Exclusives

At CERAWeek Justin Trudeau Says US Needs Canada Oil Patch

The Canadian Prime Minister also said the Trans Mountain, Keystone XL and Line 3 pipeline projects will ensure North American energy security for years to come.

John Schultz, president of Direct Energy

CERAWeek panel expresses concern over the ability to serve regions if projects cannot move forward.

As downhole conditions continue to become more difficult and well profiles more complex, some contractors and operators are introducing systems that aim to move the drill floor from mechanization to automation.

Global Shale Plays, NAPE, Brian Link, Eagle Ford, Pimienta, shale, oil, gas, Mexico, EIA

The country is looking for long-term partners as part of a farm-in application process, with U.S. companies working to attract investors.

cost, inflation, shale, oil, gas

The price per stage for well stimulation services moved higher in fourth-quarter 2016, signaling an end to the downward arc in well completion costs.

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

The deepwater auction is set for December and will now feature unconventional onshore shale fields, Aldo Flores, deputy energy minister for hydrocarbons, told reporters on March 2 as the ministry announced its five-year development plan for the sector.

Alfa holds mineral rights in southeast Texas—in the Eagle Ford and in the Edwards and Wilcox fields—as well as in Oklahoma, Kansas and Colorado, Reuters reported.

Dan Jarvie, chief geochemist at Renaissance, said the Upper Jurassic shale interval—the Chicontepec Formation’s major carbonate source rock—has not been commercially developed.

Total Energy first made a proposal to buy Savanna in November, before later raising its offer earlier in December. Savanna Energy had a market value of about C$190 million as of close on Dec. 14.

The acquisition of NavPort adds a key data component to RS Energy's service offerings, the Calgary, Alberta-based company said.

Production

The increase in reported shale reserves is driven by new drilling efficiencies, leaner operations and improved well completion techniques, industry experts said.

The drilling of a so-called delimiting well “could happen by the end of this year,” while a second, exploratory well would “certainly” go forward in 2018, Hinojosa said.

Drillers added seven oil rigs in the week to March 3, bringing the total count up to 609, the most since October 2015, energy services firm Baker Hughes Inc. said March 3. During the same week a year ago, there were 392 active oil rigs.

ConocoPhillips has revised down over a billion barrels of oil sands reserves because of low global crude prices, the latest sign that some of Canada's vast hydrocarbon potential may be left untapped.

Drillers added four oil rigs in the week to Jan. 6, bringing the total count up to 529, the most since December 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said on Jan. 6.

Technology

Canada sends 75% of exports, including almost all of its crude, to the U.S., and U.S. President Donald Trump's vow to renegotiate NAFTA could negatively affect the country.

Drillers added six oil rigs in the week to Feb. 17, bringing the total count up to 597, the most rigs since October 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said Feb. 17. During the same week a year ago, there were 413 active oil rigs.

Encana has also narrowed operations to focus on four core North American plays: the Montney and Duvernay in Western Canada, and the Eagle Ford Shale and Permian in the U.S.

Since crude prices first topped $50 a barrel in May after recovering from 13-year lows last February, drillers have added a total of 275 oil rigs in 33 of the past 37 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid-2014.

The company said it was able to increase pricing on the spot market for most of its fleet.