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MercoPress, en Español

Montevideo, April 20th 2024 - 05:18 UTC

Tag: oil production

  • Tuesday, June 26th 2018 - 08:40 UTC

    Saudis commitment to increase oil production to meet growing customer demand

    The world’s biggest exporter, officially known as Saudi Arabian Oil Co., is pumping 10 MMbpd and has the capacity to produce 2 million more, Nasser told reporters

    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%

    Congo Brazzaville joined OPEC last week and plans to open up its oil industry, which the government says is dominated by Total SA and Eni SpA, to new investors

    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

    On Friday, OPEC members agreed to start pumping more oil, though the agreement will not end the group's 18-month-old deal to limit output

    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

    “The Longtail discovery is in close proximity to the Turbot discovery southeast of the Liza field,” Steve Greenlee, ExxonMobil Exploration Company president said

    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

    The head of the Superior Labor Court, Brito Pereira, had to vote to untie the ruling, which had 13 labor judges voting for the employees and 12 for the company

    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

    PDVSA is asking its principal clients that are collectively owed 1.5 million bpd of crude in June to accept smaller volumes and restructure existing supply contracts

    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.

  • Thursday, May 17th 2018 - 18:02 UTC

    IEA: High Oil Prices “Taking A Toll” On Demand

    Venezuela's production is plummeting, and output is 550,000 bpd below it's agreed upon target as part of the OPEC deal.

    Geopolitics has taken over the oil market, driving oil prices up to three-year highs. The inventory surplus has vanished, and more outages could push oil prices up even higher. Yet, there are some signs that demand is starting to take a hit as oil closes in on $80 per barrel.

  • Saturday, May 12th 2018 - 09:37 UTC

    Leading global oil companies interested in Argentina offshore blocks auction

    Argentina is still defining the blocks to be included in its auction, expected to receive bids in late November.

    Oil firms, including Norway’s Statoil, U.S.’ Anadarko Petroleum Corp, China’s CNOOC and Malaysia’s Petronas, have shown interest in Argentina’s auction this year of offshore blocks for exploration and production, the country’s energy minister said.

  • Wednesday, March 7th 2018 - 09:40 UTC

    Venezuela oil production 1.5 million bpd short of its historic output

    Venezuela’s oil production fell 13% in 2017 to a 28-year low of about 2.072 million bpd., an estimated 1.5 million bpd short

    Venezuela’s oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said. Caracas should address the shortfall on its own, added Perez on the sidelines of the CERAWeek energy conference in Houston.

  • Wednesday, March 7th 2018 - 09:36 UTC

    US shale oil output surge set to influence world market in next five years

    Non-OPEC production is set to rise 5.2 million bpd by 2023 to 63.3 million bpd. Shale oil production will account for over half of the world's output growth

    United States shale oil output is set to surge over the next five years as drillers recover rapidly from a three-year slump, the International Energy Agency said, sharply upgrading its previous growth forecasts. A landmark deal in 2017 between OPEC and other oil producers including Russia to curb output in order to battle a global glut materially improved the outlook for other producers as oil prices rose sharply throughout the year, the IEA said.