The eight countries reiterated that the combined 1.65 million b/d of voluntary production cuts could be returned to the market either partially or in full, depending on evolving market conditions, and in a gradual manner.
Oil & Gas Journal Head of Content, Chris Smith, talks about the issues shaping what happens next in Venezuela now that Nicholas Maduro has been removed from power.
The acquisitions include petroleum and natural gas rights from surface or base of the Nikanassin formation to the base of the Halfway formation under a 4-year Northern P&NG license.
Following Maduro's removal, Venezuela faces a prolonged recovery with muted short-term reactions in oil price, but questions about long-term outcomes for heavy oil markets remain.
Updated production data indicate that the Marcellus shale shows no evidence of declining resource quality or well productivity with continued maturation. The play shows clear evidence of ongoing expansion beyond earlier conceptions of the core area.
