U.S. oil giant Exxon Mobil Corp. (NYSE) announced Wednesday that it has produced 500 million barrels of oil from Guyana’s offshore Stabroek block, reaching this milestone just five years after…
oil production
Oil production involves extracting crude oil from underground reservoirs through drilling. After extraction, the oil is refined into various products like gasoline and diesel. It’s a critical process for global energy supply and economy.
-
-
Nigeria’s 2025 budget is facing significant challenges as the Federal Government aims to rely heavily on oil revenue, but OPEC’s production quotas and global market fluctuations cast a shadow over…
-
Global and U.S. oil production are expected to reach slightly higher record levels than previously predicted this year, according to the U.S. Energy Information Administration (EIA). Despite this surge in…
-
Mid-month data from the Central Energy Fund (CEF) suggests that South African motorists could see a mixed bag of fuel price changes as December approaches, with petrol set for a…
-
The OPEC+ alliance, already grappling with supply management issues, faces a turbulent end to 2024, exacerbated by unexpected weaknesses in global oil demand and political uncertainties from the United States.…
-
A significant portion of U.S. oil production capacity in the Gulf of Mexico remains offline following Hurricane Rafael’s weakening into a tropical storm. According to the U.S. National Hurricane Center,…
-
As Tropical Storm Rafael approaches the Gulf of Mexico, oil companies are taking precautionary measures to protect personnel and minimize production disruptions. Major energy operators, including BP, Chevron, Equinor, and…
-
Russia is allegedly violating its agreements with OPEC+ by hiding the true scale of its oil production and sales, according to a new report from the Ukrainian Centre for Defence…
-
The North Sea, a significant hub for crude oil production in Europe, primarily driven by the UK and Norway, is facing a terminal decline. In 2022, the region produced just…
-
The House of Representatives has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to develop a regulatory framework that incorporates artisanal refiners into the formal crude oil production value chain.…