According to figures released on Tuesday related to oil output in OPEC countries, Russia and Oman, the two nations likely to join the production cut, Chevron produces some 194,000 bopd, less than half compared with the nearest competitor, Eni.
Shell and ExxonMobil have similar shares, 586,000 bopd and 564,000 bopd, respectively, but their larger footprint in Russia increases their exposure to the fallout of the agreed-upon OPEC production ceiling compared with Eni. While not active in Russia, Total’s strong presence in OPEC members Angola and Qatar means its share of production stands at 670,000 bopd. In earlier comments, CEO Patrick Pouyanné said cuts could be made in Abu Dhabi and “potentially” Qatar.
Vast volumes of net production in Iraq and Angola put BP at the top of the list. BP’s 20% stake in Rosneft means that in the event Russia agrees to follow OPEC in reducing output, BP’s exposure to cuts the biggest of all at 1.6 million bopd.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.