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.
Using technology to generate, process and analyze data can lead to improved operations.
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.
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.
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.
Apache Corp. has agreed to sell its interest in two LNG projects, Wheatstone LNG and Kitimat LNG, to Woodside Petroleum Ltd.
The company’s newly released 30-year energy outlook anticipates major gains in developing nations.
Oversupply in crude markets could take months or even years to fix depending on when producers outside OPEC cut their output, Abu Dhabi-based The National reported, citing comments by U.A.E. Energy Minister Suhail Al Mazrouei.
OPEC has signaled it won’t cut supply to influence prices, instead preferring to defend market share amid an unprecedented U.S. shale boom.
Latest technologies aid decision-making and boost efficiency.
Key technologies are revolutionizing the drilling environment.
With Petrobras engulfed in Brazil’s largest ever corruption scandal, Shell’s increasing influence in the country would help the state-run company develop its giant offshore oil reserves beneath a layer of salt, analysts said.
The African Petroleum Producers Association seeks reduced oil output worldwide, as lower budgets affect income from exports. Collaboration between OPEC and other producers could affect output and prices, Bloomberg said.
The Switzerland-based company said it will scrap 18 floaters in all, and might identify other rigs to be scrapped as it evaluates its fleet’s long-term competitiveness.
Northern Offshore Ltd. has negotiated a nine-month delay in the deliveries of its high specification jackups, Energy Engager and Energy Encounter, from a shipyard in China, the company said in a news release.
Experts from IBM, which also addresses human capital challenges, say now is the time for companies to devise strategies to regain lost talent and attract more.