The world oil price has hit a 28-month high. Industry insiders believe that a contributing factor is all the expectations on the Organization of the Petroleum Exporting Countries (OPEC) /non-OPEC output-cut agreement. The next OPEC meeting is scheduled in a couple of days and analysts predict that the major exporters will extend output cut beyond March 2018.
A recent example of an oil and gas project is Renaissance Oil Corporation’s announcement that along with its partner Lukoil, the companies have completed the fourth workover at the Amatitlán block in Veracruz, Mexico. The well initially flowed back over 750 bbls/d of stimulation fluid and crude oil (up to 40% oil cut), and 0.5 MMcf/d gas at 1,100 psi wellhead pressures. The well was flow tested for several days recovering over 1,000 bbls of stimulation fluid as well as light oil and gas in varying volumes and rates, with the most recent production observed at approximately 60 bbls/d of light oil.
Photo courtesy of REUTERS/Essam Al-Sudani