Potential buyers have had to cut employees, and so far few companies are going out of their way to aggressively buy frack fleets or other equipment.
According to a new IHS report, more than 170 mature oil plays worldwide have the potential from horizontal drilling and hydraulic fracturing to produce as much as 141 billion barrels of oil.
The underexplored Great Australian Bight off the coast of South Australia remains high on BP’s agenda with the supermajor taking the chance to talk up the opportunities of the frontier basin at the Appea conference and exhibition.
While the company is dedicated to Alaska offshore projects, it is also focused on the Permain, western Canada and the Utica Shale. ‘They are large enough to matter to a company the size of Shell,’ Odum says.
Shale is not the only area hurting from lower oil prices, analysts say. Deep water, Arctic and Canadian oil sands projects also are being impacted.
Service providers expect demand to stabilize mid-year.
Offshore Installation Services (OIS), an Acteon company, said it has been awarded a contract to decommission multiple wells in the North Sea by Centrica Energy.
Recycling water used during fracking operations has become increasingly important for shale operators in an effort to reduce use of freshwater.
The desire to maintain market share in the long run and avoid losing business when the market recovers likely means proppant companies will not force customers to live up to their contracts.
For the Netherlands, the EU's biggest gas producer, less gas could reduce national income by almost 2 billion euros ($2.1 billion), according to the Ministry of Economic Affairs, Bloomberg said.
Milestone 800Mbbl/d oil production in Santos and Campos basin presalt fields was reached April 11. Petrobras’ share is about 74%. Remainder belongs to partner companies working in different presalt areas.
The Interior Department approved Royal Dutch Shell Plc’s two-rig, six-well plan in the Chukchi Sea, Bloomberg said. Arctic seas contain 24Bbbl of oil, the U.S. Geological Survey said.
Australia's Titan Energy Ltd. started commercial production on first well in multiwell program in Allen Dome area of Brazoria County, Texas. Titan has planned a five-well program in Allen Dome.
South Africa’s semi-desert Karoo region may hold as much as 390 trillion cubic feet of shale gas, which the government wants to tap to alleviate energy shortages, Bloomberg said.
Otto Energy Ltd., joint-venture partner of Red Emperor Resources NL in Block SC55 in the Palawan Basin offshore Philippines, executed a binding contract with Maersk Drilling to secure a drillship.
Boulder Energy Ltd. will work in DeeThree’s Belly River development in the Pembina-Brazeau area of Alberta. Granite Oil Corp. will work in DeeThree’s Bakken EOR project in southern Alberta.
First oil is planned for late 2019.
Coreflooding measures the effectiveness of water or gas injected into an oil-bearing rock sample to displace oil. This can be used to assess the potential for water flooding in an oil field, BP said in a news release.
The NRG Energy and JX Nippon Oil & Gas project aims to turn waste into revenue using technology.
CB&I and Anadarko will plan LNG project with Mozambique’s government, people with knowledge of the private matter told Bloomberg. Anadarko and Eni operate areas 1 and 4 of Rovuma Basin.
Some Asian companies are probably discouraged by lower oil and gas prices, but others are motivated, according to a partner at Mayer Brown.
Tanzania could lead East Africa LNG exports through Shell’s takeover of BG Group, Bloomberg said. Stakes in three blocks offshore Tanzania, holding one-third of estimated resource, are included in deal.
Saudi Arabian Chevron started shutting production May 10 at Wafra oil fields, which Saudi Arabia, Kuwait jointly develop, Bloomberg was told by two people with knowledge of the private matter.
Delfin LNG LLC's application to the Maritime Administration and United States Coast Guard concerns the country’s first LNG export deepwater port project. It will be about 50 miles offshore Cameron Parish, La.