Oil prices have fallen by around 40% since the middle of the year, and The Economist Intelligence Unit forecasts that lower oil prices will persist. In 2015 we are forecasting that Brent will average $80/barrel, rising slightly to $85/barrel in 2016.
RN-Uvatneftegaz, a subsidiary of Rosneft, produced 50 millionth ton of oil since the start of Uvat project implementation in 2004. In 10 years of enterprise performance the annual oil output increased almost by 10 times – from 1.2 mln tons in 2004 to about 10 mln tons, expected by the end of the current year.
CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced that its Liuhua 34-2 gas field has commenced production.
RWE Dea doubled its oil and gas production in Egypt. North Africa is a strategic core region for Dea. The company is one of the leading foreign investors in Egypt and produces oil and gas in the country for 30 years by now. RWE Dea is presenting applied technology highlights and recent projects at the MOC 2014 in Alexandria.
CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that the company has started producing bitumen from Kinosis 1A (K1A), a new steam-assisted gravity drainage (SAGD) facility.
Following the results of work for nine months of 2014, Novokuibyshev Refinery, a part of Samara group of Rosneft refineries, increased output of major oil products compared to the same period of 2013.
Eni has started production of first oil from the West Hub Development Project in Block 15/06 in the Angolan Deep Offshore, approximately 350 kilometres northwest of Luanda and 130 kilometres west of Soyo.
The Board of Directors of Gazprom Neft has reviewed information on the progress of the modernisation of the company’s oil refining facilities, and the sourcing of products for the domestic market.
Chevron Corporation (NYSE: CVX) announced that crude oil and natural gas production has begun at the Jack/St. Malo project in the Lower Tertiary trend, deepwater U.S. Gulf of Mexico. Jack/St. Malo is a key part of Chevron's strong queue of upstream projects and was delivered on time and on budget.
The offshore platform Cidade de Ilhabela started-up this Thursday, November 20, at 5:37 a.m., in the Santos Basin pre-salt field of Sapinhoá. The new unit is part of the set of production projects scheduled for this year as outlined in the company’s 2014-2018 Business and Management Plan.