Production

As the lower-for-longer market lingers, non-OPEC oil field decline rates remain stable. With the price collapse ultimately cutting 50% of investment in producing fields and ushering in a dwindling pipeline of new projects, the expectation was for decline rates...

Oil and gas exploration and production companies, or E&P companies, use three basic formats for measuring and reporting oil and gas production: (1) Oil production is measured and reported in barrels, or “bbl.” Production rates are typically reported in terms...

The head of a body representing private sector interest in Guyana believes that the country’s government should already have a plan in place on how revenues from the oil and gas industry will be utilized. In an interview on Thursday...

The Liza Phase 1 development project will see a total of 17 wells being drilled, eight of which will produce oil, while six will be used for water injection and three for gas injection. Gas and water are reinjected to...

Encouraged by positive results from several drill campaigns offshore Guyana which saw the largest discovery being made for 2015, ExxonMobil has vowed to continue its search for more oil in the South American country. The Liza 1 discovery, estimated to...

ExxonMobil will have an initial 20-year period to produce petroleum under the license granted by Guyana for the Liza Phase 1 development project, with a single renewal period of up to 10 years thereafter. As part of the agreement, ExxonMobil,...

Stones is the world’s deepest oil and gas project, operating in around 2,900 metres (9,500 feet) of water in an ultra-deep area of the US Gulf of Mexico. The project started production in September 2016 from a Floating Production,...

The Shell Petroleum Development Company of Nigeria Ltd joint venture has started production at Gbaran-Ubie Phase 2, a key project in Nigeria’s Niger Delta region. In a statement Wednesday, the company said Phase 2 follows the success of the first...

ExxonMobil Guyana has confirmed that Noble Corporation has been contracted by the US super-major for an offshore campaign in the Stabroek Block, located 120 miles offshore the South American country. The 2013-built Noble Bob Douglas drillship will commence operations at...

The Government of Guyana announced on June 15, 2017 that it had approved the ExxonMobil Liza Phase 1 development plan and had issued a Production License to the company. ExxonMobil outlines the Liza Phase 1 project development description as follows: ...