ExxonMobil says Guyana production back on track
02/09/2024 by Mark
US-based oil major has announced that the consortium that it leads has returned oil production in Guyana back to full capacity following pipeline work.
BNEF predicts sharper rise in US oil production
30/08/2024 by OilStoreAdministrator
The growth in crude oil production in the US is set to accelerate next year, thanks to improvements in well efficiency.
Chief BP economist states OPEC+ has limited options
29/08/2024 by Richard
The OPEC+ group has very little scope to wind back its production cuts according to Spencer Dale, the chief economist at energy giant BP, which also makes the Castrol metalworking range.
Growth in US shale presents problems for OPEC+
26/08/2024 by Richard
According to analysts, the ongoing growth in crude oil production in the US could cause problems for the OPEC+ group.
Shell invests in water injection for Vito field
23/08/2024 by Mark
Shell plc, through its subsidiary Shell Offshore Inc., has announced that it has made a final investment decision (FID) to proceed with a waterflood project for the Vito field in the US Gulf of Mexico.
Global oil demand may not absorb increased OPEC+ production
19/08/2024 by OilStoreAdministrator
Industry sources and analysts have told Reuters that limited growth in the demand for crude oil may fail to compensate for extra production.
BP approves sixth Gulf of Mexico hub
08/08/2024 by Richard
Oil major BP has made a final investment decision to proceed with an offshore project in the US waters of the Gulf of Mexico.
Kuwait reveals plans to almost double oil production in a decade
02/08/2024 by OilStoreAdministrator
The boss of Kuwait’s state-owned oil company has indicated that the country hopes to almost double its hydrocarbons production by 2035 with the help of international oil companies.
OPEC+ announces compensatory cuts
01/08/2024 by OilStoreAdministrator
The Secretariat of the Organisation of the Petroleum Exporting Countries (OPEC) has announced 2.284 million barrels per day (bpd) of production cuts.
OPEC+ unlikely to change output quotas
26/07/2024 by Richard
Reuters reports three sources from the OPEC+ group of oil-producing countries as saying that the group’s next ministerial meeting is unlikely to result in any major policy shifts.
Kuwait discovers huge offshore oil and gas reserves
25/07/2024 by OilStoreAdministrator
The fifth biggest producer in OPEC, Kuwait, has had its hydrocarbon reserves boosted following a discovery of large volumes of oil and gas in the Al-Nokhatha field.
ExxonMobil planning seventh Guyana development
23/07/2024 by Richard
The government of Guyana has disclosed that ExxonMobil plans to develop a seventh project offshore of the South American country.