supply, demand, oil, price, BP, Petronas, SPE, ATCE

The supply-demand imbalance continues to add to commodity price instability, forcing companies to find more ways to maintain or grow production at a lower cost.

Shell, drilling, offshore, Arctic, Alaska, Burger, exploration

Shell has spent about $7 billion on exploration in the waters off Alaska so far and said it could take a hit of up to $4.1 billion for pulling out of the Chukchi Sea for the "foreseeable future".

drilling, downhole, completions, plug, perf, slickwater, fracking, crude, oil

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.

Malaysia, FLNG, PFLNG 1, Petronas

The unfolding global story of FLNG is being spearheaded by the Southern Hemisphere. While most of the noise so far has been made by the operators of Australia’s megaprojects, it is Malaysia that has been quietly setting the pace.

Energy XXI, John Schiller, Barclays Energy Power Conference, oil, production, Gulf of Mexico

The major Gulf of Mexico player plans to reduce its capital spending in 2016 by 78% to between $130 million and $150 million, while maintaining production levels.


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.

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.

But if Britain forges ahead with shale development it will need to develop carbon capture and storage (CCS) to make sure it can still meet emission reduction targets

The Oseil-28 well was completed as a producer with final clean-up rates prior to rig release of about 640 bbl/d of oil.

APPEA, Western Australia, Labor Party, Fracking, Ban, Australia

A ban on fracking by the Western Australia Labor Party would hold until it was shown that fracking doesn't compromise the environment, groundwater, public health or contribute adversely to climate change.


JetStream was recently used in a 6.5-in. intermediate section in the North Sea that was drilled to 10,446 ft total depth through soft, porous limestone.

China’s COSL will use the Nanhai-9 rig to drill two exploration oil wells in water depths less than 150m in the Sea of Okhotsk in 2016, Reuters said. 

Schlumberger, Cameron, OneSubsea, merger, Paal Gibsgaard, Jack Moore, oil, gas, services, oilfield

Top executives believe the merger creates growth opportunities that could lead to a common operating system for both the surface and subsurface, while expanding Cameron’s presence worldwide.

Shale producers can save 30% of the drilling cost with walking rigs, which can move from one wellbore to another--10 meters in less than an hour, Reuters said.

The deployment of the $1 billion deepwater rig last year about 120 nautical miles off Vietnam's coast, in what Vietnam considers its exclusive economic zone (EEZ), led to the worst breakdown in relations since a brief border war in 1979.

Enhanced Oil Recovery

GlassPoint Solar, EOR, solar, oil

The oil industry’s demand for energy is growing rapidly, and solar can supply much of that power, GlassPoint Solar CEO Rod MacGregor said.

royalty interests, Cenovus, Encana, Ontario Teacher's Fund, megadeal

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.

Field Development

The project will increase capacity of the tank farm to accommodate the upgrading of the existing tank farm, Wood Group said in a news release.

The B8 field is estimated to have about 3.5 million tonnes of oil where Lotos has said it plans to produce ultimately some 250,000 tonnes, Reuters said.

Colombia's state-owned Ecopetrol and Canada's Parex Resources signed deal to boost reserves and production at Aguas Blancas Field in Santander province, Reuters said. Output could rise to 10,000bbl/d by 2020.

Polarled is the first pipeline on the Norwegian continental shelf that crosses the Arctic Circle and opens up a brand new highway for gas from the Norwegian Sea to Europe.

With crude oil prices halving in a year, oil firms have been forced to reduce spending, putting the oil services industry under severe pressure to slash costs.