Production

Offshore Rigs: The Basics

Offshore exploration and development wells are often drilled from mobile offshore drilling units (MODUs, pronounced "moe-dooz"). Depending on the water depth and remoteness of the location, these "rigs" may be jack-ups (up to 400 feet of water), or semisubmersibles,...

For every barrel of oil consumed over two discovered

There is an abundance of oil resources: oil resources known today dwarf the world’s likely consumption of oil out to 2050 and beyond. Global proved oil reserves have more than doubled over the past 35 years: for every barrel of...

Noble to begin drilling Liza phase 1 wells in 2018

ExxonMobil has contracted Noble Corporation for drilling of the Liza Phase 1 development wells set to begin in 2018. OilNOW understands the Noble Bob Douglas drill ship will begin its campaign by Q2 2018 and the contract is expected to...

Eight energy companies commit to reduce methane emissions within natural gas industry

BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall today committed to further reduce methane emissions from the natural gas assets they operate around the world. The energy companies also agreed to encourage others across the natural gas value...

As Venezuela pumps below OPEC target, oil rivals begin filling gap

(Reuters) - As Venezuela’s dilapidated energy sector struggles to pump enough crude oil to meet the country’s OPEC output target, rival producers within the exporters group have started to plug the gap, OPEC and industry sources said. The South American...

Oil climbs but still set for first fall in six weeks

(Reuters) Oil prices climbed on Nov. 17 but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was...

US leads world in oil and gas production, IEA says

(BBC) International energy markets are set for "major upheaval" as the US cements its status as the world's largest oil and gas producer, while China overtakes it as the biggest oil consumer. The predictions come from the International Energy Agency's annual...

Niger Delta Avengers issue ‘bloody’ new warning to oil companies

The Niger Delta Avengers (NDA) has issued a ‘brutal and bloody’ new warning to oil and gas companies operating in Nigeria’s Niger Delta region.     “This outing will be brutish, brutal and bloody, as we…shall crush everything we meet...

Oil rally looks set to run into 2018 if OPEC extends output deal: Reuters poll

(Reuters) - Oil will likely rally into 2018 with periods of volatility as an anticipated extension of OPEC-led output restrictions offsets higher U.S. production, a Reuters poll showed on Tuesday. Analysts raised their crude price projections, the survey showed, as...

Oil’s stint above $50 ends

(Bloomberg) Was $50 a barrel for oil just a passing fancy? West Texas Intermediate, the U.S. benchmark, skyrocketed above $52 a barrel at the end of September, teasing investors. But the rally didn’t last long. After hedge funds sliced their...

Latest News

ExxonMobil Guyana reached new monthly production high in September

ExxonMobil is gradually increasing production offshore Guyana reaching an average of 660,000 barrels per day (b/d). Liza 1 and...