The company expects startups of 2016 and 2017 projects to put in place 500,000 barrels per day of new net BP capacity by year-end 2017.
Quantitative seismic interpretation is about transforming seismic data, with units that are nebulous and vague at best, into physically meaningful units similar to a well log.
The company plans to produce a new hydraulic fracturing system and a ‘land drilling system of the future.’
Rig rates in the Stack, Scoop and Cana-Woodford areas, which had been some of the last U.S. markets to maintain drilling levels in the current downturn, are now among the lowest in the country.
Talk of refracturing opportunities and challenges continue as companies seek cost efficiencies during a downturn brought on by a supply-demand imbalance.
Though financial details of its deal will remain undisclosed, the sale of 19 GoM fields aids Chevron’s efforts to reach up to $10 billion in divestitures by year-end 2017.
Lundin Petroleum is ramping up its operations in the Barents Sea off Norway with plans taking shape for development of the Alta and Gohta discoveries, while an exploration and appraisal campaign will restart this summer.