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The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday. The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room.
India is fast cementing its status as the worlds top engine of oil demand growthovertaking China earlier than expected and showing no signs of slowing down. million barrels per day (bpd), and then rise another 4.3% According to OPECs latest Monthly Oil Market Report, Indias oil demand is projected to grow by 3.4% in 2025 to 5.74
(Oil Price) – As if WTI oil prices in the low $60s per barrel aren’t enough to slow production growth at America’s top producing shale basin, the Permian, new guidelines for permitting saltwater disposal wells could raise the costs for operators, especially smaller producers with limited resources.
Image by Pattadis Walarput via iStock A tanker hauling 1 million barrels of oil suffered an explosion while near Libya, its manager said Monday. The blast caused water intake and the vessel’s engine room is flooded, a spokesperson for TMS Tankers said. Exactly what caused the explosion was unclear, they added.
produced about 5 million barrels of crude oil per day, down by half from the 1970s. With even remote fields like Alaskas North Slope sputtering and the cost to find and extract an additional barrel of oil rising, collapse loomed. That $62 per barrel break-even price in Midland is up from $46 in 2017. Twenty years ago, the U.S.
The project scope includes decommissioning the subsea flowlines, marking EnerMech’s first major decommissioning campaign in the region, the Aberdeen, Scotland-based engineering services firm said in a news release. Financial terms of the contract were not disclosed.
Yet in the back of each barrel of crude oil extracted lies a method that is each quite technical and meticulously deliberate – drilling. The oil and gasoline enterprise is one of the most technically superior and strategically vital sectors in the world economy.
The Iraqi Ministry of Oil has announced that crude oil production at the Nasiriyah and Saba [Subba] fields has been raised to a combined total of 100,000 barrels per day (bpd), as part of the first phase of a broader integrated development plan.
million barrels per day (bpd), up from a record 13.2 per barrel at $68.28, which is a $1.25 per barrel increase from last week. per barrel at $72.09, which is a $1.75 per barrel increase from last week. crude production is expected to increase to approximately 13.6 million bpd in 2024. Brent: Trading up by $0.09
Key Features and Capabilities Storage Capacity : The terminal’s capacity was expanded from 20,000 barrels per day (bpd) to 40,000 bpd. This expansion included the construction of three 5,000-barrel API 650 steel oil tanks, a 1,000-barrel slop oil tank, and a 750-barrel fiberglass water tank.
Yet, at the lower back of each barrel lies an challenging machine considered as oil drilling – a self-control that desires technical precision, environmental stewardship, and strategic foresight. In the evolving narrative of world energy, oil continues to play a central feature in powering economies and enabling industrial progress.
. “I am also pleased to be able to announce our initial Q1 results from the Williston project which continues to perform as a cash generating engine for the wider group. BCF/1000 feet (‘) of perforated interval) and between 160,000 and 240,000 barrels of condensate, equivalent to a total range of 0.827 to 1.24 net wells).
(TSXV: CCEC) (FSE: 4JH) ( CanCambria or the Company ) is pleased to announce the results of the Companys independent resource evaluation for the Kiskunhalas tight-gas project in southern Hungary dated April 30th, 2025, prepared by Chapman Hydrogen and Petroleum Engineering ltd (CHPE). CanCambria Energy Corp. BCF natural gas and 53.2
The term advantaged is used repeatedly in the earnings release not as corporate jargon, but as a meaningful lens into ExxonMobils capital allocation and earnings engine. ExxonMobils first-quarter 2025 results reveal a clear narrative: U.S. Upstream Results: Permian Power ExxonMobils U.S. upstream earnings jumped to $1.87 billion in Q1 2024.
The CEO of the Petroleum Engineering and Development Company (PEDEC) Nasrollah Zarei announced that the launch of the first phase of the crude oil processing unit at the South Azadegan joint field will be soon to start production, according to Shana.
The aim is to debottleneck and upgrade existing facilities to increase energy production capacity to 120,000 barrels of oil per day on completion of the first phase. Wood is already providing engineering design, detailed design, procurement support and construction and commissioning assistance for the first phase of the AGUP.
Unconventionals Analyst – an extension to Esris industry standard ArcGIS Pro desktop GIS application – builds on its already powerful functionality with a host of new capabilities designed to increase the productivity of its user-base of geoscientists, reservoir engineers and GIS professionals. At version 3.2,
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.
million barrels per day (bpd) in 2024 to around 13.6 Production and Market Outlook for 2025 Despite the overall rig count decline, production forecasts remain bullish : The EIA projects that U.S. crude oil production will rise from a record 13.2 million bpd in 2025.
Oil & Gas Contact Directory Flowback Consultants and Well Testers Contact List Completions Engineer Contact List Completions Consultant Contact List Drilling Engineer Contact List Drilling Consultant Contact List The post Triple-Frac: Chevrons New Power Play in the Permian appeared first on Oil Gas Leads.
Unconventionals Analyst – an extension to Esris industry standard ArcGIS Pro desktop GIS application – builds on its already powerful functionality with a host of new capabilities designed to increase the productivity of its user-base of geoscientists, reservoir engineers and GIS professionals. At version 3.3,
Unconventionals Analyst – an extension to Esris industry standard ArcGIS Pro desktop GIS application – builds on its already powerful functionality with a host of new capabilities designed to increase the productivity of its user-base of geoscientists, reservoir engineers and GIS professionals. At version 3.3,
Engineers point to improved fracture predictability as a compelling advantage. Engineering Tradeoffs: Its Not Just About Pumping More While multi-well stimulations offer clear benefits, theyre not plug-and-play. For example, a single well pumped at 80 barrels per minute (BPM) across 10 clusters delivers 8 BPM per cluster.
The Permian Basin alone produces approximately 15 millions of barrels of water a day. Applying the standard rate of 44 gallons to the barrel, a total of 15 million barrels equals about 660,000,000 gallons of water a day. Not even on eBay. Through normal drilling, completions, and production, the numbers are staggering.
Every year billions of barrels of Produced Water (PW) are generated from oil and gas production around the world. In some mature fields, 10 barrels of water are generated for every barrel of oil produced. As fields age, they generate higher water to oil ratios.
The aim is to debottleneck and upgrade existing facilities to increase energy production capacity to 120,000 barrels of oil per day on completion of the first phase. Wood is already providing engineering design, detailed design, procurement support, and construction and commissioning assistance for the first phase of the AGUP.
This is expected to add about 7,500 barrels per day (bbl/d) and increase the total production of Ras Gharib fields to 9,000 bbl/d, driven by the efforts of GPCs engineers and technicians. The company is currently implementing an intensive drilling program, supported and supervised by EGPC, aimed at drilling 75 wells within 12 months.
Oil and gas produced within the UK Continental Shelf pays taxes, supports jobs and the wider national supply chain including manufacturing, engineering and service firms. Today, the UK is on track to produce only 4 billion of those barrels with companies warning even this is at risk.
It is targeting 365 million barrels ofunrisked and 32 million barrels of risked prospective light/medium oil resources (1) , or 1.9 Prospect I is located onshore Namibia in Petroleum Exploration Licence 073 (“PEL73”) and is the Company’s largest prospect to be drilled so far.
So w hat to do when your client says “but I really want a Canadian-style, non-field erected, engineered, shop-built 2,500 Bbl tank”? Where in the past many such tanks would have been bolted API 12B tanks, now increasingly demands are for engineered higher pressure tanks. In this case it was a little bit easier.
Despite soft prices and global market uncertainty, the province set a new April production record at 4 million barrels per dayup 2% from last year. Oil sands drove the gains, accounting for 84% of total output, while natural gas volumes also edged higher.
EBS Petroleum is a body registered in Iraq to conduct petroleum operations on behalf of China's ZhenHua Oil , The Minister confirmed that the agreement will enable the field to increase output by up to 100,000 barrels per day (bpd), expanding from its current production of approximately 45,000-50,000 bpd.
That means cutting around 2 million barrels per day. The company announced a 10% cut in capital spending and said it wont resume growth until crude climbs back into the $55$65 per barrel range. shale growth but also the economic engine of oil-heavy states like Texas. Diamondback Cuts Whos Next? OPECs Playbook: Price War 2.0?
We are focused on delivering more affordable and reliable energy from this region, building our capacity to over 400,000 barrels of oil equivalent per day by the end of the decade. million barrels of oil equivalent per day globally by 2030, with approximately 1 million barrels expected from the U.S. BP is also targeting 2.32.5
billion in reserve equivalent to $10 per barrel of oil price sensitivity. per barrel for 2025 , reflecting a cautious outlook while retaining operational agility. BP emphasized that market volatility is not new to the sector and highlighted its capital flexibility , maintaining around $2.5 billion (up from $1.2
The initial version of the tool gained many new users and through our support requests we could see they were making many new and innovative gun barrel plots. These further enhancements really enable you to create the gun barrel diagrams that you need, so that drawing them manually should definitely now be history!
Zephyr’s currentWilliston Basininvestments have become a successful cash-generating engine for the Company, funding all corporate costs and the Company’s ongoing investment in its operated asset in theParadox Basin,Utah. million barrels of oil equivalent (“mmboe”), 2C resources of 34 mmboe and 2U resources 270 mmboe.
This is all the more important when operators have to meet tight deadlines and often with lower budgets and every additional barrel counts. In an industry where equipment obsolescence often leads to costly replacements, Legacy Locker offers a sustainable alternative by creatively refurbishing and re-engineering components.
This is all the more important when operators have to meet tight deadlines and often with lower budgets and every additional barrel counts. In an industry where equipment obsolescence often leads to costly replacements, Legacy Locker offers a sustainable alternative by creatively refurbishing and re-engineering components.
per barrel , marking a 5.2% per barrel of oil equivalent (boe) , up 15.6% million barrels per day (bpd) , reflecting a 1.3% Energy Market Trends: Prices on the Rise Crude oil and natural gas prices saw notable increases in Q4. The price of West Texas Intermediate (WTI) crude oil closed the quarter at $71.72
Conocos Lance emphasized: We have decades of inventory below our $40 per barrel WTI cost of supply threshold. Expect measured responsesand a clear eye on where $40 barrels are still profitable. As shale continues to evolve, dont expect knee-jerk reactions.
Viper defines free cash flow margin as cash flow from operations less capital expenditures divided by total barrels of oil equivalents. Vipers estimated proved reserves as of December 31, 2024 contained in this communication were prepared by Vipers internal reservoir engineers and audited by Ryder Scott Company, L.P.,
private) (N/A – private; high gas focus) (N/A – private) ~7–9 rigs in Oklahoma (2025) (21 wells drilled in 2023) Note: MBOE/d = thousand barrels of oil equivalent per day. production from Anadarko (Q2 2024) (N/A – private) ~7–9 rigs in Oklahoma (2025) Mewbourne Oil Co. Liquids” includes crude oil and NGLs. CapEx = capital expenditures.
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