Latest Production Headlines

Opec’s Days Are Numbered

Discoveries of unconventional oil and gas reserves in the western hemisphere will not only reduce price and supply volatility, but will also bring the end of the Organization of Petroleum Exporting Countries, Roger Altman wrote in the Financial Times. Technology has revolutionized energy supply with the result that the U.S. now has a 100-year supply [...]

Is Russian Oil Production Plummeting?

According to a recent Bloomberg story Saudi Arabia displaced Russia as the world’s largest oil producer, producing just about three thousand barrels a day more in March of 2012: Saudi Arabia boosted crude production close to a 31-year high in March, overtaking Russia as the world’s largest oil producer for the first time in six years, according [...]

Saudis Pass Russia as Largest Oil Producer

Saudi Arabia boosted crude production close to a 31-year high in March, overtaking Russia as the world’s largest oil producer for the first time in six years, according to the Joint Organization Data Initiative. Saudi crude exports rose 3 percent in March, reaching the highest level in five years as Iran cut shipments, according to [...]

Proposal to turn Kuwait into world’s oil capital – State’s energy consumption up 66%

The concept of ‘Kuwait as the world’s oil capital’ will see the light after being studied comprehensively, said, Fadhel Safar Minister of Public Works and Planning and Development revealed on Thursday. On the sidelines of a preparatory meeting for the country’s second mid-term development plan, Safar told KUNA that the idea of turning Kuwait into [...]

The age of extreme oil: ‘This used to be a forest?’

One grey Thursday at the end of April, a plane touched down in Fort McMurray, Alta., carrying four Achuar Indians from the Peruvian Amazon. They had flown 8,000 kilometres from the rain forest to beseech Talisman Energy Inc., the Calgary-based oil and gas conglomerate, to stop drilling in their territory. Talisman’s annual general meeting was [...]

Oil well in Cuba comes up dry, raises questions about future exploration

Cuba’s dreams of an oil bonanza suffered a tough but possibly temporary setback Friday when the Spanish Repsol company confirmed it hit a dry hole when it drilled a well off the island’s northwest coast. The dry well will put more pressure on Cuba’s dependence on Venezuelan oil and means the government of Raúl Castro [...]

Scraping the bottom of the barrel

Several articles in the international media in recent months have claimed that worries about peak oil – the peak and decline in yearly world oil production – are unfounded because vast new reserves of unconventional oil are coming on stream. But a closer look at these new sources of oil casts doubt on this assertion. [...]

Australia Seen a Decade Away From Large-Scale Shale Production

Australian shale explorers may be a decade away from producing oil and gas on a large scale because of obstacles ranging from a lack of drilling equipment to higher labor and infrastructure costs, Wood Mackenzie Ltd. said. “The only factor that could change that significantly is if there’s a liquids-rich play that really drove the [...]

Gulf of Mexico site chosen for first US floating LNG plant

Excelerate Energy LP, Houston, will develop the first US floating natural gas liquefaction plant for Port Lavaca, between Galveston and Corpus Christi, Tex. The Lavaca Bay LNG project will be designed to export LNG by 2017. The company said it selected Port Lavaca because of its direct access to the “highly liquid South Texas natural [...]

Technology can unlock new fields, curb fears of peak oil

Technology advancements in the energy sector can boost oil and gas production, improve safety and curb fears that fossil fuels are rapidly running out, a Chevron official said today. During the opening session of a Houston energy conference this morning, Jay Pryor, Chevron’s vice president for business development, touted a number of technology advancements that [...]

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