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Guyanas Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. The high-volume, low-cost development offshore the South American country, which started production just five years ago, is already pumping more than 660,000 barrels per day (bpd) of
Five years after an Exxon-led consortium produced the first oil offshore Guyana, the country is pumping more than 600,000 barrels per day (bpd) of crude and has become South Americas fifth-largest oil exporter. Guyana and ExxonMobil expect oil production to jump to 1.3 million bpd by 2030, which would double the current output volumes.
Natural Gas $3.98 +3.25% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS Perenco Invests in New Offshore Infrastructure in Congo by Paul Anderson | Rigzone Staff | Tuesday, June 17, 2025 | 10:05 AM EST Perenco is building a new platform to recover approximately 7 million cubic feet of gas per day in the Kombi-Likalala-Libondo II permit area.
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. For that, however, the industry needs the right business conditions.
Guyanas Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. The high-volume, low-cost development offshore the South American country, which started production just five years ago, is already pumping more than 660,000 barrels per day (bpd) of crude.
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
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.
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.
Currently, Galp holds stakes in various oilfields in the deep waters of the Santos basin in the prolific pre-salt layer offshore Brazil. The Portuguese firms production in Brazil is about 110,000 barrels of oil equivalent per day (boepd) at present. The expected start-up of the Bacalhau field, operated by Norways Equinor, is set
As the country strives to produce two million bpd, projects of this nature will support new investments by providing a direct route from offshore fields to market.” The terminal itself boasts a storage capacity of 750,000 barrels. Plans are underway to increase storage capacity to three million barrels – dependent on market demands.
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
A new offshore oil auction in the Amazon, a major investment in refinery expansion, and an attempt to extract $6.2 million barrels of crude daily. million barrels of crude daily. billion from the energy industry—this may not sound very appropriate for a government that has made some big net-zero promises.
Guyanas oil output took a dip in March, sliding to 627,000 barrels per day (bpd) from Februarys 648,000 bpd, a new report from Reuters shows. Thanks mostly to ExxonMobil and its tag-team partners Hess and CNOOC, the offshore Stabroek Block has turned into one of the Not even close.
CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $19 billion (137.9 million barrels of oil equivalent (boe), up by 7.2% Chinese state-owned oil and gas giant CNOOC reported on Thursday an 11.4% billion Chinese yuan) for 2024, up by 11.4% compared to 2023.
billion barrels of oil and gas could still be produced from UK waters – 3.2 The Southern North Sea is the only region with no new fields under development today despite encouraging exploration success. It shows that over 7 billion barrels are geologically proven and technically accessible. These resources include: 0.5
(World Oil) – The Bureau of Ocean Energy Management (BOEM) has published a Proposed Notice of Sale (PNOS) for Lease Sale 262, the first of three offshore auctions in the Gulf of America under the 2024–29 Outer Continental Shelf Leasing Program.
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.
(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. For that, however, the industry needs the right business conditions.
(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.
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…
(Oil Price) –ExxonMobils eighth oil project offshore Guyana will also be the biggest natural gas development of the Exxon-led consortium in the prolific Stabroek Block. Longtail, which will include the Longtail, Tripletail, and Turbot discoveries, will be the consortiums eighth project offshore the South American country.
“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.
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. million barrels of oil equivalent) in Triassic reservoir rocks.
“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.
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 in 2030, with the capacity to increase production out to 2035. onshore and offshore regions by 2030.
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.
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.
(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.
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
The $107 million project includes multiple measures aimed at boosting production efficiency and increasing recoverable reserves by approximately 12 million barrels.
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.
Iraq has signed a contract for the construction of its third offshore pipeline to enhance the stability and flexibility of crude oil exports from its southern ports. million barrels per day. The operational capacity of the pipeline will be approximately 2 million barrels per day.
tariffsnow expects global oil (total liquids) demand growth to average 750,000 barrels per day (bpd) in 2025, a downward revision of 500,000 bpd from the prior outlook. A previous S&P Global Commodity Insights analysis explored the potential impact of sustained $50 per barrel prices for WTI. oil production growth this year.
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.
Libya is offering a total of 22 blocks for exploration and development, 11 offshore and 11 onshore blocks, including areas with undeveloped discoveries, in the first International Exploration and Development Bid Round in 18 years. million barrels per day (bpd), NOC says. Libyas crude oil production currently exceeds 1.4
benchmark WTI crude is currently trading around $62 per barrel below the break-even point for many oil and gas producers. The first quarter was subdued, SLB CEO Olivier Le Peuch said in a statement, citing a sharper-than-expected slowdown in Mexico, a slow start to the year in Saudi Arabia and offshore Africa, and steep decline in Russia.
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 interest is held by CEPSA Suriname S.L., an affiliate of Moeve. miles (150 kilometers) off the Surinamese coast.
Offshore Energies UKs flagship 2025 Business Outlook report being launched at a business breakfast event in Aberdeen today shows that under the right business conditions half of the 13-15 billion barrels of oil and gas the UK is projected to need by 2050 could be produced at home. The UK is on track to produce 4bn of these barrels.
” Prospect I is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources(1), or 1.7 We are excited to drill this follow-on exploration well as we continue to look to unlock the significant hydrocarbon potential of the Damara Fold Belt.”
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).
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.
(Oil Price) –First-quarter earnings at ExxonMobil ( NYSE: XOM ) topped analyst estimates as higher production in the Permian and offshore Guyana offset part of the lower realizations due to falling oil prices. million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer.
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