E&P

Norwegian oil company DNO said on Tuesday it had discovered gas condensate at its Norma prospect in the North Sea and that it would continue to drill for more resources nearby.

The head of the White House Council of Economic Advisers said that the U.S. Energy Department has talked to oil producers and refiners to ensure stable fuel supplies during rising gasoline prices.

France's TotalEnergies will start drilling at the Fenix field off the southern Argentine province of Tierra del Fuego in March 2024, and expects to start production the following November, Vice President Catherine Remy said.

Favoring earnings over higher production has helped U.S. companies deliver strong profits with modest volume increases. The OPEC producer group's cuts have helped keep prices above $70 a barrel for most of the year.

(P&GJ) — OMV has announced the Wittau Tief-2a exploration well to be a confirmed new natural gas discovery – the country's largest natural gas discovery in 40 years. The OMV operated well is in Lower Austria and was drilled at a final depth of 5,000 meters after five months of operations.

Russian President Vladimir Putin approved Arctic LNG 2's first line departure via the Northern Sea Route from the Murmansk region to its future production site on the Gydan peninsula, the Kremlin said on Thursday.

Ohio Governor Mike DeWine said on Tuesday that more than 450 people have been evacuated from areas within a mile of a natural gas well in Columbiana County while state authorities responded to a gas leak there.

Muted increases in U.S. oil production and cuts by the OPEC+ producing-nations group will limit crude supply in the months ahead, pushing up prices, an executive at U.S. shale producer EOG Resources said on Wednesday.

The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern Romania holding over 30 million barrels of oil equivalent of recoverable resources.

Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise by 1,000 bpd to a record-high 5.76 million bpd. That would be the smallest monthly increase for the region since February.

Russia's Lukoil has increased oil production at Iraq's southern West Qurna 2 oilfield by 80,000 barrels per day (bpd) to a total of 480,000 bpd, an oil official told Reuters on Thursday.

Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap.

(P&GJ) — U.S. crude oil production grew 5.6%, or 0.6 million bpd, in 2022 compared with 2021, averaging 11.9 million bpd, according to the U.S. Energy Information Administration (EIA). The two states the Permian Basin spans—Texas and New Mexico—contributed the most growth to U.S. crude oil production in 2022.

Natural gas flaring in the top U.S. shale basin is poised to increase next year, a report released on Tuesday projected, as the region's output exceeds available pipeline capacity.

U.S. oil output from the seven biggest shale basins is due to rise in June to the highest on record, data from the Energy Information Administration showed on Monday. Oil output is set to rise by 41,000 barrels per day (bpd) to 9.33 million bpd, the EIA said.