Late last year, the company’s management revised its budget down, which could prove an additional obstacle to boosting production. The cutback follows instructions from Pemex’s new upstream head, Nestor Martinez, to scale back major well repairs and seismic data contracts. Instead, Pemex will focus on developing new deposits, especially in the deep waters of the Gulf.
OPEC wasn’t keen on responding to President Trump’s pressures at the time, nor does it appear to be factoring into their decision now. But Trump’s recent decisions—global tariffs, sanctions on Iran, Russia, and Venezuela, and the US President’s favorable view of the oil industry as opposed to renewables are all making OPEC+’s decisions particularly complex as it attempts to properly manage supply in line with demand.
Valeura Energy Inc. has said its oil production average hit a record high in the fourth quarter of 2024, with oil sales surpassing production volumes.
Seplat Energy Plc has unveiled plans to increase its crude oil production by 140% to 120,000 barrels per day. The company’s Chief Financial Officer, Eleanor Adaralegbe, revealed in an interview with the Financial Times that they would increase output from the present 50,000 bpd to 120,000 bpd in H1 2025.
According to the Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released recently, the U.S. will produce an average of 13.53 million barrels per day of crude oil, including lease condensate, in the fourth quarter of 2024.
Production on the Jubilee Oil Field slowed marginally to 89, 000 barrels per day (bpd) at the end of October 2024. This was captured in the November 2024 Trading Update released by Tullow Oil today, November 28, 2024. Daily Crude Production on the Jubilee field was above 90,000 barrels a day at the end July […]
While the OPEC+ group is trying to manage oil supply to the market, the world’s largest international oil companies are raising their production, with the U.S. supermajors hitting record highs.
BW Energy has signed production sharing contracts (PSCs) for two exploration blocks offshore Gabon: Niosi Marin and Guduma Marin (ex-G12-13 and H12-13).
Production from the BED4-T100 (“T100”) horizontal well is averaging 200 barrels of fluid per day and 35 percent water. Operation of the T100 well has been intermittent for the last two months as the reservoir extent was assessed through pressure build-up analysis and the lift system optimized. The T100 well initially produced under natural flow and subsequently with a jet pump to recover the large volumes of fracture fluid containing sand. The T100 well is now equipped with a sucker rod pump for long term stable production. Cumulative oil production of the T100 well to date is in excess of 15,000 barrels and shipments have commenced to third party facilities. Further evaluation by the Company is also underway of fluid samples, drill cuttings, and tracers as they flow back, to inform performance of stimulated sections along the horizontal lateral and further optimization potential on the T100 well.
Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference.