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Two-day marathon meeting leads to more bullish than expected oil output cuts by OPEC and its allies.
Analysts forecast global oil production in fourth-quarter 2018 will increase by about 705,000 bbl/d.
The Pluma-1 well, which was drilled by the Noble Tom Madden drillship, hit about 37 m (121 ft) of high-quality hydrocarbon-bearing sandstone reservoir.
New attitudes and innovations work to combat air and water quality concerns.
E&P companies are quietly at work proving up the next generation of unconventional plays.
Russian oil output stood at 11.37 million barrels per day (MMbbl/d) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Dec.2.
The sale of the company’s pressure pumping business to ProPetro will bring Pioneer Natural Resources’ divestiture proceeds for the year to roughly $900 million.
The oilfield service company is using digital technologies such as the Internet of Things, cloud computing and advanced analytics in an effort to improve production efficiency in the oil patch.
Additional EOR pilots have been initiated in the Delaware and Midland basins.
Turkey and Italy are the last buyers of Iranian crude outside China, India and the Middle East, according to tanker data and an industry source, the latest sign that shipments are taking a major hit from looming U.S. sanctions.
Plan would cut emissions by 40% by 2030.
Equinor (NYSE: EQNR) is stepping up its use of wired drill pipe to acquire subsurface real-time data during drilling operations, in line with the corporate digitalization strategy and to prepare for automated drilling.
Horizontal drilling was an overnight success 85 years in the making.
Drillers added two oil rigs in the week to Nov. 30, bringing the total count to 887, Baker Hughes, a GE company (NYSE: BHGE) said in its weekly report.
The next year will be another challenging time for offshore drillers due to continuing supply overhang even though prices are starting to improve, the CEO of rig firm Seadrill told Reuters on Nov. 27.
Occidental Petroleum’s Oman subsidiary is among the latest companies that have inked agreements with GlassPoint Solar, a technology company that uses solar energy to create steam to power EOR.
With the rapid growth of produced water and infrastructure constraints operators have to find new ways to tackle it.
Fourteen companies have expressed interest in oil and natural gas exploration and development contracts to be auctioned by Iraq on April 25, the oil ministry in Baghdad said on April 14.
Hunting Plc, the international energy services company, said March 26 it has signed a collaboration agreement with U.S.-based EOR company, Titan Oil Recovery Inc.
With a well test underway, one independent energy company works to decipher the Bakken’s EOR secrets.
The plan, if sanctioned, is to tie the discovery back to the nearby Gjoea field platform via a subsea production system.
The recoverable resource from the field, which is tied back to the Beryl Alpha platform, is expected to exceed 10 million barrels of light oil plus associated natural gas, Apache said in the release.
The company said on Dec. 5 it expected to produce between 63,000 and 70,000 barrels of oil equivalent per day (boe/d) in 2019, compared with a forecast 54,000-56,000 boe/d this year.
Tanzanian President John Magufuli has asked his government to proceed with negotiations to set out the commercial and fiscal framework for the LNG project, said Equinor, a majority state-owned energy company formerly known as Statoil.
Following the closing the GoM JV with Petrobras, Murphy Oil also raised its full-year capex outlook and expects to use some of the cash flow to accelerate activity in the Eagle Ford.