Tag: production
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Oil production quotas for OPEC+ countries from January to December 2024
The oil production quotas for OPEC + countries over the next year (2024) are witnessing a noticeable discrepancy, after the coalition ministers decided during their meeting today, Sunday (June 4, 2023), to amend the base month – through which the quotas are calculated, whether by decrease or increase – in the period From January 1…
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The OPEC + alliance confirms the policy of reducing production .. and Saudi Arabia extends the voluntary cut
OPEC + agreed to stabilize the policy of reducing production without change in 2023, in addition to amending the base month through which oil quotas and compliance in the alliance are calculated starting next year, during the ministerial meeting held today, Sunday (June 4, 2023), after Several rounds throughout the day in order to reach…
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The OPEC + alliance proves the policy of reducing production… and sources reveal Saudi Arabia’s position
OPEC + agreed to stabilize the policy of reducing production without change in 2023, in addition to amending the base month through which oil quotas and compliance in the alliance are calculated starting next year, during the ministerial meeting held today, Sunday (June 4, 2023), after Several rounds throughout the day in order to reach…
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The Sultanate of Oman invites Chinese companies to invest in oil and hydrogen production
The Sultanate of Oman is preparing to enhance opportunities for cooperation and economic partnership in the energy and mineral sectors with China, especially in the field of oil production. An Omani delegation visiting Beijing is currently discussing opportunities to increase the participation of Chinese companies in production, exploration and refining operations, as well as investing…
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A report reveals a decline in Russian oil production by 300,000 barrels per day
Participants in global markets seek to verify Moscow’s commitment to reducing Russian oil production to 9.5 million barrels per day, in the period from March 2023 until the end of the year, as part of a group of voluntary production cuts for several member states of the OPEC + alliance, with the aim of achieving…
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Oil production in Guyana generates $6 billion in gains for the ExxonMobil alliance
The ExxonMobil-led consortium generated US$5.8 billion in profits in 2022 from oil production in Guyana. The disclosure of the profits of the alliance – which includes Exxon Mobil, Hess and Sinooc – came in light of the legal dispute over the breach of insurance obligations against oil spill risks. It is also the first disclosure…
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Mafraq field in the Sultanate of Oman shows promising results in preparation for the start of production
Read in this article Positive results regarding oil production from the Mafraq field in the Sultanate of Oman High world oil prices support Oman’s oil revenues Maha Energy of Sweden announces the results of oil field tests in Block 70 in the Sultanate of Oman Maha Energy reduced its share in Block 70, after its…
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Libyan oil aims to increase production by 8% by the end of 2023
The Libyan oil sector continues its efforts to increase production in order to support the country’s financial resources, in a way that supports the recovery of the national economy, which faces many challenges. Libya aims to increase oil production by about 8%, by next December, a level that would raise production to the highest level…
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Shell enhances offshore oil production with artificial intelligence technology
British Shell seeks to boost offshore oil production, as the largest producer of crude in the US Gulf of Mexico. Shell will use AI-based technology from Spark Cognition for big data analytics in its deep sea exploration and production operations. The two companies said that the new process could shorten the exploration period to less…
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Egypt announces the developments of its huge petrochemical production project
Petrochemical production in Egypt is witnessing increasing interest from the government, in light of the great importance this sector represents in supporting the national economy. Within this framework, Egypt announced today, Thursday, May 11, 2023, the developments of its large project, represented in an integrated industrial complex with international specifications for the production of petrochemicals.…
