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Athens tendered 20 offshore blocks in 2015 in the Ionian Sea and south of the island of Crete for deepsea oil and gas drilling, and unsealed the offers in February, Reuters reported.
The Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016, Reuters reported.
The U.S. shale landscape has transformed itself over the last several years and has finally hit the first downcycle for many producers.
Until commodity prices improve and stabilize, the Eagle Ford will remain overshadowed by the high-flying Permian Basin.
The Canadian Association of Oilwell Drilling Contractors said a more stable U.S. benchmark crude oil price would lead to a 31% increase in the number of wells drilled to 4,665 next year from an estimated 3,562 by the end of 2016.
Rowan will supply two more rigs in late 2018 and Saudi Aramco will make a matching cash contribution, Reuters reported.
Full-scale projection requires a 890-kilometer (560-mile) pipeline, costing about $2.1 billion. The government said in October it aimed to sign a joint development deal for the pipeline soon, Reuters reported.
Drillers added two oil rigs in the week to Nov. 11, bringing the total count up to 452, the most since February, but still below the 574 rigs seen a year ago, energy services firm Baker Hughes Inc. (NYSE: BHI) said on Nov. 11.
Technology improves efficiency and reduces NPT.
Cowen said that for the 65 E&Ps it tracks, the forecast 2017 increase followed an estimated 47% decline in 2016 spending below 2015 levels, Reuters reported.
InterOil holds a 36.5375% interest in the well. Total E&P PNG has a 40.1275% interest; Oil Search has 22.8350%; and the remaining 0.5000% is held by minority parties.
Combining real-time downhole intelligence, coiled tubing strength and flexibility, and continuous electrical power benefits fishing, milling, cleanouts, perforating and other operations.