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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.
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.
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.
Pemex estimates its average production will be 1.9 MMbbl/d in 2017, its lowest level since 1980, as a result of the spending cuts, Reuters reported.
The program uses Mexico's National Hydrocarbons Commission (CNH) data library.
The ministry set the minimum value of additional royalties at 3.1% for contractual blocks one through four, and at 1.9% for blocks five through 10.
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.
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.
The Baker Hughes report showed the North American count dropped this week by four to 638, compared to 1,024 a year ago.
Houston-based Patterson-UTI said it entered an agreement to acquire Warrior Rig, which designs, manufactures and services high-spec rig components with a recent focus on top drive technology for improved drilling performance.
Currently running at about 2.16 million barrels per day (MMbbl/d), Mexican oil production will slip to an average of 1.928 MMbbl/d in 2017, the budget forecasts, Reuters reported.