With the rig count slumping and less pressure-pumping services needed for oil/liquids plays, US demand for hydraulic fracturing services dropped 14% in 2012.

Technology has enabled regions, led by the US, to unlock unconventional and more energy-efficient resources to help meet the world’s growing demand for energy.

Producing large quantities of shale gas at a low cost would yield the highest net benefits from exporting LNG, according to a NERA Economic Consulting study.

North American E&Ps are expected to spend US $185 billion in 2013, compared to $183 billion in 2012.

During the open-water season in the Chukchi Sea, ConocoPhillips plans to drill one or two exploration wells in 2014 using a jackup rig.

The world’s most populous country is turning to shale gas to help solve its energy woes. China aims to reach a commercial shale production of 230 Bcf/y by 2015.

Storing carbon dioxide is being developed to reduce greenhouse gas emissions while continued carbon dioxide enhanced oil recovery techniques could transform the greenhouse gas into a valuable commodity.

The upstream industry driving is forward with new technology initiatives aimed at sustaining production levels.

Most of the respondents to a survey conducted by Deloitte believe gas self-sufficiency has arrived or is within reach for the US, but a majority believes that independence will never happen with oil.

The unconventional oil and gas revolution has arrived with the US producing 11 MMb/d of oil.