Mexico's proven oil and gas reserves dropped 21.3 percent in 2015, the oil regulator said on Thursday, as the state-run oil company, Pemex, cut back on investment because of plunging crude prices.
Leading global drilling and engineering contractor, KCA Deutag, today announces that it has sold its jack-up drilling unit, the Ben Loyal to Egyptian headquartered Advanced Energy Systems A.D.E.S. SAE for an undisclosed sum.
According to documents prepared by the oil ministry and obtained by NGE in mid-March, South Pars produces a little less than half of Iran's total raw gas, meaning Iran's total raw gas production was above 260bn m3 in the last fiscal year.
Production at Khafji was halted in October 2014 because of environmental concerns. The 300,000-b/d field lies in the Saudi-Kuwaiti neutral zone. Kuwait Gulf Oil Co. and Saudi Aramco Gulf Operations Co. jointly operate it. Neither company commented on restart reports.
U.S. Rig Count is down 14 rigs from last week to 450, with oil rigs down 10 to 362, and gas rigs down 4 to 88. Canadian Rig Count is down 6 rigs from last week to 49, with oil rigs unchanged at 11, and gas rigs down 6 to 38.
The world’s biggest oil exporter lost ground to rivals in nine out of 15 top markets between 2013 and 2015, including China, South Africa and the US, according to an analysis of customs data.
The world’s biggest oil exporter, known as Saudi Aramco, won’t cancel any oil, gas or refining projects, Amin Nasser told reporters during a conference in Al-Ahsa in eastern Saudi Arabia. Aramco is also studying a possible expansion of the country’s largest oil refinery, Ras Tanura, which has a capacity of 550,000 barrels a day, he said Wednesday.
China, the world's top energy user, is keen to boost cleaner burning natural gas consumption to tackle air pollution.
The drilling cost per foot, based on total depth, and the completion cost per foot, based on lateral length, are both projected to maintain these lower cost trends through 2018. Sustained lower upstream costs may affect near-term oil and natural gas markets, and ultimately, the prices of these fuels.
In 2015, the seven biggest publicly traded Western energy companies, including Exxon Mobil Corp. and Royal Dutch Shell PLC, replaced just 75% of the oil and natural gas they pumped, on average, according to a Wall Street Journal analysis of company data. It was the biggest combined drop in inventory that companies have reported in at least a decade.
U.S. crude oil production from the Lower 48 states from new wells (drilled since the start of 2014) made up 48% of total U.S. crude oil production in 2015, up from 22% in 2007. Production from new wells has grown as advances in horizontal drilling and completion techniques led to growth in oil production from low-permeability tight reservoirs. In 2015, production from tight formations—which include, but are not limited to, shale plays—accounted for more than 4 million barrels per day (b/d), or 50% of total U.S. oil production.
The U.K. is the second-largest liquids producer in Europe (after Norway), producing one million b/d in 2015. This amount is large among European countries but small in the global market, and the U.K. remains a net importer of petroleum and other liquids. More than 97% of its liquids production in 2015 came from offshore fields, where petroleum development projects have long lead times. The majority of the offshore crude and condensate fields that began production in 2015 were approved in 2012 or earlier when oil prices were much higher.
The board of India’s Oil & Natural Gas Corp. Ltd. approved a $5-billion offshore oil and natural gas development plan for the Krishna-Godavari basin off the country’s east coast.
Роснефть» установила новый рекорд, увеличив добычу углеводородов до 254,2 млн т.н.э (5,16 млн б.н.э./сут.). Проходка в эксплуатационном бурении увеличилась на 36 % и достигла 6,9 млн метров. В эксплуатацию введено более 1,8 тысячи новых скважин.
Neil Atkinson, head of the IEA’s Oil Industry and Markets Division, said in Singapore on Wednesday. About $300 billion is needed to sustain the current level of production, and nations including the U.S., Canada, Brazil, and Mexico are facing difficulty in keeping up investments, he said.