“Slowing global oil demand amid extreme uncertainty about the future of U.S. trade and a coming supply surplus are expected to hobble U.S. oil production growth later this year and could lead to an annual decline in output in 2026, according to a new analysis by S&P Global Commodity Insights,” the analysis piece – by Jim Burkhard, Vice President and Global Head of Crude Oil Research, Ian Stewart, Associate Director, and the S&P Global Commodity Insights Crude Oil Markets team – stated.
Electris completions digitalize control of the entire productive area of the wellbore, providing real-time production intelligence across the reservoir. This enables operators to predict, adapt and act with confidence in response to dynamic production conditions — improving reservoir management over the life of the well and accessing reserves that conventional systems leave behind.
Day two of the 2025 Offshore Technology Conference (OTC) took place Tuesday, May 6 in Houston, Texas. This year’s conference centers on the theme “Waves of innovation: Offshore energy excellence,” and much dialogue the second day indeed focused on the latest innovations and technology applications in the offshore sector. Another key theme that emerged throughout the day — how operators are pivoting strategies for offshore production in response to challenging times.
Magnolia Oil & Gas Corporation has posted a net income of $106.6 million for the first quarter, up 9 percent compared to the corresponding quarter in 2024.
The company said production grew by 14 percent year-over-year to 96.5 thousand barrels of oil equivalent per day, including 39.1 thousand barrels per day of oil, which are quarterly production records for the company.
The company plans to drill seven gross wells in Colombia and four gross wells in Argentina, targeting a mix of conventional, unconventional, appraisal, and exploration opportunities. Key activities include drilling six infill wells and continuing workovers in the Llanos 34 Block, completing and bringing online four wells on the PAD-12 area in the Mata Mora Norte Block, spudding four wells on the PAD-1 area in the Confluencia Sur Block, drilling one appraisal well in the Llanos 123 Block, and drilling one exploration well in the Llanos 104 Block, the company said.
The main production facility is a new drilling and production platform, which leverages the adjacent existing facilities for development. CNOOC added that 25 development wells are planned to be commissioned, including 18 production wells and seven gas injection wells.
bp Trinidad and Tobago (bpTT) today confirms its Cypre development has safely delivered its first gas.
bp’s Juniper rig, offshore Trinidad
Cypre is one of bp’s 10 major projects expected to start up worldwide between 2025 and 2027, announced as part of bp’s reset strategy to grow the upstream. Production from Cypre will make a significant contribution towards the 250,000 barrels of oil equivalent per day (boed) combined peak net production expected from these 10 projects.
“The Company increased production by 24 percent, which was in line with our forecast, while only spending $31.3 million on capital expenditures, which was less than we had forecasted and a 41 percent decrease from the prior year. The cost efficiencies that our field operations team has achieved have allowed us to continue to grow production and revenue and drill 50 percent longer laterals while spending 12 percent less per well than we had forecast to spend in our 2023 drilling program”, Regener said.
Israel exported a record 981mn cfd of natural gas to Egypt in 2024, good for 18.2% year-over-year. According to Middle East Oil & Gas publication MEES, the remarkable surge in imports can be attributed to a growing gas deficit resulting from declining domestic production by Egypt. However, Israel will struggle to ramp up exports further due to infrastructure limitations.
Currently, NLNG’s gas feedstock supply only meets about 60 per cent of its potential output. Managing Director/Chief Executive Officer of NLNG, Dr. Philip Mshelbila, made this submission at the ongoing 42nd NAPE Annual International Conference & Exhibition held in Lagos.