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.
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.
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.
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.
AIME Releases Report on Council of Excellence Innovation Efforts
The American Institute of Mining, Metallurgical, and Petroleum Engineers (AIME) has released a report titled, “In Pursuit of Technological Innovation,” that outlines the goals and initial analysis of the AIME Council of Excellence.
Oil Discoveries Fall to Lowest Level in 70 Years
Low oil prices that forced operators to slash upstream spending budgets has led to the lowest level of discoveries in decades.
‘Supergiant’ Zohr Gas Field Offshore Egypt Comes On Stream
Touted as the Mediterranean Sea’s largest-ever gas discovery, the “supergiant” Zohr field is expected to cover much of Egypt’s gas demand in the coming decades.
Sakhalin-1 Extended-Reach Well Eclipses 15,000 m
Advancements in extended-reach drilling continue from the ExxonMobil-operated Sakhalin-1 project. The latest “super complex” horizontal well stretches 15,000 m, which partner Rosneft says is a “world record.”
Case Study: Drone Technology Inspection of UK North Sea Facility
Intel and Cyberhawk released a case study outlining the successful inspection of a gas terminal near the coast of Scotland using commercially available drone technology.
ConocoPhillips Brings Another North Slope Development on Production
ConocoPhillips is producing more oil from the North Slope as it advances development of the massive, historic region. The 1H NEWS viscous oil project is expected to flow 8,000 b/d at peak in 2018.
Total Boosts LNG Business With Purchase of Engie Assets
Total is making an LNG push by spending up to $2 billion for assets belonging to fellow French firm Engie.
Largest Gulf of Mexico Lease Sale Announced
The largest Gulf of Mexico lease sale in history is designed to jump-start offshore activity.
Accidental Discovery: Bitumen Pellets for Heavy Oil Transport
Researchers at the University of Calgary have developed a solid pellet that can transport bitumen and heavy oil by railcar instead of pipelines.
Jones Energy CEO Tells of Company’s Transformation
At the recent Leaders in Industry luncheon in Houston, Jonny Jones told the interesting story of how Jones Energy grew from a small private entity to a company whose shares trade on the New York Stock Exchange.
Ecuador Official Makes Case for Foreign Oil Investment
In a talk to SPE’s Gulf Coast Section International Interest Group, Ecuador’s Minister of Hydrocarbons outlined his country’s push to attract international oil and gas investment.
BHGE Shares Strategy for Integration of Services, Products, and Digital Platforms
BHGE shared its plans for the integration of its services, products, and digital platforms for upstream to downstream applications.
Energy Panel: Efficiency Focus Still Necessary in an Era of Transition
Despite optimism in a shift from “lower for longer” oil prices, industry executives stressed the value of maintaining efficient operating practices.
Startup Aims To Advance Rocket Fuel Technology for Fracturing
A Canadian startup company is developing a tool that uses solid rocket fuel to fracture vertical and horizontal wells without the use of water.
Permian Winning Streak Could Be Running Out
Projections of future production in the Permian Basin may came up short because new wells drilled near older ones are likely to yield less.
Total Signs Deal With Chevron for Gulf of Mexico Acreage
Total is increasing its stake in the US Gulf of Mexico after buying shares of promising prospects from Chevron.
Researchers Gain Insights Into Microbial Succession in Offshore Wells
A joint industry-academic research initiative is expanding the knowledge of subsurface microbe populations and their interaction with drilling and production operations.
New Study Shows Stanching of Decline in Oil Reserves, Revenue
Despite a decline in oil and gas production and a decrease in revenue from 2015, an Ernst & Young’s study had a cautiously optimistic outlook as the industry adjusts to what it called “the new normal” of a lower, but stable, oil price.
Total Acquires Maersk Oil in $7.5-Billion Deal, Boosts North Sea Presence
Total’s acquisition of Maersk Oil includes holdings in the North Sea Johan Sverdrup and Culzean projects. Total will become the second-largest operator in the northwest Europe offshore region. Maersk’s strategy shifts to its transport and logistics division.
Demand for Raw Fracturing Sand Set for Healthy Growth
Driven by a recovery in well completions and increased proppant loading per well, the market for raw fracturing sand is expected to grow by more than 4% annually through 2021, an industry research study says.
Bidding Interest Drops for Gulf of Mexico Leases
Industry interest in US Gulf of Mexico acreage declined in the number of bids and the dollars offered at the latest federal lease sale, compared with the prior sale. But there was still some confidence shown in higher risk prospects.
Researchers: Models Overstate Technology Impact, Understate Location Impact for Unconventional Wells
Two researchers at the MIT Energy Initiative have found that current modeling overestimates the impact of new technology on unconventional well productivity and underestimates that of increasingly targeting reservoir “sweet spots.”
US Daily Oil Production To Break Record in 2018
Crude oil production in the United States is expected to approach 10 million B/D in 2018 and surpass a previous high achieved in 1970, according to the latest US EIA forecast.
Drilling Boom Goes Flat
Drilling activity in US shale plays is slowing as operators encounter higher prices for labor, equipment, and services, and lower prices for the oil and gas produced.
IEA: US May Be Top LNG Exporter by 2022
One of the world’s leading energy watchers says the second shale revolution will come in the form of LNG exports.
First Oil From Kraken: Offshore Project To Increase UK Production by 15%
30 years after being discovered in the North Sea, this heavy-oilfield is now flowing.
US Crude Oil and Petroleum Products Exports Doubled Over Past 6 Years
The US Energy Information Agency reports that the country is seeing petroleum exports rise across the board and notes serveral drivers for this trend.
H2O Midstream-Encana Deal Highlights Water Management Role in US Shale
In a recent acquisition, H2O Midstream will own and operate Encana’s produced-water gathering system in Howard County, Texas, and will expand it to also serve third parties.
Growing Number of Projects Go Forward, but the Global Backlog Is Still Building
The number of delayed projects getting final investment approvals is rising, but the number not clearing that tough bar is rising as well.
Round Two in Mexico: 10 More Offshore Fields Awarded
The upstream sector for Mexico’s offshore oil and gas fields continues to diversify after its most recent tender.
First Offshore Drilling Merger: Ensco Buys Atwood Oceanics
The offshore drilling sector has taken a step towards consolidating an oversupplied market and Ensco will emerge from this most recent deal as the owner of the largest combined fleet of floaters and jackups.
These Are the Forks in the Road to Drilling Automation
Along its journey to full-automation, the US drilling sector is facing a series of important crossroads that will determine what the so-called “rig of the future” really will be.
Data and Digital Hold E&P’s Future, Says New Century CEO
Leveraging data to drive the best technology solutions and inform business strategy is the route to future industry success, says a US independent’s top executive.
Permian Production Boom to Continue, Says Laredo CEO
Industry efficiency gains in the Permian Basin are “very pivotal and we’re not done. We’re still making improvements,” says Laredo Petroleum’s Randy Foutch.
Wild Well Control Aims To Tame Leaky Wells
Well cement is cheap but there are questions over its reliability when it comes to stopping methane migration. A Houston-based blowout specialist is pushing for an alternative.
Workforce Education Key To Understanding Drilling Data
An industry expert said that workforce education will be critical to helping companies adapt to a changing data landscape and optimize their operations.
With New Advance, Natural Gas Filtering Technology Moves Closer to Commercial Reality
A new material under development is highly effective at sieving carbon dioxide from natural gas streams and is also cheap and easy to make, according to researchers.
US Gulf of Mexico Hits Record Production
New figures show that the facilities working in the Gulf of Mexico achieved higher crude output in 2016 than at any other period.
University Consortium Prepares for Spike in Decommissioning
A new university-led consortium aims to bring together industry and academia to help operators efficiently orchestrate the final days of deepwater developments.
Foamer Developed To Help Corrosion, Scale Inhibition
A look at the challenges in creating a foamer with corrosion and scale inhibition properties for application in wet-gas production.
Nanotechnology Could See Big Future in Water Cleanup
Nanoparticle catalysts could play a major role in cleaning contaminated water for upstream oil and gas and other industries, says Michael Wong, chair of Rice University’s chemical and biomolecular engineering department.
Digital Image Correlation: A New Way To Look at Hydraulic Fracturing
Technology that allows researchers to see stress forming inside rock samples may help unravel some of the mysteries associated with fracture behavior.
Renewable Energy Tech Is Now Priced To Reduce Upstream Spending
Renewable energy is often framed as being at odds with the oil and gas industry, but new price developments in the wind and solar sectors may be changing this paradigm, according to one US energy expert.
Ignored Signal During Hydraulic Fracturing Offers Instant Feedback
Always recorded but almost never used, the water hammer signal could offer completions engineers another set of insightful data if petroleum engineers can crack its code.
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01 December 2018
29 November 2018