The volume of liquids discovered has plummeted annually from 8 Bbbl from 2012 to2015 to about 19 Bbbl, according to a recently released study.
The company expects startups of 2016 and 2017 projects to put in place 500,000 barrels per day of new net BP capacity by year-end 2017.
Quantitative seismic interpretation is about transforming seismic data, with units that are nebulous and vague at best, into physically meaningful units similar to a well log.
The company plans to produce a new hydraulic fracturing system and a ‘land drilling system of the future.’
While oil prices have edged up since a freeze was first discussed in February, market fundamentals, including declining U.S. production and international disruptions, may be the surest course to rebalancing price.
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.
Milan prosecutors opened a corruption probe into Eni in 2014 in a case relating to a $1.3 billion acquisition of Nigeria's OPL-245 offshore oil block in 2011 by the Italian company and Shell.
Although the market will dictate near-term moves such as in unconventional plays, the company is working to start up 10 new upstream projects through 2017, while exploring in new areas.
Forced to reduce spending, lay down rigs onshore and seek asset sales, the company is positioning itself for future growth internationally.
With a combination of technology, aligned transportation infrastructure and low cost business practices, North America could drive the global energy market, an elected official for Texas says.
Although land leasing contracts across the world may have some common features, looks can be deceiving and certain kinds of agreements should trigger alarms, a speaker warned.
IEA chief Fatih Birol said low oil prices had cut investment by about 40% over the past two years, with sharp falls in the U.S., Canada, Latin America and Russia.
Drops in Latin American could also be bigger than forecast. Petrobras aims to marginally lift output this year but has been dogged by the country's worst ever corruption scandal that is slowing investments.
Some 18 oil nations, including non-OPEC Russia, gathered in the Qatari capital of Doha for what was expected to be the rubber-stamping of a deal to stabilize output at January levels until October 2016.
A group of analysts is confident that market conditions will rebalance by mid-year, and the signs are evident.
The latest figures from the Baker Hughes Inc. (NYSE: BHI) weekly rig count show only 443 rigs were pumping in the U.S. this week.
The world's largest oilfield services provider said its costs to do business in North America exceeded the revenue it earned there in the quarter.
The latest round of cuts will reduce the Houston-based oilfield equipment maker and service provider's staff in Norway to less than 2,000, down from almost 5,000 at the height of the oil industry's boom two years ago.
Under the agreement, Aqualis Offshore and CSDC will work together in the fields of engineering, project management, research, innovation and marketing, a news release said. A key objective is to develop a joint engineering service for offshore newbuild projects in China and elsewhere.
Opportunities for further efficiency gains are abundant with technology, but a company has singled out a few technologies that it believes will shape the oil and gas industry’s future.
As part of the alliance, Schlumberger will sell Packers Plus’ technology internationally and Packers Plus will sell complementary Schlumberger technology in Canada, according to a news release.