Exclusives

Many countries offer tax credits on R&D. And many companies are unaware of them.

As oil and gas companies navigate a low-price environment, standardizing technology, taking a flexible approach to cost management and focusing on opex will help them succeed.

Advanced planning and technology can help companies better prepare for emergency evacuations.

Addressing concerns such as safety, environmental impact and regulatory requirements up front can save companies time and money in the long haul while preventing further delays.

The company’s newly released 30-year energy outlook anticipates major gains in developing nations.

Deepwater International

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. 

Exploration

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.

Production

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.

Standard & Poor’s Ratings Services revised its outlook to negative for Shell, Total and BP as the oil-market rout driven by weakening demand and a flood of supply from American shale fields threatens cash flow into 2016.

Technology

Statoil’s board of directors has appointed Eldar Sætre as new president and CEO.

The price of New York crude futures will average $74 next year and $75 in 2017, according to the average forecast of analysts surveyed by Bloomberg. Oil rose for a third day to $50.82 on Tuesday, but remains less than half its June high of $107.

The Petrobras presalt development, Elmer (Bud) Danenberger III and Ray R. Ayers will be honored as recipients of the 2015 Offshore Technology Conference’s (OTC) Distinguished Achievement Awards, according to a news release.

ClassNK granted type approval to the new 28AHX-DF dual-fuel engine built by Niigata Power Systems Co., Ltd.

Highlights of the spending program include $31.6 billion total for upstream and $2.8 billion total for downstream.