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Tag: production

OPEC: Venezuelan, Iranian monthly oil production down in September

OPEC: Venezuelan, Iranian monthly oil production down in September

Business
Oct. 11 (UPI) -- Oil production in Venezuela, a country with the world's biggest reserves, reached a new low in September as it goes through political and economic instability, declining 3.4 percent in September from August. Production has now reached its lowest point since the 2002-2003 PDVSA oil strike -- in addition to Iranian output also falling. According to monthly data released Thursday by the Organization of Petroleum Exporting Countries, or OPEC, and which it attributed to "secondary sources," the country's September production was just under 1.2 million barrels per day, down 42,000 barrels per day from August. Venezuelan officials confirmed a decline to OPEC, but at a higher level. According to the figures reported and described as coming from "direct communication" with Venezue...
Electric version of classic Jag to go into production

Electric version of classic Jag to go into production

Technology
Jaguar's classic E-type sports car is set to make a comeback with a new electric version approved to go into production. The E-type Zero, notably driven by Prince Harry as he whisked Meghan Markle away to their wedding reception earlier this year, will be available to buy from summer 2020.Carmaker Jaguar Land Rover (JLR) announced that Jaguar Classic - a unit of the British-based firm which restores vintage models - will convert E-types to electric power at its Classic Works facility in Coventry.Details on how much the revamped car could cost remains tightly under wraps for now. 1:42 ...
Kim Jong Un touts catfish production as 'gold ingots'

Kim Jong Un touts catfish production as 'gold ingots'

World
SEOUL, Aug. 6 (UPI) -- North Korean leader Kim Jong Un revisited a local fish farm to inspect catfish production amid a sluggish economy. Kim and his wife visited the farm in the southwestern city of Samchon, where he praised the surge in catfish production and surpassing its target of 3,000 tons. He also called a pile of frozen catfish "gold ingots," North Korea's state media KCNA reported on Monday. Kim's visit to the catfish farm is his third since assuming power from his father and former leader Kim Jong Il, according to Joongang Ilbo. He visited in 2015 and 2017. Catfish production has been encouraged in North Korea where malnutrition is still a problem, according to Kyodo News. Kim Jong Il initiated catfish production as part of a plan to diversify a source of protein for North Kor...
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...