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Tag: production

Upstream efforts put North Sea find closer to production

Upstream efforts put North Sea find closer to production

Business
May 23 (UPI) -- A rig contract to explore parts of a North Sea discovery could put it one step closer to production at the start of the decade, an oil and gas company said. Faroe Petroleum said it contracted rig company Transocean to use its Transocean Arctic rig for exploration work on the eastern section of the Brasse field, which was discovered two years ago. If the well is successful, the company said it could net another 30 million barrels of oil equivalent. "The Brasse development program continues apace as we work towards concept selection by year end," CEO Graham Stewart said in a statement. "If successful the Brasse east well could contribute significant additional hydrocarbons, thereby potentially adding further value to this attractive flagship development project." Earlier es...
Oil, gas markets close week mixed amid optimism on U.S. production

Oil, gas markets close week mixed amid optimism on U.S. production

Business
March 30 (UPI) -- After an up-and-then-down week, oil and gas markets closed slightly higher Thursday ahead of the Easter holiday weekend.All major U.S. and European stock exchanges and markets were closed Friday for Good Friday, which coincides with the Passover holiday that starts Friday at sundown.Growing U.S. inventories pulled prices lower Thursday after hitting $ 70 per barrel earlier this week, but they closed mixed by the end of the day.The price for May Brent crude oil was up .56 cents to $ 64.94 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was unchanged to $ 69.53 per barrel. The May contract expired Thursday.On Thursday, Baker Hughes reported the number of land rigs drilling for oil in the United States totaled 797, four less than in the previous...
Airbus cutback plans to hit production jobs in UK

Airbus cutback plans to hit production jobs in UK

Business
Airbus says 3,700 jobs across Europe will be affected by planned production cuts to its A380 and A400M aircraft.The plane-maker confirmed roles were at risk in France, Germany, the UK and Spain following talks with staff and unions and a series of leaks on its intentions.A spokeswoman for the UK business, which largely focuses on wing production for both aircraft at its Broughton and Filton factories, said it was hoped that compulsory redundancies would be completely avoided.The sites collectively employ 10,000 workers but it is understood up to only 450 roles would be affected by the cutbacks, which are due to be implemented from 2020.Airbus said they would either be redeployed or go through "natural attrition".Both the A380 superjumbo and A400M have been enduring tough times for years as...
Maintenance period drags Norwegian oil production lower

Maintenance period drags Norwegian oil production lower

Business
Oct. 19 (UPI) -- Oil production from Norway last month was far lower than expected, but still above figures from last year, a government agency said Thursday.The Norwegian Petroleum Directorate reported lower sales and lower production, based on preliminary data for September. Preliminary data show oil production was 1.44 million barrels of oil per day, which was about 11 percent lower than expected."The oil production was below the forecast in September due to maintenance work on some fields," the NPD's monthly report read.Preliminary data for September shows a gain over last year of 3.6 percent. Final figures from August show an average daily rate for oil production at 1.56 million bpd. Total discovered and potential resources are up more than 40 percent since 1990.Norway is one of the l...
Texas oil production slightly lower, early data show

Texas oil production slightly lower, early data show

Business
Sept. 26 (UPI) -- Crude oil production reported to the state energy regulator in Texas for July was slightly lower than last year, preliminary data show.Texas is the No. 1 oil producer in the nation and at least parts of four of the seven active shale basins in the country lie within its borders. The Railroad Commission of Texas, the state's energy regulator, reported total crude oil production from August 2016 to July 2017 at nearly 1 billion barrels.For July, the commission said crude oil production averaged 2.43 million bpd, about 6,000 bpd shy of the level from July last year. Commission data don't show production per basin or explain variances.A drilling productivity report from the U.S. Energy Information Administration show production from the Permian basin, the most prolific in ter...