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Pakistan’s state-owned Oil & Gas Development Company Limited (OGDCL) has hit a new reservoir of oil and gas at its Faakir-1 wildcat well—an onshore discovery in Sindh province that could help reverse the country’s deepening energy crisis. Drilled to a depth of 4,185 meters, the well tested at 6.4
gas prices have dropped to their lowest Independence Day level in four years, with the national average now at $3.14 Brent crude futures have fallen steadily over the past two weeks, dropping from over $75 per barrel to just under $68 as of Monday. per gallon, according to GasBuddy. shale producers and OPEC+ exporters.
million barrels from the previous week. million barrels, U.S. crude oil refinery inputs averaged 17 million barrels per day during the week ending June 20, 2025, which was 125 thousand barrels per day more than the previous week’s average. million barrels per day. million barrels per day. Imports U.S.
Pakistan Oilfields Limited (POL) and Oil and Gas Development Company Limited (OGDCL) have announced the successful completion of hydrocarbon production testing at the Makori Deep-03 Development Well in the TAL Block in Khyber Pakhtunkhwa. million standard cubic feet of gas per day (MMSCFD), according to a filing by POL.
million barrels from the previous week. At 426 million barrels, U.S. crude oil refinery inputs averaged 17 million barrels per day during the week ending July 4, 2025, which was 98 thousand barrels per day less than the previous week’s average. million barrels per day. million barrels per day. Imports U.S.
Crude oil prices could decline below $50 a barrel this year, according to analysts from outlets including S&P Global. This will give American drivers much needed relief at the pump after years of gas price inflation. One reason for the hypothetical decline is what is widely seen as weakening demand growth.
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending June 6, 2025, which was 228 thousand barrels per day more than the previous week’s average. million barrels per day. million barrels per day. million barrels per day. Imports U.S.
million barrels on June 27, the EIA's latest weekly petroleum status report showed. million barrels on June 27, the EIA's latest weekly petroleum status report showed. million barrels from the week ending June 20 to the week ending June 27, the U.S. million barrels on June 27, 415.1
Geological Survey (USGS) has discovered large oil and gas deposits in the Mowry Composite Total Petroleum System that spans parts of Wyoming, Colorado and Utah. The report estimates large hydrocarbon resources, including 473 million barrels of oil and 27 trillion cubic feet (tcf) of natural gas.
natural gas prices fell by 6% on Friday morning amid the overall panic market selling, but the benchmark Henry Hub price was declining less than the WTI Crude prices, which sank by more than 8% to hit a low of $61 per barrel. This WTI price is now below the average $65 per barrel price U.S. The benchmark price for U.S.
Iran has awarded US$17 billion of contracts to attempt to reverse a dramatic projected production decline from the worlds biggest gas reservoir. trillion cubic metres (tcm) of gas reserves plus 18 billion barrels of gas condensate. Its South Pars field spans 3,700 square kilometres and holds an estimated 14.2
Canadian energy producers are focusing more on natural gas as oil prices suffer the combined effects of the U.S. The Western Canadian Select benchmark dived from about $59 per barrel at the start of April to just $50 per barrel now. Yet drillers started turning to natural gas to regain their balance much earlier than April.
The Panama Canal is considering an idea to build a pipeline to ship liquefied petroleum gas (LPG) across the key trade chokepoint to potentially bring gas from the U.S. The canal authorities see moving gas through Panama as a top priority, but its also highly complex, according to Vasquez.
Image by McFranki via iStock In a statement posted on its site recently, the Texas Railroad Commission (RRC) revealed its latest preliminary crude oil and natural gas production figures. The RRC noted in the statement that crude oil and natural gas production for March came from 157,192 oil wells and 83,898 gas wells.
An assessment by the US Geological Survey reveals potential undiscovered oil and gas in two formations under much of the US Gulf Coast from Texas to Florida. trillion cubic feet of gas and 28 million barrels of oil. The survey detailed that here are technically recoverable resources of 35.8
With a reform enacted, oil and gas block operators in Indonesia will be allowed to partner with drilling and service technology providers to raise production from old wells or oilfields, the country’s deputy energy minister Yuliot Tanjung said on Tuesday, as carried by Reuters. Currently, Indonesia produces about 600,000 barrels per day…
This represented an increase of 600 jobs in the services sector and 1,600 jobs in oil and gas extraction. TIPRO’s new workforce data indicated strong job postings for the Texas oil and natural gas industry, although May data showed a decline in overall unique postings compared to the previous month.
million barrels on June 20, the EIA's latest weekly petroleum status report showed. million barrels on June 20, the EIA's latest weekly petroleum status report showed. million barrels on June 20, the EIA's latest weekly petroleum status report showed. million barrels on June 20, 420.9 million barrels, U.S.
Lower oil and gas prices are expected to dent the second-quarter earnings at BP, despite higher output and stronger refining margins. per barrel in the second quarter compared to $75.73 a barrel in the first quarter 2025, the company said. Brent oil prices averaged $67.88
ExxonMobils eighth oil project offshore Guyana will also be the biggest natural gas development of the Exxon-led consortium in the prolific Stabroek Block. Exxon and its partners in Guyanas oil projects, U.S. Hess Corp and CNOOC of China, expect to produce up to 1.5
Chinese state-owned oil and gas giant CNOOC reported on Thursday an 11.4% rise in net profit for 2024, as record oil and gas production offset weaker energy commodity prices. CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $19 billion (137.9 compared to 2023.
million barrel per day cut from April. A statement posted on OPEC's website on Monday revealed that Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Oman and Algeria will start unwinding a 2.2
The recent reiteration by Iraq Oil Ministry of a 7 million barrels per day (bpd) oil production target within the next five years has spurred activity among Chinese firms that continue to dominate the countrys oil and gas sector.
Offshore Energies UK said that local energy production was estimated at some 2 billion to 3 billion barrels of oil equivalent until 2050, under the governments net-zero plans, which estimate total energy demand of 13 to 15 billion barrels of oil equivalent in that period.
Russia expects its natural gas exports, including via pipeline and LNG, to jump twofold by 2030 and threefold to 2050 under its new long-term energy strategy approved by the government on Monday. million barrels per day (bpd), in 2023 to 540 million tons, or 10.8 million bpd, by 2050.
(Oil Price) – Lower oil and gas prices are expected to dent the second-quarter earnings at BP, despite higher output and stronger refining margins. per barrel in the second quarter compared to $75.73 a barrel in the first quarter 2025, the company said. Brent oil prices averaged $67.88
Image by Yarphoto via iStock The world’s biggest oil product market is hungry for barrels as traders grapple with a summer supply squeeze. ” Diesel markets spiked last month when the fighting between Israel and Iran threatened millions of barrels of fuel exports from the Persian Gulf. 700K Industry Pros can’t be wrong.
Russia expects 24% lower revenues from oil and gas this year compared to earlier estimates, following the oil price crash that began in early April and sank the price of its flagship Urals crude close to the $50 per barrel mark. Russia now sees its oil and gas revenues at about $101.7 billion (8.32 billion (8.32 billion (10.9
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. Test drilling produced 413 barrels of crude oil and 68,000 cu m of natural gas daily, state news agency Xinhua reported.
million barrels for the week ending June 27, an oil and gas report sent to Rigzone by the Macquarie team late Monday revealed. million barrels per day),” the Macquarie strategists added in the report. million barrels per day) and imports modestly higher (+0.2 million barrels per day) and imports modestly higher (+0.2
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending March 14, 2025, which was 45 thousand barrels per day less than the previous weeks average. million barrels per day. million barrels per day. million barrels per day. million barrels last week.
million barrels from the previous week. million barrels, U.S. crude oil refinery inputs averaged 17 million barrels per day during the week ending May 30, 2025, which was 670 thousand barrels per day more than the previous weeks average. Gasoline production decreased last week, averaging 9 million barrels per day.
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending May 16, 2025, which was 89 thousand barrels per day more than the previous weeks average. million barrels per day. Distillate fuel production increased by 131 thousand barrels per day last week, averaging 4.7
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending May 9, 2025, which was 330 thousand barrels per day more than the previous weeks average. million barrels per day. Distillate fuel production decreased by 69 thousand barrels per day last week, averaging 4.6
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending May 2, 2025, which was 7 thousand barrels per day less than the previous weeks average. million barrels per day. Distillate fuel production increased by 41 thousand barrels per day last week, averaging 4.7
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending April 25, 2025, which was 189 thousand barrels per day more than the previous weeks average. million barrels per day. million barrels per day. million barrels per day. Imports U.S.
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending April 18, 2025, which was 326 thousand barrels per day more than the previous weeks average. million barrels per day. million barrels per day. million barrels per day. Imports U.S.
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending April 11, 2025, which was 64 thousand barrels per day less than the previous weeks average. million barrels per day. million barrels per day. million barrels per day. million barrels last week.
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending April 4, 2025, which was 69 thousand barrels per day more than the previous weeks average. million barrels per day. million barrels per day. million barrels per day. million barrels per day, 6.9%
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending March 28, 2025, which was 192 thousand barrels per day less than the previous weeks average. million barrels per day. million barrels per day. million barrels per day. Imports U.S.
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending March 21, 2025, which was 87 thousand barrels per day less than the previous weeks average. million barrels per day. million barrels per day. million barrels per day. million barrels last week.
million barrels from the previous week. million barrels, U.S. million barrels per day during the week ending March 7, 2025, which was 321 thousand barrels per day less than the previous weeks average. million barrels per day. million barrels per day. million barrels per day. million barrels last week.
natural gas production and 750 barrels per day of U.S. natural gas liquids output during the second quarter due to weak prices. oil and gas producer also completed the sale of its New Mexico assets [Read more] APA Corp said on Wednesday it curtailed about 10 million of cubic feet per day (MMcfpd) of U.S.
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