Data shows that Tengiz oilfield's output in December was 20% lower than planned.
Estimates based on data from the Kazakh energy ministry and analysis service SAC TEK show that output from Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron was 20% below its planned plan in December. This helped Kazakhstan meet its OPEC+ production target.
Chevron exceeds expectations for quarterly profits on the back of higher oil production
Chevron Corp. beat Wall Street expectations for the third quarter profit on Friday. However, its earnings dropped from a previous year. Chevron Corp, which has had its proposed $53 billion takeover of Hess delayed by Exxon Mobil Ltd and CNOOC Ltd due to their challenge…
Congo Republic Pledges to Reform State Oil Firm as Seeks Bailout
Congo Republic plans to replace the board of directors and appoint an audit committee at state oil company SNPC, as it strives to improve accountability and convince international lenders to bail out the country. SNPC, which holds equity in fields operated by Italy's ENI and France's Total…
Congo Republic says GDP Growth to Rise in 2017
Congo Republic's economy is expected to grow by 1 percent in 2017, after contracting 2.1 percent last year, due to increased oil production, the government said late on Wednesday. The statement by the national monetary and financial committee said…
FPSO MaMPU 1 Sails for Anjung Kecil Feild
A sail away ceremony was held for MISC Berhad’s Marginal Marine Production Unit (MaMPU 1), a fit-for-purpose FPSO for the development of marginal fields. The celebration was held today in MMHE East Yard, Pasir Gudang. The first deployment of MaMPU 1 will be at Anjung Kecil oil field…
Ultra Growth in the Ultra Deep
Apparently undeterred by low oil prices, oil and gas output from ultra-deepwater (>1,000m water depth) fields will continue the relentless growth seen in recent years. In the latest World Drilling & Production Forecast, DW predict combined oil &…
Kemp: OPEC is Winning its Battle with U.S. Shale
U.S. shale producers are falling behind in the Red Queen's Race as the downturn in drilling means that new oil production is failing offset falling output from existing wells. The famous race is named after the scene from Lewis Carroll's novel "Through the Looking-Glass"…
Azeri State Firm SOCAR Reduces Oil and Gas Output
Azeri state energy company SOCAR reduced oil production to 712,300 tonnes in January from 715,880 tonnes a year ago, a source at the firm said on Wednesday. The source, who did not want to be named as he was not authorised to talk to the press, said natural gas output declined to 570…
SOCAR Raises Oil Output in 2014
Azeri state energy company SOCAR increased oil production to 8.4 million tonnes in 2014 from 8.3 million in 2013, and its natural gas output rose to 7.2 billion cubic metres (bcm) from 7.1 bcm, a source at the firm said. That contrasted with national crude and condensate production…
Russia to Seize Bashneft Shares
Russia moved to seize shares in Bashneft from a billionaire businessman on Thursday over what a court said was the oil producer's "improper privatisation", deepening investors' fears that the Kremlin wants to reclaim prized assets. Moscow's Arbitration Court ruled in favour of prosecutors…
Oil Prices Rose, Ending Longest Decline Over the Years
Oil rose on Thursday, ending the longest decline over the years, as traders bet on declines over several weeks. Brent crude oil futures rebounded slightly after a 28-day losing streak, the longest decline since 2010. U.S. crude oil futures rebounded after 29 losing streak…
Kinder Morgan Energy Partners' Dividend Up 6%
Kinder Morgan Energy Partners, L.P. informs in its Q4 2014 financial report that it has increased its quarterly cash distribution per common unit to $1.38 ($5.52 annualized) payable on May 15, 2014, to unitholders of record as of April 30, 2014.
