Cheiron has begun producing crude from a new field in Egypt’s southern Gulf of Suez, following the GNN oil discovery. The discovery well was tested at rates of more than 2,000 barrels per day, the company said. Cheiron drilled the well from the existing Geisum D platform. Oil is flowing via existing field infrastructure. Oil is being produced from the GNN-4 well, an appraisal to the GNN-3 exploration well. GNN…

Independent global completions service company Tendeka has been awarded a five-year contract extension to supply a major operator with zonal isolation technologies for all fields in Oman. The multi-million-dollar contract extends a long-term partnership between the two companies, which was first established in 2002. Tendeka’s SwellRight swellable packers help reduce well construction costs, extend well life, and improve well integrity. Osama Abazeed, Tendeka’s Area Manager for the GCC said: “The…

Venezuela’s fall from oil superpower to failing producer can be illustrated in one image: a single drilling rig working the world’s largest oil reserves. As fields across the nation shut amid a relentless U.S. campaign to cut Venezuela off from global oil markets, the number of rigs drilling for crude fell to just one in May, according to data from Baker Hughes. Another lone rig was drilling for gas. That…

As oil producers in North America slash budgets, drilling activity, and the number of working rigs, the auction market for energy equipment is thriving and most active since the 1980s oil downturn, auctioneers told Reuters. It’s an accurate bellwether for state of the oil market. Auctioneers from Texas to North Dakota to Alberta in Canada are selling used rigs, trucks, water trucks, fuel tanks, coiled tubing units, and all kinds of…

Oil price slumped in New York as the Federal Reserve forecast a long road to recovery for the U.S. economy and American crude inventories rose to a record. Fed Chairman Jerome Powell said the pandemic could inflict long-lasting damage on the economy and signaled it would keep rates near zero possibly for years to come, weighing on equity markets globally. There were also fears a second wave of infections in…

Queues of tankers have formed off China’s busiest oil ports as the vessels wait to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand. Two dozen or more crude-laden tankers are waiting to discharge at terminals on China’s east coast that supply state-owned and independent refiners in the region, according ship brokers and vessel-tracking data. Asia’s largest economy is leading a recovery…