Production

ADNOC Drilling announced a significant increase in third quarter 2024 revenue, driven by the company's expansion of onshore and offshore fleets, OFS expansion and joint-venture contributions. 

(Bloomberg) -- Guyana’s oil output dropped 11% in the third quarter as Exxon Mobil Corp. temporarily shut down two of its three production vessels to connect a new gas-to-shore pipeline.

The economic consequences of a banking crisis, if not addressed preemptively or in time to limit the damage, are numerous and dire, and need not be detailed here. Just the same, condensate banking in a gas well can also become a productivity and economic crisis, if ignored or not properly addressed proactively.

This is the final article in our three-part series exploring the American Petroleum Institute’s (API's) standards development process. In this final article, we turn our attention to the final stages of this process: the approval, publication and ongoing maintenance of a standard.

(Bloomberg) — Cnooc Ltd. posted a rise in Q3 profit after the company offset lower crude oil prices with increased output. The state-owned firm has a prominent role in raising output to meet targets for energy security, a task that has greater importance as the geopolitical landscape becomes more uncertain.

This is the second in a three-part series exploring the American Petroleum Institute’s (API's) standards development process. World Oil recently spoke with Paula Watkins, API Senior Director of Standards Development, to gain insights into the intricacies of that process, the role of collaboration, and the challenges along the way. 

TAQA, a Middle East-based well solutions provider, has introduced a new inflow control system to optimize reservoir performance while enabling operators to sustainably manage fluid production.

Petrobras is pushing to extract as much oil as possible from its existing fields in Brazil while simultaneously hunting for new reserves to prevent production from starting to decline in the 2030s.

Oman’s state energy company raised $2 billion from the initial public offering of its exploration and production business, marking the sultanate’s biggest listing on record.

MOL Group signed a Memorandum of Understanding with Turkish Petroleum Corporation (TPAO) in Istanbul to form a strategic partnership for hydrocarbon exploration and production.

Enverus Intelligence Research gives an in-depth analysis of challenges and opportunities in hydrocarbon supply amid commodity price volatility

(WO) — Bowman has won a $1.2 million contract with a leading exploration and production company to provide comprehensive asset management and regulatory compliance tracking services for over 1,000 wells in the Delaware basin, Texas.

Libya has resumed oil production, restoring hundreds of thousands of barrels a day to global markets after an embargo was lifted by the country's eastern government. The move follows an easing of a political standoff that had sharply reduced output from the OPEC member.

Equatorial Guinea has bolstered the work of its national oil company with a $350 million contract award to Petrofac in April. It also plans to rely on other producers operating in the country including Chevron, Marathon Oil and Kosmos Energy to raise output. It recently held talks with oil trader Trafigura Group over financing.

As exploration and development activity increased in 2023, so did capital expenditures and mergers and acquisitions. Oil and gas companies have continued to increase their voluntary ESG disclosures.

The growth has made the U.S. the world’s largest oil producer — pumping almost 50% more crude each day than Saudi Arabia. It’s “been good for the American consumer and good for national security,” said John Podesta, the senior adviser to the president for international climate policy.

Wellhead production choke valves can cause unnecessary flaring if not accurately controlled. Workers must also drive to remote sites several times monthly to check and manually operate valves. The control valves have historically been operated by pneumatic diaphragm actuators that use the well-stream gas as their motive power, releasing methane every time the valve is stroked. To reduce these emissions, some operators have replaced well-stream gas with air compressors, which require a lot of energy. Electric actuators do not vent, and many provide one-piece actuation solutions, which reduce the risk of failure compared to the typical pneumatic solution involving multiple pieces of equipment. Electric actuators are more energy-efficient since they only consume electricity when in operation. They provide the required torques and thrusts while operating at the necessary speeds for choke and process control valves. In addition, they offer the highest resolution output and modulating duty for accurate pressure and flow rate control. During the webinar, we will explain the main reasons for selecting electric solutions for wellhead valve control: automation, process control, and energy efficiency. Each of these reasons benefits the operator and reduces environmental impact while increasing efficiency, safety, and profitability.

bp has chosen ABS to support its deepwater Kaskida project in the Gulf of Mexico. ABS will provide classification and engineering verification for the project's new semisubmersible production unit.

Harris twice invoked the surge in U.S. crude and natural gas production in the televised proceedings — a striking embrace of the nation’s fossil fuel output for a candidate who more often touts her green credentials and history of attacking the oil and gas industry as California’s top prosecutor.

Based on the report from its Vienna-based research department, the restart ought to be urgently needed. OPEC’s data suggest that world inventories should be depleting rapidly now and — unless the group opens the taps — face a substantial shortfall of more than 3 MMbpd in the fourth quarter.

Chevron and NNPC signed documents on the conversion of five OMLs into four PPLs and twenty-six PMLs, in line with the new PIA terms, marking a significant step towards increasing domestic gas supply and expanding global market presence.