Mexico Oil & Gas’ Post

"The U.S. produced more crude oil last year than any nation ever has, setting new records for total annual production and average monthly production, according to data released Monday by the Energy Department." "The nation’s oil production reached an average of 12.9 million barrels per day in 2023, up from the previous global record of 12.3 million barrels per day set by the U.S. in 2019. The monthly average in December — 13.3 million barrels per day — was high enough to set a new monthly record." "The U.S. has outpaced global oil powerhouses Russia and Saudi Arabia every year since 2018, the Energy Department’s data showed. Russia produced 10 million barrels per day in 2023; Saudi Arabia produced 9.7 million barrels per day. " https://lnkd.in/e44HxXzP

India's crude oil production is projected to hold steady at 29.4 million metric tonne for the fiscal year 2023-24, according to the Ready Reckoner report from the Petroleum Planning & Analysis Cell (PPAC). The report provides a detailed snapshot of the country's oil and gas sectors, essential for stakeholders in energy planning and policy-making. Story by: Saurav Anand Petroleum Planning and Analysis Cell(PPAC), MoPNG| Ministry of Petroleum and Natural Gas Govt of India| #CrudeOilProduction #OilAndGasSector #PPAC #EnergyPlanning #PolicyMaking #IndianEnergy #OilIndustry

🚀 PEMEX processed an average of 1.258MMb/d of crude oil in 3Q24, marking the highest volume in the past decade. This achievement represents a 100.31% increase since the end of 2018 and an 18% rise compared to the same quarter last year. Dive into the full article and explore more insights on Mexico Business News! #PEMEX #RefiningCapacity #EnergyIndustry #OilAndGas #MBPV

The US gas market is drowning in cheap raw materials. US shale companies are reducing gas production in anticipation of new LNG projects. Supply growth in 2024 has pushed U.S. gas prices to multi-year lows, a pain for producers but a relief for consumers and companies that liquefy gas, Reuters reports. U.S. LNG exports should double their 2024 levels by 2026, said Matthew Palmer, chief executive of S&P Global Commodity Insights. Natural gas prices will be significantly higher in 2025 as new LNG export projects boost demand, said Jim Simpson, chief executive of research firm East Daley Analytics. But for now, low yields have forced some shale gas producers to cut output. “There’s a better chance of oversupply [in the U.S. market] than undersupply in the next nine months because LNG projects [which use gas to liquefy] won’t come online until late next year,” said Matt Marshall, president of Aegis Hedging. US companies need Henry Hub natural gas prices above $3 per MMBtu ($107.4 per thousand cubic meters) to generate cash flow to continue drilling, said Palmer of S&P Global. Gas prices are currently around $2.33 per 1 million Btu ($83.4 per 1 thousand cubic meters) and have only risen above $3 a few times this year. Recall that prices at the largest US gas hub Henry Hub do not include the cost of transportation, liquefaction and regasification - this is the pure cost of the feedstock. As new LNG projects are launched and shale gas production increases, prices are expected to rise. The US Department of Energy forecasts an average Henry Hub price of $3.14 as early as 2025, Reuters notes. https://lnkd.in/eQzNJkqc

In the first half of the year, Tatneft reduced oil production by 4.7%, gas by 8.1%. Tatneft is reducing hydrocarbon extraction, keeping oil product output at the level. In the first part of this year, Tatneft showed a decrease in hydrocarbon extraction: oil production was 4.7% less year-on-year — 13.66 million tons, and gas production fell by 8.1%, reaching 430 million cubic meters, Interfax writes, citing the oil company's report. Meanwhile, the company is trying to keep the output of petroleum products on track: over the first half of the year, this indicator grew by a symbolic 1.1% — at 8.49 million tons of fuel. At the same time, the production of gas processing products fell by 13.8%, to 473 thousand tons. According to the results of 2023, Tatneft reduced oil production by 2.3% — to 28.45 million tons of oil, gas production decreased by 1.5%, to 921 million cubic meters. Production of petroleum products in 2023 increased by 5.8% to 16.92 million tons, while gas product output increased by 5.2% to 1.096 million tons. Recall that Tatneft previously reported a 20.3% reduction in capital expenditures in the first half of the year, to 77.83 billion rubles. Tatneft's profit under IFRS for the specified period increased by 2.2% to 151.016 billion rubles. https://lnkd.in/enZ9pJTG

📊 Oil supply to the domestic market of Kazakhstan in August 2024 In August 2024, 1.4 million tonnes of oil were shipped to Kazakhstan's domestic market, up 19.62% from July 2024 and up 15.6% from August 2023, the data of the Oil Bulletin shows. The total volume of oil shipped to the domestic market in January-August 2024 stood at 10.09 million tonnes, 3.3% higher compared to the relevant period last year. Detailed information on oil and gas production and refining in Kazakhstan is contained in the full issue of the bulletin available for download at the link https://lnkd.in/eBNDURS4

*** China Exploration and Production Sector - Update *** •  China ranks as the sixth-largest producer of oil and gas, but the world’s second-largest consumer • Production this year is expected to be 83,425 bd, and 32% less by 2029. Total liquid production is estimated at 4,206,000 bd, and over the next 5 years is forecast to decline by 18%. • Onshore oil and condensate production account for 66% of total liquid production • Total natural gas production in 2024 is estimated to be 23,160mmcfd and is forecast to decline at 9% over the next 5 years • The Chinese government and major corporations continue to increase their efforts in hydrocarbon production, especially natural gas. This has led to 21 fields scheduled to come online over the next 5 years • The chart below shows the top 10 fields in China by crude oil production #china #oil #gas #oilgas #hydrocarbons

Angola’s Oil Production Increases in June In June, Angola’s oil production totaled 34.6 million barrels, averaging 1.155 million barrels per day (MBPD). This represents a 0.87% increase from May’s output of 1.108 MBPD. According to PetroAngola’s Monthly Petroleum Bulletin, Block 17 led production with an average of 393,655 barrels per day (KBPD), followed by Block 32 at 154,960 KBPD, and Block 0 at 147,205 KBPD. Gas production also saw a rise, reaching 87,230 million cubic feet (MMSCF) in June, or a... Read more on the link below https://lnkd.in/gnK788kM

🖇 Oil and gas production and refining in Kazakhstan: January-October totals The monthly bulletin is now available in English at http://surl.li/xirtgx In the first 10 months of the current year, Kazakhstan produced 73.3 million tonnes of oil with gas condensate, 2% down on the same period last year. In October 2024, 1 million tonnes of crude oil was shipped to the domestic market, 7.5% above September but 5.5% below October 2023. Oil for industrial enterprises on the domestic market cost 107,340 tenge per tonne. Along with that, the price index dropped by 9.1% relative to September. 📌 Want to know more? Download the "Monthly Bulletin on Oil and Gas Production and Refining in Kazakhstan" in English to have a comprehensive review of the country's oil and gas industry performance. The Bulletin contains: ✔️ Detailed data on oil production, exports and shipments. ✔️ Analysis of global and domestic oil prices. ✔️ Data on petroleum products production and gas supply. ✔️ Tables and charts for convenient analysis.

Unbreakable record? The record is unlikely to be broken in any other country in the near term because no other country has reached production capacity of 13.0 million b/d. Saudi Arabia’s state-owned Saudi Aramco recently scrapped plans to increase production capacity to 13.0 million b/d by 2027. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019. Average monthly U.S. crude oil production established a monthly record high in December 2023 at more than 13.3 million b/d.