Norway Oil Ministry: No Plan to Cut Output
Norway has no plans to cut its oil output, the country's oil and energy ministry said on Tuesday. "The Ministry has a good dialogue with other countries about the oil market. We are not in a situation in which regulating production is on the agenda for Norway," the ministry said in a statement. Kuwait's oil minister said earlier on Tuesday that Saudi Arabia's oil minister had spoken to countries including Norway, Turkmenistan and Egypt which had signalled a willingness to join oil output cuts. (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)
Russia: 2014 Crude Exports Down 4.3 pct
Novak says Russian oil output to rise 0.6 pct in 2014; Natural gas production seen down 4 pct this year. Russia's oil exports are expected to fall by 4.3 percent this year, Energy Minister Alexander Novak said on Tuesday, citing preliminary data. He said oil exports will be 229 million tonnes (4.6 million barrels per day), while natural gas production will fall by 4 percent to 641 billion cubic metres (bcm) and exports by 6.7 percent to 183.3 bcm. Russia, one of the world's top oil producers, has been cutting crude exports in recent years due to rising domestic demand and refining volumes. Novak said that crude oil output will edge up 0.6 percent to 526.6 million tonnes, in what would be a post-Soviet record high. Output may edge down to 525 million tonnes next year, he added.
U.S. Crude Imports To Continue To Rise
Due to declining domestic crude oil production and rising oil demand, crude imports will continue to increase over the next two decades accounting for 64 percent of U.S. oil supplies by 2020, the U.S. Energy Information Administration (EIA) said in its annual long-term energy outlook. Currently, the U.S. imports 52 percent, or 8.6 million bpd of its oil and domestic oil output at 6 million bpd is at its lowest level since the early 1950s. U.S. petroleum consumption is projected to rise an average 1.3 percent annually over the next two decades, growing from the current 19.4 million bpd to 25.1 million bpd by 2020, EIA said. Although world crude oil prices have more than doubled since the beginning of 1999…
China Oil Output to Exceed 200m Tons
China's annual oil output is expected to surpass 200 million tons in the 2010-2015 period, and the production capacity will last for at least 15 years, a senior official with the Ministry of Land and Resources said according to a report publishedon www.chinaview.cn. According to the official, China's proven oil reserve would increase 800 million to one billion tons a year on average between 2005 and 2020. His estimate is based on the results of a new round of assessment on China's oil and gas resources, which covers 129 basins. The results indicate that China's natural gas output will move up steadily in the coming 15 years to reach 90 billion or 110 billion cubic meters by 2010, and to 150 billion or 170 billion cubic meters by 2020.
OPEC Output To Stay Steady
OPEC President and Venezuelan Energy Minister Ali Rodriguez dismissed another increase in crude oil output in July, quelling speculation that a recent price spike could pressure exporters to crank out more oil. Asked ahead of a Wednesday meeting with his fellow oil ministers from Saudi Arabia and non-OPEC Mexico if production would be raised in July, Rodriguez replied "no." Mexico's Energy Minister Luis Tellez, meanwhile, said the Wednesday summit of the oil trio -- the three engineers of a March 1999 producers' pact to restrict output and lift sagging prices -- would not produce any firm action.
Russia's Oil Output Steady
Monthly oil output in Russia, the world's biggest producer, was flat in October, according to energy ministry data published on Sunday. Russia pumped an average 10.6 million barrels per day (bpd)last month, producing a monthly total of 44.838 million tonnes. Daily gas output rose to 1.71 billion cubic metres (bcm) in October, up from 1.52 bcm per day in September. (Reporting by Katya Golubkova; Editing by Louise Ireland)
FPSO Start-ups Boost Petrobas Offshore Brazil Production
Oil output (oil plus natural gas liquids - NGL) from all of Petrobras' fields in Brazil averaged 1.979 million barrels per day (bpd) in September, which is 3.7% higher than the average output of the previous month (1.908 million bpd). Petrobas explain that this positive result was due to the startup of new wells on platforms FPSO Cidade de Itajaí (Santos Basin), P-53 and P-54 (Campos Basin) and FPSO Piranema (Sergipe Basin). In line with the planned schedule, the maintenance stoppages in September of P-26 and P-35, both in Marlim, were concluded, as well as the activities related to the upcoming stoppage of P-51, in Marlim Sul, and of the natural gas processing plant UPGN2 in Urucu, in UO-AM. The highlight of the month was the pre-salt output record of 326,800 bpd.
Oil spill Trims U.S. Offshore Natural Gas Supply
According to a May 2 report from Reuters, the government said on May 1 that two offshore production platforms in the Gulf of Mexico were shut as a safety precaution, the first sign that the giant oil slick was affecting the region's energy production. But analysts said the location of the spill was well east and north of the heart of the region's oil and gas production, which accounts for about 15 percent of U.S. natural gas supply and 25 percent of crude oil output. (Source: Reuters)
China Oil Giant To Double Overseas Output
China's state oil giant China National Petroleum Corp. (CNPC) is expected to more than double its overseas oil output to around 120,000 barrels per day (bpd) this year, Chinese industry sources said on Wednesday. CNPC produced about 2.5 million tons of crude oil in 1999, or 51,000 bpd, up one third from the previous year. Overseas production increases this year would come primarily from the company's operations in Sudan where it is expected to reach 60,000 bpd, from Kazakhstan at 30,000 bpd, and Venezuela at 24,000 bpd, the sources said.
North Sea Output Reduced 70,000 bpd
Royal Dutch/Shell is said to have cut its North Sea oil output by 70,000 bpd after lightning cut power to a natural gas plant.
African Oil Output Increasing
Most African oil producers are projected to increase production over the next three years, except Egypt and Gabon. The strongest increase is projected in Nigeria, where production is expected to reach 2.9 mbd in 2003, up from 2.2 mbd in 2001. N African net oil production is projected to increase by 0.2 mbd and W African by 1.2 mbd, over the period. - Intertanko
OPEC Production Falls
OPEC oil production fell 700,000 bpd in November, driven down by deep cuts to Iranian and Iraqi supply. The group's compliance rate with supply curbs improved to 89 percent last month from 83 percent in October as Iran cut some 310,000 bpd of output to stay within its OPEC quota, IEA, the West's supply watchdog, said in its monthly Oil Market Report. OPEC output fell further after supply from Iraq -- which does not take part in OPEC's supply cut deal -- dropped 440,000 bpd as Baghdad suspended exports in a dispute with the United Nations over renewing its 'oil-for-food' exchange. OPEC's lower November supply of 25.8 million bpd offset a 450,000 bpd rise in non-OPEC production to cut total world oil output by 250,000 bpd to 73.9 million bpd, the Paris-based group said.
Norway Extends Cutback To Q1 2000
Norway, keeping in step with OPEC, will extend a 200,000 barrels per day (bpd) curb to oil output to the end of the first quarter of next year.
Venezuela Revises Down 10-Year Oil Output Target
Venezuela has reportedly revised its 10-year oil production capacity target downward by more than a million bpd between 4.8 million and 5.2 million bpd.
U.S. Oil Prices Surge Nearly $2
U.S. oil prices rocketed almost two dollars Wednesday on word that Saudi Arabia would reduce February crude sales by five percent despite U.S. appeals to the OPEC cartel not to cut oil output too sharply, Reuters reported. February crude futures oil on the New York Mercantile Exchange (NYMEX) closed at $29.50, up $1.86 a barrel or some seven percent. This takes gains over the last eight trading sessions to more than $3.50 dollars a barrel. Saudi Arabia, which produced about 8.6 million barrels per day (bpd) or 11 percent of worldwide production in December has already said it will back a total OPEC output cut of 1.5 million bpd or around five percent when the cartel meets Jan. 17 in Vienna. U.S.
Tanker Departs Libya Empty amid Political Crisis
A tanker that an oil company set up by Libya's eastern government prevented from loading has left the eastern port of Marsa el-Hariga, a port official said on Wednesday. The Seachance, which had been due to load 600,000 barrels of oil for the National Oil Corporation (NOC) in Tripoli, left the port of its own accord, the official said. The stand-off at Hariga, part of a broader political struggle between factions in eastern and western Libya, threatens to further diminish Libya's oil output. An NOC Tripoli official said production could drop by 120,000 barrels per day if it is unable to load at Hariga. The parallel Benghazi-based NOC ordered port workers not to load the Seachance after seeing a its first attempted oil export shipment blacklisted by the United Nations…
Brent Slips below $105
Brent crude slipped under $105 a barrel on Monday, dropping from a one-week high hit on Friday, as U.S. intervention in Iraq eased concerns over the risk of disruption to supply from OPEC's second-largest producer. * U.S. Analysts have said that U.S. air strikes on Islamic State targets in northern Iraq over the weekend could help enforce stability in the country, curbing the risk of supply disruptions. Iraqi Kurdistan said on Friday that its oil output remained unaffected. "For this week…
Norwegian Unions Say 755 O&G Workers Could Strike
About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline, trade unions said on Monday. A final round of mandatory talks will be hosted by a state mediator on June 30 and July 1 in an effort to avoid disruption that could start the following day. The affected fields account for nearly 18 percent of Norway's oil output and a little more than 17 percent of its natural gas, Reuters calculations show. Combined oil output was about 285,000 barrels per day in the first four months of the year, with natural gas output at 48.5 million cubic metres (mcm) per day.
Oil Prices Dip as OPEC Oil Exports Rise
Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures, the international benchmark, were trading at $51.76 a barrel at 1141 GMT, 25 cents below the last close and heading for a fall of close to 1.5 percent on the week. U.S. West Texas Intermediate (WTI) crude futures were 30 cents lower at $48.73 per barrel and were set to drop by around 2 percent for the week. Analysts said prices were pressured by rising output, although strong demand limited the losses.
BP Suspends Chirag Platform for Maintenance
BP has suspended operations at Chirag, one of its platforms in the Caspian Sea, for planned maintenance, the British oil company said on Tuesday. "Operations at Chirag have been suspended today for planned maintenance for 25 days," BP-Azerbaijan said in a statement. It said the work would maintain the ability of the platform to produce in a safe, reliable and environmentally sound way and added that oil exports would continue according to the schedule. Chirag is one of the main offshore oilfields in Azerbaijan operated by BP.
Saudi Arabia To Boost Production 500K bpd
Saudi Arabia is poised to unilaterally boost its oil output by 500,000 barrels per day (bpd) by the end of August, industry sources said. The kingdom, the world's biggest oil producer, has already turned up its taps by 250,000 bpd and aims to lift output by the same amount starting from August 1, the sources added. The extra Saudi barrels will head for markets in the U.S. and the Far East, they said. OPEC President and Venezuelan Oil Minister Ali Rodriguez said on Tuesday OPEC would not raise production this month because prices for its basket of crudes had fallen below the $28 a barrel threshold for a supply increase.
Husky's 1Q Net Rises
Husky Energy Inc.’s first-quarter net income rose 36 percent on higher oil prices and output, Bloomberg reported. Net income rose to $457m from $336m a year earlier. Net sales climbed 48 percent to $2.7b from $1.8b a year earlier. The company's daily oil output increased 16 percent to 239,400 barrels as White Rose came online last November. Gas production rose 1.3 percent to 685.4 million cubic feet a day from a year ago. Husky said its oil sold for $39.47 a barrel in the quarter, up 28 percent from $30.83 a year earlier. (Source: Bloomberg)
ConocoPhillips Indonesia Q1 Output Rises
ConocoPhillips Indonesia, a unit of U.S.-based ConocoPhillips , posted an 11 percent rise in crude oil output in the first quarter of this year at 10,000 barrels of oil per day, said Director Daren Beaudo. The firm also said its liquefied natural gas (LNG) output reached 5,000 barrels of oil equivalent per day, up 25 percent from 4,000 bopd a year earlier. ConocoPhillips Indonesia produces crude and gas from its two blocks - South Natuna Sea Block B and Corridor South Sumatra block. Note: Reuters has not verified this story and does not vouch for its accuracy.