Wednesday, December 12, 2018

Yamal LNG Reaches Full Capacity

Image: Novatek

The Yamal liquefied natural gas (LNG) project in Arctic Russia officially commissioned the third and last production line Tuesday.Russia's independent natural gas producer PAO Novatek announced that its joint venture Yamal LNG has reached full capacity at the plant’s three LNG trains.The Yamal LNG project was implemented in record time and on budget with the launches of the second and third trains made ahead of schedule by six months and more than a year, respectively.

Mexico President's Pemex Plans Rattle Debt-holders

Mexican President Andres Manuel Lopez Obrador (Mexican Government photo)

Mexican President Andres Manuel Lopez Obrador's declaration of war on "neo-liberal" economics has shaken investors holding Petroleos Mexicanos bonds, fueling concern about the future of the highly-indebted state oil company he has pledged to revive.Ratings agencies and three managers spoken to by Reuters at funds that either hold Pemex paper or recently sold it said proposals floated…

Chevron Gets Green Light for Captain EOR

Captain (Photo: Chevron)

Energy giant Chevron announced Tuesday it has received approval from the U.K. Oil and Gas Authority (OGA) to move ahead with its plans for an Enhanced Oil Recovery (EOR) project that aims to unlock millions of extra barrels of oil and extend the life of the long-producing Captain field in the U.K. Central North Sea.Chevron North Sea Limited (CNSL), which operates Captain as 85 percent stakeholder…

Oil Rise as Global Equities Climb, Libya Output Drops

© mtaira / Adobe Stock

Oil futures rose on Tuesday with the help of an increase in global stock markets, an outage reducing Libyan crude production and a gradual decrease in Russian output.Brent futures rose 45 cents, or 0.7 percent, at $60.44 a barrel by 11:58 p.m. EST (1658 GMT), while U.S. West Texas Intermediate (WTI) crude was up 79 cents, or 1.5 percent, at $51.79. Earlier, both contracts rose over…

AET Grows in Brazil

Eagle Paraiba. Photo: AET_Tankers

With the ongoing development of deepwater pre-salt plays and a decreased demand on local content in tankers and other vessels, Brazilian national operator Petrobras and other super-majors have been looking abroad for better rates and reliable operators of shuttle tankers. Claudio Paschoa, Maritime Reporter’s correspondent in Brazil spoke to Peter Liew, Global Director – Mid Size Tankers…

Eni Must Improve Safety in the Arctic -Norway Watchdog

Goliat FPSO (Photo: Eni)

Italian oil company Eni must do more to improve safety at its Arctic Goliat oilfield, which produces up to 100,000 barrels of crude per day, Norway's oil safety watchdog said on Tuesday.The world's northernmost oilfield has suffered a number of incidents since it started production in March 2016.While previous orders issued by the regulator, including a forced two-month shutdown in 2017…

Trafigura Boosts LNG Volumes by 22%

 File Photo: Singapore LNG Corporation (SLNG)

Geneva based commodity trading company Trafigura increased its liquefied natural gas (LNG) traded volumes by 22% to 9.9 million mt in its financial year ending September 30 2018, driven by sales to China and South Korea, with the Asian share of our LNG business jumping to 30 percent.According to the annual report from the multinational commodity trading company, which is legally registered in Singapore,  the big story in the LNG market in 2018 was a surge in demand in Asia.

Amerisur Resources Hits Oil at Indico Well in Colombia

 Image: Amerisur Resources

UK-based independent full-cycle oil and gas company confirmed that Indico-1 well in Colombia reached target depth of 10,604 feet and encountered the Lower Sands of the Une formation.The South America focused oil and gas producer, which owns 30% non-operated working interest in the Indico-1 well, said the Lower Sands package is the same formation which holds the 120 feet oil column discovered at nearby Mariposa…

Verus Petroleum Mulls 12-Fold Production Growth

Alan Curran. Photo: Verus Petroleum

Aberdeen, UK-based Verus Petroleum has secured a 12-fold increase in its production – from 1,500 to 18,000 barrels per day in less than a year – with the closing of three recent acquisitions on the UK Continental Shelf.A press release from the petroleum exploration and production services provider said that it  has recently completed three significant acquisitions; an interest in the Babbage gas field acquired from Premier Oil on 6th December…

BW Offshore Recycling FSO Belokamenka

FSO Belokamenka. Photo: BW Offshore

The provider of floating production services to the oil and gas industry BW Offshore has signed an agreement to dispose of the FSO Belokamenka for recycling in compliance with the Hong Kong Convention.The Oslo-listed company said in a press release that the FSO Belokamenka  is an Ultra Large Crude Carrier (ULCC) of 360,700 deadweight-ton capacity built in Japan in 1980.The vessel is 340.5 meters long, 65 meters wide and has a depth of 31.5 meters.

NOC Declares Force Majeure on Biggest Oilfield

Libya's National Oil Company (NOC) on Monday declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.NOC said the shutdown would result in a production loss of 315,000 barrels per day (bpd) at its biggest oilfield, and an additional loss of 73,000 bpd at the El Feel oilfield.Production at the Zawiya refinery was also at risk due to its dependence on crude oil supply from Sharara…

OPEC and Non-OPEC Cooperation Deal to be Signed in Three Months -UAE

A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months' time in Saudi Arabia, the UAE's energy minister said on Monday."By (the) end of March the document will be ready for signature," Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a forum with frequent meetings to work together to achieve market balance.In a separate deal on Friday…

Oil Surrenders Some of its OPEC Gains as Stock Markets Soften

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Oil eased on Monday, echoing the weakness in global stock markets and erasing some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January to prevent oversupply.Brent crude oil futures fell 90 cents on the day to $60.77 a barrel by 1510 GMT, while U.S. futures fell $1.06 to $51.55 a barrel.Prices closed 3 percent higher…

Eni Makes New Oil Find Offshore Angola

(Photo: Eni)

Italy's Eni said it ha struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola.The discovery, estimated to contain between 170 and 200 million barrels of light oil in place, was made in the Afoxé-1 NFW well located in the southeast area of Block 15/06, approximately 120 kilometers off the coast, 50 kilometers southwest from the Olombendo floating production…

Hess, Conoco Raise 2019 Production Outlook

(Photo: Hess)

Oil and gas producer Hess Corp and Conocophillips both expect production for 2019 to be higher than this year even as they spend roughly the same amount of money on exploration, the companies said on Monday.Investors have been urging U.S. oil companies to increase returns on tight spending at a time when they are also looking beyond the Permian Basin, which is getting crowded and costly.Hess…

Eni Starts Production at Vandumbu Field

(Photo: SBM Offshore)

Italy's Eni said it has started production from the Vandumbu field in Block 15/06 through West Hub N’Goma floating production, storage and offloading unit (FPSO).Block 15/06 is located approximately 350 kilometers northwest of Luanda and 130 kilometers west of Soyo, Angola.Eni said first oil from the Vandumbu field was achieved in late November, three months ahead of schedule.This, along with the early December startup of a subsea multiphase boosting system (SMBS)…

Malaysia Agrees to Extend Oil Output Cut

© markhall70 / Adobe Stock

Malaysia will extend its oil production cuts by another six months after the agreement between OPEC and other oil producers to reduce global supply ends this year.OPEC and non-OPEC producers agreed at a meeting in Vienna on Friday to a new level of production cuts from January to June 2019, setting it at 1.2 million barrels per day from the current rate of 1.8 million barrels per day."Malaysia…

NOC: Halting Sharara Oilfield Would Be 'Catastrophic'

Libya's National Oil Corp (NOC) warned on Sunday of "catastrophic consequences" if the El Sharara oilfield is brought to a complete halt by a protest by tribesmen.The state oil company said it would take a long time to bring back the field onstream because of the damage resulting from the "sabotage and theft."The company said the storage tanks at the field will be completely full in the next hours, forcing the field to shutdown as it cannot pump the crude out to the processin

Nghi Son Refinery Begins Commercial Production

© christian42 / Adobe Stock

Vietnam's Nghi Son oil refinery has officially begun commercial production following months of tests, the owner of the refinery said on Monday.Commercial production had begun from Nov.

Shell to Go Ahead with Shearwater Gas Expansion

(Photo: Shell)

Royal Dutch Shell said on Monday it would expand the Shearwater gas hub in the British North Sea, its seventh project to get the green light in the ageing basin this year.The project, a joint venture with Exxon Mobil and BP, will include a modification of the Shearwater platform to allow production and processing of wet gas as well as the construction of a 23 mile (37 kilometer) pipeline from the Fulmar Gas Line (FGL) to Shearwater, Shell said in a statement.The pipeline inst

Australia Becomes No.1 LNG Exporter

Image: Qatargas

Australia has overtaken Qatar as the world's largest exporter of liquefied natural gas (LNG) for the first time in November, Reuters reported quoting data from Refinitiv Eikon.According to the data provided, Australia shipped out 6.7936 million tonnes of LNG in Novemebr, while Qatar exported 6.2025 million tonnes.The report said that Australia's LNG exports jumped by over 15 percent from the previous month…

Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession

Image: ENI

Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest.

Sound Energy Starts Drilling Well in Eastern Morocco

Image: Sound Energy

Moroccan focused upstream gas company Sound Energy confirmed that the drilling at TE-10, the second well of a planned three exploration well campaign in Eastern Morocco, has commenced.The TE-10 well will test the North East Lakbir prospect in the Company's Greater Tendrara permit and is located approximately 25 kilometres to the northeast of the recently awarded Tendrara production…

Oil Prices Climb on OPEC-led Cuts

(File photo: OPEC)

Oil prices ended more than 2 percent higher on Friday after OPEC members and allies like Russia agreed to reduce output to drain global fuel inventories and support the market, but the gains were capped by concerns that the cuts would not offset growing production.The Organization of the Petroleum Exporting Countries and its Russia-led allies, referred to as "OPEC+," agreed to slash…

US Oil Drillers Cut Most Rigs Since May 2016

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U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the first time in history.Energy companies cut 10 oil rigs in the week to Dec. 7, the biggest weekly decline since May 2016, bringing the total count down to 877, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.More than half the total U.S.

Petrobras Nears Terms Over TAG Pipeline Sale

© Vladimir Gerasimov / Adobe Stock

Brazil’s state-controlled oil company Petróleo Brasileiro could present a new sale and purchase agreement (SPA) before the end of December for the sale of the Transportadora Associada de Gás (TAG) pipeline, after a Brazilian Supreme Court injunction in July stalled the sale.The sale of TAG, which operates natural gas pipelines in Brazil’s north and northeast, could fetch Petrobras as much as US$7bn…

Oil Surges 5 pct as OPEC Agrees Output Cut

© sakhorn38 / Adobe Stock

Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.Benchmark Brent crude oil rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree.U.S. light crude rose $2.62 to a high of $54.11…

Chevron Will Boost Capital Spending in 2019

(File photo: Chevron)

Chevron Corp plans to spend $20 billion next year on oil and natural gas projects, the second-largest U.S.

Crude Inventory Growth Reverses

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U.S. crude inventory declined last week. The latest weekly survey results by the U.S. Energy Information Administration (EIA) indicate a fall of 7.3 million barrels in the week ended November 30. This follows a 10-week streak of crude inventory build that has been striking fears of a repeat of the 2014/16 oil glut.While EIA data include only U.S. inventory the survey results are considered…

MHI Vestas Confirms Scotland Offshore Wind Order

Image: MHI Vestas

MHI Vestas Offshore Wind will supply 100 turbines for the 950-megawatt (MW) Moray East offshore wind farm in waters off the northeast coast of Scotland.Under the contract, MHI Vestas will deliver one hundred of its V164-9.5 MW offshore wind turbines for the project in the Moray Firth. The order includes a 15-year service agreement, MHI Vestas said. This is the company’s largest ever MW project.Moray Offshore Windfarm (East) Limited…

Oil Falls After OPEC Delays Output Decision

© Jeffrey / Adobe Stock

Oil fell in choppy trading on Thursday after OPEC ended a key meeting having made no decision on crude output, as it prepared to debate the matter with other exporters the next day.The Organisation of the Petroleum Exporting Countries (OPEC) met in Vienna to decide its production policy in coordination with non-OPEC producers including Russia, Oman and Kazakhstan.An OPEC delegate said…

Yamal LNG Fills-up 100th Tanker

Image: Yamal LNG/Total

Novatek’s Yamal LNG plant in the Russian Arctic has shipped its 100th tanker-load – bringing the total volumes shipped by the plant to 7.4 mt since it entered operations in December 2017.The ice-class Arc7 LNG carrier Fedor Litke was the 100th tanker to be loaded with LNG, the company reported. Total amount of LNG shipped under Yamal LNG project – 7.4 million tonnes.Yamal LNG, one of the largest and most complex LNG projects in the world…

Equinor, Faroe Petroleum in Asset Swap

Image: Faroe Petroleum

Britain's Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from Norwegian oil and gas operator DNO.It appears that Faroe in fight-back mode after DNO’s so-called ‘opportunistic’ bid.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK said in a press…

Canada-US Pipelines Restart After Weather Disruptions

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Two major pipelines carrying oil from Canada to the United States resumed operations on Wednesday after brief disruptions due to power outages from severe weather in Saskatchewan, Canada, a day earlier.A number of lines on Enbridge Inc's Mainline system, which carries about 1.2 million barrels per day of crude and other liquids, and TransCanada Corp's 590,000 bpd Keystone crude pipeline…

Gazprom Starts Operations at Final Yamal Unit

(Photo: Gazprom)

Russian gas giant Gazprom said on Wednesday it had begun operations at a third and final unit at its Bovanenkovo gas field on the Arctic Yamal peninsula, allowing it to boost natural gas production.Gazprom also said it had increased the capacity of the Ukhta-Torzhok gas pipeline, aimed at facilitating Russian gas exports to northern Europe, including via the Nord Stream pipeline.Gazprom plans to export record-high natural gas volumes of 200 bcm to Europe this year.The company

EnQuest Sees 20% Higher Oil Production in 2019

(Photo: EnQuest)

EnQuest expects to produce about 20 percent more oil next year as the indebted British North Sea producer strives to recover from a series of minor setbacks at its flagship field.The company said on Wednesday it expected to produce between 63,000 and 70,000 barrels of oil equivalent per day (boepd) in 2019, compared with a forecast 54,000-56,000 boepd this year.EnQuest, which specializes in squeezing more barrels out of ageing fields…

Carnarvon Petroleum Secures Noble Tom Prosser Jack-up Drill Rig

Image: Noble Corporation

Australian oil and gas exploration and production company Carnarvon Petroleum has secured a Noble Tom Prosser jack-up drilling rig for two appraisal wells at the Dorado joint venture oil, gas and condensate discovery offshore Western Australia.The energy sector company said in a press release that shallow water depths in this part of the Canning Basin on the North West Shelf mean that the joint venture can utilise a cost-effective jack-up rig for its appraisal wells.

Talos Energy Begins Zama Discovery Appraisal Program

File  Photo: Talos Energy

Talos Energy  has spudded its Zama-2 appraisal well, beginning the Zama discovery appraisal program, which will consist of three reservoir penetrations, including two wells and one sidetrack.The Zama discovery, which is located in Block 7 in the Sureste Basin, is planned to be developed with an investment of $325m.The oil and gas company that engages in the exploration, development…

LNG Booster for Canada

Image: LNG Canada

Canada could increase revenues from exports to Asia by $6.366 billion with the two new major liquified natural gas (LNG) projects in British Columbiaprojects, said a new research report.A new paper by Macdonald-Laurier Institute Munk Senior Fellow Philip Cross, titled BC’s LNG Projects: A Turning Point for Canada’s Energy Industry, makes the case that these two projects will hold considerable…

Hydrogen As an Energy Carrier

Pic: DNV GL

Hydrogen can play a significant role in decarbonizing world energy supply to mitigate climate change, according to a new research paper by DNV GL, the technical advisor to the oil and gas industry.According to new DNV GL research paper, decarbonization could drive an estimated 100,000-fold rise in demand for hydrogen for energy by 2050. The paper lays out a viable business concept for…

Prelude FLNG to Start Producing at End-2018

(Photo: Shell)

Royal Dutch Shell expects production at its Prelude floating liquefied natural gas (LNG) unit to start at the end of the year, a spokeswoman told Reuters on Tuesday."We continue to progress Prelude towards operations, with safety and quality being our main focus ... We expect to see production around the end of the year," she told Reuters in an emailed statement.Prelude - which will…

Murphy Oil Closes Gulf of Mexico JV

Murphy Oil Corporation announced  that it has closed its previously announced deal to form a Gulf of Mexico joint venture with Petrobras.The global independent oil and natural gas exploration and production company said in a press release that its wholly owned subsidiary, Murphy Exploration & Production Company - USA, has closed the previously announced strategic deep water Gulf of Mexico joint venture with Petrobras America (PAI)…

Qatar Quits OPEC to Focus on LNG

Saad Sherida Al-Kaabi. Photo: Qatar Petroleum

Qatar said Monday that it will leave the oil cartel OPEC on January 1 after nearly 60 years. The announcement was made in a series of tweets.Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, announced Qatar’s withdrawal from OPEC and said the organization was informed.Qatar is one of the cartel’s smallest oil producers, but is the world’s largest exporter of liquefied natural gas.The abrupt annoucement from the small…

Global LNG to be Major Part of Bunker Fuel Market

Pic: Gasum Oy

Liquefied natural gas (LNG) ships is expected to be the major application segment in the global LNG as a bunker fuel market.According to a market research report, LNG fueled ships emit zero sulphur oxide emissions along with decline in carbon dioxide gas release by 25%, these are primary factors promoting the use of LNG as fuel in marine transport.LNG is used as a marine fuel and it offers various advantages for the ships.

ExxonMobil Makes Discovery Off Guyana

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U.S. major ExxonMobil has made its 10th discovery offshore Guyana and increased its estimate of the discovered recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels, reinforcing potential for at least five floating storage, production and offloading (FPSO) vessels producing more than 750,000 barrels of oil per day by 2025.The resource estimate, up from the previous estimate of more than 4 billion oil-equivalent barrels…

Exxon Expects 25 pct More Oil from Guyana's Offshore Block

Photo: Exxon Mobil

Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain 25 percent more recoverable oil than previously estimated, the companies said on Monday.Exxon and Hess Corp said more than 5 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.The…

Qatar to Leave OPEC

© Maksym Kapliuk / Adobe Stock

Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.Doha, one of OPEC's smallest oil producers but the world's biggest liquefied natural gas (LNG) exporter, is embroiled in a protracted diplomatic…

Oil Surges 5 Percent

© weerasak / Adobe Stock

Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 1240 GMT. Brent crude rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $61.75."From Argentina to Alberta…

Shell Sells Upstream Interests in Ireland for $1.3bln

Image: Shell

Shell Overseas Holdings, an affiliate of Royal Dutch Shell plc, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to $1.30 billion, to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).A press release said that completion follows receipt…

Russia's Rosneft Signs Oil and Gas Deal with China

Pic: Rosneft

Russian oil giant Rosneft said that China National Chemical, known as ChemChina, agreed to purchase 2.4 million tons a year of crude oil. That amount is equivalent to 6% of Rosneft's total exports to China in 2017.Crude oil from Eastern Siberia will be transported to a Russian Far East port by pipeline and will reach China via Russia’s Pacific port of Kozmino.The deal allows for increasing crude oil supplies to China’s market…

Russian and Saudi Energy Ministers to Meet at G20

Russia's energy minister Alexander Novak will meet his Saudi counterpart at the G20 summit in Argentina and discuss an oil output reduction in 2019, RIA news agency cited Novak as saying on Friday.He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.Producer group OPEC and its allies are meeting in Vienna next week to discuss oil production.(Repor

Germany to Increase Wind and Solar Power Production

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Germany intends to increase energy production from wind and solar farms by a further 8 gigawatts (GW) over the next three years as the government tries to compensate for its decision to abandon strict emissions targets.Chancellor Angela Merkel's conservatives and their Social Democrat (SPD) junior coalition partners this year dropped plans to lower carbon dioxide emissions by 40 percent…

After Trump Calls, Gulf OPEC Members Cover Most of Iran Oil Loss

OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE in response to calls from U.S. President Donald Trump.The 15-member Organization of the Petroleum Exporting Countries has pumped 33.11 million barrels per day this month, the survey on Friday found…

Oil Falls as High Inventories Outweigh Likely OPEC Cuts

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Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.Brent fell $1.20…

IOG Delays North Sea Project Financing

Image: Independent Oil and Gas Plc

UK based oil and gas development & production company Independent Oil and Gas Plc (IOG)cautioned that current oil price volatility and capital market conditions aren’t conducive to deliver its financing plan for the core Southern North Sea project before year-end.The company which explores for and develops oil and gas properties in the North Sea said in a press release that it was ready to enter the execution phase of its core development project in the UK Southern North Sea…

KNOT Offshore CEO/CFO John Costain Steps Down

Image: KNOT Offshore Partners

UK-based KNOT Offshore Partners has announced that John Costain has decided to step down as CEO and CFO of the partnership."Although Costain is resigning in order to pursue other interests outside of the partnership, he will be available for the partnership until 31 May 2019," said a press release from the publicly-traded master limited partnership, which , operates and acquires shuttle…

Global LNG Trade Jumps by 7.1%, Says Höegh LNG

Image: Höegh LNG

The global floating liquefied natural gas (LNG) trade reached 236 million tonnes in the first nine months of 2018, up by 7.1% from the same period of 2017 on a combination of robust Asian demand and new supplies of LNG from Australia and the USA, said Höegh LNG.The provider of LNG transportation and services said that for the full year, LNG trade is expected to reach around 320 million tonnes…

Lukoil Sees Production Up 3.5% in 2018

(Photo: Lukoil)

Russian oil producer Lukoil said on Thursday that it was expecting its hydrocarbon production to increase by 3.5 percent this year.The company also plans an increase in hydrocarbon production of 1 percent next year, a company official said on a conference call.(Reporting by Olesya Astakhova; writing by Tom Balmforth; editing by Katya Golubkova)

Oil Rises After Russia Leans Towards Output Cut

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Oil reversed course and rose as much as 3 percent on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.Prices, however, were still set for its biggest one-month fall in November since the depths of the financial crisis in 2008, having lost about 22 percent so far.A seemingly relentless rise in crude supply from the United States…

U.S. Crude, Natgas Proved Reserves Hit Record Highs in 2017 -EIA

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U.S. crude oil and natural gas proved reserves rose to record highs in 2017, driven by stronger energy prices and the continuing development of shale formations, the U.S. Energy Information Administration (EIA) said on Thursday.Crude reserves increased 6.4 billion barrels, or 19.5 percent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970."Total U.S.