Global Oil Industry Turns its Attention to Volatile Strait of Hormuz
Reports 20 June that Iran shot down a US Navy drone over the Strait of Hormuz—the global oil market’s most critical transit point—exacerbated tensions in the region following a pair of attacks on oil tankers in the Gulf of Oman just a week earlier.
Hurricane Hits First Oil From Basement Reservoir in North Sea
This new development is the first to recover commercial quantities of oil in the UK from reservoirs that are generally considered non-productive.
New Merger to Create Third-Largest US Pressure Pumper
As the hydraulic fracturing market faces pressure to lower costs, Keane Group and C&J Energy Services announce they will combine their businesses.
ExxonMobil Proceeds with Long-Term Vaca Muerta Shale Oil Development
Up to 55,000 BOE/D of output is expected from the ExxonMobil-operated Bajo del Choique-La Invernada block in the Argentine shale play, with a possible second phase producing up to 75,000 BOE/D.
Global Energy Demand in 2018 Grew at the Fastest Pace This Decade
Natural gas accounted for almost 45% of global demand growth last year.
Dorado Discovery Off Australia Is Bigger Than Expected
After drilling the Dorado-2 appraisal well, operator Santos Energy now expects a big increase in gas resources from predrill estimates, adding to one of the largest oil resources ever found on Australia’s North West Shelf.
Thirty Firms Awarded Blocks in UK’s 31st Offshore Licensing Round
The round marked a continuation of a recent trend on the UKCS in which lesser-known firms and newcomers have gained stature, replacing more-familiar, bigger operators that have pared down their North Sea positions.
Eni Tallies Fifth Oil Discovery in Angola Deepwater Exploration Campaign
The Agidigbo find follows the Kalimba, Afoxé, Agogo, and Ndungu discoveries. The five discoveries combined hold an estimated 1.8 billion bbl of light oil in place.
Murphy Oil to Buy Deepwater US Gulf Assets for up to $1.625 Billion
The El Dorado, Arkansas-based Murphy has quickly found a home for some of the cash it will receive from the sale of its Malaysia business. The company has been rapidly expanding its US gulf footprint while simplifying its portfolio and targeting more oil.
Shell Partners with Startup to Get a Better Taste of the Reservoir
Wireline formation tests are a critical piece of the exploration and appraisal process, yet they come with a degree of uncertainty. The supermajor has tapped a new software developer to see if it can clear things up.
Venezuela Oil Output Sinks to Lowest Level Since Early 2003
The recent production freefall could accelerate even further as US sanctions-related deadlines pass, the US Energy Information Administration said.
Weatherford Plans Chapter 11 Restructuring
Weatherford said it will file for bankruptcy after reaching a deal with its biggest lenders to halve its debt load and provide financing during and after the process.
UK Continental Shelf: Two Big Discoveries and More to Come
Leaders from UK’s Oil and Gas Authority, Total, CNOOC, and Equinor discuss exploration successes, misses, and expectations for the offshore UK.
ExxonMobil Moves Forward With Second Guyana Development
Expected to start up in mid-2022, Liza Phase 2 will produce up to 220,000 B/D of oil.
Blacktip: Shell’s New Discovery in the Gulf of Mexico
The explorer has so far encountered 400 ft of reservoir pay zone in an area where it has three other producing fields.
Chinese-Owned Operator Claims Longest Permian Lateral
Houston-based Surge Energy drilled the Medusa Unit C 28-09 3AH well in the Midland Basin to a TMD of 24,592 ft, with a total horizontal displacement of 17,935 ft, or 3.4 miles.
ExxonMobil’s Guyana Offshore Discovery Count Rises to 13
Yellowtail-1 is the fifth discovery in the Turbot area, where ExxonMobil plans another Stabroek Block development hub.
Majors, IOCs Win Blocks in Argentine Offshore Bid Round
Thirteen companies placed bids on 18 blocks in the Austral, North Argentina, and Malvinas West basins as part of Argentina’s first open bid round for offshore acreage in more than 20 years.
PTTEP to Buy Murphy Oil’s Malaysian Business for $2.1 Billion
Thailand’s PTTEP is doubling down on Malaysian oil and gas in an effort to broaden its reach in its native Southeast Asia.
Global Oilfield Services Market Won’t Recover Until 2025
The financial effects of the downturn are set to last at least a decade—which puts the industry almost at the halfway point. This is according to a new report that says the FPSO market is the most “unscathed” of all the service segments.
Shale Pioneer: Hard Ceiling on Production Growth Coming
The complicated parent-child relationship in US shale fields is emerging as a turning point in the US shale revolution. One of the first executives to exploit tight oil says the issue will reverse the sector’s cumulative growth rate by 2025.
Shale CEO on Parent-Child Challenge, Well Declines: We Know
Encana CEO Doug Suttles assures that shale executives are acutely aware of the parent-child well challenge, and he doesn’t think it’s “a big threat” to the sector.
ExxonMobil, Chevron Target Nearly 2 Million BOE/D in Permian Production
The US majors plan to produce around 1 million BOE/D each from the basin, which has become a primary focus of their upstream operations.
ExxonMobil Makes Huge Gas Discovery Offshore Cyprus
The discovery is world’s third-largest natural gas discovery in the past 2 years.
Noble Energy Touts Output Gains, Potential From “Row Development” Concept
Noble’s first row of wells in its massive Mustang project is helping increase the operator’s DJ Basin output, and similar results are soon expected in the Delaware Basin.
Devon Pulls Up Its Roots, Goes All In on US Oil
Devon Energy will be getting simpler and smaller by selling two no-growth assets—gas acreage in the Barnett Shale in Texas and oil sand operations in Canada. Its future is staked on growing oil production in the Permian’s Delaware Basin and three other unconventional oil plays.
Chesapeake Teams With Analytics Firm To Improve Asset Performance
The Oklahoma City independent has a new-look portfolio and new operational and financial priorities. And now it has enlisted an energy research firm to leverage advanced analytics and machine learning to help get the most out of its assets.
EIA Adds New Plays to Shale Gas, Tight Oil Reports
The agency updated its methodology and production volume estimates to factor increasing production from new, emerging plays as well as older plays that have rebounded thanks to drilling advancements.
Brazil’s Lula Field a Step Closer to Producing 1 Million B/D of Oil
Petrobras and Shell have brought online the Lula field’s seventh FPSO as the firms continue to ramp up production from the pre-salt Santos Basin.
CNOOC’s “Major Find” In North Sea Is Biggest In 11 Years
The state-run offshore company has found a gas and condensate field that holds an estimated 250 million BOE.
Total Begins Production From Nigeria’s Giant Egina Field
The French major is racking up barrels of deepwater production as part of its large-scale West African push.
Oil Prices Take a 2014-Size Hit
Oil prices have fallen since early October in lockstep with the plunge in 2014. But this time oil companies appear better able to deal with a tough situation.
CNOOC, Several International Firms Sign Agreements for Areas Offshore China
Chevron, ConocoPhillips, Equinor, Shell, and Total are among nine firms looking to explore the Pearl River Mouth Basin.
How Does Vaca Muerta Stack Up vs. US Shale? Data Tell the Tale
Vaca Muerta production is on the upswing. Will increasing activity propel the Argentine play to the ranks of US shale? Data suggest it is both already there and has a ways to go.
Global Oil and Gas Exploration, Project Sanctions Expected to Rise in 2019
Financially healthier than in years past, operators are prepared to stave off the negative impacts of volatile oil markets in 2019 and advance their exploration and development programs.
Straight Out of OPEC, Qatar Flexes Global Ambitions
The small Gulf-nation is expanding its upstream portfolio to include some of the hottest exploration areas.
Mexico’s Giant Zama Discovery Gets New Interest Owner
DEA Deutsche Erdoel is buying Sierra Oil & Gas, giving the German operator stakes in six new blocks off Mexico—including the Zama discovery, where appraisal drilling is now under way.
ExxonMobil Makes 10th Discovery Off Guyana, Lifts Resource Estimate by Another Billion Barrels
The Pluma-1 discovery could turn the southeast portion of Stabroek Block off Guyana "into a major new development area," the company says.
US Oil, Gas Reserves Hit All-Time Highs
Proved oil and gas reserves in the US have spiked to levels not seen before, the EIA reports, and one of the main drivers is the Permian’s Wolfcamp-Bone Spring Shale.
BP, Chevron Bring Two More Offshore Projects on Stream
Majors BP and Chevron have overcome development challenges and delays to launch their respective Clair Ridge and Big Foot projects.
GE Speeds Up Plan To Sell Stake in Baker Hughes
The deal would raise nearly $4 billion for GE, which plans to reduce its stake in the oilfield services company from 62.5% to at least 50.1% after the transactions. It had previously announced in June its intention to sell its stake over a 2- to 3-year period.
Total, ADNOC To Explore for Unconventional Gas in Abu Dhabi
The French major will become operator of the Ruwais Diyab concession, and ADNOC says additional companies are lining up to partner on the emirate’s other unconventional areas.
New Oil Sands Development Gets Green Light
Imperial Oil has made a final investment decision on its 75,000-B/D Aspen oil sands project, the first new oil sands development to be approved in 5 years.
Israel Launches New Bid Round
Israel is launching a new offshore bid round for gas-bearing blocks in the Eastern Mediterranean.
Petrobras, Murphy Oil Form 75,000-BOE/D US Gulf Partnership
The new venture will operate several deepwater assets—including the Cascade, Chinook, Medusa, and Thunder Hawk fields.
Merger of Ensco and Rowan Jacks Up Their Market Share
The merger of Ensco and Rowan creates a company with growing cash flow from the biggest fleet of jackup rigs, and growth potential as deepwater drilling comes back.
Eni, BP To Team in Hopes of Boosting Libyan Oil and Gas Exploration
Eni plans to buy a portion of BP’s interest in Libya’s Ghadames and Sirt Basins in an effort to relaunch exploration activity there next year.
BHGE To Buy Stake in ADNOC Drilling as Firms Form UAE Partnership
The union marks the first time an international company has taken a direct equity stake in one of ADNOC’s service companies. BHGE will expand its presence in UAE, while ADNOC will gain access to BHGE technological expertise and proprietary equipment.
Company To Fracture First UK Horizontal Shale Wells
Cuadrilla Resources will test the two wells over the next 6 months to determine how much gas it can initially recover from the Bowland Shale.
Study Detected Methane in Water Wells But Not From Booming Oil Drilling Nearby
When methane is found in water wells near an unconventional well, fingers point to facturing as the liklely suspect. But a study of wells in the Utica Shale named other sources.
US Now Top Global Oil Producer But its Limits Are Showing
The US has “likely surpassed” Russia as the world’s largest oil producer, according to a US Energy Information Administration report.
Production From ‘Supergiant’ Zohr Field Off Egypt Hits 2 Bcf/D
The benchmark comes as operator Eni solidifies concession agreements and ramps up exploration and development in the North African country.
Oil Production Secrets Betrayed from Space
Advances in space sensing allow direct measuring of gas flaring, opening a window into production trends.
ExxonMobil, Guyana “Hit the Jackpot”
ExxonMobil’s ninth discovery offshore Guyana solidifies the area as a premium offshore basin.
Equinor To Employ Permanent Reservoir Monitoring at Arctic, North Sea Fields
The technology will provide Equinor a continual feed of updated reservoir information from its Johan Castberg and Johan Sverdrup fields with the aim of improving well placement, production, injection, and—ultimately—recovery.
Directional Drilling Services Market Grows in 2017, Near-Term Upward Trend Expected
A new report shows a 16% increase fueled by longer lateral lengths and horizontal drilling activity out of the Permian Basin. Continued gains in these areas should bode well for the future, but other factors may play into the market’s performance.
Diamondback Energy Spending $10.5 Billion in Permian Acreage Expansion
Diamondback is slated to become the Permian’s latest pure-play giant with its pending purchases of Energen and Ajax Resources.
Bids, Dollars Rise in Third Regionwide US Gulf of Mexico Lease Sale
ExxonMobil and Hess led the way in the most active regionwide US gulf lease sale thus far.
Eni Gets Development Approval for Area 1 Offshore Mexico
The Italian firm is slated to become the first international operator to produce oil from Mexican waters since energy reform took hold. The launch of early production from Area 1 is expected in first-half 2019.
BP To Buy US Shale Assets From BHP for $10.5 Billion
BP ends a year of speculation as to who will buy BHP Billiton’s much-coveted US unconventional business, transforming its Lower 48 portfolio in the process.
Equinor Invests in Two Gas-Focused Tech Startups
Venture groups spend their time evaluating hundreds of companies each year to only make a handful of investments. These two cover interesting ends of the upstream spectrum: aerial drones and downhole artificial lift.
Growth in Offshore Activity Could Lead to Recruitment Boom
The past years’ stable workforce levels in the upstream petroleum industry—balanced by increases in shale workers and decreases in offshore workers—are set to shift with a boost in offshore projects, one research firm says.
Norwegian Exploration and Development Pick Up, but More Is Needed
Norway hopes for a continued rise in offshore exploration and development activity to ensure steady oil and gas production through the next decade.
UK’s Latest Licensing Round Aims for Offshore Frontiers
Just 2 months after issuing more than a hundred licenses, the Oil and Gas Authority begins the process again for a whole new set of blocks.
GE To Spin Off Baker Hughes
GE announced today that it is spinning off Baker Hughes in its strategic plan for growth and shareholder value creation. It plans to focus on aviation, power, and renewable energy.
Equinor Releases Subsurface and Production Data From NCS Field
The Norwegian operator’s disclosure marks the first time all subsurface and production data from a field on the NCS will be available for public viewing.
ExxonMobil’s Eighth Discovery off Guyana Adds Another Development Possibility
Already poised to produce more than 500,000 B/D offshore Guyana, ExxonMobil added yet another discovery to its bounty in the emerging regional oil powerhouse, meaning a fourth development phase could be in order.
The Big Unknowns for World’s Balancing Act of Supply and Demand
Prices are up, and so is production. But a new report from BP raises important questions as to how the biggest producers will respond to shifting dynamics.
Equinor, ExxonMobil Rack up More Brazilian Presalt Acreage
Equinor and ExxonMobil continued their aggressive pursuit of acreage offshore Brazil, collecting more blocks in the country's 4th pre-salt bid round.
Shallow Ports Keep US from Exporting Even More Crude
Even though exports are rising to more than 1.6 million B/D, the US is facing a new bottleneck at its port facilities.
Marriage of Ideas Could Allow More Deepwater Gas to Shore
When two engineers lost their jobs during the industry downturn, they used the misfortune as an opportunity to develop an innovative concept that aims to make it a lot easier to move subsea gas long distances.
Total Prepares Exit from Big Iran Project as US Sanctions Renewed
The US re-imposing sanctions on Iran has prompted Total to consider dropping its stake in a project designed to bolster output from the world’s largest gas field.
ConocoPhillips Considering Sale of North Sea Assets?
The potential sale could net as much as $2 billion, depending on which assets were made available. The company has not launched a formal process but is said to be testing the waters, according to a new report by Reuters.
How ConocoPhillips Solved its Big Data Problem
Unconventional operators are finally beginning to use to their advantage the nearly endless stream of data they’ve collected over the years. ConocoPhillips explains how it has seen real improvements in its operations by removing data friction and opening up access across typical work silos.
Total, Google Cloud to Team on AI for Upstream
Total is expanding its development and use of artificial intelligence to bolster its exploration work, collaborating with Google Cloud—which is stepping up its presence in the oil and gas industry.
Pioneer Unveils Strategy To Boost Permian Production, Control Costs
As it works to increase production to 1 million BOE/D, Permian mainstay Pioneer is taking a methodical approach to sustaining capital efficiency.
Shale Output Redefining US Production
US oil production is getting lighter and gas production is spreading as unconventional formations feed export growth.
Abu Dhabi Plans International Tender for Oil and Gas Exploration Blocks
Abu Dhabi will conduct its first-ever competitive tender for international partners to explore and develop oil and gas blocks onshore and offshore.
Total Becomes Founding Partner of Smart Energy Fund in China
The $50-million investment ranks as one of Total Energy Ventures’ biggest investments to date. Dedicated to China’s energy sector, it will focus on renewable energies, the energy internet, energy storage, distributed energy, smart energy, and low-carbon businesses.
International Majors Expand Footprints in Brazil, Mexico
With presidential elections looming and energy reforms at a critical juncture, the two Latin American energy powers awarded a bevy of blocks to a who’s who of international oil companies.
BP: Robust Adoption of Electric Vehicles Would Not Stop Oil Consumption Growth
Even a robust adoption of electric vehicles in the next 2 decades would not eliminate the growth of either global oil consumption or carbon emissions, BP Chief Economist Spencer Dale said at the rollout of the company’s 2018 Energy Outlook.
IEA Sees No End to US Shale Output Surge
The scheme by OPEC and non-OPEC producers to collectively curb oil production has brought stability to the global market—which, as a result, could soon be awash in “a second wave” of US shale output growth.
ExxonMobil Exits Russian Ventures, Continues Success off Guyana
The US supermajor continues to evolve its global strategy by pulling out of once-promising Russian partnerships and adding to its offshore Guyana oil drilling bounty.
Another Big Gas Field Starts Production Offshore Egypt
More gas is flowing from Egyptian waters and the Eastern Mediterranean with BP’s launch of its Atoll Phase One project.
Concho Deal Creates Permian Basin Giant
A pair of Permian pure-play operators are consolidating to form a regional drilling and production powerhouse.
Latest Gulf of Mexico Lease Sale Generates Moderate Bidding Interest
The largest lease sale in the history of the area attracts $139 million in total bids, a $2 million increase over the previous lease sale held last August.
Exploration Must Meet Tough Value Criteria
The chief upstream strategist of IHS Markit said in a recent presentation that oil exploration must improve its ability to deliver value and better communicate that value to the financial community. New ways of thinking about exploration opportunities are needed.
‘Enormous’ Merge Play Resource Rivals Major World Gas Fields, Largest Discoveries
Producers in Oklahoma’s newly opened Merge play are sitting atop a resource that rivals some major world gas fields and discoveries, Citizen Energy’s Geology CEO Greg Augsburger told the SPE Gulf Coast Section Business Development Group recently.
Eni Enters Abu Dhabi Amid Another Zohr Farm Down off Egypt
Partnerships are proving key in developing and sustaining big offshore projects internationally, with Eni now teaming with ADNOC off Abu Dhabi and farming out another stake in the Zohr gas field off Egypt.
Alternatives No Threat to Oil, Aramco CEO Says
Fears of peak oil demand are exaggerated, Saudi Aramco’s CEO says, despite recent headlines that advances in electric vehicles and worries about climate change will lead to a drop in global oil and gas use.
North Sea Discoveries Highlight Rebound in the Slumbering Sea
BP announced two North Sea discoveries, adding to signs of a revival in play that was looking old, tired, and overpriced a couple years ago.
Chevron, Total Log Big Discovery in Deepwater Gulf of Mexico
The two supermajors and offshore powerhouses are assessing the latest Gulf of Mexico discovery.
E&Ps Hedging Production To Support Cash Flow and Returns Goals
Facing increased pressure to deliver neutral cash flows and stronger corporate returns, North American E&P companies hedged more oil and gas production than usual heading into 2018.
Majors to Feature Heavily in Global Upstream M&A Activity in 2018
With portfolios that in some cases look dramatically different from a few years ago, the majors now have the ability to think about long-term upstream growth through deal making.
ExxonMobil Plans to Triple Permian Output
The Irving, Texas-based supermajor plans to cash in on its expanded foothold in the Permian Basin, aided by a big reduction in the US corporate tax rate.
Another Outlook for Industry Predicts Healthy 2018
The global oil industry is positioned for stronger performance, reflecting the financial discipline and cost-cutting innovation driven by several years of low oil prices and the likely prospect of more stable market conditions.
UK Shale Horizontal Drilling Under Way, Fracturing to Follow
Overcoming numerous regulatory hurdles, Cuadrilla Resources is pressing ahead with its plans to fracture a well in the UK for the first time since 2011.
Industry Poised for Stronger Performance in 2018
The global oil industry is positioned for stronger performance, reflecting the financial discipline and cost-cutting innovation driven by several years of low oil prices and the likely prospect of more stable market conditions.
Schlumberger Buys Weatherford’s US Fracturing Assets
Schlumberger and Weatherford called off a joint venture, with Schlumberger buying Weatherford’s US fracturing assets outright.
Big Discoveries Prompt US Agencies to Lift Recoverable Resource Estimates in Alaska
Major oil discoveries by Armstrong Oil & Gas and ConocoPhillips have compelled the US Department of the Interior to reassess its estimate of undiscovered, technically recoverable resources in parts of Alaska.
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