Increase Oil Production News

Belgian oil tanker and storage operator Euronav on Thursday reported a 30% increase in its quarterly core profit, helped by recovering freight rates and a positive impact from the war in Ukraine."The conflict in Ukraine has driven considerable dislocation in tanker market freight patterns as sanctions and so-called self-sanctioning by market participants has driven ton-mile growth," Chief Executive Officer Hugo De Stoop said in a statement.Ton mile is an industry measure incorporating volumes and distance.Euronav…

U.S. shale operators are on track to grow 2019 oil production by around 16% over 2018 thanks to impressive operational execution so far this year.The third quarter earnings season revealed that shale companies increased their oil production by about two percent, all while cutting the midpoint guidance for yearly drilling and completions expenses, according to Rystad Energy.The energy research and consulting firm headquartered in Norway said that U.S. shale operators will continue expanding in the fourth quarter, growing oil production by at least 1.3 percent on a quarterly basis.“The actual results so far this year reaffirm our optimistic expectations for the remainder of the year.

United States shale operators are on track to increase oil production by 16 percent in 2019, according to analysis by energy research firm Rystad Energy.The growth in US onshore production from the first quarter through the fourth quarter could come in at around 1.1-1.2 million barrels per day (bpd), or 16% for the full year, according to Rystad Energy.After a paltry first quarter, depressed by weather effects, US shale players have over the past weeks assured investors that they will achieve previously communicated production targets, as well as demonstrate excellent capital discipline and cost control.“Despite temporary challenges faced in the beginning of the year…

Oil jumped 1.7 percent Tuesday, continuing its year-end rally with support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. U.S. crude prices have surged 25 percent since mid-November, helped by expectations for OPEC's supply cut and generally solid U.S. economic figures that have also bolstered equity prices. Trading was thin on Tuesday, with less than one-third of the usual volume in futures contracts in West Texas Intermediate crude oil. With oil near $54 a barrel, U.S. crude futures are not far from the year's high of $54.51 high reached on December 12. "Some of the doubts (in OPEC) people are showing are going to have to be put to rest," said Phil Flynn, analyst at Price Futures Group in Chicago.

Less than a fortnight after forces loyal to Khalifa Haftar swept into four of Libya's oil ports, tankers are loading, production has jumped, and momentum has shifted firmly in the divisive former general's favour. For Haftar's opponents, and for Western powers, the move on the ports was alarming. Haftar and his backers in eastern Libya have been in a stand-off for months with a unity government in Tripoli, blocking any parliamentary vote to endorse it and challenging the U.N.-mediated deal to unify Libya. How Haftar and his allies will use control of the country's major oil exports - whether to leverage political advantage under that U.N. deal, or to extend military control across Libya - is still uncertain. But risks to stability are clear.

Korean Register (KR) – an IACS member classification society - has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS). The agreement is to deliver plant facility certification and engineering services. This is a growing market, with demand for plant project and industry safety inspection services expected to increase significantly over the next five years. The company will be called the ‘Iran-Korea Technology Assurance Company’, with 50-50 capital investment from KR and ICS. It will be fully operational in 2017. KR established a branch office in Tehran in 2010 but sanctions meant that the society suspended most of its services…

Argentina's oil producers have shipped record volumes of crude this month, spurred by a new government subsidy that has also prompted state-owned oil company YPF to return to the export market for the first time in years. The surge in shipments abroad comes just a month after Argentina's new president, Mauricio Macri, introduced measures to help oil exporters as part of sweeping policy changes aimed at boosting investment and opening the South American nation's economy after years of heavy controls on trade. Exports are expected to reach a record 91,000 barrels per day (bpd) of crude in April, including two cargoes sold by YPF to China and barrels shipped by private producers, according to a source.

Keppel Offshore & Marine Ltd, through subsidiary Keppel FELS Brasil SA's BrasFELS shipyard, has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., a MODEC, Inc. group company, for a contract value of over BRL 500 million (SGD190 million). BrasFELS' work scope for this project comprises the fabrication and integration of nine topside production modules for the FPSO Cidade de Campos dos Goytacazes MV29. The vessel is expected to arrive at the shipyard by the first quarter of 2017 for the integration phase.

Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary, Keppel FELS Brasil SA's BrasFELS shipyard has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., a MODEC, Inc. group (MODEC) company, for a contract value of over BRL 500 million (SGD190 million). BrasFELS' work scope for this project comprises the fabrication and integration of nine topside production modules for the FPSO Cidade de Campos dos Goytacazes MV29. The vessel is expected to arrive at the shipyard by the first quarter of 2017 for the integration phase.

Zargon Oil & Gas Ltd. confirms that the monthly cash dividend for the month of December in the amount of Cdn. $0.06 per common share will be paid on January 15, 2015 to shareholders of record on December 31, 2014. Unless otherwise indicated, all dividends paid by Zargon are "eligible dividends" for Canadian tax purposes. Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 30.175 million common shares outstanding. Zargon Oil & Gas Ltd. is a Calgary based oil and natural gas company working in the Western Canadian and Williston sedimentary basins that has delivered a long history of returns and dividends (distributions).

Zargon Oil & Gas Ltd. confirms that the monthly cash dividend for the month of November in the amount of Cdn. $0.06 per common share will be paid on December 15, 2014 to shareholders of record on November 30, 2014. Unless otherwise indicated, all dividends paid by Zargon are "eligible dividends" for Canadian tax purposes. Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 30.175 million common shares outstanding. Zargon Oil & Gas Ltd. is a Calgary based oil and natural gas company working in the Western Canadian and Williston sedimentary basins that has delivered a long history of returns and dividends (distributions).

1806  - Spring pole cable drilling developed in US. 1844  - Fluid circulating rotary well drilling patented in England. 1845  - Circulated fluid used to remove drill cuttings for first time. 1860  - Fluid circulation rotary diamond coring drill developed in France. 1869 – T homas Fitch Rowland  patents  a “submarine drilling apparatus,” a fixed, working platform for drilling offshore to a depth of almost 50 feet. The anchored tower had telescoping legs, similar to modern offshore platforms. 1878  - First bulk oil tanker begins operation in the Caspian Sea. 1891  - First ocean-going tanker launched. 1897  - Wells drilled off piers in Summerland, Calif. 1905 – Oil discovered in the Caddo Pine Island field in Lousiana. 1911  -  Gulf Refining Co.

Kenneth J. Fairfax, a career diplomat in the U.S. State Department currently serving as U.S. Ambassador to Kazakhstan, has been designated for the post of Deputy Executive Director of the International Energy Agency. Mr. Fairfax will take up his full duties at the end of September 2013. He will succeed Richard H. Jones, another former U.S. career diplomat who has served as Deputy Executive Director since October 1, 2008. In a career that spanned over 25 years at the U.S. Department of State, Mr.

Qatar Petroleum (QP) has issued a construction services tender covering its offshore fields as part of a three-year deal. The scope of works includes fabrication, piping, welding, painting, hydro testing and crane support facilities. In addition, three boats equipped with a deck-mounted crane and offshore construction crew will be required to work on QP's offshore facilities and operational structures. QP says the deal may be split into four separate contracts or could also be awarded as one job. The closing date for bids is 22 June with the contract scheduled to start by 26 September. While Qatar has halted exploration on its mammoth North field, four new gas blocks are to be tendered to oil majors in the next 12 months.

Statoil has signed a letter of intent with Aker Kvaerner to deliver a subsea seawater injection system for the Tyrihans project in the Norwegian Sea. The new generation pumps are expected to increase oil production from the Tyrihans field by 10%. The subsea pumps will be the world's largest and installed at longest stepout. Aker Kvaerner Subsea will supply two subsea injection pumps to be installed more than 40 kilometres from the Kristin platform where the oil and gas will be processed. The pumps will feature Aker Kvaerner's own LiquidBoosterTM technology and will inject raw sea water for pressure support and stabilisation of the oil zone. Aker Kvaerner will manufacture the pump system at its facility in Tranby in Norway for delivery in the third quarter of 2008.

Tanker stocks have taken a severe beating this month on declining oil output and global economic jitters, but several analysts are predicting a steady recovery and consider the slump a good buying opportunity. "Charter hire rates are expected to rebound steadily through 2001 as Iraq and OPEC increase oil production," investment bank Lehman Brothers said in a report on Wednesday. "Recent weakness in the oil tanker sector provides an extremely attractive entry point for investors," it added. Lehman Brothers underwrote a controversial tanker initial public offering last week of General Maritime, which was priced at $18 a share and has since traded down to a low of $12.90 a share on Wednesday.

Oil prices in 1999 posted a 35 percent increase on average over 1998 in a triumph of output restraint by exporter group OPEC and key ally Mexico. International benchmark Brent blend for the year was averaging $18.00 a barrel near the close of business on the last trading day of the year. Brent averaged just $13.34 a barrel in 1998, the lowest in 22 years, when prices slumped amid global surplus caused by excess output and shrinking demand in collapsing Asian economies. Average prices for Brent were $19.34 in 1997 and $20.28 in 1996. "OPEC has succeeded beyond its own expectations in increasing prices and in reducing global crude inventories," said a report from Washington-based Petroleum Finance Company.