Latest Oil production News

Iran Oil Minister Says Petrol Production Will Be Increased

Iranian oil minister, Massoud MirKazemi announced that Iranian petrochemical facilities are ready for the production of at least 15 million litres more of petrol per day.

ND oil patch sets new production record in May

Oil patch is coming up with double the state's production with 300,000 barrels of crude per day.

Shell defends deep-water oil production, as profits soar

Royal Dutch Shell posted soaring profits on Thursday and defended deep-water oil production, arguing it has an "important role" to play despite the Gulf of Mexico disaster that rocked rival BP.

Gas production from Raniganj CBM block by Sept: Essar Oil

Essar Oil today said it will begin gas production from its Raniganj CBM block in West Bengal by September and will achieve peak output in late 2012. "Production will begin this quarter... Either by end- August or early September," EOL Head of E&P Shishir Agrawal told reporters here.

Oil Declines on Rising U.S. Crude Inventories as OPEC Production Increase

Oil futures advanced in New York after opening lower. Crude for September delivery rose 22 cents, or 0.3 percent, to $77.21 a barrel at 9:28 a.m. on the New York Mercantile Exchange.

Oil falls to near $78 as global stocks drop

Oil prices fell to near $78 a barrel Friday in Asia as the region's stock markets dropped on dour economic figures from Japan ahead of a key U.S. growth report.

Oil prices rise on better corporate earnings

Oil prices rose Thursday as better-than-expected earnings from ExxonMobil Corp., Southwest Airlines Co. and others bolstered hope for an improving economy.

AWE June production jumps 47%

Oil and gas producer AWE says June quarter production jumped 47 per cent to 1.65 million barrels of oil equivalent (BOE) as its BassGas project was restarted.

Tag Oil year-end loss drops to $2.6M from $18.9M, revenue climbs 33 per cent

VANCOUVER - Tag Oil Ltd. (TSXV:TAO), a Vancouver-based production and exploration company with operations in New Zealand, postsed a year-end loss of $2.6 million or 13 cents a share, That compared with a loss of $18.9 million or $1.05 cents a share in fiscal 2009. Production revenue jumped 33 per cent to $6.5 million.

AWE June qtr production jumps 47%

Oil and gas producer AWE says June quarter production jumped 47 per cent to 1.65 million barrels of oil.