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With crudeoil prices dropping into the low $60s per barrel, profitability in the oil and gas industry is under pressure, squeezing cash flows and forcing companies to reassess their capital allocation. As a result, upstream investments are expected to decline.
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. Energy Information Administration (EIA) showing domestic crudeoil production reached an all-time high of 13.5
The maiden cargo transported crude from the Otakikpo marginal field – located in Rivers State and operated by GEIL – to the terminal, kickstarting a new era of efficient crude distribution in Nigeria. The terminal itself boasts a storage capacity of 750,000 barrels.
This discovery in the deepwater Gulf of America/Gulf of Mexico underscores how bp is in action to step up investment in exploration and strengthen its upstream portfolio under the strategy reset announced in February 2025. bp expects to grow its global upstream production to 2.3 onshore and offshore regions by 2030.
(Oil Price) –BP said on Thursday that its Cypre development offshore Trinidad and Tobago delivered first gas, as yet another project started up since the supermajor reset its strategy to shift focus back to oil and gas. million barrels of oil equivalent per day (boed) in 2030, with capacity to increase to 2035.
(Oil Price) –BP is looking to raise the number of its board members and hire two more directors as part of its strategy to boost oil and gas production and shareholder returns, the Financial Times reported on Tuesday, citing sources familiar with the plans. Production is also expected to grow, to 2.32.5
This is an enormous opportunity as we grow bps oil and gas business and fully aligned with our strategy of strengthening our upstream portfolio. The agreement is for an initial phase that includes oil and gas production of more than 3 billion barrels of oil equivalent.
(Oil Price) –Economic headwinds and record electric vehicle sales are set to materially slow down global oil demand growth for the rest of the year, the International Energy Agency (IEA) said on Thursday. World oil demand rose by 990,000 barrels per day (bpd) in the first quarter of 2025.
Gulf Coast refiners processing Mars crude enjoying a doubling of margins to some $16 per barrel, $7 margins in Singapore for Dubai crude, and a 36% margin jump in Asia for Arab Light crude.
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.
These mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments, and higher expenses from growth initiatives, Exxon said. Upstream earnings increased by $1.1 billion from a year earlier to $6.8 Exxons net production jumped by 20% to 4.6
(World Oil) – Africas national oil companies (NOC) are moving beyond operating as state-representatives by transforming themselves into competitive upstream players. Boosting production Major oil producers in Africa are striving to boost production and NOC-IOC collaboration is at the forefront.
In particular, the company is placing renewed emphasis on the Grand Mesa Pipeline , its flagship crudeoil system serving producers in Colorados Denver-Julesburg Basin (DJ Basin). The company focuses on product procurement, logistics, and price risk management, backed by long-term partnerships with upstream gas liquids producers.
MBOE/d (Q4 2024; 24% oil) ~$260–$280 MM planned 2025 ~1 rig (reduced from 2 in mid-2024) Devon Energy ~79 MBOE/d (Q1 2025; ~15% oil) ~$150 MM planned 2025 2 rigs in 2025 (down from 3 in 2024) Coterra Energy ~64 MBOE/d (2024 avg) ~$289 MM in 2024 1 rig at end-2024 (added rig in 2025) Continental Resources (private) ~32% of co.
ADJUSTED PRODUCTION AND VOLUME FORECASTS Shell also reduced its integrated gas production outlook for the fourth quarter to 880,000 and 920,000 oil-equivalent daily barrels, citing scheduled maintenance at a Qatar-based facility. This represents a decrease from the previous guidance of 900,000 to 960,000 daily barrels.
HRT is directly connected to the Hardisty Diluent Recovery Unit, an innovative facility which separates diluent from raw bitumen prior to rail transportation, allowing for a competitive netback for upstream producers versus pipeline alternatives. Boe may be misleading, particularly if used in isolation.
Crudeoil was up over $2 per barrel. The unscheduled maintenance is on the larger of the two units located in Mississippi at Tennessee Carnes Interconnect, upstream of FGT Compressor Station. Since Wednesday, August 29, natural gas spot prices increased in most markets (exceptions were Florida and Rocky Mountain region).
Once considered a mature and declining conventional oil play at the start of the 21st century, the Permian has grown into a global energy giant, second only to Saudi Arabia in crudeoil and condensate production. In 2025, crude and condensate output is projected to rise by 200,000 barrels per day (b/d), reaching 6.6
Oil and Gas Basins: Growth, Challenges, and 2025 Outlook Permian Basin (Texas & New Mexico) The Undisputed Leader 2023-2024 Overview The Permian Basin has remained the most important oil-producing region in the United States, supplying nearly 46% of the nations crudeoil output in 2024. crudeoil investments.
(Oil Price) –This year will see the highest amount of new oil supply in a decade, according to data analyzed by Raymond James that showed projected global additions of nearly 3 million barrels daily. Energy Information Administration, the overhang is going to be around 100,000 barrels daily. million barrels daily.
(Investing) –LONDON – OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year and said it expected lower capital spending following a decline in oil prices. President Donald Trumps tariffs.
(Investing) –LONDON – OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year and said it expected lower capital spending following a decline in oil prices. President Donald Trumps tariffs.
(World Oil) – bp Plc is off to a great start in its strategy reset and can follow through on the turnaround despite the recent drop in oil prices, said Chief Executive Officer Murray Auchincloss. For example, rig count is down 10% in the United States. That impacts supply, so were just cautiously moving forward.
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