Resilient characteristic of material compresses and rebounds with pressure changes.
PLCs can deliver operational and cost advantages over RTUs in increasingly demanding multiwell pad operations.
SEG will showcase the latest technologies to find the next great fields.
Platform surveillance, subsea surveys and inspection of subsea flowlines are among the potential uses for drones in the E&P space.
A revamped design will improve sensing power by 20 times, providing more accurate geological information for exploration.
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.
After the kingdom pumped a record high 10.673 million barrels per day in July due to summer demand and requests from customers, its August output dropped to 10.63 million barrels per day.
Brent crude rose 38 cents, or 0.8%, to $51.90 a barrel by 6 a.m. CT (11 GMT) on Oct. 18. U.S. West Texas Intermediate (WTI) crude was up 45 cents, at $50.39.
Traders said that WTI was under pressure from a report that U.S. drillers added four rigs last week, which was the 16th week in a row that oil drillers had gone without making cuts, indicating more production to come.
Oil prices edged up on Oct. 14, pushed by a tighter U.S. fuel market and as technical indicators attracted buying from financial players, but doubts over the feasibility of a planned production cut still weighed on markets.
The price of crude oil climbed on Oct. 13, gaining support from record Chinese imports, but gains were limited after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in U.S. crude stocks.
OPEC’s latest monthly report, issued on Oct. 12, showed an increase in its oil production in September to the highest in at least eight years and a rise in the forecast for 2017 non-OPEC supply growth.
While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned of another crisis—a supply shortage.
Representatives of some OPEC members and non-OPEC countries including Russia, Azerbaijan and possibly Mexico will hold a round-table meeting at 1100 GMT on Oct. 12 on the sidelines of the World Energy Congress, according to OPEC ministers.
The 45% rise in the price of oil this year means energy is no longer the 'overwhelmingly deflationary' influence it was as recently as a year ago, the IEA says.
"From the meetings I have had on the sidelines of this conference today and yesterday ... it is quite clear that many countries are not only supportive of the OPEC decision in Algiers but are enthusiastically willing to join," Falih says.
According to the report, the public and private sector funds would be up from an estimated $62 billion in 2014 and $52 billion in 2013, Reuters said.
Executives said the growing attention on technologies that have been around for some time shows how wasteful the global industry had been in the years before the downturn, Reuters reported.
Electromagnetic Geoservices ASA (EMGS) plans to cut its global employee expenses, including by temporary and permanent layoffs, by 20% in an effort to bring its cost base in line with reduced activity, according to a news release.
Energy ministers from Saudi Arabia, Iran and Iraq will be among representatives of key OPEC producers meeting Russian officials for informal talks on oil output in Istanbul next week.
Most recently, William Collins was the vice president of aircraft, engine and components operations at American Airlines, handling the overhaul division in the Americas, Asia and Europe.