Growing supply of Permian crude means the basin will need extra crude oil takeaway capacity of up to 500,000 bpd by the end of next decade, according to new research from global natural resources consultancy Wood Mackenzie.
PDS Energy Information (PDS), a provider of secure data transfer exchange services for oil and gas drilling, completion, and production data, has announced that it has assumed commercial operation of the Frac Interference Exchange (FracX), a reciprocal data sharing network previously developed and operated by one of the largest operators in the Permian basin to coordinate hydraulic fracturing activity among producers.
Use of electromagnetic monitoring to image unconventional wells in shales can identify problems with well isolation and frac design.
Private equity has been ramping up its investment in Permian basin oil and natural gas production, but the old strategy of selling out after a few years is no more, according to RS Energy Group.
Vanguard Natural Resources successfully completed financial restructuring, emerging bankruptcy as a new limited liability company.
Caterpillar Inc. shares fell after the heavy-equipment maker projected 2019 earnings at the low end of its forecast amid rising costs, declining sales in Asia and a slowdown in oil and gas spending in the prolific Permian Basin.
Exxon Mobil and Chevron aren’t fazed by the drilling mistakes and funding hurdles smaller shale producers are running into in the Permian basin.
Trafigura and Buckeye announced today that Trafigura has received its first delivery of Permian crude oil from Plains All American’s Cactus II pipeline at the Buckeye Texas Partners terminal in Corpus Christi, Texas.
Canadian crude supplies may remain tight in the coming weeks as Suncor Energy Inc. works to bring its massive Syncrude oil-sands operation back online, a process that the company said won’t be completed until September.
Suncor Energy Inc. managed to largely allay investors’ concerns over the most recent production problem at its massive Syncrude facility by highlighting its increasing cash flow and returning more of those funds to shareholders.
Oil sands producers including MEG Energy Corp. and Imperial Oil Ltd. are reconsidering oil sands expansions as new export pipelines are delayed and the provincial government limits production.
A year ago, things appeared to be looking up for Canada’s oil patch, but that proved unfounded. In early 2019, more uncertainty and pessimism are in the air, and little on the horizon provides hope for improvement.
The Canadian oil industry could be in for another turbulent year in 2019, depending on how some pivotal events pan out.
Total, together with its partners, has agreed to sell the Joslyn oil sands project in Alberta, Canada, to Canadian Natural Resources Limited (CNRL) for an overall consideration of C$225 million.
Canadian Natural Resources Ltd. can’t yet claim the “King of the Oil Sands” status, but it’s a lot closer to overtaking its rival Suncor Energy Inc. after buying a key Athabasca drilling site.
The Oilfield Technology Group (OTG) of Hexion and Black Mountain Sand today announced their partnership created to provide in-basin production of resin-coated proppants.
Several factors will combine to make it difficult for U.S. and Texas EandP activity to grow during the last six months of 2019, said Karr Ingham, economist for the producers’ association, Texas Alliance of Energy Producers.
A split vote by Texas regulators over the flaring of natural gas indicates the controversial practice may be curtailed.
The caliche roads cutting through the blackbrush and mesquite of the South Texas brush country are a bit less congested of late, as Eagle Ford drilling and completion activity dips in what is ranked among the most profitable of the unconventional plays.
Two federally-funded projects in the Bakken and Eagle Ford shales strive to improve recovery efficiency in unconventional plays while accelerating their development and generating high-quality data.
Enterprise Products Partners and Chevron U.S.A. announced long-term agreements supporting the development of Enterprise’s Sea Port Oil Terminal (“SPOT”) in the Gulf of Mexico.
Bernie Sanders says the industry is a criminal enterprise. Joe Biden is vowing to take action against it.
Talos Energy reported successful drilling operations in its Bulleit and Orlov prospects in the Green Canyon deepwater Gulf of Mexico block as part of its second quarter 2019 earnings results.
At risk is $17 trillion in U.S. real estate along the coasts, as well as some of America’s most valuable commodities. More than 45% of U.S. refining capacity and 51% of gas processing is along the Gulf of Mexico coastline.
Low oil prices mean drilling for oil and gas in an offshore zone between Russia and Norway will not bring the economic benefits Oslo had predicted, according to a report commissioned by two green groups that are suing the Norwegian state over its plans.
Russia’s Yamal LNG, set to be the world’s biggest Arctic producer of liquefied natural gas, plans to send its debut cargo to China as thanks for its support.
Total SA will take 10% stake in a multi-billion-dollar liquefied natural gas project in Russia’s frozen north from Novatek PJSC.
Total announces that it has signed the definitive agreements with Novatek for the acquisition of a direct 10% interest in Arctic LNG 2, a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia.
CNOOC Limited has announced that the company has signed a heads of agreement with JSC Novatek, a Russian gas producer, for the acquisition of 10% interest of the Arctic LNG 2 project.
Last weekend, Russia launched the last of a new crew of atomic icebreakers meant to consolidate the country’s dominance of commercial traffic in the Arctic. As much of the rest of the world recognizes climate change as an emergency, Russia is working hard to capitalize on it — and the U.S. appears to be far behind.
Egypt will begin importing natural gas from Israel under a $15-billion deal as early as March if an undersea pipeline connecting the Mediterranean neighbors is found to be in good condition, moving the country closer to its goal of becoming an energy-exporting hub.
Zion Oil and Gas confirmed today that it will move forward with the operational plan in Israel that the firm outlined previously in its Nov. 29, 2018, press release.
Israel is willing to enter U.S.-mediated talks with Lebanon on setting a maritime border, the Energy Ministry said today.
Exxon Mobil is in discussions to build a platform that would expand the export reach of Israel’s biggest natural gas field.
Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, has announced that it has commenced its 2019 drilling program in Israel.
The Eastern Mediterranean Gas Conference (EMGC) is gearing up for another must-attend event in Cyprus.
Talks are in progress to build an underwater natural gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep.
The Israeli Ministry of Energy has awarded 12 new offshore blocks in Israel’s Exclusive Economic Zone in its second license round, adding British companies Cairn and Soco to an international roster of oil and gas companies operating in the country’s waters.
The parties to a $15 billion deal to export Israeli natural gas to Egypt are changing the agreement to reduce the risk of disruptions.
Rather than signing on to the Trump administration’s “Operation Sentinel,” those countries want to establish a European maritime security initiative nearly identical to — but separate from — the American project.
Saudi Aramco expects to complete the expansion of an oil pipeline that runs east-west across the country by September, increasing Red Sea shipments and avoiding the tense Strait of Hormuz.
The UK is “spearheading” an international mission to protect shipping in the Persian Gulf, which will see the Royal Navy work with the U.S. to protect vessels amid an ongoing confrontation with Iran.
The owner of a British tanker seized by Iran in the Strait of Hormuz earlier this month raised concerns about the safety of the crew still on board.
Omani officials are in talks with ‘all parties’ to restore stability to the Strait of Hormuz after recent threats to oil tankers and the freedom of navigation, Foreign Minister Yousef Bin Alawi said after discussions with Iranian officials in Tehran.
Iran expects an oil tanker seized by the UK in the Strait of Gibraltar in July will be released soon, the semi-official Fars News agency reported Tuesday, a move that could help to ease concerns about the safety of shipping routes in the Middle East.
The U.S. Department of Justice is seeking to seize supertanker Grace 1, arrested last month in Gibraltar on suspicion of hauling Iranian crude oil to Syria in violation of European sanctions.
The U.S. is disappointed with the UK after a Gibraltar court allowed the release of an Iranian tanker, and threatened sanctions against ports, banks and anyone else who does business with the ship or its crew, two administration officials said.
The evacuation of some ExxonMobil Corp. workers is “unacceptable and unwarranted” because it has nothing to do with the security situation in southern Iraq, according the country’s energy minister.
Marathon Oil Corporation has announced that it has closed on the sale of its 15% participating interest in the Atrush Block in Kurdistan.
Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has produced its two-millionth ton of oil since starting commercial production at its Sarqala field in the Kurdsitan Region of Iraq.
Iraq has quietly emerged as the world’s fourth-biggest oil producer and wants a bigger say in OPEC and the global energy game.
LUKOIL has commenced drilling new production wells at West Qurna-2 field as part of the second development phase.
President of LUKOIL Vagit Alekperov has met with Thamir Abbas Ghadhban Al Ghadhban, Deputy Prime Minister and Minister of Oil of the Republic of Iraq, at the St. Petersburg International Economic Forum.
A former oil executive pleaded guilty to five counts of corruption in the U.K. as part of one of the white-collar financial crime prosecutor’s biggest bribery investigations.
Qatar Petroleum is buying stakes in three offshore oil blocks in Mexico from Eni SpA, as the Arab country signs another global expansion deal after leaving OPEC.
Australia is on track to surpass Qatar as the world’s largest LNG exporter, according to Australia’s Department of Industry, Innovation, and Science (DIIS). Australia already surpasses Qatar in LNG export capacity and exported more LNG than Qatar in November 2018 and April 2019.
Baker Hughes, a GE company (BHGE), the world’s first fullstream oil and gas company, has signed a Memorandum of Understanding (MoU) with Qatar Petroleum (QP) to unlock new opportunities to expand its presence in the country and to support Qatar Petroleum’s Tawteen Program.
His Excellency Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani, the Prime Minister and Interior Minister, launched Qatar Petroleum’s Localization Program for Services and Industries in the Energy Sector “Tawteen” – an initiative to enhance localizing the sector’s supply chain and expand the small and medium enterprises base.
Qatar Petroleum entered into an agreement with Eni to acquire a 35% participating interest in three offshore oil Fields in Mexico.
ADNOC Drilling, an Abu Dhabi National Oil Company (ADNOC) subsidiary, has announced the completion of its first fully ‘integrated drilling services’ well in the Al Dabbyia onshore field, in the Al Dhafra Region of the Abu Dhabi emirate.
Following recent announcements of Eni S.p.A.’s acquisition of new exploration acreage in Bahrain, the UAE and Oman, Will Scargill, senior oil and gas analyst at GlobalData offers his view on their place within the company’s wider strategy.
OPEC hasn’t even started implementing its new six-month agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it.
The United Arab Emirates appeared to distance itself from U.S. claims that pinned attacks on oil tankers near the Strait of Hormuz on Iran.
Middle Eastern Oil: Is Trump making the situation worse?
EIA says unplanned crude oil production outages for OPEC averaged 2.5 MMbpd in the first half of 2019, the highest six-month average since the end of 2015.
Oil tanker owners are finding a way to reduce the risks of navigating the Strait of Hormuz, the world’s most important — and lately most dangerous — energy chokepoint: vanish from global tracking systems.
Oil dropped as U.S. President Donald Trump said planned trade talks with China next month could be called off, stoking concerns the deepening dispute will damage global growth.
Crude oil jumped the most since early January as the trade deadlock between the world’s biggest economies showed signs of easing, calming fears that global economic growth would be endangered.
Oil declined after its biggest surge in five weeks as an industry report showed American crude stockpiles expanded, paring a rally that was fueled by signs the U.S.-China trade deadlock may be easing.
Oil fell for a second day as the U.S.-China trade war escalated against the backdrop of swelling American crude inventories.
Oil headed for a weekly increase as hopes that the U.S. and China could resume negotiations to resolve their trade dispute capped a week of volatile trading.
Global oil markets face a “somewhat bearish” outlook for the rest of the year amid slowing economic growth and the long-running trade war, even though supplies will be tighter than previously thought, OPEC said.
the Bank of Russia’s total stockpile of cash, gold and other securities is about to surpass Saudi Arabia’s, highlighting the Kremlin’s leverage in talks between major oil producers about how much to reduce production.
Oil surged to start the U.S. session as investors weighed the latest steps from Saudi Arabia following a selloff earlier in the week.
Saudi Arabia plans to keep oil exports below 7 MMbpd next month as the OPEC country allocates less crude than demanded by customers to help stabilize the market, according to Saudi officials.
Saudi Arabia, the world’s biggest oil exporter, lowered pricing for September sales of all crudes to Asia while raising prices to buyers in northwest Europe and the Mediterranean region.
China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran.
The world’s biggest crude producer will soon own a part of the world’s biggest oil refinery.
Saudi Aramco showed Monday it’s still the world’s most profitable company — and paid out almost all its net income in dividends — despite the dwindling price of oil.
Saudi Aramco’s proposed purchase of part of India’s Reliance Industries Ltd. will allow it to regain its grip on the world’s fastest-growing oil market where suppliers including the U.S. and Russia are making inroads.
China raised the security level for its vessels heading through the Strait of Malacca, a key Asian trade route and major oil choke point.
Here’s another reason for Presidents Donald Trump and Xi Jinping to seal a swift trade deal: it could put the U.S. on track to become China’s biggest supplier of liquefied natural gas, according to Morgan Stanley.
China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation.
Official customs data on Friday showed China imported 855,638 tons in June, the equivalent of about 209,000 bpd.
The U.S. has sanctioned a Chinese state oil trader for violating restrictions on Iranian crude, an attempt to tighten restrictions on the Islamic Republic and cut off one of its biggest buyers.
Oil snapped four days of losses after the U.S. said it downed an Iranian drone near the Strait of Hormuz, stoking concern crude flows from the Middle East may be disrupted.
Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer.
CNOOC Limited has announced that CNOOC China Limited, its subsidiary, has signed a Cooperation Framework Agreement with China Petroleum and Chemical Corporation (Sinopec Corp.) regarding the sea areas of Bohai, Beibu Gulf and South Yellow Sea, as well as North Jiangsu basin.
PetroChina looks cheap on many levels, perhaps none more so than comparing it to the value of its reserves beneath the Earth’s surface.
Libya boosted crude production by a third after restarting its biggest field, and its top oil official sees further gains when companies like BP Plc invest and start pumping oil in the politically divided OPEC nation.
Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut.
Libya’s state-run National Oil Corp refused to restart the country’s biggest field after militants seized and declared it secure earlier this month.
Forces loyal to Libya’s eastern leader Khalifa Haftar have taken control of the country’s biggest oil field and say the deposit is secure and ready to resume production.
Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global output cuts.
Libya’s oil production dropped to about 950,000 bpd, its lowest in five months, after the unauthorized closing of a valve on a pipeline linking the country’s largest oil field to an export terminal on the Mediterranean Sea.
Libyan oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt.
Libya’s most powerful military leader said the state oil company in Tripoli has the sole right to sell the nation’s crude, a statement that might ultimately help stabilize production that has swung wildly for almost a decade because of ongoing conflict.
Libya is heading towards mass chaos that puts oil output and exports at risk, just as its oil sector looked set to stage a recovery.
Cenovus Energy Inc. has announced that on July 10, 2019, the company reached 1 Bbbl of cumulative production from its Foster Creek and Christina Lake oil sands facilities in northern Alberta. Cenovus is the first company to produce 1 Bbbl of oil using steam-assisted gravity drainage (SAGD) technology.
Chevron Corp. is seeking approval to modify its plans for a liquefied natural gas export facility on Canada’s Pacific Coast to an all-electric design that it says will result in the lowest greenhouse-gas emissions per ton of LNG of any large project in the world.
Halliburton Co. is shifting strategy in its largest region to deal with subdued customer spending by shelving unused frac gear and cutting jobs in North America.
Alberta’s oil production curbs finally appear to be draining inventories, at least for now.
A corporate tax rate cut in the oil-rich province of Alberta, boosted Exxon’s second-quarter profit by almost $500 million, according to a statement Friday. Chevron noted a $180 million non-cash tax benefit from the measure in its report.
U.S. refiners want more Canadian oil, and pipeline companies are finding ways to get it to them.
Alberta has relaxed the production limits it imposed on oil producers as it exports more barrels via rail and pipeline.
Heavy Canadian crude prices narrowed to the smallest discount against U.S. benchmark futures since April as rail shipments increase.
The days when energy stocks and the price of oil moved in lockstep are now few and far between. Oil may go up but stocks still fall, and in Canada it’s the worst divergence on record.
OPEC producers are finding that shale oil drillers aren’t their only adversaries in their battle to drain a three-year crude glut.
Chevron Corp. is planning a significant drilling program in the Duvernay shale formation, marking a vote of confidence in Canada’s energy industry in a year when it joined other majors in selling assets there.
Heavy Canadian crude fell to the lowest in almost four years against benchmark prices Tuesday as bottlenecks on pipelines and rail networks crimped exports.
The winter drilling season in the diverse shale plays scattered throughout the western Canada sedimentary basin (WCSB), is shaping up to be the busiest in three years.
In an exclusive interview with World Oil Editor-in-Chief Kurt Abraham, ConocoPhillips Chief Technology Officer Greg Leveille discusses the technical issues facing global EandP, particularly as relates to the many U.S. unconventional plays
Petrolia Energy Corporation is pleased to announce that it has acquired a 25% working interest in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada.
Kuwait plans to boost production from Canadian shale deposits by two thirds and increase output of natural gas in Australia as the OPEC member ramps up efforts to find and develop overseas deposits of the fuel.
A change of British government has given the much-maligned fracing industry another opportunity to make out its case for stimulating the controversial technique to tap unconventional natural gas reserves.
Iran is racing to return an oil supertanker to international waters after a Gibraltar judge said he couldn’t wait for the U.S. to take action that would prolong the six-week seizure of the vessel for allegedly violating trade sanctions.
Upwing Energy has been awarded 10 new patents, for critical enabling technologies in the company’s downhole rotating tools, and proprietary methods used to increase hydrocarbon production and recovery.
The Norwegian Petroleum Directorate’s preliminary production figures for July 2019 show an average daily production of 1,799,000 bbl oil, NGL and condensate, which is an increase of 402,000 bpd compared to June.
U.S. natural gas production continued to increase in August despite relatively low natural gas spot prices, setting a new daily production record of 92.1 Bcfd on August 5, 2019, according to data from OPIS PointLogic Energy.
Weatherford’s Vero automated connection integrity system, which applies artificial intelligence to validate well integrity and minimize safety risks, has completed 15,000 tubular connections in 50 operations worldwide since its market debut.
U.S. sanctions against Iran and Venezuela have inadvertently increased demand for a Russian brand of crude oil, boosting revenues for the nation’s exporters.
ANPG, the national concessionaire for Angola, holds mineral rights for the exploration, development and production of liquid and gas hydrocarbons. The blocks, which are all considered frontier, currently have no hydrocarbon production.
This project bond was issued for the FPSO Cidade de Mangaratiba MV24 which has been deployed and is currently in operation at the Iracema Sul oil field, operated by Petrobras, in the “pre-salt” region offshore Brazil.
Equinor estimates the expected total Utgard sales volume at 1.71 million m3 condensate, 2.73 billion m3 gas and 0.56 million tons of NGL.
The world’s biggest oil tanker has begun a 12,400-mile voyage to a fuel-storage zone in Asia, the latest movement of a vessel that’s intrigued the shipping market and fuel traders for months.
The Trump administration is readying a plan to end direct federal regulation of methane leaks from oil and gas facilities, even as some energy companies insist they don’t want the relief.
Liquefied natural gas tankers are taking longer-than-usual journeys to deliver cargoes and spending more time idling at sea in a sign some traders are starting to use vessels for storage.
The theme for LAGCOE 2019 is the Future of Energy Starts Here, chosen to emphasize the profound and exciting changes that are shaping and will continue to shape oil and gas in the future.
Saipem, the energy and infrastructure solution provider, is implementing DNV GL’s hull planned maintenance system, ShipManager Hull, on five vessels of the Saipem fleet.
Ecopetrol recorded net profits of $ 6.2 billion in the first half of 2019, the highest since 2013 for the first half. Profits grew 1.6% while the price of Brent crude decreased 7% in that period.
API TR 21TR1 seeks to address industry and regulatory concerns regarding connector bolts in all equipment deployed in offshore and other oil and natural gas exploration and production.
This tiny nation on the north coast of South America is about to become the world’s newest petrostate—and potentially the richest.
Sanchez Energy has voluntarily filed for bankruptcy, following an “extensive review of strategic alternatives to align its capital structure with the continued low commodity price environment.”
Wintershall Dea has begun drilling four production wells on the Dvalin gas field in the Norwegian Sea, getting ready for the start of production in 2020.
China-based COOEC Offshore has formed an alliance with international oilfield services company Expro, expanding their Riserless Well Intervention (RWI) capabilities and resources.
Tullow Oil has made its first discovery in its Orinduik license offshore Guyana, exceeding pre-drill forecasts and paving the way for more exploration wells in the near future.