Innovation Effect? US Oil Production Exceeds Forecasts
The United States, against the backdrop of a decline in production by OPEC+ countries, increased oil production compared to forecasts a year ago. Bloomberg reported this on December 17, 2023. Shale producers vs OPEC+ Abstracts of the publication: OPEC’s former foe, the US shale industry, is rearing its head just …
The Venezuelan Parliament Extended The Work of Two Joint Ventures PDVSA And Chevron
Another 17 joint ventures with the Venezuelan state oil company are in line to extend their work. Deputies of the Venezuelan National Assembly voted to extend the life of two joint ventures (JVs) between the national oil company PDVSA and the American Chevron. The agreement will be extended for 15 …
Angola Announced Its Withdrawal From OPEC
Angola withdrew from OPEC, the decision was made at the Council of Ministers chaired by the President. In November, the country reduced its oil production quota in 2024 from 1.28 million to 1.11 million barrels. per day. Angola has decided to withdraw from OPEC, the country’s Minister of Mineral Resources, …
The US Increased Shale Oil Production Amid OPEC+ Production Cuts
The US exceeded the forecast for production in the current quarter by 800 thousand barrels. per day, the volume amounted to 13.3 million barrels. At the same time, OPEC+ countries are cutting production – Russia has been reducing it by 500 thousand barrels since March. per day. The United States …
The Kremlin Did Not See the Seizure of Assets in The Decision on The Shares of Wintershall and OMV
The day before, President Vladimir Putin signed decrees depriving Wintershall and OMV of shares in two joint ventures with Gazprom. “There was and is no process of seizure,” says press secretary of the head of state Dmitry Peskov. The decrees of President Vladimir Putin, depriving Wintershall and OMV of shares …
A New Well Was Drilled at The Dayakhatyn Field in Uzbekistan
Uzbekneftegaz is carrying out large-scale work to increase natural gas production and hydrocarbon reserves in the fields. The company’s press service reported this on December 19, 2023. Theses of Uzbekneftegaz: in Karakul district of Bukhara region drilling work was successfully completed at well No. 117 of the Dayakhatyn gas condensate field …
Oil Production in Iran Has Increased By 60% in Two Years
The chief executive of the National Iranian Oil Company (NIOC) said the country’s crude oil production has increased by 60 percent under President Ibrahim Raisi’s administration. Mohsen Khojastemehr said that according to statistics from the Central Bank of Iran (CBI), the oil and gas sector has the lion’s share in …
The Ministry of Natural Resources Stated That Gas Reserves in The Russian Federation Have Remained at The Same Level For More Than 20 Years Due to Geological Exploration
At the current level of production, its provision with gas reserves is more than 100 years, the department assured. Gas reserves in Russia have been kept at the same level for more than 20 years due to restoration work. The supply of gas reserves at the current production level is …
The Egyptian Parliament Approved a Deal With Lukoil Overseas for Oil Exploration and Production
Ahmed al-Awadi, Chairman of the Committee on Defense and National Security in the Egyptian Parliament, said that the agreement is being implemented as part of his country’s oil and gas sector development strategy. The House of Representatives (lower house of parliament) of Egypt approved a bill allowing the Minister of …
Vladimir Putin Instructed to Transfer the Assets of Achimgaz to Gas Technologies LLC
Russian President Vladimir Putin ordered the transfer of Achimgaz assets to the Russian Gas Technologies LLC; the corresponding decree was published on the official legal information portal. “The Government of the Russian Federation creates Russian limited liability companies, to which, on the basis of this Decree, all the rights and …