In May and June, the Organization of the Petroleum Exporting Countries and its partners are due to add 411,000 barrels a day each month. Ministers will decide on July production levels during a video-conference on June 1, and Goldman Sachs Group Inc. predicts they will agree a third and final hike of about 411,000 barrels a day.
Trump is visiting the Middle East this week, hoping to strike deals with countries including Saudi Arabia. The kingdom — the de-facto leader of the Organization of the Petroleum Exporting Countries and its allies — has pushed the cartel to increase output to punish noncompliant members. A further boost expected at a June 1 meeting would add to concerns about a surplus.
The company previously said it plans to make the final investment decision on the new facility by mid-2025 but, its chief executive said, it needs the go-ahead from the regulator. FERC had earlier rescinded its approval for the project on the grounds of concern related to its impact on air quality in the area. The concern prompted a second environmental assessment, which the regulator completed last week, concluding there was no danger for air quality, after all.
The Montney formation in Western Canada spans Alberta and British Columbia is one of the largest natural gas deposits on the continent. Currently, the Montney shale produces some 2 million barrels of oil equivalent daily. A lot of this is gas, and even more will be gas once LNG Canada begins operation, with the launch scheduled for later this year. Indeed, the launch of the project is leading to growing interest in the play, which also has some rather solid crude oil resources—and some of the lowest production costs in the industry.
“This agreement marks an important milestone in XRG’s global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan. It strengthens XRG’s presence in the Caspian region, expands our resource base and reflects our ambition to be a reliable supplier of cleaner energy to meet the world’s evolving needs,” said Mohamed Al Aryani, XRG president of International Gas.
Whenever we hear that more wells are going to be developed, the first thing we think of is the number of wells we can receive for testing, and how we must grow our operations.
Well testing is a per-unit business. You have to send a separator to each well to test the units, and the more wells there are, the larger the investment, as you have to procure more equipment and hire more people, which means more cost. This is where AI can kick in; there are technologies that we have to start pursuing aggressively to gain in efficiency and keep up with all the new business.
The government is ready to roll out the “red carpet” to any investor prepared to drill and pump crude, President John Mahama said at the Africa CEO Forum in Abidjan, Ivory Coast’s commercial capital, on Tuesday.
The Tullow assets are set to produce around 10,000 barrels of oil a day this year, the company said, adding that it will use the funds to reduce its debt profile. The company has been setting up deals to sell assets and bring down debt ahead of $1.39 billion in maturities next year.
The start-up of Merakes East aligns with ongoing projects like the Maha field development and newly approved Plans of Development (PoD) for the Northern Hub and Gendalo-Gendang projects. These initiatives reflect Eni’s deepening involvement in Indonesia’s upstream sector in collaboration with SKK Migas, the nation’s Upstream Regulator. This expansion is designed to boost domestic gas supply while optimizing the Bontang LNG plant’s capacity.
“Slowing global oil demand amid extreme uncertainty about the future of U.S. trade and a coming supply surplus are expected to hobble U.S. oil production growth later this year and could lead to an annual decline in output in 2026, according to a new analysis by S&P Global Commodity Insights,” the analysis piece – by Jim Burkhard, Vice President and Global Head of Crude Oil Research, Ian Stewart, Associate Director, and the S&P Global Commodity Insights Crude Oil Markets team – stated.