ExxonMobil saw its earnings fall in the second quarter to $1.7 billion, a nearly 60% drop from the same period in 2015
The company reported a net loss of $692 million for second-quarter 2016, an improvement from the $1 billion loss recorded the quarter before.
High attrition is expected to ease the excess drilling supply, bringing a supply and demand balance in 2017.
The subsalt Miocene project is another sign of how operators are relying on subsea tiebacks to reduce both costs and startup times.
Pre-downturn sanctioned projects are expected to grow offshore production next year, but the cancellation of pre-FID projects could create a ‘supply crunch’ later, report says.
All stages were successfully stimulated with acid, with clear pressure indications of packers setting, balls landing and sleeves shifting, the release said.
WPX Energy, which entered the Permian Basin in 2015 with its $2.3 billion-plus acquisition of RKI Exploration, is bullish on the sub-basin. The company is among those focusing on the the Upper and Lower Wolfcamp A, both of which are proven productive.
The sub-basin was heralded during the DUG Permian Basin conference as one of the industry’s bright spots as companies continued to cope with the cyclical ups and downs of life in the oil patch.
Meanwhile, a blanket of homogeneity overlies Appalachia completion techniques. The only exception regionally involves some of the hotter, deeper Utica wells, according to Hart Energy's Heard In The Field report.
Panelists at Hart Energy's DUG Permian conference said sand, spacing and slickwater have played key roles in the multistage fracturing process that contributed to the Permian Basin becoming today’s largest oil-producing region in the U.S.
The five wells will be drilled back-to-back in the program, which will probably last about two and a half months, Bengal said.
The campaign includes re-entry of the Alta-3 appraisal well and then the suspended Neiden exploration well, and also drilling a new exploration well targeting the Filicudi prospect.
Canadian drillers added more than a dozen rigs this week, helping to push the North American rig count up by 21 to end the week at 542, according to the latest report from Baker Hughes Inc. (NYSE: BHI). The oil and gas rig counts in Canada each grew by seven to 44 and 50, respectively.
The latest report from Baker Hughes Inc. shows the North American rig count jumped by 14 this week.
Industry groups call the rules an ‘unfortunate turn’ and say the regulations include ‘unnecessary requirements.’
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.
Polymer Services focuses on field application of polymer gel treatments for enhanced or improved oil recovery using equipment to blend, apply and monitor the treatments in the field, a news release said.
The company's results on July 26 missed expectations, with analysts surprised by higher corporate charges, including administrative costs relating to Gulf of Mexico oil spill liabilities, and a lower contribution from its stake in Rosneft.
Mozambique made one of the world's biggest gas finds in a decade in 2010 but negotiations with operators Eni and Anadarko Petroluem have dragged on for years due to disputes over terms and concerns about falling energy prices.
The project is worth more than 50 billion riyals (US$13.3 billion) and, when completed in 2019, will be the first program in the kingdom to treat gas from both onshore and offshore fields.
The fire was under control and the company was working to restore the facility that carries natural gas from the southwestern province of Sichuan to eastern China, a spokesman for China Petroleum & Chemical Corp. (Sinopec) said.
The production enables Marathon Oil to convert about 130 million barrels of oil equivalent of proved undeveloped reserves, which more than doubles the company’s remaining proved developed reserve base in Equatorial Guinea, the company said in a news release.