Norwegian oil and gas producers are spending billions to squeeze output from the country’s mature continental shelf. While exports have dropped from what they were in the early 2000s, July crude loadings from the country were forecast to reached the most since at least 2012, according to consultant FGE NexantECA.
“By 2035, crude-oil production is expected to reach at least 500,000 barrels per day, placing our country among the top five oil-producing countries on the continent,” Minister of Petroleum, Energy and Mines Mamadou Sangafowa-Coulibaly said. “Natural gas will account for 1 million cubic feet per day.”
Petrobras attributed the overall quarterly increase in oil and gas production to lower losses resulting from maintenance-related suspensions of operations, improved efficiency at fields in the Santos Basin, the addition of a new floating production, storage, and offloading vessel at the Buzios field, and the ramp up at another FPSO at the Mero field.
The new Russian energy plan appears to contradict statements coming out of Moscow as early as September 2024, when the country’s deputy energy minister, Pavel Sorokin, said Russia was anticipating significant growth in global oil demand through 2050 and was prepared to meet that rising demand. At the time, Sorokin also stressed that Russia will not saturate the market unless necessary. The Energy Ministry forecasts global oil demand to grow by at least 5-7 million barrels per day, a 4.5%-5.5% increase through 2030, with continued growth of at least 5% by 2050.
Iran’s output, which hit the highest since 2018 last year despite U.S. sanctions, fell by 70,000 bpd, the survey found. It may soon be curbed by tighter sanctions from the administration of incoming U.S. President Donald Trump, Goldman Sachs and other analysts have forecast.
Libya’s oil production has risen to the highest daily level in more than a decade, just months after a political crisis slashed the country’s output.
Shale producers have gotten good at squeezing oil out of previously uneconomic reserves thanks to fracking advancements and horizontal drilling. The Permian Basin continues to lead the charge, with its vast reserves and unmatched output.
Nigeria has faced challenges in adhering to its OPEC+ quota due to production disruptions caused by underinvestment, theft and vandalism, especially in the Niger Delta region.
According to NUPRC, Nigeria’s current production rate, including crude oil and condensates, has reached 1.8 million barrels per day (bpd), up from 1.54 million bpd in September, with plans to push this figure to 2 million bpd by year-end.
The Nigerian Upstream Petroleum Regulatory Commission did not adhere to its own regulations while implementing the 2020/2021 marginal fields award, the Nigeria Extractive Industries Transparency Initiative had said.