Exploration & Production - News
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.