Production NEWS

Conoco's average gas price from its Lower 48 operations more than doubled to $4.56/mcf from the fourth quarter. Diamondback, which operates in the heart of Texas's biggest shale field, saw average gas prices jump more than 21 times to $3.05/mcf from a year earlier. The combined company produced 1.32 Bcfg in the period, more than double Conoco's in the previous quarter, which helped offset the financial impact of lost oil production from the freeze.

India's flagship oil and gas producer ONGC on Wednesday said it is seeking foreign partners for yet-to-be-developed fields in lesser prospective areas but is shackled by uneconomic gas prices and tax structure. ONGC is also looking into strategic relationships and close alliances with key international players through (overseas arm) ONGC Videsh," the company said in a statement.

CGG announced the delivery of the fast-track data from its Agata Reimaging program over the Agata block in the Santos Basin, a highly prolific area of Brazil's offshore pre-salt. The ultramodern reimaged seismic data set covering over 9,300 sq km (3,591 sq mi) will provide valuable information to oil and gas companies wishing to evaluate acreage and assess the potential of the Agata block, prior to Brazil's upcoming 7th Production Sharing Bidding Round.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.1 million barrels from the previous week. At 493.1 million barrels, U.S. crude oil inventories are at the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of April 23, 2021.

With a decline in India's crude oil production and natural gas output in FY20-21, the petroleum ministry has made its third attempt to get Oil and Natural Gas Corporation (ONGC) to privatize its oil and gas fields along with other infrastructures to raise production. The Ministry of Petroleum and Natural Gas, on April 1, wrote to India’s largest producer of oil and natural gas asking it to sell its stake in oil fields to private firms and get foreign partners in KG basin gas fields. The letter also sought to monetize existing infrastructure and hive off drilling and other services into a separate firm to increase production.

Supportive net zero policies, a steep decline in production costs from electrolysis as well as a broad push towards renewables will pave the way for the widespread adoption of green hydrogen. A series of reports from S&P Global Ratings explores the potential of clean hydrogen to drive decarbonisation across the economy. They found that cost continues to present a major setback to the wider spread adoption of hydrogen.

Amazon has announced nine new utility-scale wind and solar energy projects in the US, Canada, Spain, Sweden, and the UK. The company now has 206 renewable energy projects globally, including 71 utility-scale wind and solar projects and 135 solar rooftops on facilities and stores worldwide, which will generate 8.5 GW of electricity production capacity globally. With this latest announcement, Amazon is now one of the largest corporate purchasers of renewable energy in Europe.

Paris: Gas power plants overtook lignite coal plants in 2020 to become the European Union's largest single source of emissions from electricity, an analysis of the bloc's Emissions Trading Scheme showed Friday.Gas plants produced 231 million tonnes of carbon dioxide across the continent in 2020 according to the analysis conducted by energy think tank Ember.

Five years after the first discovered small field (DSF) auctions for hydrocarbons, project developers continue to face multiple issues. Till now, none of these discoveries have begun production and officials from many new entrants to India’s upstream oil and gas exploration sector point fingers towards delays in clearances and faulty data. “The efforts of the Directorate General of Hydrocarbons are in creative construct, yet achieving the mission of expediting domestic production is being hampered owing to delays in policy decisions.

Global renewable energy capacity increased 10.3 per cent last year to 2,799 gigawatts. More than 260 gigawatts of renewable energy capacity was added, a 50 per cent increase on capacity growth in 2019, the International Renewable Energy Agency said in a report. Solar energy made up more than 48 per cent of last year's additions, accounting for 127 gigawatts.

Iberdrola has increased its renewable energy footprint in Poland, one of the company’s new growth markets. The group has reached an agreement with CEE Equity Partner to acquire three new onshore wind farms with a total capacity of 163 MW. The production from the facilities is largely already covered by 10-year power purchase agreements (PPAs).

Nucor Corporation, a steel production company, announced today that it has signed a 10-year Virtual Power Purchase Agreement (VPPA) with Ørsted Onshore North America, LLC for 100 megawatts from Ørsted’s Western Trail wind farm (WTW) in North Texas. This is Nucor’s second VPPA. In 2020, Nucor announced the signing of a 15-year VPPA for 250 MW of solar energy in Texas.

International energy leaders’ business lodestars have seen a “major realignment” over the past year as the pandemic encircled the globe toward a “humanising” agenda that has catapulted renewable energy production up their list of “actionable priorities”, according to a new report from the World Energy Council (WEC).In addition to this report, WEC hosts an interactive Issues Monitor online tool, developed with EPC giant Arup.

India has achieved 92.97 GW of renewable energy (RE) capacity till February this year, while 50.15 GW is under various stages of implementation, Parliament was informed on Tuesday. India has set an ambitious target of achieving 175 GW of installed RE capacity (excluding large hydropower) by 2022. "So far, 92.97 GW of cumulative installed RE capacity has been achieved as on February 2021.

Titan Division of Hunting Energy Services, today introduced its new PowerSet Recon addressable power charge. Enabled by Hunting’s ControlFire Recon technology, PowerSet Recon is industry’s only fully addressable power charge, which can be interrogated downhole with ControlFire software and at the surface with Hunting’s VeriFire panel. Complete with a built-in initiation device that eliminates the need for plug switches and igniters, PowerSet Recon is available in sizes #10F (fast-burning) and #20, and is compatible with Hunting’s T-Set setting tools.

NEW DELHI : State-owned ONGC, which is often perceived as a drag on the crude oil and natural gas produced in the country, has actually seen its contribution to the national production jump to over 70% from under 53% a decade back, petroleum ministry data showed.

MOSCOW (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Wednesday there was a risk of non-OPEC+ oil producers increasing output due to higher oil prices and that oil market demand was gradually being restored.In televised comments at a meeting chaired by President Vladimir Putin, Novak said the oil market was stable now and that Russia would raise output in April due to an improved situation with the pandemic.

Chandrapur: The Chandrapur Super Thermal Power Station (CSTPS) constantly working to maintain performance and efficiency of energy production has successfully achieved success in PAT cycle-II standards.The plant has 1,88,900 positive EScerts (energy saving certificate) at an estimated cost of Rs18.89 crore.