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Beacon Offshore Energy has officially started oil and gas production at its long-awaited Shenandoah field in the U.S. Phase 1 production is expected to ramp up to 100,000 barrels per day in the third quarter.
CNOOC Ltd, China’s top offshore crude oil and natural gas producer, has launched production of heavy crude from its Kenli 10-2 Oilfields Development Project, which is the largest shallow lithological oilfield offshore China, the company has said.
“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 The terminal itself boasts a storage capacity of 750,000 barrels.
Only three months after coming on stream, Equinor’s Johan Castberg field in Barents Sea has started producing at peak capacity of 220,000 barrels of oil per day…
Almost all well-known international companies” are vying for the 22 offshore and onshore blocks, he said. Authorities target daily oil output of 2 million barrels before 2030 — surpassing the 1.75 million-barrel peak reached during strongman Muammar Qaddafi’s reign in 2006. Eni SpA and Exxon Mobil Corp. million bpd.
Stabroek is a highly attractive asset, with 11 billion barrels of oil reserves and production costs of only around $20 a barrel, among the lowest in the world, according to consultancy Rystad Energy. These firms replenish their reserves not only to grow output but also to offset existing fields’ natural decline. energy sector.
This year, bp completed drilling activities from two gas discoveries offshore the Mediterranean; El-King-2 and El Fayoum-5. Earlier this year, bp started production from the second development phase of the Raven field, offshore the Mediterranean.
Image by Oleksii Liskonih via iStock TotalEnergies SE said Wednesday it has unlocked new production of 60,000 barrels per day (bpd) gross in Angola with the start-up of Begonia and CLOV Phase III. Elsewhere in Angola, TotalEnergies and its partners approved the Kaminho project in block 20/11 last year. Start-up is targeted 2028.
has begun production at the Weizhou 5-3 oilfield in the South China Sea, its seventh announced startup offshore China in 2025. Weizhou 5-3 is expected to reach a peak output of about 10,000 barrels a day next year, the state-backed oil and gas explorer and producer said in an online statement Monday. The field produces medium crude.
billion barrels of oil and gas could still be produced from UK waters – 3.2 Over the decades, even the most efficient fields naturally produce less in what is known as a decline. OEUK said the report highlights a critical distinction between a natural geologically driven decline and a faster decline driven by policy.
Every year billions of barrels of Produced Water (PW) are generated from oil and gas production around the world. As fields age, they generate higher water to oil ratios. In some mature fields, 10 barrels of water are generated for every barrel of oil produced. There are options to disposing of excess PW in SWDs.
million barrels of oil equivalent. Image by Ole Arnesen via iStock The Norwegian Offshore Directorate said ConocoPhillips Skandinavia AS, operator of production license 891, had confirmed the Slagugle oil discovery. miles) northeast of the Heidrun field and about 270 kilometers (168 miles) north of Kristiansund.
offshore collaboration with Chevron beyond the existing partnerships in Ballymore (40 percent TotalEnergies) which achieved first production this year, Anchor (37.14 Offshore production potential” Ballymore is in the Mississippi Canyon in the Gulf’s deep waters. The leases sit 175-330 kilometers (108.74-205.05
million barrels of oil equivalent a day (boed) in equity production in the April-June quarter, up two percent year-over-year. “New production from the Johan Castberg field reaching plateau and Halten East contributed. million barrels, up three percent year-on-year. billion, down 30 percent year-on-year. Equinor logged 2.1
Oil prices fall more than $1 barrel on reports Iran seeks truce with Israel Summary : Oil prices fell 1.3% Iran’s gas field saw partial shutdown but Strait of Hormuz flows remained uninterrupted. Offshore activity held at 13 rigs (-9 y/y). Stay tuned for weekly updates to keep you well-informed.
“Almost all well-known international companies” are vying for the 22 offshore and onshore blocks , he said. Authorities target daily oil output of 2 million barrels before 2030 — surpassing the 1.75 million-barrel peak reached during strongman Muammar Qaddafi’s reign in 2006. million barrels a day.
While some experts expect a short conflict and easing prices, others warn a complete shutdown of the strait could send oil prices soaring to $120-$130 per barrel, hurting global consumers. resilience stems from shifting from importing 14 barrels per capita in 1977 to net exporting 2.5 Shale’s ability to add 4.2
“Based on its decade long exploration and development success in Guyana in particular, ExxonMobil has created almost $30 billion in value and already surpassed 700,000 barrels per day of new oil production,” he added. “The company has set a new benchmark in opening up a deepwater frontier at pace.
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.
“The Murlach Field Development Project is a really significant North Sea project and to have our slab gate valves playing such a vital part in its operational safety is a great reflection of the trust the industry has in our products,” David Gallagher, Project Director of BEL Valves, said in the release. in [a] GBP 5 million ($6.7
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 Hoover and Diana fields are located approximately 160 miles south of Galveston, Texas. The hub ties in the remote Diana field around 15 miles away and two satellite fields, Marshall and Madison, each located about seven miles from the facility, according to ExxonMobil. Financial terms of the contract were not disclosed.
The figure also marks the fourth consecutive month that Norway’s gas output fell year-on-year, according to data from the Norwegian Offshore Directorate (NOD). million barrels per day (MMbd), down 6.4 “New production from the Johan Castberg field reaching plateau and Halten East contributed. MMbd, down 5.9
Image by kodda via iStock Vallourec said it secured two contracts to supply oil country tubular goods (OCTG) to support the drilling operations of China National Offshore Oil Corporation (CNOOC) and PetroChina in Iraq. The contracts have potential revenue of over $130 million, Vallourec said in a news release.
“We have received strong interest by buyers to prepurchase our enlarged North Sea production of 80,000 barrels of oil equivalent per day split about equally between oil and gas,” DNO Executive Chairman Bijan Mossavar-Rahmani said. banks, in particular, have significantly stepped up fossil fuel lending,” he added.
Image by Andrii Tokarchuk via iStock EnQuest PLC said it has completed the acquisition of Harbour Energy’s business in Vietnam, which holds a 53.125 percent equity interest in the Chim Sáo and Dua production fields (Block 12W). As of January 1, net 2P reserves and 2C resources across the fields totaled 7.5
Image by nielubieklonu via iStock TotalEnergies SE said it has signed an agreement to acquire the 25 percent interest held by Spanish integrated energy firm Moeve, formerly known as CESPA, in Block 53 offshore Suriname. The FPSO is designed to allow the future connection of satellite fields to extend the duration of its production plateau.
An Independent Expert Report completed by Cawley Gillespie & Associates in June 2024 estimates the primary target to contain a 2C Contingent Resource of 282 million barrels of ANS Crude (oil, condensate & NGLs) and 804 billion ft3 of natural gas. Please upgrade your browser to improve your experience. Already a member?
said that its Central Block asset in Trinidad and Tobago had gross production volumes averaging 2,969 barrels of oil equivalent per day (boepd), or 1,930 boepd net, in the first quarter. million cubic feet per day (MMcfpd) of natural gas and 179 barrels per day (bpd) of natural gas liquids (NGLs), Touchstone said in a news release.
Chinas state energy company CNOOC said today it had discovered a new oil field in the South China Sea that could contain over 100 million tons of crude oil, equal to around 733 million barrels. Dubbed Huizhou 19-6, the field is located some 100 miles offshore the province of Shenzhen.
Portugal-based energy company Galp expects its oil production in Brazil to jump by 40% in the coming years as a new major field is set to begin production later in 2025, Nuno Bastos, EVP Upstream, has said. Currently, Galp holds stakes in various oilfields in the deep waters of the Santos basin in the prolific pre-salt layer offshore Brazil.
(Oil Price) –The UK could produce about half of the energy it consumes locally, in the North Sea, the energy industry association, Offshore Energies, said this week, as quoted by the Financial Times. This support, apparently, can be ensured by tapping new resources in deposits adjacent to already producing fields.
(World Oil) –Murphy Oil Corporation today announced that a subsidiary has signed a Sales & Purchase Agreement (SPA) to acquire the BW Pioneer floating production storage and offloading vessel (FPSO) from BW Offshore.
BW Energy is pleased to announce that second sidetrack DBM-1 ST2 well has confirmed the substantial oil discovery with good reservoir and fluid quality of the Bourdon prospect in the Dussafu Licence offshore Gabon, announced on 7 March 2025.
Independent producer Ithaca Energy has bought a further 46.25% stake in the Cygnus gas field from Spirit Energy for a purchase price of 116mn, it said in a stock exchange statement May 20. Two months ago Ithaca bought a stake in the Seagull field. This is the type of deals we like.”
(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.
Chevron and TotalEnergies unlocked new production of up to 75,000 barrels a day of oil and 50 million cubic feet a day of gas with the startup of the deepwater Ballymore field.
This development marks a significant step in Chevrons strategic offshore growth and reinforces its broader production goals in one of its most prolific regions. He continued, Ballymore, which was completed on time and on budget, brings additional production online without building a new standalone offshore platform.
Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS Var Energi Makes Gas, Condensate Find Offshore Norway by Andreas Exarheas | Rigzone Staff | Wednesday, July 23, 2025 | 10:09 AM EST 'Vidsyn is an exciting discovery', SVP Exploration at Var Energi, Luca Dragonetti, said.
Libyas NOC is working with IOCs Repsol, bp, TotalEnergies, ConocoPhillips and more to increase output to two million barrels per day (bpd). The partners completed the offshore platform for Angolas first non-associated gas project in February 2025, with production on track for early-2026.
Energy Information Administration (EIA) forecast crude oil production in Alaska will increase by 16,000 barrels per day (bpd) in 2026 to 438,000 bpd after remaining relatively flat in 2025. The production profile for Alaska in 2023 records 2,340 active wells, 65% of which produce more than 100 barrels of oil equivalent per day (boed).
Independent refiners in China are the main buyers of seaborne oil shipments from countries sanctioned by the United States, with offshore Malaysia serving as a key trans-shipment hub for Venezuelan and Iranian crude. million metric tons, or 67,000 barrels per day (bpd), of mixed bitumen from Brazil between July 2024 and March 2025, worth $1.2
(Shell Brasil), a subsidiary of Shell plc, announced that it has taken the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. Current estimated recoverable resource volumes of the Gato do Mato development are approximately 370 million barrels.
Spanning over 2,000 km of offshorefields along the maritime border between Malaysia and Vietnam, the PM3 CAA stands as a model of long-standing cross-border energy cooperation. The domestic market UGSA has been structured to maintain the economic viability of future gas field developments.
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