As dire market conditions continue to hit the floating production system sector, companies have delayed or cancelled projects, would-be orders have fallen by the wayside and shipyards have been forced to lower prices to lure the little business that still exists.
Oil prices north of $55 are needed to stimulate fracking demand in the Eagle Ford Shale, according to participants of Hart Energy’s Heard In The Field survey.
The project, for which the cost was not disclosed, will consist of two phases. But timing of the second phase FID depends on first phase results.
Unmanned aerial systems join their underwater brethren in the asset integrity management toolbox.
Eagle Ford operators need a sustained $50 oil price to stoke demand. Meanwhile, service companies are almost exclusively working on maintenance projects as drilling slows in the shale play.
An energy research firm forecasts that 7 billion barrels of oil less will be produced between 2016 and 2020.
The top 50 U.S. E&Ps saw their revenue and capex each fall by 41% as year-end oil and gas reserves fell 12% and 21%, respectively, in 2015.