Monumental Energy has restarted commercial oil production from the Waihapa H1 well in New Zealand’s onshore Taranaki basin following a recent workover targeting bypassed pay in the Mount Messenger formation.
OPEC+ agreed to resume oil production increases at a slightly accelerated pace, even as conflict sparked by U.S.–Israeli strikes on Iran heightens risks to global crude flows.
The U.S. government is preparing to issue a general license allowing companies to pump oil in Venezuela, part of the Trump administration’s plan to ease sanctions and rebuild the nation’s moribund energy industry.
John Abdulai Jinapor, Minister of Energy and Green Transition, has expressed grave concern over the country’s declining oil production.
Nigeria’s national oil company is set to increase oil production to 2 million barrels daily over the next two years, its executive vice president for upstream said. By 2030, NNPC will be pumping 3 million barrels daily, Udy Ntia also said, as quoted by the News Agency of Nigeria.
Russia, which has previously pushed for restraint in supply boosts, favored an adjustment that would help to defend prices while Saudi Arabia — more mindful of market share — supported a larger addition, a delegate said prior to Sunday’s gathering.
President Jennifer Geerlings-Simons said in an interview she wants to find a way to push back debt payments until after the administration receives revenue from oil production in 2028, which may involve calling back the existing 2033 bond. She’s also considering a new program with the International Monetary Fund that would focus on strengthening institutions rather than austerity measures that she said harmed the economy in the past.
According to the National Agency for Petroleum, Gas and Biofuels, production rose to 1.03 million bpd in August from 998,757 bpd in July. The rebound aligns with Angola’s strategy to stabilize production near 1 million bpd, a threshold viewed as critical for maintaining investment momentum in the country’s upstream sector.
Chevron plans to increase its oil production in Argentina’s shale play Vaca Muerta to about 30,000 barrels per day (bpd) by the end of the year, from around 25,000 bpd now, Ana Moneto, the U.S. supermajor’s Argentina country manager, said.
Over the past couple of years, China’s oil industry has revealed a peculiar trend, with production maintaining an upward trajectory that seems to defy falling oil prices. Under normal circumstances, oil and gas producers tend to cut back output whenever prices fall too much in a bid to cut their losses. For instance, several U.S. shale producers are signaling production cuts due to low oil prices: back in May, Diamondback Energy (NASDAQ:FANG) chair and CEO Travis Stice warned that the Shale Patch had reached a “tipping point” with production set to decrease going forward amid low oil prices.