secured a loan for the development of a gas field offshore Cambodia.The company on April 30, 2020, entered into a credit facility agreement with Kepinvest Singapore Pte. Ltd. as a lender for a loan of up to $87 million…

Lundin to Cut Spending Further After Q1 Profit Lags

Apr 30, 2020

Sweden's Lundin Energy will cut its spending plans after a smaller-than-expected rise in first-quarter profit, the partner in Norway's Johan Sverdrup oilfield said on Thursday.Its earnings before interest and tax (EBIT) rose to $404 million…

Qatar Petroleum Plans New Wave of Job Cuts

Apr 30, 2020

Qatar Petroleum, one of the world's biggest energy companies, plans a new wave of job cuts and spending reductions to cope with the slump in oil and gas demand which has hit global economies, two sources familiar with the matter said.Economic…

Norway Plans Temporary Tax Relief for Oil Companies

Apr 30, 2020

Norway's minority government proposed on Thursday to temporarily change tax rules for oil firms in a bid to prevent a collapse in investments amid the COVID-19 pandemic, Prime Minister Erna Solberg said on Thursday.The plan could boost the liquidity…

Shell Cuts Dividend for First Time Since World War Two

Apr 30, 2020

Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.Shell also suspended the next tranche of…

Norway to Reduce Oil Production from June to December

Apr 30, 2020

Norway, Western Europe's largest oil producer, will slash its output from June to December of 2020, the oil and energy ministry said on Wednesday, the first time in 18 years it has joined other major producers to shore up prices.'We will cut Norwegian production by 250…

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