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.
Norway produced 122.9 million cubic meters (4.3 billion cubic feet) of oil equivalent in the first half (H1) of 2024, up 6.2 MMcm (219 MMcf) compared to the same period last year as natural gas output kept growing year-on-year in the six months running.
Petrobras saw its crude oil production increase by 2.6% year-over-year to 2.156 million barrels per day (bpd) in the second quarter, the Brazilian state oil and gas giant said in a production and sales report.
With new projects to come on stream soon, Guyana will continue to see greater earnings from the oil and gas sector. At the current production level, over US$1.5 Billion is being generated every month.
Reports say the Nigerian National Petroleum Company Limited, NNPCL, has declared a state of emergency on crude oil production.
Emerita Professor Elizabeth Schandorf, the Chairperson of Public Interest and Accountability Committee (PIAC) has indicated that their findings in the 2023 annual report on the management and use of Petroleum Revenue reported a decline for the fourth consecutive year.
The Public Interest and Accountability Committee (PIAC) has expressed worry about the decline in oil
production by Ghana and has called on the government and other relevant regulatory bodies to take
steps to reverse the production decline on existing oil fields and ensure investments in unexpected
fields
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to extend their voluntary production cuts of 2.2 million barrels of crude oil per day into 2025.