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Wednesday, December 13, 2017

Oil Production News

MMS: Oil Production Offshore GOM to Rise Steeply

The Minerals Management Service (MMS), Gulf of Mexico Region, released new oil and gas daily production rate projections that encompass the year 2006. According to the new report, Daily Oil and Gas Production Rate Projections From 2002 Through 2006, Gulf of Mexico Outer Continental Shelf, MMS is forecasting a daily oil production rate of between 2.00 and 2.47 million barrels by the end of 2006, and a daily gas production rate of between 10.97 and 16.39 billion cu. ft. by the end of the same year. These represent high case and low case estimates. MMS Director Johnnie Burton called the new projections "a healthy, sizeable increase in the range of possible oil production.

MMS: Oil Production Offshore GOM to Rise Steeply

The Minerals Management Service (MMS), Gulf of Mexico Region, released new oil and gas daily production rate projections that encompass the year 2006. According to the new report, Daily Oil and Gas Production Rate Projections From 2002 Through 2006, Gulf of Mexico Outer Continental Shelf, MMS is forecasting a daily oil production rate of between 2.00 and 2.47 million barrels by the end of 2006, and a daily gas production rate of between 10.97 and 16.39 billion cu. ft. by the end of the same year. These represent high case and low case estimates. MMS Director Johnnie Burton called the new projections "a healthy, sizeable increase in the range of possible oil production.

Petrobras Won't Seek SBM Offshore Bids During Probe

Photo courtesy SBM Offshore

Brazil's state-run oil company Petroleo Brasileiro SA , or Petrobras, will not seek bids from SBM Offshore NV while the Netherlands-based oil production ship leaser is under investigation for alleged bribery in Brazil, said Maria das Graças Foster, Petrobras' chief executive, during hearings before a Brazilian congressional committee on Tuesday. SBM is the largest leaser of oil production ships known as FPSOs. Petrobras owns or leases the world's largest fleet of oil-production ships.

DUC Oil Production Up 11.8%

Danish Underground Consortium's (DUC) oil production from North Sea fields rose 11.8 percent year-on-year in June. Oil production was 1.045 million tons in June, corresponding to an annualized total of 255,890 bpd, compared with 1.008 million tons in May.

A.P. Moeller Hopes To Maintain 2001 Oil Production

Oil and shipping group A.P. Moeller said it hoped to maintain its record North Sea oil production in 2001 at 300,000 barrels per day (bpd). Danish Underground Consortium (DUC), in which A.P. Moeller holds a 39 percent stake, produced 1.275 million tons of oil in 2000, 10.1 percent above 1999 level, while gas production was down 3.5 percent at 6.401 billion cu. "Oil production in 2000 was in line with expectations. We hope to maintain the current production of 300,000 bpd, but it's an ambitious target," Maersk Oil & Gas deputy director Bo Wildfang told Reuters. A.P. Moller had expected its oil and gas production in 2000 to end "a little higher" than in 1999.

EIA Lowers 2015, 2016 US Crude Oil Production Forecasts

The U.S. government on Tuesday lowered both its 2015 and 2016 U.S. crude oil production forecasts as a 60-percent rout in benchmark prices since last summer weighs on shale output. In its short term energy outlook, the U.S. Energy Information Administration (EIA) lowered its 2015 U.S. crude oil production growth forecast to 650,000 barrels per day (bpd) from 750,000 bpd, and also expanded the expected production decline for 2016 to 400,000 bpd from 150,000 bpd previously. "While U.S. crude oil production this year is expected to be 100,000 barrels per day less than previously forecast, oil output is still on track to be the highest since 1972," EIA Administrator Adam Sieminski said in a statement. Meanwhile, it left its 2015 U.S.

Unchanged Estimate of 2001 Oil Demand Growth - IEA

The IEA in their Oil Market Report for December 2001 did not alter their previous estimate of only a marginal increase in oil demand in 2001 over 2000, a 0.14 mbd increase only. During November 2001 world oil production increased by 0.29 mbd compared to the previous month. OPEC oil production decreased whereas non-OPEC oil production increased by a total of 0.63 mbd. Total industry oil stocks in the OECD area grew by 0.22 mbd in October 2001. According to the IEA, winter fuels in primary storage continue to remain at comfortable levels. Source: INTERTANKO

Iran to Step up Production One Week post-Sanctions

Iran will boost its crude oil production within one week once international sanctions are lifted and is determined to regain its lost market share, senior Iranian oil officials reiterated on Monday. Iran will raise production by 500,000 barrels per day in the first week after sanctions are lifted, Rokneddin Javadi, general manager of the National Iranian Oil Company, was quoted as saying by oil ministry news agency Shaha. "A 500,000-barrel increase in Iran's oil production will take place in less than a week after the effective lifting of sanctions," Shana quoted Javadi as saying. On Sunday, the United States approved conditional sanctions waivers for Iran…

US to Become Oil and Gas World Leader in Long Term - IEA

© travelview / Adobe Stock

The head of the International Energy Agency Fatih Birol said on Thursday the United States would - in the long term - become the "undisputed leader of oil and gas production worldwide".   Speaking at the U.N. climate conference in Bonn, Germany, he said the agency expected oil markets to rebalance next year if oil demand remained "more or less" as robust as it is today and if OPEC and non-OPEC continued with their oil production cuts.     (Reporting by Ahmad Ghaddar; Editing by Mark Potter)

DNV Joins Forces With IFS Norway

IFS Norway and Det Norske Veritas (DNV) have agreed to combine their maritime know how and technology to develop an IT solution for the international maritime market. The solution will become the first of its kind on the global market and is initially focues on ensuring stable and safe operations of oil production vessels offshore- Floating Production, Storage and Offloading (FPSOs). DNV Software and Industrial & Financial Systems Norway ASA (IFS) will present a prototype at a conference in Spain in one month. The software solution combines DNV’s solutions for design and strength assessment of FPSOs with the ERP business applications suite, IFS Applications. The solution will cover all phases in the life cycle of a floating oil production vessel, i.e.

Petrobras Sets Record in Brazil

Consolidated Oil and Gas Petrobras in Brazil and abroad, production amounted to 2 million 795 thousand barrels of oil equivalent per day (boe) in October. This volume was 0.5% higher than in September, which was 2 million 781 thousand boe. Oil production in Brazil grew by 0.4% compared to September, and reaches a new high. Oil production from Petrobras in Brazil reached in October average of 2 million 126 thousand barrels / day (bpd), 0.4% higher than what occurred in September, 2 million 118 thousand bpd. This volume represents a new record, surpassing the previous high, reached in December 2010 at 4800 bpd. October was the ninth consecutive month of growth in oil production company in the country.

ANS oil production to fall 1.8 pct for fiscal year

Alaska's North Slope oil production is forecast to decline 1.8 percent for the fiscal year ending June 30 instead of falling 3 percent as predicted in December, according to a report released this week. The Alaska Department of Revenue predicts production of 521,800 barrels a day (bpd) versus its December forecast of 508,200 bpd. By 2023, North Slope production will fall to 315,000 bpd. The annual spring report comes four months after the state began cutting oil production taxes with hopes of spurring new investment and stemming the decline. Alaska gets more than 80 percent of its state tax revenue from oil production. North Slope production comes largely from leaseholders BP Plc, ConocoPhillips and Exxon Mobil Corp, and has been in a steady decline.

U.S. Crude Oil Production October Exceeded Imports Reports EIA

Diesel chart courtesy of EIA

The U.S. Energy Information Administration (EIA) releases latest short-term energy outlook. Monthly estimated domestic crude oil production exceeded crude oil imports in October 2013 for the first time since February 1995. The weekly U.S. average regular gasoline retail price has fallen by more than 40 cents per gallon since the beginning of September. EIA's forecast for the regular gasoline retail price averages $3.24 per gallon in the fourth quarter of 2013, $0.10 per gallon less than forecast in last month's STEO.

Bush Urges Prudence To OPEC

The incoming Bush administration warned on Friday that an oil production cut by OPEC next week would lead to higher energy prices for U.S. consumers. OPEC members will gather Jan. 17 in Vienna, where they are expected to agree to a roughly 1.5 million barrel-per-day reduction in the cartel's oil production levels. "Anything that lessens (oil) supply at a time of high demand means higher prices for American consumers," a Bush transition spokesman said. President-elect George Bush has made increasing domestic oil production a top priority. U.S. oil output is at its lowest level in half a century and foreign oil imports account for about 55 percent of domestic petroleum supplies. Low petroleum supplies have led to high prices for crude oil, gasoline and heating oil.

Russian Offshore Hiatus: But World's No.1 Oil Producer

Still no Arctic offshore oil from the Prirazlomnaya platform, but Russia keeps the position as the world’s largest oil producer. Prirazlomnaya field in the eastern Barents Sea was supposed to be the first operating offshore oil production on Russia’s Arctic continental shelf when the platform was towed out from Murmansk in the autumn 2011. Today, one and a half year later, the workers are still challenging the technical problems and production is said to start earliest in September this year, reports 'Barents Observer'. But there is no urgent need for offshore oil-production as Russia for the second year in a row takes the top position among global oil producers. Output of crude oil was 518 million tons last year, according to figures presented by the Ministry of Energy.

GOM Offshore Ops Returning to Normal

Oil and natural gas production levels and the number of workers on offshore rigs and production facilities were close to or at normal levels today as offshore operations resumed after the threat of Tropical Depression No. 10 passed late last week. Workers remained evacuated from three production platforms, or 0.4 percent of the 834 manned platforms in the U.S. Gulf. All personnel evacuated from rigs have been redeployed to the 89 rigs operating in the Gulf. Approximately 19.3 percent of U.S. Gulf oil production remains shut-in, as does 8.8 percent of U.S. Gulf gas production. Estimated U.S. Gulf oil production as of April 2007 totaled 1.3 million b/d, while gas production totaled 7.7 Bcf/d at that time. [Source: http://www.energycurrent.com/index.php?print=5461]

IFS and Det Norske Veritas Join Forces

IFS Norway AS and Det Norske Veritas (DNV) have agreed to combine their technology by developing an IT solution for the international maritime market. The solution will become the first of its kind on the global market and will be focused on ensuring stable and safe operations of Floating Production, Storage and Offloading (FPSO) vessels for oil production offshore. One month from now, the partners will present a prototype of an integrated solution combining the DNV's solutions for design and strength assessments of FPSOs with the market-leading ERP business applications suite, IFS Applications. The prototype will be presented in Spain…

Russia Sets Oil Production Record for 2015

Courtesy Arctic Info

Against the backdrop of a sharp drop in oil prices sharply increased their exports, Russia has set a new record for oil production in 2015. This is a new record for oil production (including gas condensate) - 534 081 000 tons, which is 1.4% higher than in 2014, reports "Interfax" referring to the data of the Central Supervisory Control fuel and energy complex. The leader was the company "Bashneft". Others are "Gazprom Neft", "Surgutneftegaz" and reduced "Rosneft", "Lukoil" and "Slavneft".

Keppel FELS: Bright Future for Offshore Drilling Rigs

The Washington Times has reported that the boom in Singapore's offshore oil and gas rig industry is expected to last another decade. Keppel FELS, says energy companies are expected to increase spending on oil exploration and production, especially in deeper waters, Channel News Asia reported Monday. Keppel FELS says some of these companies are signing drilling contracts for up to five years starting in 2009, a sign that the current boom cycle for the offshore rig industry is not slowing down anytime soon. Meanwhile, Britain's Douglas-Westwood research firm says deepwater oil production now makes up only one-tenth of total offshore oil production output. But that is expected to grow sharply. Source: Washington Times

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…

Analysis: Looming Disaster in the Gulf

Even as Ernesto was downgraded into a tropical depression, U.S. energy security may still be at risk in the Gulf of Mexico, UPI reported. At stake this hurricane season is another round of devastating storms, which could further hinder crude oil and natural gas production off the Gulf of Mexico. The deep waters of the Gulf of Mexico bring in nearly 1.5 million barrels of oil a day, or 25 to 30 percent of the nation's overall production, and 10 billion cubic feet of gas, according to the Department of Energy's Mineral Management Service. As of late June, offshore oil production was down 12 percent from last year and gas extraction was running 9 percent below normal levels.

Energy Outlook Lowers Crude Price Forecast

Brent and WTI Crude Oil Price

The Short-Term Energy Outlook (STEO) released on August 11 forecasts that North Sea Brent crude oil prices will average $54 per barrel (b) in 2015 and $59/b in 2016, which is $6/b and $8/b lower than projected in last month’s STEO, respectively (Figure 1). The price decline reflects concerns about lower economic growth in emerging markets, expectations of higher oil exports from Iran, and continuing growth in global inventories. WTI prices are expected to average $5/b below Brent in both 2015 and 2016.

A.P. Moller Looks To Resume North Sea Oil Production

Danish oil and shipping conglomerate A.P. Moeller hopes to resume some of its 120,000 bpd North Sea oil production, which was halted 11 days ago due to a gas explosion, the Danish Energy Agency said on Thursday. "There are considerations about resuming some of the production this weekend. We are thinking about it and will meet with Maersk on Friday," an agency spokesman said. The gas explosion occurred on May 20 on the Gorm Field, where production was halted immediately as well as on its four satellite fields Halfdan, Skjold, Rolf and Dagmar. In all, the five fields produced 120,700 bpd in April or 40 percent of Danish Underground Consortium`s (DUC) total production of 302,200 bpd.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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