Tag: oil production

• Saturday, July 14th 2018 - 19:53 UTC

  Corruption unleashed: Venezuelan government denounced for enriching itself with aid funds

  

  According to a financial intelligence panel that met Friday in Cartagena, Colombia; in Venezuela, Maduro's government “uses food and humanitarian aid as a weapon for social control.”

• Saturday, July 14th 2018 - 07:48 UTC

  Venezuela’s oil crisis gets worse: Production keeps falling

  

  Venezuela’s oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the month, pointing to a grim near-term future that could see total production dip below 1 million barrels per day (mb/d) by the end of the year.

• Monday, July 2nd 2018 - 08:25 UTC

  Saudi Arabia prepared to help with Trump's request “to pump more oil”, but gives no specifics

  

  President Donald Trump said over the weekend that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets.

• Tuesday, June 26th 2018 - 09:06 UTC

  Petrobras agrees to pay US$ 3bn in reparations to US investors

  

  Brazilian state oil company Petrobras announced Monday that it would pay almost 3 billion U.S. dollars in reparations to U.S. investors who were harmed by the corruption ring within the firm. Brazil's largest company was sued in a class action lawsuit, which was approved on June 22 by a federal court in New York.

• Tuesday, June 26th 2018 - 08:40 UTC

  Saudis commitment to increase oil production to meet growing customer demand

  

  Saudi Arabia’s state oil giant will meet customer demand for its crude after the country’s energy minister cemented a deal to boost global supply, according to Saudi Aramco CEO Amin Nasser.

• Tuesday, June 26th 2018 - 08:35 UTC

  Latest member to join OPEC expects to raise oil production by 65%

  

  The Republic of Congo expects to raise oil production by as much 65% this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said.

• Saturday, June 23rd 2018 - 10:29 UTC

  OPEC ministers agree to increase oil supplies, but volume has to be decided

  

  OPEC ministers announced a deal on Friday that will increase oil supplies from the producer group, which has been capping output in order to balance the market and boost prices for the last 18 months. The agreement came after a week of tense negotiation at OPEC's headquarters in Vienna, Austria. Top OPEC producer Saudi Arabia faced the challenge of convincing a handful of reluctant producers including Iran, Iraq, and Venezuela to support an output hike.

• Saturday, June 23rd 2018 - 10:27 UTC

  Exxon-Mobil made its eighth major oil discovery offshore Guyana

  

  ExxonMobil made its eighth oil discovery offshore Guyana at the Longtail-1 well in the Stabroek Block on June 20. The company encountered 256 feet of oil-bearing sandstone. The well was drilled to 18,057 feet depth in 6,365 feet of water.

• Friday, June 22nd 2018 - 09:10 UTC

  Petrobras loses massive wage dispute, which could cost US$ 4.5 billion

  

  Brazil’s top labor court on Thursday ruled in favor of workers at Petrobras in a wage dispute that could cost the world’s most indebted oil company up to 17 billion Reais (US$ 4.5 billion). Petrobras may still appeal the Superior Labor Court’s ruling in the case, brought by oil workers seeking more pay.

• Wednesday, June 6th 2018 - 08:52 UTC

  Venezuela's oil delivery contracts could suffer 50% haircut

  

  Venezuela’s state-owned PDVSA is considering a declaration of force majeure on some of its oil supply contracts in June unless its clients agree to accept volume reductions of up to 50%, Argus reported on Tuesday, citing PDVSA officials.