Monday, December 23, 2024

Oil Reserves News

US offshore driller requests judge block insurers' demand for $250 million collateral

W&T Offshore is an independent driller in the U.S. Gulf of Mexico. It has asked a federal court to block the insurance companies' demand for $250 million additional collateral in…

US offshore driller requests judge block insurers' demand for $250 million collateral

W&T Offshore is an independent driller in the U.S. Gulf of Mexico. It has asked a federal court to block insurance company demands for additional collateral of $250 million for tearing down old oil infrastructure.

Nigeria seeks long-term buyers of new Utapate oil and aims to double production

Nigeria seeks long-term customers for the new crude oil grade Utapate, and aims to double its output from 40,000 barrels a day by 2025. The launch is part Nigeria's effort to boost its oil output…

Deep sea oil drilling drillers are now subject to new safety regulations in the US

The Bureau of Safety and Environmental Enforcement, or BSEE, released new rules on Tuesday for U.S. off-shore drillers. This is because breakthrough technology allows them to operate…

Vista Energy accelerates oil production in Argentina

Vista Energy's chief executive announced on Thursday that the company expects to reach a 100,000 barrels per day oil equivalent goal next year. This was originally set for 2026.

Document shows that Mexico's Pemex plans to increase its gas and oil reserves under Sheinbaum's presidency.

According to a document that was seen by us on Wednesday, the Mexican state oil company Pemex wants to increase its hydrocarbon reserve and make sure it is repaid during the tenure…

Petrobras' focus remains Brazil despite Africa plans, director says

Petrobras, the state-owned oil company in Brazil, has its main focus on its own country. Its director of exploration, production, said this Thursday. He added that Brazil remained a top priority…

Official: Argentina's energy subsidy cuts as government tackles fiscal deficit

Energy Secretary Eduardo Rodriguez Chirillo announced on Thursday that Argentina had reduced its energy subsides by $2.7 billion in the first seven month of the year, as part the…

Pampa Energia, Argentina raises over $400 mln for Vaca Muerta campaign

Pampa Energia, a natural gas producer in Argentina, announced a $410 million debt issuance on Friday. This demonstrates investor confidence as the company expands its operations in the Vaca Muerta shale in the country.

Key China Energy Indicators to Track for the Rest of 2024

© JEGAS RA / Adobe Stock

Slower consumption in China spurred the Organization of the Petroleum Exporting Countries (OPEC) to cut estimates for global oil demand growth this week, highlighting the vital…

Sources say that the incoming Mexican government wants to open Pemex up to oil partnerships.

According to four sources with knowledge of the situation, the incoming Mexican government will encourage the state oil company Pemex, to form equity partnerships with private oil firms…

Japan to Promote Gas, LNG, Hydrogen During G7 Presidency

Copyright Parradee/AdobeStock

Japan will stress the importance of investment in natural gas, liquefied natural gas as well as cleaner fuels such as hydrogen and ammonia during its presidency of the G7 this year…

Asian Countries Looking to Release Oil Reserves after U.S. Request

Credit: samarttiw/AdobeStock

The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated…

China's Sinopec Finds Shale Oil at Shengli Field

A unit of state-run oil Chinese and gas major Sinopec Corp has found an initial 458 million tonnes (3.34 billion barrels) of geological shale oil reserves at its Shengli field, the official Xinhua news agency reported on

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

Illustratin; Image by xmentoys - AdobeStock

China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply…

Angola Says Producer Cuts Insufficient, More Action Needed

(File photo: Total)

Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Fr

Update: Brent Oil Rises above $32 on Hopes of Output Deal

Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT.

Russia Leads E&P Race in Arctic Region

Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of…

CNPC Finds Reserves From Pre-salt Field at Tarim

China National Petroleum Corp (CNPC) said it has found oil and gas reserves from a pre-salt area, where the resources are trapped under a layer of salt, for the first time in the country.Daily oil production from the are

Exxon to Load First Crude from Guyana This Weekend

The Liza Phase 1 development project utilizes the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored approximately 120 miles offshore Guyana, with four undersea drill centers supporting 17 wells. (Photo: Hess Corp)

The first-ever cargo of Guyana's crude for export is scheduled to begin loading this weekend so the oil can be processed at Exxon Mobil's refining system, the company told Reuters…