Combining real-time downhole intelligence, coiled tubing strength and flexibility, and continuous electrical power benefits fishing, milling, cleanouts, perforating and other operations.
The company is gearing up to roll out its “rig of the future” next year as its Cameron Group looks for further subsea tieback growth opportunities.
Tight oil ‘have nots’ need a structural reduction on pre-FID costs to maintain their conventional portfolios.
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.
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.
Tillerson said that shale oil producers' resilience in cutting costs to make some wells profitable at low oil prices means that North America has effectively become a swing producer.
Saudi Arabia's Khalid al-Falih gave an upbeat message to an audience of industry executives on Oct. 19, saying the oil market was at the end of a downturn and producer action to limit supply would help it improve further.
Shell is currently offering 16 assets worth more than $500 million for sale as part of its vast $30 billion three-year asset sales program, the oil and gas company's head of upstream Andy Brown said on Oct. 19.
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.
On Oct. 19, BHP Billiton said it is seeing signs of recovery in commodities markets but cautioned that supply was still running ahead of demand amid stronger-than-expected steel consumption in China.
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.
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.