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The North American shale landscape has transformed over the last several years as the industry has ridden the waves of price volatility and has finally hit its first major downcycle for shale producers.
The company is gearing up to roll out its “rig of the future” next year as its Cameron Group looks for further subsea tieback growth opportunities.
The discovery located in state waters offshore Alaska could hold as much as 10 billion barrels of oil in place.
As global energy demand and oil price uncertainty linger, one of the world’s largest oilfield services company is positioning itself for growth.
In the U.S., the eight-week streak of oil rig additions came to a halt this week.
The emerging Paleogene play in the US Gulf of Mexico continues to offer increasing encouragement for major deepwater discoveries, with Chevron confirming a significant find.
Shell's CEO Ben van Beurden says, "there is a lot more to do" in its North American deepwater sectors.
Australia-based BHP outbid Britain's BP, the only other company that participated, with a $624 million offer to complement its 4% additional royalty bid, said Mexico's oil regulator, the national hydrocarbons commission (CNH).
If successful, the blocks could generate up to $4 billion worth of investment each, and as much as $11 billion in the case of Trion, Joaquin Coldwell said, citing Pemex estimates.
The predominantly heavy oil assets are adjacent to Baytex's existing Peace River lands and would add around 3,000 boe/d to its total production of 67,000 boe/d, the Calgary-based company said in a statement.
Tonalli will formally assume operatorship of the Tecolutla Block from Pemex on Nov. 23.
The Tampico-Misantla Block could potentially impact conservation areas, but Mexico's energy ministry has not yet divulged any measures to avoid harming the protected zones, Reuters said.
Drillers added two oil rigs in the week to Nov. 11, bringing the total count up to 452, the most since February, but still below the 574 rigs seen a year ago, energy services firm Baker Hughes Inc. (NYSE: BHI) said on Nov. 11.
Further optimization could lead to better frack designs, stage and well spacing, greater production and ultimately, more profit.
The company is counting on growing “premium inventory”—wells that generate rates of return of at least 30% at $40/bbl oil— to increase resource potential.
Enhanced completions onshore and subsea tiebacks offshore are contributing to production gains, but low commodity prices are taking away profit potential.
The North American rig count jumped by 18 this week to 582. The count was 1,089 a year ago.
Almost two-thirds of the rigs added since May, or 109, were in the Permian, bringing the total in the nation's biggest oil shale formation up to 246, the most since September 2015.
ConocoPhillips CEO Ryan Lance said the spending cuts, asset sales and other steps should help the company be profitable with Brent oil prices of $50 per barrel. Brent traded at $46.18 on Nov. 10.
The joint venture (JV) covers Pemex’s Trion Field and marks a major step in the opening up of Mexico’s oil industry, a process enabled by a landmark energy reform in 2013 that permits Pemex to enter E&P JVs for the first time.
Alberta's oil sands are the world's third-largest crude reserves after Saudi Arabia and Venezuela and Canada's fastest-growing source of greenhouse gas emissions.
Industry officials had privately expressed concerns that the terms were too generous to Pemex, prompting the company to request changes that the national oil regulator approved on the evening of Sept. 27.