News

HOUSTON — W&T Offshore, Inc. has announced that the Ship Shoal 349 A-18 well, its most recently completed well at Mahogany field, was successfully brought on production on Jan. 17, 2017. The well is ramping up to full rates and, thus far, has achieved a production rate of 3,275 bopd and 5.6 MMcfgd, for a total of approximately 4,200 boed ...

CHICAGO (Bloomberg) — Chevron Corp. posted its first annual loss since at least 1980, signaling the difficulties faced by the world’s biggest oil companies as they struggle to emerge from the worst collapse in a generation. The company had a $497 million loss last year and failed to replace all of the crude and natural gas it pumped with new ...

TEHRAN, Jan. 25 (Shana) — An Iranian oil exploration and production (E&P) has signed a memorandum of understanding (MoU) with Austria’s OMV for cooperation in upstream oil projects in Iran. OMV, the international, integrated oil and gas company based in Vienna, and Dana Energy company, a leading Iranian company active in oil and gas upstream field development activities, signed a ...

TEHRAN, Jan. 25 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh says Iran’s crude oil output is at 3.9 million barrels per day. Speaking on the sidelines of a government cabinet meeting on Wednesday, the official said Iran is now pumping 3.9 million barrels of oil per day. He said a heads of agreement (HoA) has been signed between the ...

TEHRAN, Jan. 24 (Shana) — The National Iranian Oil Company (NIOC) says it will hold a tender for developing South Azadegan oilfield in the near future. Managing Director of NIOC Ali Kardor said on Tuesday that the company has planned a tender for developing the field soon. He also expressed hope that a deal for developing phase 11 of the ...

TEHRAN, Jan. 24 (Shana) — Iran has raised its natural gas production capacity by 600,000 cubic meters per day by launching Well No. 45 of Tabnak gas field at Parsian Operating Area. South Zagros Oil and Gas Company has launched the well with the capacity to produce 600,000 cubic meter of natural gas per day. Badiollah Mousavi, operator of the ...

TEHRAN, Jan. 24 (Shana) — Government Spokesperson Mohammad Baqer Nobakht says Iran’s oil income is being transferred to the country without any trouble, adding the country will receive IRR 685,000b of its oil cash by the calendar yearend. Speaking on Tuesday, Nobakht said, “Under the current circumstances we can receive our oil money without any trouble.” He said Iran is ...

HOUSTON — BP today announced that it has started up the Thunder Horse South Expansion project in the deepwater Gulf of Mexico, 11 months ahead of schedule and $150 million under budget. The project is expected to boost production at the facility by an estimated 50,000 boed gross, further increasing output at one of the largest oil fields in the ...

HOUSTON (Bloomberg) — Schlumberger is waiting for the rest of the world’s oil producers to catch up to the North American crude recovery. The world’s largest oilfield service provider sees international spending picking up in the second half of the year and into 2018, CEO Paal Kibsgaard told analysts and investors on an earnings conference call Friday. That will follow ...

LONDON (Bloomberg) — Representatives of OPEC and several other major oil producers will start arriving in Vienna on Friday for their first meeting to monitor compliance with an agreement to cut output. Ministers from Saudi Arabia, Kuwait, Algeria and Venezuela will meet counterparts from non-OPEC nations Russia and Oman to figure out ways to verify that the 24 signatories to ...