Members of the Opec group of oil producers and their partners will meet via videoconference next Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The Opec+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia.
Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. announced. Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO.
Saudi Arabia said on Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.
Argentina’s state-held energy firm YPF slashed by 50% the oil production from its key development area in the vast Vaca Muerta shale play this week due to tumbling fuel demand in Argentina’s lockdown, local news outlet Rio Negro reports.
By Irina Slav for Oilprice.com – Brazil produced more than 1 billion barrels last year, the first time it has breached the 1-billion-barrel mark, according to reports from the country’s oil regulator, ANP. The daily average stood at 3.106 million bpd, up 7.78% on 2018, ANP also said.
Saudi ARAMCO said on Wednesday a new agreement between Saudi Arabia and Kuwait paves the way for the resumption of oil production in the Neutral (partitioned) Zone shared by the two countries.
Brazil's auction of drilling rights to four deep-sea oil fields raised a disappointing US$17 billion on Wednesday, officials said, well short of expectations for the highly-anticipated mega sale.
YPF, the largest oil and natural gas producer in Argentina, is focusing on shale oil for production growth as a glut slows natural gas output, managers at the state-backed company said Friday.
Petrobras oil production fell 3.5% in the first quarter from the same period a year before, according to Brazil’s oil regulator ANP, which attributed the fall to a number of scheduled and unscheduled stoppages.
Rolling blackouts across much of Venezuela that started on March 7 paralyzed most of the country’s oil wells and rigs, which have slowly come back online. Oil output averaged less than 600,000 bpd during the blackouts, the people said, who asked not to be identified because the information isn’t public.