Saudi Arabia’s oil chief prepares for a world after fossil fuels
Even as it pumps near-record quantities of oil, Saudi Arabia is getting ready for a time when the world will no longer need its biggest export.
production
Brae Alpha production to resume in second quarter of 2016
Production from a North Sea platform is expected to resume in the second quarter of the year after it was shut down on Boxing Day.
Ekofisk crude oil supply to rise to 300,000bpd next month
The supply of North Sea Ekofisk crude oil is expected to rise to a rate of 300,000 barrels per day in April.
Putin’s reward for doing a deal with OPEC overshadowed by risks
Neither a recession nor a collapse in revenue has yet been enough to convince Russian President Vladimir Putin that it’s time to join with OPEC in cutting oil output to boost prices. His reasons may be pragmatic rather than political.
Saudi, Russian oil ministers said to plan talks in Qatar
Saudi Arabia’s oil minister plans to meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. Ali al-Naimi, the most senior oil official of the world’s biggest crude exporter, will speak with Russia’s Alexander Novak in the Qatari capital, according to the person, who asked not to be identified because the talks are private.
Iranian Oil Minister says Tehran ready to negotiate with Saudi Arabia
The Iranian Oil Minister has said Tehran would be ready to negotiate with Saudi Arabia over the current conditions facing the global market.
Statoil makes first entry into Uruguay
Norwegian operator Statoil has agreed with Total to acquire a 15% working interest in an offshore exploration block in Uruguay.
Russia sees decision on oil cut only if all exporters agree
A decision on cutting oil production is possible only if all crude exporting nations are in consensus, and there is no timing for talks yet, Russia’s Energy Minister Alexander Novak said in an interview.
Lundin Petroleum doubles production for 2016
Lundin Petroleum said it will cut its 2016 capital spending by 26% compared to last year while doubling its production guidance.
Oil extends gain from three-week high as Russia flags OPEC talks
Oil extended gains from the highest close in three weeks as Russia’s energy minister said that OPEC and other producers may meet to discuss output. Delegates from the group said no meeting has been planned.
Oil climbs as OPEC, producers expected to meet
Oil climbed to a three-week high after Russia’s Energy Minister was reported to say that OPEC and other producers will meet next month to discuss a potential production cut.
Iran says low oil prices will not last long
Iranian President Hassan Rouhani said on Thursday that oil prices would not stay low for long as producers restore market balance. "The price of oil is at a low level ... I don't think it will last in the long term ... The pressure on oil-producing nations means balance will be restored in the short term," Rouhani, whose country is the third-largest producer in OPEC, said at the French Institute of International Relations.
CNOOC starts production from Kenli 10-4 oilfield
CNOOC Limited said it has commenced production from the Kenli 10-4 oilfield off the coast of North China.
‘Flat’ start to 2016 for manufacturers, says CBI
Manufacturers are having a “flat” start to the year, with only limited signs of a recovery in exports, new research has shown. The CBI said production and orders showed signs of stabilising in the last three months, but business optimism has fallen.
Russia could work with OPEC on supply, Lukoil’s Fedun tells Tass
Russia could work with the Organization of Petroleum Exporting Countries on removing supply from the market if a political decision was taken to cooperate, OAO Lukoil Vice President Leonid Fedun said in an interview with state news agency Tass.
Gazprom boosts production from Iraqi Badra oilfield
Russia's Gazprom said this week production at its Iraqi Badra oilfield reached 85,000 barrels per day (bpd).
Nostrum Oil & Gas production levels lower after repair work
Nostrum Oil & Gas said its production level was lower than expected after repair work was carried out on an export gas pipeline. The company, which was giving its 2015 fourth quarter update, said average daily production was 40,402boepd (barrels of oil equivalent per day). The result was "somewhat below" the targeted amount after the ICA (Intergas Central Asia) had to complete unexpected repair work.
Eni starts production from Mpungi field
Eni has started production from the Mpungi field in the West Hub Development Project offshore Angola. The company said the start-up of the Mpungi in Block 15/06 will bring production to a ramp-up of approximately 100,000 barrels of oil equivalent (boed) in the first quarter of this year.
Oil and gas production increases, first time in 15 years
Industry body Oil and Gas UK said 2016 will continue to be a challenging year, despite UK Government data estimating oil and gas production rose by more than 7% in 2015. Findings from the Office of National Statistics (ONS) found in the first 10 months of 2015, the total volume of oil and gas produced on the UKCS was up 8.6% compared with 2014. Meanwhile production of liquids rose up 10.6% and gas by 6.1%.
Dallas Fed estimates 70,000 oil industry job losses in US since 2014
A report published earlier this month by the Dallas Fed has estimated the US has lost around 70,000 oil and gas jobs since a year ago. The figures, which calculate back to October 2014, represent an estimated 14.5% drop.
Shale’s running out of survival tricks as OPEC ramps up pressure
In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a- barrel crude. To cope with the 50 percent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to squeeze all the oil they could out of every well. Those efforts, to the surprise of many observers, largely succeeded. As of this month, U.S. oil output remained within 4 percent of a 43-year high.
African Petroleum and Ophir Energy strike production sharing deal
African Petroleum has signed a new production sharing contract with Ophir Energy covering the company’s CI-513 licence area in Cote d’Ivoire. The new contract means Ophir Energy has a 45% interest and is operator of the asset while African Petroleum holds a 45% interest and the regions National Oil company the remaining 10%. Ophir Energy will make a $16.9million contribution towards African Petroleum’s back costs in relation to the block.
End of an era for once proud and powerful coal mining industry
The closure of the UK’s last deep coal pit signals the end of an era for a once proud and powerful industry. Miners will work their final shifts tomorrow at Kellingley Colliery in North Yorkshire, leaving many looking for new jobs. Owners UK Coal will also go out of business after the company oversees the closure and transfer of the site for redevelopment.
Noble Energy boosts production
Noble Energy has continued to increase production and said it plans to sell more oil in the fourth quarter of the year. The rise is higher than previously expected, up from 405,000 barrels to 415,000 barrels of oil equivalent per day.
Opinion: The bottom of the barrel?
On Friday, OPEC concluded its 168th Meeting of the Oil Production and Exporting Countries Conference, with members agreeing to effectively abandon the 30 million barrel per day (mmbbl/d) production limit which has been in place since 2011. Brent crude, the international standard benchmark, fell some 3.23% on Monday to the lowest front month futures price since late 2008.