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More FPSO units will be utilized between the years 2020 and 2023, with each year seeing about 10 more units working, forecast says.
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Done correctly, internal crowdsourcing will become a lasting part of the fabric of an organization and set it up for success in an increasingly competitive industry.
Collaboration and incentivizing cost-cutting innovations are among the ways to drive longer-term cost improvements, study says.
Social risk should not be eliminated from the planning process.
According to WoodMac, its analysis of 2,222 oil fields suggests that if Brent crude falls to US $40/barrel, which is entirely possible, 1.6% of global oil supply could turn cash negative on an operating cost basis.
At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve.
Analysts at Barclays said they expected the U.S. rig count to rise to 850-875 by the end of the year, with spending on E&P set to increase 27% in North America.
The decline, the first since May according to Reuters surveys, occurred despite higher exports from second-largest OPEC producer Iraq and a further upward trend in Libyan output.
Weekly U.S. statistics on oil stocks are expected to show a 1.7 million barrel draw on Jan. 5, analysts polled by Reuters said.
Oil prices hit 18-month highs on Jan. 3, the first trading day of 2017, buoyed by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Jan. 1, will drain a global supply glut.
Brent crude futures traded at $55.47/bbl at 3:46 a.m. CT (9:46 GMT), up 26 cents from their last close. West Texas Intermediate crude futures were up 30 cents at $52.20/bbl.
The first meeting of a committee of OPEC and non-OPEC nations responsible for monitoring compliance with a global agreement to reduce oil output has been proposed for Abu Dhabi, United Arab Emirates, on Jan. 13, two sources told Reuters on Dec. 27.
Oil slipped below $55 a barrel on Friday as a stronger U.S. dollar weighed on commodities and as higher Libyan output threatened to counter some of the supply cuts planned by OPEC and other producers.
Brent’s rally is its largest so far for any December since 2010, thanks to an unprecedented wave of investor buying ahead of an anticipated drop in supply from some of the world's top exporters next year.
Oil rose on Dec. 16, edging closer to new 17-month highs as producers showed signs of adhering to a global deal to reduce output.
OPEC's own figures show the group's output has continued to rise, adding to a global glut, ahead of the January start of its first supply cut agreement since 2008. This could raise questions about its ability to comply fully with the deal.
Niels Espeland has worked in the international oilfield service industry for more than 35 years.
Seadrill signed a three-year contract extension with Saudi Aramco for the AOD III jackup rig, corresponding to a rate of $102,740 per day, according to a Reuters calculation.
The company has yet to make any acquisitions, but is looking mainly at developed assets where wells have been drilled but production is declining, Reuters reported.
Weatherford International Plc (NYSE: WFT) has appointed Christoph Bausch as executive vice president and CFO and Frederico Justus as president, regional operations, effective Dec. 13.
Henry, a 55-year-old Shell veteran, was one of the executives who oversaw the $54 billion acquisition of BG Group, which turned Shell into the world's largest LNG trader.