UK-based oil and gas firm Premier Oil with interests in the Falkland Islands has announced its full-year results for 2018, reporting a post-tax profit hike to US$ 133.4m as a result of record production. These full-year results are a ‘return to profitability’ from 2017’s full-year loss of US$ 253.8m.
While everyone is talking about how surging U.S. crude oil production will offset a large part of the ongoing OPEC/non-OPEC production cuts, there are other oil producers not taking part in the OPEC+ deal and poised to see their output jump this year.
Venezuela this month plans to import over 300,000 barrels per day (bpd) of refined products to ease domestic fuel shortages caused by hobbled refineries and need to prioritize exports, according to internal documents, reports Reuters.
Brazil's domestic crude oil output rose for the first time in five months in October as production from the subsalt region continued to grow and fewer floating production units were idled by maintenance shutdowns during the month.
Oil prices slumped up to nearly 8% to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6.
Argentina's state-controlled oil company, YPF, will significantly boost oil and gas production, investing between US$4 and US$ 5 billion per year through 2022, Chief Executive Daniel Gonzalez said. The plan is to raise production by between 5and 7% per year, with the largest increase in the Vaca Muerta formation, one of the world's largest reserves of shale oil and gas.
Oil majors are set to gather in Rio de Janeiro this Friday to unveil bids for stakes in Brazil’s high potential offshore areas ahead of elections that are casting a cloud of uncertainty over the industry.
Argentina plans to launch a delayed offshore licensing round in October as it seeks to explore a large frontier region in the South Atlantic for potential oil and natural gas production growth in the future. This was announced to oil executives in Houston by Argentina's energy secretary Javier Iguacel.
Brazil’s state-run oil giant Petrobras aims to raise output as much as 10% to around 2.3 million barrels per day (bpd) in 2019 and cut net debt by US$10 billion, according to Chief Financial Officer Rafael Grisolia. The world’s most indebted oil company is on course to reduce debt to US$ 69 billion by the end of this year despite falling short of its US$ 21 billion asset sales target, Grisolia pointed out.
Venezuelan President Nicolas Maduro said on Tuesday that new investments from China will help his country dramatically boost its oil production, doubling down on financing from the Asian nation to turn around its crashing economy.