Production
News
March 26, 2025
The addition of the Nguya floating liquefied natural gas (FLNG) vessel is part of the second phase of the Eni-operated Congo LNG project and is expected to increase the project鈥檚 production capacity by 2.4 million tons per annum (MMtpa).
News
March 26, 2025
bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq. The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.
News
March 25, 2025
Soci茅t茅 Nationale des P茅troles du Congo聽(SNPC) has outlined its forthcoming Gas Master Plan (GMP) designed to promote gas utilization and attract foreign investment while reducing dependency on oil revenues and expanding the country鈥檚 power grid.
Article
March 2025
While still the dominant player, Petrobras may see its market share decrease as new companies enter the country. Brazil's oil production should increase, due to development in subsalt regions and new acreage. Ethanol will gain market share from gasoline in Brazil, with significant growth in ethanol demand anticipated.聽
News
March 25, 2025
Tullow Oil will pump as much as it can from mature assets in West Africa this year as part of plans to bring debt below $1 billion. "In the year ahead, our priorities are to progress our refinancing plan and optimize our production activities," Tullow said in a statement.
News
March 20, 2025
OPEC+ nations that have persistently exceeded production quotas provided聽updated plans聽to make additional cutbacks in compensation. The pledged reductions should 鈥 in theory 鈥 offset the group鈥檚 plans to revive halted output through to the end of next year.
News
March 20, 2025
The Trump administration is poised to extend Chevron Corp.鈥檚 deadline to halt its Venezuela operations for at least another 30 days, following lobbying efforts by the Texas-based oil giant, people familiar with the matter said.
News
March 19, 2025
The U.S. Energy Information Administration's (EIA) recent forecast states that two new oil developments in Alaska 鈥 the Nuna and Pikka projects 鈥 are expected to boost crude oil production in the state after decades of decline.
News
March 18, 2025
MOL has discovered a new oil field near Somogys谩mson in Western Hungary. During the exploration drilling carried out in December 2024, oil was found at a depth of 1,250 meters. According to the results, the well has potential to produce 1,200 bpd.聽
News
March 14, 2025
U.S. President Donald Trump is set to meet with top oil executives at the White House next week as he charts plans to stoke domestic energy production, even as the industry grows uneasy about falling crude prices and tariff uncertainty.
News
March 13, 2025
(WO) - With the general sense of excitement about U.S. production carrying over from panels earlier in the week, ExxonMobil鈥檚 panel on operations in the Permian basin convened with great enthusiasm during day three of CERAWeek 2025 by S&P Global.
News
March 13, 2025
Venezuelan oil contractors are continuing their work with Chevron Corp. and have not been warned of an impending shutdown despite a U.S. government deadline to stop producing oil there by early April.
News
March 12, 2025
CERAWeek 2025 by S&P Global maintained momentum into the middle of the week with a panel discussing some of the long-term challenges facing the upstream.聽 Featuring executive representatives from bp, Repsol, Baker Hughes and Cairn Oil & Gas, the panel presented a range of perspectives from upstream production and exploration to upstream services and emerging markets.
News
March 12, 2025
OPEC+ crude production surged last month as Kazakhstan further breached its agreed limit. OPEC+ has said it can 鈥減ause or reverse鈥 the scheduled series of output increases depending on market conditions, and has just under a month to consider the next hike.
News
March 11, 2025
Ecuador President Daniel Noboa鈥檚 plan to revitalize the nation鈥檚 biggest oil field is crumbling as he scrambles to secure re-election. Since striking a deal last year to hand Ecuador鈥檚 Sacha field to Sinopetrol, Noboa has faced mounting criticism over his handling of the deal.
News
March 10, 2025
Egypt will launch a new licensing round, offering 13 exploration and production opportunities in a bid to further develop its hydrocarbon resources. With the government鈥檚 commitment to boosting E&P activities, Egypt is positioning itself as a leading player in the region鈥檚 energy landscape.
News
March 07, 2025
Norweigan oil company DNO has reached an agreement to acquire Sval Energi from HitecVision for a cash consideration of $450 million (USD) based on an enterprise value of $1.6 billion. The Sval Energi assets will enable DNO to quadruple its North Sea production.
News
March 07, 2025
By strengthening their balance-sheets through partial privatization, transferring their regulatory roles to independent entities and acquiring more assets, African NOCs are emerging as strong partners for foreign firms.聽
News
March 07, 2025
Vitesse Energy announced today the completion of its previously announced acquisition of Lucero Energy in an all-stock transaction valued at $222 million. The addition of Lucero鈥檚 operations will enable Vitesse to expand its assets across the Bakken shale region.
News
March 06, 2025
Ecuador鈥檚 President Daniel Noboa has ordered a consortium seeking to take over the nation鈥檚 top oil asset to pay an entry fee of $1.5 billion by March 11, moving up the deadline by more than three weeks.聽Noboa has warned he will cancel the deal without the early payment.聽
News
March 04, 2025
The U.S. Treasury followed through on President Trump鈥檚聽pledge聽to stop Chevron's operations in Venezuela, delivering a major blow to Nicolas Maduro鈥檚 autocratic regime.聽Chevron has ramped up production in recent years to supply about 20% of Venezuela's overall output.