Exploration & Production - News

US Sept Oil Output Hits 11.5 MMbbl/d, Fourth Straight Month Of Record Highs

U.S. crude oil output hit a new all-time high of 11.5 million barrels per day (MMbbl/d) in September, according to the government on Nov. 30, the latest indicator of a wave of onshore U.S. production that has weighed on global markets.

December 3, 2018

Oil Falls As High Inventories Outweigh Likely OPEC Cuts

The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20% as global supply has outstripped demand.

November 30, 2018

Oil Rises As Russia Indicates Its Open To Cuts With OPEC

Oil reversed course and rose as much as 2% on Nov. 29 after industry sources said Russia accepted the need to cut production with OPEC ahead of its meeting next week.

November 29, 2018

EIA: US Oil, Gas Reserves Hit Record Highs In 2017

Crude reserves increased 6.4 billion barrels (Bbbl), or 19.5%, to 39.2 Bbbl at year-end 2017, marginally higher than the previous record of 39 Bbbl set in 1970.

November 29, 2018

Israeli Energy Firm Delek Boosted By Tamar Gas Sales

Delek reported quarterly profit of 323 million shekels (US$87 million), up from 151 million shekels a year earlier, which excluded the sale of part of its stake in the Tamar offshore gas field.

November 29, 2018

Saudi Arabia Wants United Front On Oil Output

Oil producer group OPEC and its allies, led by Russia, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.

November 28, 2018

Colombia’s Ecopetrol Sets 2019 Investment At Up To $4 Billion

Colombian state-run oil company Ecopetrol said on Nov. 27 it will invest between $3.5 billion and $4 billion in 2019, slightly above this year as it bolsters spending on exploration and production projects.

November 27, 2018

Oil Creeps Back Above $60, But Growth Doubts Curb Gains

Oil prices rose above $60/bbl on Nov. 26, recovering some of the previous session’s near-7% fall, although uncertainty over global economic growth limited the gains.

November 26, 2018

Aramco Eyes Bigger Market Share In Asia Ahead Of Possible OPEC Cut

Saudi Aramco will expand its market share in Asia despite likely OPEC limits on output next year, and is eyeing deals in China and Africa as it aims to become a global leader in chemicals, the head of the world’s top oil producer said on Nov. 26.

November 26, 2018

Clashing With Trump, US Government Report Says Climate Change Will Batter Economy

Climate change will cost the U.S. economy hundreds of billions of dollars by the end of the century, hitting everything from health to infrastructure, according to a government report issued on Nov. 23 that the White House called inaccurate.

November 25, 2018

Iran Says China's CNPC Replacing France's Total In Gas Project

China’s state-owned CNPC has replaced France’s Total in Iran's multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Nov. 25.

November 25, 2018

BP Starts Production At Clair Ridge Field In North Sea

BP has started production at the Clair Ridge oil field in the West of Shetlands region of the North Sea, targeting a peak output of 120,000 barrels per day (bbl/d), it said on Nov. 23.

November 23, 2018