Production

Exploration

Shell starts production from world’s largest floating LNG platform

OilNOW -
(Energy Voice) Shell has started production from the world’s largest floating liquefied natural gas (FLNG) facility. The energy giant said wells have been opened at the Prelude FLNG platform, around 295miles north-north east off the coast of Broome, Western Australia. It...
Exploration

Guyana oil production ramp-up faster than anything ever achieved – Wood Mackenzie

OilNOW -
US oil major ExxonMobil is pulling out all stops on its Guyana development in what industry analyst Wood Mackenzie says is a ramp-up faster than anything ever achieved in the industry with potential to exceed 1 million barrels per...
News

As Guyana preps for 750,000 bpd bounty by 2025, Goldman Sachs says oil shortage is coming

OilNOW -
As the South American country of Guyana prepares to join the league of petroleum producing nations, American multinational investment bank, Goldman Sachs, says an oil shortage is coming over the next decade because firms cannot fully invest in future...
News

‘No need to delay Liza Phase 2’ – Dr Mark Bynoe

OilNOW -
Head of Guyana’s Department of Energy (DOE) Dr Mark Bynoe says there is no need to delay the Liza Phase 2 development pending an audit of contract costs for Liza Phase 1. Over the last week, Dr Jan Mangal, former...
News

Venezuelan oil production could further collapse on new U.S. sanctions

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(Oil Price) If the U.S. expands sanctions on Venezuela to include the oil industry and restricts U.S. exports of oil products that are crucial for diluting Venezuela’s extra-heavy oil, oil production in the country sitting on the world’s largest...
News

Court hands Trump another defeat in bid to block Obama-era oil and gas methane emissions rule

OilNOW -
A U.S. District Court judge has blocked the Interior Department from suspending an Obama-era rule meant to prevent planet-warming methane from escaping during oil and natural gas operations. According to a CNBC report, the ruling marks the latest setback for...
News

Surge in global oil supply may overtake demand in 2018: IEA

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(Reuters) - The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency said on Tuesday. The Paris-based IEA raised its forecast for oil demand growth in...
News

BP begins production from Egypt’s Atoll gas field

OilNOW -
BP on Monday announced the start of gas production from the Atoll Phase One project, offshore Egypt. The project, in the North Damietta concession in the East Nile Delta, was delivered seven months ahead of schedule and 33% below...
News

ExxonMobil adds 2.7 Bbbl to reserves, replaces 183% of 2017 production

OilNOW -
Exxon Mobil Corporation has added 2.7 Bboe of proved oil and gas reserves in 2017, replacing 183% of production. ExxonMobil's proved reserves totaled 21.2 Bboe at year-end 2017. Liquids represented 57% of the reserves, up from 53% in 2016....
News

Alberta’s oil industry facing perfect storm of awful

OilNOW -
(Hart Energy) A funk has settled over the Alberta oil industry as low prices, pipeline system constraints, storage shortfalls, and limited rail shipping have combined in a perfect storm that is costing producers millions of dollars every day. While the...
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SBM Offshore targets 25% female participation in training programs

SBM Offshore Guyana is working to boost female participation in its training programs, aiming for a 25% representation, its...

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