Petroleum Solutions

Colombia wants to shorten the production timeline at its biggest deepwater discovery, the nation’s energy chief said, as it braces for a shortfall of natural gas in coming years. State-run Ecopetrol SA and Petroleo Brasileiro SA announced this month the Sirius-2 well off the Caribbean coast could triple the country’s reserves if the deposit proves...

A brutal cold snap, on top of concerns that the warm-up after it might not be as warm as previously projected, is giving the U.S. natural gas market a boost, Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone in an exclusive interview when asked why the U.S. natural gas price...

Libya’s oil production has risen to the highest daily level in more than a decade, just months after a political crisis slashed the country’s output. Crude and condensate production hit 1.422 million barrels on Thursday, the National Oil Corp. said in a post on X. That exceeds the state oil-firm’s target by 22,000 barrels. It’s...

Prolonging the United States’ pause on new liquefied natural gas (LNG) projects will deprive Asian countries of a price-competitive source, making it harder for emerging economies in the continent to phase out cheaper but more polluting coal, according to an analysis commissioned by Asia Natural Gas and Energy Association (ANGEA). The study by Wood Mackenzie...

Triggered by incoming U.S. President Donald Trump, the next four years could prime the liquefied natural gas (LNG) markets for a golden era. That’s what Rystad Energy said in a release sent to Rigzone by the Rystad team this week, adding that, “based on his campaign pledge, the returning president’s expected policies are likely to...

Oil prices edged up, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah and Sunday’s Opec+ meeting, in which the group could delay a planned increase to oil output. Brent crude futures rose 29 cents, or 0.4 per cent, to $73.10 a barrel by 0750 GMT and US West Texas...

Oil edged higher after swinging between gains and losses as Russia’s war against Ukraine escalated while Iran agreed to stop producing uranium enriched close to the level at which it can be used in nuclear weapons. West Texas Intermediate fluctuated throughout the day but ended 0.3% higher, settling above $69 a barrel. Rising tensions between...

President-elect Donald Trump’s vows to “frack, frack, frack” are about to collide with a global crude glut that’s set to, finally, temper record shale production. Trump has said he’ll push America’s shale companies to ramp up output – telling supporters pump prices would fall even if it meant producers “drill themselves out of business” —...

The discovery is estimated at between 13 and 28 million barrels of oil equivalent.An exploration well with sidetrack has been drilled about 10 kilometres north of the Troll field in the North Sea. Petroleum was struck in both well trajectories. Both oil and gas were discovered, slightly more than half being gas. The discoveries were...

Agreements have been signed to pave the way for a United Nations-backed fund for the most climate-vulnerable countries to start project financing in 2025, COP29 host Azerbaijan said Tuesday. The “loss and damage” fund’s board signed a Trustee Agreement and a Secretariat Hosting Agreement with the World Bank and a Host Country Agreement with the...