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PetrusSeven OPEC+ countries have decided to keep oil production levels unchanged for October amid ongoing geopolitical tensions and challenges in the Persian Gulf region. Against this backdrop, global oil prices continue to rise.
PetrusIn 2024, oil and condensate production in Kazakhstan is expected to decrease by nearly 4% due to drone attacks on export infrastructure and the early shutdown of production at the Tengiz field. Authorities do not anticipate a return to the record output levels of previous years until 2026.
PetrusAmerican company Continental Resources and Swiss firm Mercuria are each acquiring a 50% stake in Phoenix Global Resources, with plans to boost production at the Vaca Muerta field and invest over $4 billion in Argentina. The financial details of the deal have not been disclosed.
PetrusContinental Resources and Mercuria Energy Trading are each acquiring a 50% stake in Phoenix Global Resources to jointly develop shale oil production in Argentina. The partners plan to increase investment and output at the Vaca Muerta field, investing over $4 billion in the next five years.
PetrusNorwegian oil and gas companies are actively developing complex and dense reservoirs, using advanced technologies to tap into previously hard-to-reach reserves. Successes in projects such as Victoria are opening up new opportunities for the industry and could significantly increase the country's oil and gas production.
PetrusKazakhstan has announced a new auction for the exploration of more than 20 major oil and gas fields, despite low interest in previous tenders. Applications are open until October 5, and the online auction will take place on November 18.
PetrusHigh market volatility and geopolitical conflicts are keeping oil prices elevated, which supports the growth in production and profits for Diamondback Energy. The company has updated its forecasts and achieved record results, despite ongoing uncertainty about the timeline for global supply recovery.
PetrusBP has completed the expansion of the Atlantis platform in the Gulf of Mexico ahead of schedule and at lower costs, which will allow oil production to increase by 10,000 barrels per day. This project strengthens the company's position in the region and extends the operational life of one of its key assets.
PetrusAfter a leak was discovered at the Who Dat field in the Gulf of Mexico, production dropped by 38%. Operations at the E manifold are expected to resume in the fourth quarter of 2027, while partners are seeking ways to maintain and increase output.
PetrusKazakh oil companies have temporarily reduced production due to the suspension of tanker loading at the Black Sea terminal following drone attacks. This has affected exports, which account for more than 1% of global oil supplies. Consultations are currently underway to restore stable deliveries.
PetrusGalp reported a significant increase in profits in the second quarter, driven by higher production, elevated oil prices, and stable performance in its refining segment. The company has raised its forecast for 2026 and continues to expand production at key fields.
PetrusRussian engineers have developed a laboratory system that simulates real conditions in oil reservoirs and helps select the most effective materials to enhance hydraulic fracturing efficiency. The new installation has already proven its value at challenging oil fields and is planned for use at other sites as well.
PetrusTotalEnergies reported steady profit growth in the second quarter, driven by rising global oil prices and strong refining results, despite a decline in production due to conflicts in the Middle East.
PetrusBP and Chevron have evacuated some employees from their facilities in the Gulf of Mexico due to the strengthening of Tropical Storm Beryl. Other operators continue to monitor the situation and are prepared to take action if weather conditions worsen.
PetrusOil prices surged sharply after the US revoked permission for Iranian oil exports and reports emerged of attacks on tankers in the Strait of Hormuz. Brent futures jumped nearly 6%, surpassing $76 per barrel.