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Led by Frac, The Oilfield Services Space Could Get Interesting in 2019
Slumping oil prices may throw a wrench into a positive outlook for the global oilfield services and equipment industry. Even if prices rebound, complications in the US fracturing market—and elsewhere—are expected to persist.
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USGS’s Largest-Ever Assessment of Continuous Oil Potential: Permian’s Wolfcamp-Bone Spring
Production and proved reserves in the Permian Basin’s Wolfcamp Shale and Bone Spring Formation are reaching new heights, and a new assessment from the US Geological Survey indicates the industry is just scratching the subsurface when it comes to what may be technically recoverable.
Natural Gas is Up, Except Where It’s Down
Natural gas prices have risen in the US but not in west Texas. The contrast is a sign of the growing pains that come with explosive growth changing this increasingly competitive market.
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.
BHGE Hopes New Approach Makes Subsea Projects More Viable
The firm hopes to remedy the cost-, labor-, and time-intensive process of executing offshore projects through deployment of “Subsea Connect,” which it says can cut project development costs by 30%.
Fighting Water With Water: How Engineers Are Turning the Tides on Frac Hits
If the shale sector’s most complex problem can be solved, it will require companies to use their wells as a team. Newly detailed field work shows that a good defense is the key to success.
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.
How Close is too Close? Well Spacing Decisions Come With Risks
The ideal well spacing is in the eye of the beholder. The decision depends on so many factors that machine learning is now trying to determine the best combination of ingredients.
Three Trends Shaping Global Production: US Well Spacing, Argentine Shale, and Middle East Conventionals
For the next several years, supplies of crude will depend on several macro factors. Some are easier to forecast than others.
SPE Agreements Will Promote Social Responsibility, Sustainability
SPE signed agreements with two leading industry associations to promote knowledge sharing and best practice in social responsibility.
Refined Business, Software Platforms Drive Helmerich & Payne’s Drilling Evolution
Helmerich & Payne’s first 100 years have required constant reinvention. Now the company hopes its new drilling software platform built on the acquisitions of two startups will propel it through the next century.
Fewer Grads + More Jobs A Winning Formula for Job Hunters
As demand for petroleum engineers begins to rise, supply is dropping fast. It may be a good market for job seekers but things could get tougher for those doing the hiring.
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.
ADNOC Announces Integrated Gas Strategy, Oil Production Boost
The Abu Dhabi government approved a $132.3-billion capital expenditure increase that will fund, among other things, a plan that could enable the country to sustain LNG production through 2040.
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.
Setback Rule Defeated in Colorado, But Industry There Remains Threatened
Colorado voters soundly defeated a measure 6 November that would have restricted the vast majority of new development in the country’s fifth largest oil-producing state. The outcome was a big relief for the oil and gas industry, but its existential fight in the state hasn’t ended.
Frac Hits To Take Center Stage at SPE Hydraulic Fracturing Conference
The upcoming event will provide the shale sector with a venue to share new learnings and approaches meant to overcome one of its greatest subsurface challenges.
Israel Launches New Bid Round
Israel is launching a new offshore bid round for gas-bearing blocks in the Eastern Mediterranean.
Gas Begins Flowing From UK Shale Well
Small quantities of gas and water are flowing to the surface from the UK’s first horizontal shale well—just days after operator Cuadrilla paused injection work for a second time amid earthquakes.
US Shale Consolidation Heats Up as Firms Mull Long-Term Survival
With big shale mergers dominating the headlines, some of the industry’s most influential financial players gathered to discuss what’s driving the shift in operational and fiscal priorities.
BP’s Lower 48 Unit Becomes BPX Energy
The rebrand follows the completion of BP’s $10.5-billion purchase of BHP’s assets in the Permian, Eagle Ford, and Haynesville.
Aramco Hires More Women in March Toward Gender Diversity
The world’s largest oil company says it has doubled the number of women working for it in the last decade and is spearheading a number of initiatives to grow the trend.
Small Earthquakes Pause Fracturing of UK’s First Horizontal Shale Well
Cuadrilla has encountered its first bumps in the road while fracturing its Preston New Road shale gas well, with two quakes already temporarily halting injection operations.
Hilcorp Gets Approval for First Oil Production Facility in Alaska’s Federal Waters
The green light comes 4 years after the privately-held firm filed its development and production plan. Liberty Island would consist of gravel, stretch 9 acres, and sit just a few miles offshore.
Schlumberger and Halliburton Warm on Global Market, Cooler on US Shale
The two biggest oilfield services providers are enjoying a rebound in international activity but continue to struggle with a softening US shale completions market. While takeaway constraints will be temporary, steep shale production declines may emerge as a longer-term challenge.
New Hires: Bridging the Gap Between Academics and Needs in the Oil Field
An ATCE special session featured a range of perspectives on the importance of training beyond academic education in preparing new industry hires to develop long-term, sustainable careers.
Shell Picks a Digital Platform To Build Its AI Future Upon
The international major has been playing with intelligent programs for years, but this new deal shows that it is now ready to scale those efforts up to cover hundreds of thousands of pieces of equipment.
Using Microseismic To See Where Fracturing is Happening
When it came to decide where to collect a critical sample of fractured rock, a new method for turning microseismic data into a heat map designed to display the most intense fracturing activity was considered.
Seeq’s Focus on Time-Series Data Draws in Chevron, Shell, and Pioneer
The 5-year-old software startup is getting noticed by the oil and gas industry for its ability to accelerate analytics projects by taking care of all the tedious work involved with data wrangling.
Oil Prices Float in a “Fragile Equilibrium”
Oil prices appear to have stabilized during the past year, and speakers at the annual Energy and the Economy Conference at the Dallas Federal Reserve Bank say they expect prices to remain level, at least for a little while.
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.
So Many Wells, So Few Engineers—Scaling Production Engineering for All Those Shale Wells
Fast-declining, older, unconventional oil wells require artificial lift experts to deal with and explore a population of miles-long horizontal wells that do not follow the established rules of thumb.
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.
Outlook Optimistic, but Concerns Over Permian Takeaway and Steel Tariffs Linger
The Federal Reserve Bank of Dallas’ quarterly survey of operators and service companies shows an industry still confident in its near-term growth prospects. However, concerns remain about a number of issues, ranging from the steel tariffs to crude oil price differentials in the Permian.
Fracturing Wells in Pairs Creates Strong Links
Fracturing two or more wells at the same time creates connections. While fracturing fluids reach out further, those ties create a stronger link, though not forever.
BP and Startup Beyond Limits Try To Prove That Cognitive AI Is Ready for Oil and Gas
BP has invested more than $100 million into nine different startup companies in the past 2 years—but only one of them wants to turn your brain into a piece of its software.
Total's Deepwater Output To Hit 500,000 BOE/D by 2020
Despite a trend toward renewables and low-carbon energy production among European majors, Total remains wholeheartedly committed to deepwater production.
New SPE President Offers a Vision of Oil and Gas Sustainability
2019 SPE President Sami Alnuaim will spend the next year forging new relationships to promote the industry’s role in addressing environmental issues.
Upstream Data Can Be “a Rat’s Nest of a Mess”
Companies such as Google, Schlumberger, Shell, and Encana are working to turn the industry’s rat’s nest of data into a goldmine of insight, analysis, and technology.
Culture Change Needed To Realize Full Value of Digital
What does industry need to create successful ecosystems in a new digital reality? While companies identify and implement new technologies to streamline their operations, a greater focus on new cultures, skill sets, and mindsets may be necessary.
Life is Complicated and Uncertain: Why Not Just Focus on Drilling Faster?
Predicting the trajectory of a satellite, or a well, requires sophisticated analysis to reduce the huge uncertainties. That adds to the many things drillers should be thinking about, which can be overwhelming.
Imagine Fracture Modeling Based on Actual Fractures
By measuring which tests best predicted the fractures observed at the Hydraulic Fracturing Test Site, Laredo Petroleum developed a method it hopes will improve fracture modeling in other places.
WATCH: 2018 ATCE Opening Session
These days, it is all about digital. Click to find out what industry leaders from Encana, Google, Schlumberger, and Shell have to say about the ongoing transformation towards data-driven profitability.
Panel Highlights Challenges, Successes in Digital Transformation
Strides made in data analytics over the past few years have been huge. But the complexity of data, and understanding how to use them, can delay the advantages to be gained. If the benefits and methodology of data acquisition are not better explained to engineers, might implementation suffer?
Four Charts That Show DUCs Are Soaring in US Shale Fields
There is no single reason that they all exist—and bringing them all on line will face challenges.
BHP Affirms Devotion to Oil and Gas Despite US Shale Exit
BHP Billiton lost billions during its foray into US shale, but that doesn’t mean it has soured on oil and gas—particularly when it comes to deepwater development.
Real Fractured Rock Is So Complex It’s Time for New Fracturing Models
A close look at hundreds of feet of fractured core samples suggest that new fracture models are needed to simulate complicated reality.
What Happens When Facebook Technology Meets Oil Well Records
The same tools that make it fun and easy for you to see a friend's updates online are also pretty good at tying together unconnected databases holding valuable well information.
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.
The Company That Slipped Into the Permian “Under The Cover of Darkness”
WPX Energy COO Clay Gaspar discusses his company’s timely transformation into a Permian player and the challenges that lie ahead in the basin.
BP and Baker Hughes Go Live with Big Analytics on All Gulf of Mexico Platforms
What do 60,000 sensors on 1,200 pieces of equipment add up to? Hopefully, hundreds of millions of dollars in savings.
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.
Three Basins Driving Big Year-Over-Year Increase in US Gas Output
A marked change from a decade ago, Appalachia, the Permian, and the Haynesville now represent almost half of total US gas production, EIA reports.
Innovation Leaders to Meet in Scotland at SPE ENGenious Event
A new event is kicking off in September that will bring together the brightest minds in digital tech and oil and gas.
Shell, Bluware Team up on Seismic With Video Game Tech
Video games have been seen as a big waste of time for years by parents around the globe. But now, the oil and gas industry sees the underlying technology as a big time saver.
Halliburton Aims For Better Wells With Automated Fracturing
The pressure pumping giant turns to algorithms to get better fractures and fewer problems.
Permian Leads in Many Ways, Including Rapid Well Declines
Production from older wells in the Permian Basin is declining faster than widely assumed, according to a new study. If this trend holds, it could lead to problems for companies that are depending on those wells to pay for future development or to justify a big acquisition.
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.
Can You Measure Reservoir Depletion While Drilling?
Shale explorers run very few logs into horizontal wells, making it difficult to understand the effects of reservoir depletion in tightly spaced wells. This new technology is trying to change that.
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.
Looking for a Lot More Deepwater Production? Fix Your Old Wells
BP has seen enormous payoff from a program to intervene in underperforming subsea wells in the Gulf of Mexico.
New Modeling Code Sees Deep Inside Fractures, May Change Thinking on Well Spacing
Operators are working with a young startup company to overhaul how the unconventional sector has traditionally interpreted one the most common tests used to influence well completion designs.
Now There’s Enough Pressure Pumping and Sand to Go Around
Hydraulic fracturing is now a little bit easier for US shale operators thanks to readily available horsepower and in-basin sand.
Can a Cube Save Some Hits? And Other Innovation Questions
This week’s JPT Quiz looks at who gets the naming rights, what is happening in the UK, and things that confuse learning machines.
Odds on the World vs. Permian Fight Are Narrowing
While US onshore still holds an edge, international oil companies are finding attractive options for diversifying their portfolios, mixing onshore with offshore conventional fields, where finding and development costs are down , and the time it takes to bring them on line.
Innovative Pressure Map Offers Insights on Frac Hits
Well-interference issues can be hard to diagnose, but this startup may be figuring that out. The data-driven process it developed can also help operators come up with more effective ways to use diverters.
Rapid Evaluation of Development Ideas Has Engineers Thinking: What If?
A software program has evolved from predicting future well output to showing engineers the many ways their ideas could affect asset performance.
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.
JPT Quiz—Are You Keeping Up?
Oil Companies spend big, build big, hire big and fire big. Test how much you know.
AI Firm Ambyint’s New Bakken Deal with Equinor Moves the Industry Another Step Closer to the Edge
Hundreds of rod-lift wells in North Dakota are about to get a big upgrade.
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.
Pioneer's Analytics Project Reveals the Good and Bad of Machine Learning
A recent research effort has shown that the digital journey is full of stumbling blocks. Just like humans, advanced computing technology will get some things right and some things wrong.
Big Leaps Still to Come in Unconventional Technology
Today’s advancements in unconventional technology are worth marveling over, but there is still plenty of room for growth.
JPT Quiz—Do You Really Know the Permian?
A weekly quiz from JPT editors drawing from facts in JPT stories and other energy related news of the week.
Find Out What Google and Oil and Gas Companies Are Searching for in Big Data at 2018 ATCE
The company behind the world’s most popular search engine is trying to click with the upstream business at the most distinguished technical event of the year.
In the Shale Business, It’s Time for Another Revolution
The report card for unconventional oil and gas producers from a leading industry analyst is A+ for growth and F- for paying back investors.
The Price of Permian Gas Pipeline Limits
Pipeline bottlenecks have created a wide gap in the price of gas at a key pipeline hub in the Permian compared to the US benchmark level.
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.
17 July: JPT Quiz—Do You Really Know E&P?
A weekly quiz from JPT editors drawing from facts in JPT stories and other energy related news of the week.
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.
Oil Prices Set To Rise This Year, Then Fall Back
Supply growth into next year is projected to outpace global demand, bringing markets once again into a state of relative imbalance.
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.
Chevron Prepares To Sell Central North Sea Assets
The company announced it would “initiate the process” of marketing its UK Central North Sea fields as part of a portfolio review.
Do Not Forget the Methane Leaks
Methane monitoring using improved methods is detecting more gas in the atmosphere, increasing the need for better ways to eliminate releases.
What’s Driving Oil Companies to Buy Electric Car Charging Firms?
Some of the industry's largest players are now fueling the electrification revolution, and it is only the beginning.
BP Launches Caspian’s First Subsea Development
The $28-billion Shah Deniz Phase 2 project off Azerbaijan will supply gas to Europe through the Southern Gas Corridor pipeline system.
Aramco, NOV To Form Saudi Onshore Drilling Joint Venture
Saudi Aramco’s aim to localize oilfield services in the kingdom is taking another step forward with an onshore drilling partnership with National Oilwell Varco.
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.
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01 December 2018
29 November 2018