article thumbnail

U.S. production growth to slow amid drilling decline, says EIA

Oil & Gas 360º

The number of drilled but uncompleted wells fell by seven to 5,291, the lowest among records dating back to the start of 2013. EIA expects significant global oil inventory builds will put consistent downward pressure on oil prices in the longer term, with Brent prices averaging $58 a barrel in 2026.

article thumbnail

Whitecap and Veren Finalize $10.4B Merger, Create Top-7 Canadian Oil & Gas Producer

Rextag

paid C$27,556 per hectare, marking the priciest single transaction since 2013. billion barrels of NGLs, and 1.13 billion barrels of oil, making it Canada’s top unconventional resource. “The In the Elmworth area of the Montney formation, leases averaged C$1,734 per hectare in 2024—the highest since 2003. NuVista Energy Ltd.

Gas 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Kazakhstan’s Giant Kashagan Oilfield to Hit 1 Billion Barrels Production Soon

OilPrice

The Kashagan oilfield, which began production in 2013, is expected to hit the landmark 1 billion barrels of cumulative production by the end of the year, according to Kazakhstan media. The oilfield has approximately 35 billion barrels of oil in place, of which nearly half are estimated to be recoverable.

Barrel 159
article thumbnail

APA Corp., partners complete successful flow test for North Slope exploration well

Oil & Gas 360º

The well performed in line with expectations during the 12-day production test, averaging 2,700 barrels of oil per day during the final flow period, without artificial lift. The vertical Sockeye-2 well was completed in a single 25-foot interval at approximately 9,200 feet TVD, without stimulation.

article thumbnail

African national oil companies (NOCs) partnering with independents to drive E&P

Oil & Gas 360º

Libyas NOC is working with IOCs Repsol, bp, TotalEnergies, ConocoPhillips and more to increase output to two million barrels per day (bpd). Boosting production Major oil producers in Africa are striving to boost production and NOC-IOC collaboration is at the forefront.

E&P 130
article thumbnail

BP Signs Agreement for Kirkuk Oil Fields Development

Iraq Business News: Oil & Gas

The initial phase includes oil and gas production exceeding three billion barrels of oil equivalent, while the wider resource opportunity across the contract area is believed to include up to 20 billion barrels of oil equivalent. It also builds upon BP's previous work on the Kirkuk fields from 2013 to 2019.

Field 75
article thumbnail

Fifth Circuit Vacates $6 Million Clean Water Act Penalty

The Energy Law

By Greg Johnson and Stephen Wiegand In a July 17, 2013 decision, the United States Court of Appeals for the Fifth Circuit vacated a $6 million dollar penalty levied under the Clean Water Act (“CWA”) against CITGO Petroleum Corporation (“CITGO”) and remanded the matter to the Western District of Louisiana for further consideration.

Casing 40