The prolonged downturn lingers as oil and gas companies prepare for what could be another round of capex cuts. But the global oversupply is falling and depleted assets are not being replaced, a speaker at Hart Energy’s Gulf of Mexico Offshore Executive Conference said.
Dire market conditions may have caused some to consider halting investment offshore, especially given a strong shale presence onshore. But Noble Energy sees opportunity.
Additional production growth opportunities exist given recent discoveries and even more prospects in the region. But how much value it creates will depend on commodity prices, which remained depressed amid continued global oversupply.
CEO says the company’s international portfolio offers optionality, high return rates and immediate volumes. But North America remains the driver of future growth.
Noble Energy’s slickwater completions are outperforming other methods in the D-J Basin, but the jury is still out on whether such techniques will be successful elsewhere.
With low prices pushing some companies into the red, oil majors have had to sharply cut costs and rein in growth plans.
Scotland has placed a moratorium on underground coal gasification, a form of unconventional gas extraction, adding to a ban on shale gas that it imposed in January.
U.S. District Judge Scott Skavdahl had put the regulations on hold in June as he weighed a request from energy industry groups and four states.
E&Ps in the Bakken, Eagle Ford and Permian have made strides in well completion efficiencies and costs. Though, even with increased recoveries, opening up production at low prices sits poorly with the industry.
A portion of the gas exported from the U.S. will be pipelined to Mexico, but most of it will be liquefied and then loaded onto tanker ships destined for overseas markets in Europe and Asia.
Calgary-based industry body expects 4,728 wells will be drilled next year, down 15% from its 2015 forecast and down 58% percent from the 11,226 wells drilled in 2014, Reuters said.
At least some drillers were willing to start drilling again, even with U.S. oil prices trading in the $40s, in hopes of higher prices in the future, Reuters said.
State oil firm ANCAP said that the well will be drilled about 400 km (249 miles) from the seaside capital Montevideo at 3,400 m (11,155 ft) deep, Reuters reported.
Drillers removed 16 oil rigs in the week ended Oct. 30, bringing the total rig count down to 578, the least since June 2010, oil services company Baker Hughes Inc said in its closely followed report.
The company stopped drilling offshore South Africa last year after having mechanical problems with its rig during high winds and rough seas in the Outeniqua Basin, Reuters said.
The oil industry’s demand for energy is growing rapidly, and solar can supply much of that power, GlassPoint Solar CEO Rod MacGregor said.
The Ontario Teachers’ Pension Plan buys oil and gas royalty company Heritage Royalty for C$3.3 billion to acquire one of the largest royalty, mineral interests in Canada despite down commodity prices.
Australia-based Elk Petroleum Ltd. is actively exploring the idea of sourcing CO2 from a corn-ethanol plant to feed into its EOR activities in Nebraska.
Data from the EIA’s latest drilling production report projected about 16 MMcf/d will be produced in the Marcellus alone in July, up from about 15 MMcf/d in July 2014.
The project will use 4-D seismic imaging, horizontal drilling and pump technology. Polymer chemical injection technology’s role in maximizing economic recovery of U.K. hydrocarbon reserves will be demonstrated.
The field, which was discovered in September 2014, has been tied into existing production facilities through a new dedicated pipeline with gas extraction via the Garijp treatment system.
Transerv said Nov. 19 the impressive results of the review highlighted the immense potential for Warro to become a major player in the state’s domestic gas market.
Additionally, HKN has also declared that the East Swara Tika-1 well, drilled adjacent to the Swara Tika structure, is commercial.
Edvard Grieg is located on the Utsira High, about 35 km south of the Grane and Balder fields. The field is developed with a stand-alone processing platform on a steel-jacket structure.
"The State Department has decided the Keystone XL pipeline would not serve the national interests of the United States. I agree with that decision," President Barack Obama said, Reuters reported.