Oil News

 

OPEC+ to Consider Extending Voluntary Oil Output Cuts

Feb 27, 2024

OPEC+ will consider extending voluntary oil output cuts into the second quarter, three OPEC+ sources told Reuters, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them.Last November, the Organization of the Petroleum Exporting Countries and allies led by Russia agreed to voluntary cuts totaling about 2.2 million barrels per day (bpd) for the first quarter this year…

Cylindrical FPSO Readied for Liuhua Oilfield

May 13, 2024

On May 12, after nearly 13 hours of preparation, Asia's largest semi-submersible ship - COSCO Shipping Group's Xinguang Hua – loaded the cylindrical FPSO Haikui No. 1 ready for dispatch to the deepwater Liuhua oilfield.A measuring robot was…

First Oil from Shell's Bonga North Tranche 1 in 2027/2028

May 09, 2024

Oil major Shell expects first oil from its Bonga North Tranche 1 project off the coast of Nigeria in 2027/2028 and 'there are opportunities get that stream on earlier,' a Shell executive said on Thursday.Elohor Aiboni, a managing director at Shell Nigeria…

BP-Eni JV Azule Inks Deal for Namibia Offshore License

May 03, 2024

A BP-Eni joint venture and Rhino Resources Namibia have signed an agreement for a 42.5% interest in a block in the country's offshore Orange Basin, the companies said on Friday.The agreement is Azule Energy's first investment in Namibia. Azule…

US Oil and Gas Production Rebounds

May 01, 2024

U.S. oil and gas production rebounded sharply in February after extensive disruption the previous month caused by freezing wells and other outages stemming from Winter Storm Heather in the middle of January.Nationwide crude and condensates output jumped by 0…

Green Light for $3 Billion Oil Port off Texas Expected By Year-end

Apr 30, 2024

Enterprise Products Partners on Tuesday said it expects to have two contracts for its proposed deepwater oil export terminal by May 31 and reach a final investment decision before year-end.Enterprise's ambitious Sea Port Oil Terminal (SPOT)…

Enterprise Products Gets Port License for Gulf of Mexico Oil Terminal

Apr 10, 2024

Enterprise Products Partners said on Tuesday it had received a deepwater port license for its Sea Port Oil Terminal (SPOT) in the Gulf of Mexico from an agency of the U.S. Department of Transportation.The project, located near Freeport, Texas…

Russian Oil Companies Told to Boost Fuel Supply to Domestic Market

Apr 10, 2024

Russian Deputy Prime Minister Alexander Novak met heads of local oil companies on Wednesday, instructing them to maximiae gasoline and diesel supply to the domestic market, according to a statement posted on the government's Telegram channel…

Russian Oil Arrives in Cuba After Year-Long Hiatus

Apr 01, 2024

Cuban state-run media said at the weekend that 90,000 metric tons of Russian oil had arrived in the cash and fuel-short country to help alleviate power outages and gasoline shortages.In 2022, Russia resumed some oil shipments to the Communist…

Oil Rises Almost 2% as Markets Await OPEC+ Decision

Mar 01, 2024

Oil prices rose on Friday and were set for weekly gains as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh U.S., European and Chinese economic data.Brent LCOc1 futures for May were up $1.43…

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…

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