The survey will cover 740 square kilometers focusing on Balakhany and Fasila oil reservoirs, using specialized vessels for a detailed analysis.
Production from the ACG oil field has significantly declined since its peak in 2010, prompting this initiative to better manage and potentially increase remaining reserves.
The new seismic survey, complemented by BP’s ongoing projects like the Azeri Central East platform, aims to sustain Azerbaijan’s oil production and revenue in the coming years.
Rystad Energy has identified 36 potential high-impact wells for 2024, a significant increase from 27 in 2023.
Africa and Latin America are expected to account for nearly 64% of these wells, with a focus on frontier and emerging basins.
Despite 2023’s low success rate and rising drilling costs, the industry remains optimistic, with major oil companies and national oil companies planning significant drilling activities.
Rising geopolitical risk pushed Brent well past $80 last week, but the brief price rally has been dampened by continued economic concerns and a strong supply situation.
The global upstream oil and gas sector ended 2023 on a weak note. Despite the geopolitical tensions and other factors like production cuts, oil prices remained lower during the year as compared to 2022 prices. And the outlook for 2024 has been somewhere near moderate growth.
‘Our pipeline project will not lack gas supply’
The House Commerce and Economic Development committee on Monday passed a bill that would raise future oil and gas royalty rates on a 6-5 vote. HB 48 increases the maximum royalty rates that the State Land Office can charge on certain leases, bringing it more in line with what neighboring states charge. This would not […]
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change.
China’s onshore oil inventories have fallen, signaling a potential increase in international market purchases.
Beijing’s oil consumption and reserve levels are key to global price trajectories, with moderate restocking expected due to economic struggles.
While China’s crude imports reached a record high in 2023, its strategic reserve replenishment in 2024 is expected to be cautious and focused on refinery use
Crude oil inventories at Cushing have dropped to their lowest level for this time of year in over a decade.
The depleting stocks at Cushing and the bearish sentiment on the oil market, especially the recent more negative positioning in WTI Crude, could lead to high prices in the near term.
In the three weeks to January 19, inventories at Cushing fell by more than 5 million barrels.
HOUSTON, Dec 26 (Reuters) – The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies’ high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation.