Exclusives

oil

Technology and asset sales are among the areas the company is focusing on in today’s low-price environment as it continues to grow production while strategically lowering capex costs.

Drones are among the transplanted digital-innovation tools that have increasingly gained attention in the oil patch as federal regulators devise rules governing their commercial uses. 

During the U.S. shale boom, companies in virtually all sectors of the OGC industry lacked a “cost culture,” according to a recent study by AlixPartners. If companies are to survive the current downturn in commodity prices, they will need to plan and manage their projects for greater capital productivity.

About 55% of global demand will be met by oil and gas in 2035, but decline rates make that challenging.

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

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

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.

Technology

The subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS) will be  integrated, reducing total ownership cost and increasing reliability and uptime.

The Offshore Technology Conference (OTC) has revealed the 17 technologies that will receive a Spotlight on New Technology Award this year.

Supported by an initial investment of 17 million euros, TI Geosciences will be based in Darlington, U.K., with operating bases in Teeside, Singapore and Saldahna Bay, South Africa.

Apache will cut the number of rigs it uses to drill for oil by 70% by the end of the month, the company said Thursday in a statement.

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.