Shale is not the only area hurting from lower oil prices, analysts say. Deep water, Arctic and Canadian oil sands projects also are being impacted.
Gulf-based members of the Organization of Petroleum Exporting Countries are boosting supplies as they escalate a battle to preserve sales volumes, the IEA said in its monthly market report.
Megaprojects flowing oil from the Atlantic Basin offshore Brazil and offshore Norway are expected to add about 3.8 million barrels per day (MMbbl/d) to the world’s crude oil supply by 2025, according to analysis released May 12 by consultancy Wood Mackenzie.
The next energy hot spots make the move to the front burner.
Manufacturing and engineering firms see the first green shoots of activity improvement as the industry retools for the future.
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.
Eldar Saetre didn’t comment on Statoil’s deals strategy, but speculated more deals will follow Shell’s purchase of BG, Bloomberg said. Sellers’ high valuation expectations are problematic, he said.
Halliburton Co. will separately sell its fixed cutter and roller cone drillbits, directional drilling and LWD/measurement while drilling businesses. It is currently working to acquire Baker Hughes Inc.
Parent of refiner Sinopec Corp. will provide integrated oilfield services worldwide this year, chairman Jiao Fangzheng said. It also seeks an overseas acquisition for technologies, he said, according to Reuters.
Industry cooperative pushes pressure prediction, life-of-field seismic in its latest projects.
The oil and gas industry is notoriously slow when it comes to technology uptake. Someone apparently forgot to tell that to the exploration folks.
Production by the Organization of Petroleum Exporting Countries slipped 1,000 bbl to 31.295 million a day, according to a Bloomberg survey of oil companies, producers and analysts.
Lower oil prices have prompted companies to ramp up the search for technologies aimed at improving efficiency, growing production and adding profits.
Older fields can become technically challenging, potentially becoming costly burdens. But operators are using new techniques to grow production.
Worldwide production continues to surpass demand, but lower prices are expected to slow production as more operators are forced to lay down rigs to salvage budgets.
The balance of power tips from oil producers to consumers, with Russia looking shaken and U.S. policy in the Middle East in flux as production alleviates oil security concerns.
Statoil ASA (STO), Norway’s biggest oil producer, is establishing a unit for renewable energy solutions as CEO Eldar Saetre shakes up his management team three months after taking over the company, Bloomberg reported May 12.
GE Oil & Gas and Enpro Subsea will jointly market cost-effective fluid intervention and other well intervention services. The nonexclusive partnership is already underway in West Africa.
As chief commercial officer, Ana Zambelli will be a member of Maersk Drilling’s senior management team. Zambelli has been managing director for subsea operations for Transocean in Houston since 2012.
Other issues respondents considered important to sustainable energy security were the regulatory environment (21%), commercial barriers to collaboration on innovation (17%), aging assets (12%) and inability to adopt technology (14%).
As president, Oxy Oil and Gas, Vicki A. Hollub will handle global operations. She is currently executive vice president of that division, and will succeed Stephen I. Chazen as CEO.