Exclusives

The jackup drilling market could fare better than others amid the oil and gas industry’s spending slowdown.

Threats to new investment stand alongside political risks to oil and gas production.

Technology exists but the economics must be right for projects to come to fruition.

A data-driven approach could help alleviate supply chain management challenges.

The company’s production could surpass 600,000 bbl/d by 2018.

Deepwater International

At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve. 

Exploration

Exploring new areas, applying current or new technology in existing fields can revive production, a researcher said.

As channel count soars, many are reaping the benefits of better land seismic images.

The company is targeting areas worldwide, including in Latin America and Russia.

Production

OPEC said Saudi Arabia led declines in the group’s oil output last month, weeks before its 12 members meet to decide whether to trim a global supply glut that drove crude prices into a bear market.

OPEC is resisting pressure to cut oil production while demand slumps as it tests how low prices must go to make U.S. shale oil unprofitable. 

The forecast presented at Rio Oil & Gas 2014 finds capacity will continue to grow despite challenges.

Some companies have found ways to reduce freshwater use as areas with shale resources battle drought.

Technology

Cooperation between three companies developing solutions for deepwater installation has led to the introduction of a new system capable of handling heavy loads at depths of well over 3 km.

KBC Advanced Technologies appointed Andrew Howell as CEO with effect from Jan. 1, 2015.

Edward S. Jacob III has been elected chairman of the International Association of Drilling Contractors (IADC) by its board of directors, according to a news release.

Memorial Production Partners LP appointed Christopher S. Cooper as senior vice president and COO.

DNV GL has established a JIP to develop guidelines for a decision support framework for corrosion assessment and integrity management of aging wells.