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Brent Crude $66.90 +0.65% Natural Gas $3.69 -2.62% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS CNOOC Announces Seventh Upstream Startup in Chinese Waters This Year by Jov Onsat | Rigzone Staff | Monday, June 09, 2025 | 3:37 AM EST Weizhou 5-3 is expected to reach a peak output of about 10,000 bpd next year. feet) deep.
Lower upstream spending amid falling oil prices is set to slow the growth in oil supply from producers outside the OPEC+ pact this year and next, OPEC said in its monthly report on Wednesday. In 2026, liquids supply from non-OPEC+ producers is expected to rise by another 800,000 bpd, also down by 100,000 bpd from
Bureau of Labor Statistics (BLS), the Texas Independent Producers and Royalty Owners Association (TIPRO) has highlighted new employment figures showing an increase in upstream employment in Texas in the month of May. million barrels per day in the second quarter of 2025. Additionally, TIPRO points to recent data from the U.S.
Ahara marks QatarEnergy’s entry into Algeria’s upstream sector, QatarEnergy said separately. Algeria contributed 154 million cubic feet a day of gas and 21,000 barrels per day of liquids to TotalEnergies’ 2024 production, according to the company’s annual report.
upstream growth, driven by advantaged assets like the Permian Basin, is central to the companys long-term performance. Upstream Results: Permian Power ExxonMobils U.S. upstream earnings jumped to $1.87 Upstream Results: Permian Power ExxonMobils U.S. upstream earnings jumped to $1.87 billion in Q1 2024.
World oil demand rose by 990,000 barrels per day (bpd) in the first quarter of 2025. The estimate for full-year 2026 demand growth is also close to the 2025 forecast and to last months already slashed projections760,000 bpd. Last months projection was slashed by 300,000 bpd from IEAs forecast from March, following the U.S.
Upstream earnings increased by $1.1 million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer. billion of share repurchases, consistent with its annual $20 billion share-repurchase program through 2026. billion from a year earlier to $6.8 Exxons net production jumped by 20% to 4.6
Adura, which will be equally owned, combines the two companies’ offshore assets in the UK, where Shell currently produces over 100,000 barrels of oil equivalent a day (boed) and Equinor about 38,000 boed. “Adura is expected to produce over 140,000 barrels of oil equivalent per day in 2025”, Equinor said.
(World Oil) – Africas national oil companies (NOC) are moving beyond operating as state-representatives by transforming themselves into competitive upstream players. Libyas NOC is working with IOCs Repsol, bp, TotalEnergies, ConocoPhillips and more to increase output to two million barrels per day (bpd).
The Ballymore development is designed to produce up to 75,000 gross barrels of oil per day from three production wells, all connected via a subsea tieback to Chevrons existing Blind Faith facility, located approximately three miles from the well site. Partnership and Ownership The project is operated by Chevron U.S.A.
(NYSE: AMPY) (Amplify or the Company) today announced an amendment to the existing terms of its previously disclosed Agreement and Plan of Merger with Juniper Capitals (Juniper) upstream Rocky Mountain portfolio companies. Assuming WTI oil prices at $60 per barrel held flat and Henry Hub gas prices at $3.50
Production and Capital Investment Looking ahead, Cenovus forecasts an upstream production range of 805,000 to 845,000 barrels of oil equivalent per day (BOE/d) for 2025, representing a 4% increase compared to 2024 Cenovus Energy. which have been instrumental in executing Cenovus’s drilling programs. billion to $5.0 billion to $5.0
billion in 2026 and $1.1 $1.2 In light of low current oil prices, Strathconas updated long-range plan reflects a deferral of the sanction of the Lindbergh Phase 2 expansion project from 2026 to 2027 to prioritize near-term free cash flow generation. billion in 2026 and $1.1 Capital expenditures are expected to average $0.9 $1.0
Equinor Q1 2025 Performance Total Equity Production: 2,123 mboe/day Equinors total equity production in the first quarter of 2025 was 2,123 thousand barrels of oil equivalent per day (mboe/d). BP achieved upstream plant reliability of 95.4%, one of its best on record, and refining availability at 96.2%. billion, down from $10.3
MMBbl/d, maintaining stable levels through 2026. 2025 Strategy and Outlook Alaska's Willow Project Development: Construction and drilling will accelerate throughout 2025, with the first production expected in 2026. Oil Price & Market Dynamics (2024-2025) 2024 Oil Price Trends Brent Crude Oil Price (2024 Average): $80 per barrel.
Supply from countries outside the Declaration of Cooperation – the formal name for OPEC+ – will rise by about 800,000 barrels per day in 2025, OPEC said in a monthly report, down from last months forecast of 900,000 bpd. President Donald Trumps tariffs. On May 5 Brent settled close to $60, its lowest settlement since 2021.
Supply from countries outside the Declaration of Cooperation – the formal name for OPEC+ – will rise by about 800,000 barrels per day in 2025, OPEC said in a monthly report, down from last months forecast of 900,000 bpd. President Donald Trumps tariffs. On May 5 Brent settled close to $60, its lowest settlement since 2021.
Oil prices jump despite OPEC+ announcing another sharp production hike Summary : OPEC+ announced a 411,000-barrel-per-day production hike for July, its third consecutive increase, aiming to regain market share and pressure U.S. Stay tuned for weekly updates to keep you well-informed. Read more U.S.
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