Guyana sees jump in GDP thanks to oil production
09/09/2024 by OilStoreAdministrator
The small South American country of Guyana has reported that its real gross domestic product (GDP) increased by 49.7% for the first half of this year, thanks to increased oil and gas revenues.
ExxonMobil warns of energy supply shortage
04/09/2024 by OilStoreAdministrator
In the latest edition of its Global Outlook, US-based oil major ExxonMobil has joined OPEC in warning about potential shortages of oil and gas if investments are not made to develop new oil and gas…
ExxonMobil to sell conventional Permian assets
03/09/2024 by Richard
Bloomberg reports that ExxonMobil is looking at divesting about a billion dollars in conventional oil and gas assets located in the Permian Basin of West Texas and New Mexico.
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.