Petroleum industry
ExxonMobil's Upstream Research Company has partnered with Weatherford International Ltd. to develop and commercialize a new completion technology called MazeFlo. Designed to mitigate sand production risk, MazeFlo uses multiple screens and compartment baffles to improve well reliability and longevity. The technology selectively limits sand production from problematic intervals
Petroleum industry
The Organization of Petroleum Exporting Countries (OPEC) decided to leave its output targets unchanged at a summit in Vienna, citing the fragile state of the global economy. This decision has resulted in crude oil futures rising to a six-month high, with the front-month July Brent contract on London's
Petroleum industry
Market uncertainty surrounding the strength of the U.S. economy, particularly in the context of the upcoming Memorial Day holiday, has led to a decline in crude oil futures on the New York Mercantile Exchange. Light, sweet crude for July delivery traded $1.17, or 1.9%, lower at $60.
Petroleum industry
Canada's oil sands hold a vital place in the ongoing debate between energy security and environmental sustainability. With the second-largest petroleum deposits after Saudi Arabia and the biggest in the Western hemisphere, Canada has become the biggest foreign oil supplier to the United States, accounting for 19 percent
Petroleum industry
China's emerging consumer market is poised to undergo significant changes as AirMedia Group Inc. and Sinopec Corp. partner to create a vast outdoor advertising network. The exclusive concession rights contract will see AirMedia develop and operate advertising platforms at Sinopec's service stations throughout China, targeting the
Petroleum industry
As higher oil prices and signs of a recovering global economy boosted investor risk sentiment, the dollar fell to a seven-week low against the euro on Tuesday. Oil prices briefly touched $60 a barrel, a level that prompted investors to sell the dollar and buy riskier currencies. The euro reached
Petroleum industry
The Philippine oil industry witnessed a new round of price reduction on Tuesday, as Pilipinas Shell Petroleum Corp., Petron Corp., Total Philippines, and Seaoil Philippines lowered the prices of their petroleum products, citing a decrease in international crude oil prices. According to the Department of Energy, the new prices for
Petroleum industry
The Russian stock market exhibited mixed trends on Tuesday, with most stocks experiencing a moderate downward correction in response to falling oil prices and a decline in U.S. stock prices. Despite this, the RTS index reached its highest level this year, while the MICEX edged down slightly. The ruble
Petroleum industry
Ecopetrol S.A. has confirmed a significant oil discovery at the Quriyana-1 well, located in the municipality of Orito, province of Putumayo, Colombia. The well, drilled to a depth of 8,445 feet, tested two reservoirs in the Caballos formation, yielding a combined production of 300 barrels per day in
Petroleum industry
Oil prices fell sharply on Monday, pressured by lower equity markets, a stronger US dollar, and rising risk aversion amidst the global economic downturn. As traders shifted their focus back to the sluggish US economy, oil prices shed over $2 a barrel, or around 4%. Experts warn that the recent
Petroleum industry
Oil prices took a significant hit on Monday as the International Energy Agency (IEA) announced that global oil demand will fall by 2.4 million barrels a day this year, a decline that would be the sharpest since 2004. This forecast, which is weaker than the agency's prior
Petroleum industry
As the global economy continues to struggle, oil demand expectations have been revised downward by the International Energy Agency (IEA), leading to a sharp decline in crude oil prices. The IEA now forecasts global oil demand to total 83.4 million barrels a day this year, the lowest since 2004,
