Exclusives

Real-time monitoring of CO2 in EOR applications is made possible with K-waves.

refrac, refracturing, refrack, Baker Hughes, Weatherford, Fracknowledge, Eventure Global Technology, shale, unconventional, production

Talk of refracturing opportunities and challenges continue as companies seek cost efficiencies during a downturn brought on by a supply-demand imbalance.

Study shows unconventional North American shales with the most potential. The results are not surprising.

Baker Hughes, H.C. Freitag, drilling, completion, technology, shale, unconventional, DUG Rockies, oil, gas

Drilled but uncompleted wells in the U.S. provide an opportunity to examine new shale drilling and completion technology.

Rigs, EPs, drillers, down, count, production, Baker Hughes, oil, crude, prices, horizontal, Permian Basin, shale, North Dakota, Bakken, Barclays, Wells Fargo, David Tameron, Seaport Global, Ken Sill

Rig counts fall to their lowest levels since the early 1990s while oil companies slash production and drillers scuttle more of their fleets.

Deepwater International

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. 

Exploration

In one encouraging sign for the oil and gas industry, Shell said on May 9 it restarted production at a reduced rate at its Albian oil sands mining operation in Alberta, adding it plans to fly staff in and out.

The lost capacity is equivalent to well over a third of the country's typical daily production, and almost all of Canada's crude from oil sands is exported to the U.S.

The 60% price slide of the last 23 months has been consistently pegged to one problem: current global supply exceeds demand by 1.5 million barrels per day.

The divestment comprises about 62,500 net acres with equity production from the properties of about 9,300 boe/d for first-quarter 2016.

 

In a meeting that was webcast, commissioners of the regulator known as the CNH voted unanimously to allow companies not involved in the day-to-day operations of a deepwater oil field to hold a larger stake than the project operator. The previous rule required that the operator hold the largest stake.

Production

The U.S. oil rig count dropped by four to 328, while the gas rig count landed at 86, down one.

The U.S. oil rig count dropped by 11 to 332 this week, compared to last week.

The Scottish company, which specializes in pumps and valves used in drilling rigs, said a 20% reduction in U.S. land rig count in the past two months had lowered demand for its products.

Rig counts in North America have fallen again, dropping to 476 in the U.S. and to 69 in Canada, according to Baker Hughes Inc.’s (NYSE: BHI) March 18 report.

The report, released March 4, showed the U.S. oil rig count at 392, down eight from last week, while the number of gas rigs fell by five to 97.

Technology

Ethos Offshore Ltd. is backed by investment funds advised and managed by Oaktree Capital Management LP. It is expected to have a contracted backlog of $145 million worth of projects. 

The world's largest industrial equipment auctioneer said on May 2 it set new company records for the number of sellers and registered bidders at its five-day Edmonton, Alberta, auction.

Chevron reported a net loss of $725 million, or 39 cents per share, compared with a net profit of $2.57 billion, or $1.37 per share, in the year-ago period.

Xtreme currently owns a fleet of 11 coiled tubing units in Saudi Arabia and the United States. The transaction is subject to customary closing conditions and is expected to close in the third quarter, Schlumberger said in the release.

Charlotte Kula has more than 30 years of accounting and finance experience across multiple sectors of the oil and gas industry, including services, drilling and shipping, Sigma Cubed said in a news release.