Production

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Oil climbs but still set for first fall in six weeks

OilNOW -
(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...
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US leads world in oil and gas production, IEA says

OilNOW -
(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...
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Niger Delta Avengers issue ‘bloody’ new warning to oil companies

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

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(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...
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Oil’s stint above $50 ends

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(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...
Production

Oil & gas fields have 15-30 year lifespan, production could be unpredictable

OilNOW -
Oil and gas fields generally have a lifespan ranging from 15 to 30 years, from first oil to abandonment. Production can last 50 years or more for the largest deposits. Deepwater fields, however, are operated just five to ten...
Production

ANALYSIS: Non-OPEC production decline rates – lower for longer

OilNOW -
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...
Production

How does an oil and gas company measure and state its production?

OilNOW -
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...
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Private sector group wants Guyana government to explain how it will use oil money

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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...
News

Oil will be produced from 8 wells in Liza Phase 1 development

OilNOW -
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...
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Guyana and Lindsayca/CH4 to arbitrate GtE contract dispute 

The Government of Guyana (GoG) and Lindsayca/CH4 (LNDCH4) in a statement today said it will proceed to arbitration over...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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