Tight oil ‘have nots’ need a structural reduction on pre-FID costs to maintain their conventional portfolios.
The latest data from the U.S. Energy Information Administration shows the number of drilled but uncompleted wells is falling.
Coupling two different specialized drilling techniques can produce significant benefits.
When compared by vintage, both the Marcellus and the Utica have had improved overall EURs and IP rates since 2012.
An improving natural gas market has Appalachian well stimulation providers hopeful for activity expansion.
An elevated amount of water used in the Eagle Ford could lead to logistical problems when oil prices increase.
Longer laterals and debundling services are among the cost-saving and value-generating moves as E&Ps aim for higher returns amid lower commodity prices.
Better insight, including on calcite and ash bed layers, could lead to better frack designs, greater stimulation and ultimately, more production.
Shale players are optimizing processes and techniques as they cope with market realities. The efforts, which have already led to drilling and production efficiencies, continue.
Further optimization could lead to better frack designs, stage and well spacing, greater production and ultimately, more profit.
Exxon Mobil Corp. (NYSE: XOM) will start drilling its first exploratory well off the coast of Liberia in November, the world's largest publicly-traded oil company said on Oct. 18.
The Kazakh Energy Ministry mistakenly announced earlier Sept. 29 that production had started. It withdrew the statement, saying initial output would begin in late September or early October, Reuters reported.
Canacol expects 2016 to have near-record EBITDAX of about $135 million.
Mubadala Petroleum, operator of the Manora oil development joint venture in the northern Gulf of Thailand, said Sept. 15 that drilling of the MNA-17 well is now completed, according to Tap Oil Ltd.
Statoil said the first phase of Johan Sverdrup development will be completed in the period of 2018-2022. Continued low oil prices may affect these plans, the company added.
Operators have alternatives when it comes to EOR technology and one process appears less costly than others.
Researchers were able to achieve 15% tertiary oil recovery using a nanofluid of graphene-based amphiphilic nanosheets that are effective at low concentrations.
Thermal production is expected to take longer to restart than mining output because of steaming and heating processes involved and because some thermal projects remain inaccessible due to fire, Reuters said.
As the company awaits market rebalancing, it is pursuing EOR technology and improving completion designs to enhance efficiency and production.
Real-time monitoring of CO2 in EOR applications is made possible with K-waves.
Production has stabilized at 5,600 barrels per day, the company said.
Kashagan will increase the country’s oil production and Energy Minister Kanat Bozumbayev reiterated that reducing oil output in line with OPEC plans was “not on the agenda” for Kazakhstan, Central Asia’s biggest crude exporter.
BP said the project off Australia's south coast, in which it is partnered by Norway's Statoil, would not be able to compete for capital investment with other opportunities in its global portfolio for the foreseeable future.
Originally slated for development in 2013, the project has been deferred due to low oil prices and moves to reduce construction costs.
Evidence is increasingly emerging in Norway that its recent lean-and-mean approach is paying dividends, reducing previously prohibitive costs to economically viable levels.