Exclusives

John Paisie, Stratas Advisors

At Hart Energy’s Viewpoint Executive Energy Club, Stratas Advisors directors gave industry executives a wide-ranging view and key to competing in the upcoming year.

Exxon Mobil, ExxonMobil, Jeff Woodbury, profit, earnings, fourth, quarter, production, oil, gas

The company reported a 58% drop in earnings for fourth-quarter 2015 over the same quarter last year, down to $2.8 billion.

With about 210 small pools already discovered but not yet developed, reducing costs by half would make the development of those 150 fields economically viable, according to a speaker at Subsea Expo.

North Sea, production, FPSO, BP, Glen Lyon, Quad 204

Oil & Gas UK warns of tough times ahead for the North Sea, but projects due to come onstream offer a glimmer of hope.

Chevron, John Watson, earnings, fourth-quarter, production, LNG, Gorgon, Wheatstone, divest, asset

The company is progressing with major upstream projects and becoming more efficient as it looks to grow production, sell assets and further reduce spending.

Completion

CnF, Flotek Industries, FracMax, MHA Petroleum Consultants, lawsuit, hydraulic fracturing, Denver Julesburg, DJ, report, investigation, SEC, lawsuit

The report is the first of several analyses of the additive’s performance in three core basins, with this one focusing on the Greater Wattenberg area of Colorado’s Denver Julesburg Basin. 

IHS, frack, demand, North America, rig, cold stack, hydraulic horsepower, shale, service, oil, gas

An analytics firm forecasts more than 4 million hydraulic horsepower, which equates to about 25% of the overall frack supply, will be cold-stacked in the U.S. alone next year.

The increase is due to improved completion practices in the Eagle Ford and D-J Basin and the accelerated ramp-up and early performance of Big Bend and Dantzler in the GoM.

Noble Energy, DJ, Eagle Ford, production, completions, slickwater, hybrid gel, Dave Stover

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.

bad timing, big, oil, ramps up, prices, shale, OPEC, Brazil, North Sea, West Africa

With low prices pushing some companies into the red, oil majors have had to sharply cut costs and rein in growth plans.

Drilling

Natural gas from Pande and Temane fields, in which Sasol holds a majority stake, is produced and processed at central facility before moving to Mozambique and South Africa, Reuters said.

Federal judge Sergio Moro said Jorge Zelada excessively awarded Vantage Drilling a 2009 contract for drillship Titanium Explorer in exchange for bribes stashed in undeclared Monaco and Switzerland accounts, Reuters reported.

The gas rate in the proof of concept short horizontal well continues to build, and there is about 360 m of coal. Since mid-December, the gas rate has increased over time, and is now beyond 361Mcf/d.

The international rig count fell to 1,095, down by 218 from December 2014; while the U.S. rig count dropped to 637, down by 996 from the count on Jan. 23, 2015.

Uganda discovered crude reserves in Albertine Rift Basin near border with Democratic Republic of Congo in 2006. Latest licensing round will have six blocks covering about 3,000 sq km, Reuters said.

Enhanced Oil Recovery

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.

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.

Field Development

The Laggan-Tormore development consists of a 140-km (87-mile) tieback of four subsea wells to the new onshore Shetland Gas Plant which has a capacity of 500 million standard cubic feet per day, according to a news release. 

The project includes the Stickle, Crosby, Tanglehead, Moondyne, Wild Bull and Ravensworth fields. It also includes the tie back of the Stickle 9 well to the existing Tanglehead manifold, Fugro said in the release.

Iran aims to boost its crude oil production capacity by 160,000 barrels per day (bbl/d) following the completion of expansion projects at its North Azadegan and Yadavaran oil fields, a senior Iranian oil official was quoted as saying.

The Weizhou 12-2 oil field joint development project (Weizhou 12-2) and Weizhou 11-4 North oil field Phase II project (Weizhou 11-4 North) have recently commenced production, CNOOC Ltd. (NYSE: CEO) said in a news release.

Israel has reported some of the largest gas finds in the past decade and EU member Cyprus confirmed a discovery in 2011, making both potential exporters.