Oil Production

Continued uncertainty around the Covid-19 pandemic has kept a lid on rallying oil prices, according to the World Bank. Though prices have been supported by continued production restraint by the Organization of the Petroleum Exporting Countries and their allies, aka OPEC-plus,“the pickup in oil prices has been partly dampened by uncertainty regarding the evolution of…

Colombia’s national oil company Ecopetrol SA is the latest firm to announce operational difficulties because of protests that have roiled the country for almost a month. The company said the segment worst hit has been natural gas, including natural gas liquids and liquid petroleum gas, principally in the Cuisana and Floreña fields. Oil production has…

Colombia’s key oil and gas industry has started to feel the impacts of nationwide protests that have dragged on for three weeks. On Wednesday, Energy Minister Diego Mesa said overall oil production had dropped below the 700,000 b/d mark for the first time since 2009. Several producers working the country have publicly announced adverse impacts.…

Natural gas production from seven key U.S. onshore regions is set to decline from May to June, while oil supply is poised for growth thanks to output from the Permian Basin, according to the Energy Information Administration (EIA). In its latest Drilling Productivity Report (DPR), EIA said it expects the Anadarko, Appalachia and Permian basins,…

No more investments in new oil and gas fields should be sanctioned if the world is to have a shot at achieving net zero greenhouse gas (GHG) emissions by 2050, the International Energy Agency (IEA) said Tuesday. The world’s oil and gas needs in a net zero world can be met by projects greenlit as…

Eagle Ford Shale pure-play SilverBow Resources Inc., long weighted to natural gas, is looking to step up its oil inventory and develop more wells in the Austin Chalk formation to expand the South Texas inventory. Executives highlighted recent well results and the outlook for 2021 during the recent first quarter earnings call.  During the first…

Calgary-based Imperial Oil Ltd. returned to profitability during the first three months of 2021, lifted by higher commodity prices and improved operations. President Brad Corson, who discussed the results during a conference call with his management team, attributed the first quarter gains to “decisive actions to weather the economic storm throughout 2020, including making fundamental…

Improved prices for increased oil, natural gas and liquids volumes, achieved in part on corporate takeovers, fueled a return to profitability by Canadian producer Whitecap Resources Inc. in the first three months of this year. Whitecap oil production volumes grew year/year to 64,795 b/d from 56,631 b/d, with natural gas volumes hitting 129 MMcf/d from…

A considerable jump in global oil and natural gas prices during the first quarter supported a big gain in profits for French supermajor Total SE.  Commodity prices were strong during the period as the world continued recovering from Covid-19, while colder weather in the northern hemisphere helped drive natural gas demand. Total said average oil…