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oil production and one fifth of natural gas—declined by more than 50% during the 2022-2024 period as improved operations, better equipment and the utilization of AI and other advanced technologies led to reductions across all observable plume rates (large and small), according to a new analysis by S&P Global Commodity Insights.
“Facilities such as this will play an instrumental part in supporting marginal field production by facilitating crude exports and increasing revenue generation in Nigeria,” said the African Energy Chamber (AEC) in a statement. “As For Nigeria’s marginal fields, the terminal opens new doors for greater operational efficiency.
That compares with an eight-year high of around 3.938 tcf at the end of the summer injection season in 2024 and a five-year (2020-2024) average of 3.782 tcf. That compares with a three-year low of 1.821 tcf of gas in storage at the end of the winter withdrawal season in 2024 and a five-year (2021-2025) average of 1.836 tcf.
LNG’s role in industry and power generation has grown, and trade already picked up this year amid substantial supply additions, which were around 60% higher than in 2024. LNG Canada recently started exports, and most of the additional global flows are being absorbed in Europe which is rushing to fill its storage sites for next winter.
In liquefied petroleum gas (LPG), production rose from 2 million tonnes in 2024 to 3 million tonnes in 2025. Gas field contracts under the 5th and 6th licensing rounds have been awarded to international companies, alongside dozens of investment agreements to develop both associated and free gas resources.
million barrels per day in 2024. field production of crude oil, which was last updated on June 30 and which includes data from January 1920 to April 2025, showed that monthly U.S. field production of crude oil has averaged 13 million barrels per day or more on 20 occasions. In its July STEO, the EIA projected that U.S.
Both increased in 2024. Demonstrated peak capacity, the sum of the largest volume of working gas stored in each storage field during the previous five years, rose 1.7 Design capacity decreased slightly in 2024 in South Central region. The post EIA: Gas storage capacity increased in 2024 in U.S., percent or 3 Bcf.
The Ahara license, awarded under the North African country’s 2024 bidding round, sits at the “intersection of the prolific Berkine and Illizi Basins”, TotalEnergies said in a press release. TotalEnergies’ other producing fields in Algeria are the Timimoun gas fields (37.75 square miles) onshore Algeria.
The company cut the time between turnarounds from 12 to 24 months in 2024, and aims to extend that interval to 48 months in future. Canadian Natural Resources , for example, at the end of 2024 had proved and probable reserves amounting to 20.1 and $40.85, according to a Bank of Montreal analysis for Reuters.
These firms replenish their reserves not only to grow output but also to offset existing fields’ natural decline. That’s the equivalent to 8 years of production, down from 10 years in 2023, and compared with Exxon’s 12 years in 2024. Moreover, there are fewer accessible fields to tap. billion barrels, according to LSEG data.
Upstream natural gas spending is set to maintain the levels seen in 2024. Of this, 40% is dedicated to slowing down production declines at existing fields. Together, upstream oil and gas investment for 2025 is forecast at less than US$570bn, a decline of around 4%.
“We have a large portfolio of projects that will phase in discoveries to our producing fields. Oil from the Fram field goes through Troll Oil Pipeline II to Mongstad, and gas is exported to Kollsnes via the Troll A platform. The production platform has been electrified since 2024, helping lower emissions.
Key Fields Developed ConocoPhillips’ drilling concentrated in several strategic Montney fields : RESDELN – 43 wells NEWBY – 28 wells INGA / INGA NORTH – 10 wells BLUEBERRY – 3 wells These locations are part of the Montney and adjacent resource corridors , which offer multi-zone development potential and are suitable for continuous pad drilling.
“The margins are shrinking, the fields are getting smaller,” Taufik said. the full name of the company, in 2024. the full name of the company, in 2024. Petronas’ net income slid 32% in 2024, following a 21% drop in 2023. Petronas will also freeze hiring until December 2026, he said. WHAT DO YOU THINK?
The drop follows a surge in 2024 driven by the Trans Mountain pipeline expansion, which added 600,000 bpd of export capacity and sparked record lease demand. paid C$12,016 per hectare for land in the Fort Kent field, the highest price for oil sands land since 2007. In March, Synergy Land Services Ltd.
Iran’s gas field saw partial shutdown but Strait of Hormuz flows remained uninterrupted. While Iran consumes all its gas domestically due to sanctions, neighboring Qatar exports 77M tonnes annually from the shared field with Exxon and Shell. Canada added 2 rigs to 114 (gas +2 to 46), but remains 29 below 2024 levels.
Block 15-1, an oil and gas block with one of the country’s largest reserves and one of the earliest to be developed, is located in the Cuu Long basin in the southern mainland of Vietnam and includes the Black Lion, Golden Lion, Brown Lion and White Lion oil and gas fields, according to the release.
The area includes 17 gas fields at water depths ranging from 300 to 1,200 m. WDDM Phase XI The Phase XI development of the Burullus gas field involves the tie-in of three subsea twin deep-water natural gas wells.
2),â Eurostat, accessed June 2024; âEmployment by sex, age, and detailed economic activity (from 2008 onwards, NACE Rev.2 2 two digit level)â1000,â Eurostat, accessed June 2024. In 2024, the European Commission set the CO 2 emission allowance cap at nearly 1.4 percent reduction factor for 2024 to 2027 and 4.4
Below we summarize recent (2024–2025) drilling activity, budget allocations, and production volumes in Oklahoma (primarily the Anadarko Basin and related plays) for six companies: Ovintiv , Mach Natural Resources , Devon Energy , Coterra Energy , Continental Resources , and Mewbourne Oil Company. In Q4 2024 , Mach’s production averaged 86.7
Brent Crude $78.03 +1.73% Natural Gas $4.04 +1.35% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS BW Opal FPSO Arrives at Barossa Field, Commissioning Underway by Paul Anderson | Rigzone Staff | Thursday, June 19, 2025 | 2:53 AM EST The platform's arrival keeps Barossa LNG on track to start production in the third quarter.
The company said in a media release production resumed following major site upgrades in 2024 and 2025. In 2024, a significant upgrade of the site’s production facilities and bund area was initiated and completed in May. In June 2025, Keddington produced a total of 992 barrels of oil over 23 days, with an average of 10.4
for Q2 2024. “New production from the Johan Castberg field reaching plateau and Halten East contributed. onshore assets in 2024, and higher production from these assets, contributed to a 28 percent increase in oil and gas production from U.S. Image by AnaFox_photo via iStock Equinor ASA on Wednesday reported $1.67
“In addition, the two companies will strengthen collaboration in the field of renewable energy and energy transition, namely through the definition of new initiatives” The MoU was signed during the Italy-Algeria intergovernmental summit in the presence of Algerian President Abdelmadjid Tebboune and Italian Prime Minister Giorgia Meloni.
Energy demand is set to rise from 308mn barrels of oil equivalent (mboe/d) in 2024 to 378 mboe/d in 2050. The combined share of oil and gas is expected to account for more than 50% between 2024 and 2050. mn bpd in 2024 to 113.3 HE Al Ghais also highlighted that the world will continue to need all energies. “It
Irish-based Petrel Resources Plc (LON: PET) has published its consolidated financial statements for the year ended 31st December 2024. Regarding prospects in Iraq, the company said: " An early opportunity may lie in projects to recover and monetise flared gas with contained liquids in southern Iraqi oil-fields. By John Lee.
Brazilian oil company Prio expects to double its daily output next year when compared with 2024 levels, driven by the development of some key offshore fields, CEO Roberto Monteiro said on Monday…
“The partners will evaluate several CO2 storage sites in the Malay Basin, including both saline aquifers and depleted offshore fields”, France’s TotalEnergies said in a press release then. In 2024 Petronas signed an agreement with Abu Dhabi National Oil Co.
million standard cubic feet per day) of natural gas will be supplied from OIL’s Bakhri Tibba Block of Rajasthan, which covers the Dandewala, Tanot and Bagi Tibba fields. billion cubic feet per day) in fiscal year 2024-25, GAIL said. Under the extended agreement, 900,000 standard cubic meters per day (31.7
Actually, it was in late 2024 that the wireline sector witnessed a big move, when Axis Energy Services merged with Brigade Energy Services to create what the combined company—Dallas-based Axis Energy Services LLC —described as the largest well servicing company in America. Pintail’s 2024 revenues topped more than $400 million.
percent stake in the Scarborough field offshore Western Australia to Japanese companies: 15.1 In May 2024 JBIC agreed to lend Woodside $1 billion for the Scarborough gas project. The LNG will come from Woodside’s LNG portfolio including the Scarborough Enbergy Project, JERA said. Last year Woodside sold a 25.1
As temperatures dropped, oil field equipment froze, wells were shut in, and the natural gas needed to generate electricity crashed as the demand for power sky rocketed. ” PUC of Tex. Luminant Energy Co. LLC , 691 S.W.3d 3d 448, 455 (Tex.
“Over 1450 bbl of high-quality oil have now been produced and sold from Keddington since recommissioning, contributing meaningful additional revenues, complementing our established cash flow from Wressle in the UK and our growth projects in the USA at Moccasin, the Andrews Field and our Mineral Royalty portfolio.”
Shell's LNG Outlook 2024 predicts that global LNG demand will grow by approximately 50% by 2040, driven by emerging economies like India and Vietnam that are prioritising lower-emission energy sources to fuel their development while meeting climate commitments. Qatar’s experience provides a good example of how to strike this balance.
Expanding its activities, PETROJET has added the manufacturing of small-bore tubing to its portfolio covering bending, welding, assembly, and Factory Acceptance Testing (FAT) activities. The post PETROJET Completes Manufacturing Sub-Sea Systems for Export to Angola first appeared on Egypt Oil & Gas.
A bill co-authored by five members of the Texas House of Representatives, including three from west Texas, was signed into law by Governor Greg Abbott to require the Railroad Commission of Texas to determine if utility poles meet the national electrical code as it conducts oil and gas field inspections.
An exploration well, Dalia‑6, was also drilled 2024. The first large deepwater development in the Kwanza basin, Kaminho is planned to have a capacity of 70,000 bpd through the Cameia and Golfinho fields. Elsewhere in Angola, TotalEnergies and its partners approved the Kaminho project in block 20/11 last year.
The acquired portfolio consists of 16 producing fields in Norway, quadrupling DNO’s North Sea production to 80,000 barrels of oil equivalent per day (boepd), the company said in a news release. Its largest assets, measured by net 2P reserves, are Nova, Martin Linge, Kvitebjørn, Eldfisk, Maria, Symra and Ekofisk.
“The consideration will be split into a $40 million payment due on completion, $40 million payable at the earlier of field development plan approval or 30 June 2026, and $40 million payable over five years from the third quarter of 2028 onwards”, Tullow said. The sale is expected to be completed this year.
The industry has been calling for continued licences and changes to the windfall tax, with the UK government expected to outline its policies this autumn following two major consultations. Official statistics show that the UK’s total energy production hit a record low in 2024, importing over 40 percent of its total energy needs from overseas.
His earlier experience includes field operations, engineering, and human resources across North America, South Asia, and the Middle East. from 2018-2024. Gatti served on the Board of Helix Energy Solutions Group, Inc. London, Mexico City, and Shanghai.
Perenco’s acquisition included the Australian exploration and production company’s operating stakes in the shallow-water Angostura and Ruby oil and gas fields, which produce about 300 million standard cubic feet a day (MMscfd) of gas or around 12 percent of the Caribbean country’s national gas production, according to Perenco.
The field had already stopped supplying natural gas to Darwin LNG late 2023 due to depletion but Santos said in 2024 Bayu-Undan would continue sending gas to Australia’s Northern Territory until the end of that year. Moreover Timor-Leste’s Bayu-Undan ceased production in May 2025, the report said.
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