Further optimization could lead to better frack designs, stage and well spacing, greater production and ultimately, more profit.
Former Texas Railroad Commission chairman tells EnerCom conference that the nation can do more to help its struggling energy industry.
Analysts’ report describes massive amount of maturing, expiring debt facing oilfield services sector.
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 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.
A Pemex official told Reuters that forecast is dependent on new oil production coming from mature onshore fields, mature offshore fields, heavy oil offshore fields and deepwater natural gas fields.
Pemex, which has suffered from a prolonged oil rout, will sell some of its infrastructure assets to First Reserve, but will continue to use them and pay rent.
Rick Lester says tough questions about priorities need to be asked by companies in all stages of the energy business cycle.
The first proposed farm-out will be focused on the Trion Field in the Perdido area near the U.S. border, three people familiar with the matter told Reuters. Trion has proven, probable and possible reserves of 305 million barrels of oil equivalent.
Auctions involving Mexico’s oil and gas blocks have been complicated by a sharp drop in crude prices, Reuters said.
The North American rig count jumped by 18 this week to 582. The count was 1,089 a year ago.
Canadian drillers added more than a dozen rigs this week, helping to push the North American rig count up by 21 to end the week at 542, according to the latest report from Baker Hughes Inc. (NYSE: BHI). The oil and gas rig counts in Canada each grew by seven to 44 and 50, respectively.
The latest report from Baker Hughes Inc. shows the North American rig count jumped by 14 this week.
The North American rig count ended the week at 507, up 10 from the previous week but down from the 1,001 rigs that were operating a year ago.
At DUG East, a pair of Marcellus/Utica operators pointed to well pad innovation and drilling efficiency as keys to their success in the region.
PJ Valves (PJV) has landed more than £1 million (US $1.3 million) worth of contracts to supply more than 1,000 valves for Maersk Oil’s Culzean gas field in the U.K. North Sea, PJV said in a news release.
Baker Hughes' outlook was more "sanguine" than its peers', said Evercore ISI analyst James West, noting that oil prices have slid from last week, when Schlumberger and Halliburton reported results.
Lourdes Melgar previously served as deputy energy minister for electricity, will leave the government as it continues to implement the energy reform, Reuters reported.
Work is scheduled to begin in July of this year and go through March 2017.
Most of the new rigs were in the Permian Basin in West Texas, where drillers added eight, bringing the total count up to a five-month high of 168.