Although M&A and A&D activity has been down lately, some believe change is coming.
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.
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.
Through a radical shift in thinking, the company finds that success is repeatable with its ‘army of problem solvers.’
Simplification, standardization and collaboration are the new call to arms for the oil and gas industry.
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.
Technology advances have continued to lead to production and efficiency gains in recent years for Range Resources. The company is now working with a Texas university on a new logging tool to be built by Gearhart.
Refracking has been met with enthusiasm—especially when it works—and skepticism, but in order to move forward, the industry needs a large-scale refracking program and more investment IHS says.
Understanding drainage volume and improved permeability of stimulated rock is essential to forecasting production, according to MicroSeismic Inc.
This latest patented invention relates to fluid treatment and, more particularly, to an improved treatment apparatus for destroying aerobic and anaerobic bacteria in fluids used in oil and gas recovery and conditioning of said fluid for reuse, Ecosphere said in the 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.
The new survey follows on from the original survey that covered more than 16,000 sq km over portions of the Col-1 and Col-2 blocks offshore Colombia. The extension is expected to start in February 2016, CGG said in the release.
The contracts valued at a combined NOK $1.6 billion (US $184 million) include marine operations, marine construction, engineering, procurement and construction (EPC) of an unmanned wellhead platform as well as modifications at the Oseberg Field Center, the company said in a news release.
Both orders are part of PetroChina's furnace procurement program that BHD bid on. Aggregate order value under the program now totals about US$0.8 million, or more than 5.3 million renminbi.
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.
With integrated operations, everyone must understand the company’s overall priorities in order to set agendas in each group, working to get to the same point, according to an engineering coordinator for a major E&P company. Technology and breaking down silos are key.
For the upstream sector successfully linking diverse datasets are among the keys to unlocking potential benefits of the Internet of Things, a report says.
For the oil and gas sector, this could mean making drilling adjustments on the spot. It could also mean collecting data from various sources, analyzing it and using that knowledge to grow production and revenue.
For the oil and gas sector the threat remains, but the methods are the same, experts say.
The industry can benefit quickly by approaching Big Data from the place of maximizing value by minimizing complexity.
Ely's world-class reservoir stimulation and completion consulting services will be packaged with Flotek’s CnF customized completion chemistries for clients that purchased CnF chemistries directly through The Flotek Store.
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.
GCDT fits fully into Prysmian’s expansion strategy in subsea umbilicals, risers and flowlines and complements its product range. The portfolio of protectors will be enhanced, the company added.
The technology provides internal alternate flow paths, called shunt tubes, in the downhole tool to gravel pack the producing sections of a well, ExxonMobil Upstream Research Co. said in a news release
Vorpal's Drill2Frac helps optimize fracturing operations through the optimal placement of perforation clusters. Enventure’s expandable ESeal Refrac Liner provides mechanical zonal isolation of existing perforations.
Saudi Aramco is now operating around 212 oil and gas rigs; which is a level it has kept steady since 2015. That number does not include water rigs.
Bureau of Safety and Environmental Enforcement recommended that drilling operators verify that components meet manufacturers’ specified metallurgical properties, and urged them to follow installation and maintenance procedures, Reuters reported.
Restructuring includes closing two rolling mills in France, one threading line in Germany and a heat treatment line in Scotland, leading to about 1,000 additional job losses, Reuters reported.
Aquatec Group provides subsea leak detection sensors including long-range fluorometers, directional acoustic sensor and differential temperature detectors. These will be available at Forum’s global locations.
Lundin Petroleum AB has entered an agreement to sell the FPSO Bertam to M3nergy Investment Ltd., a subsidiary of M3nergy Berhad of Malaysia, in a $265 million deal with a Jan. 1 effective date, a news release said.
The company reported a fourth-quarter adjusted operating profit of 15.2 billion crowns (US $1.78 billion), down 43 percent from a year earlier but better than the 13.9 billion ($1.6 billion) expected by analysts polled by Reuters.
ConocoPhillips on Feb. 4 lowered its 2016 capex target by 17% to $6.4 billion, and its operating cost forecast by 9 percent to $7 billion.
Shell said 2015 income fell 87% to $1.94 billion, in line with analysts' estimates, as its oil and gas production unit took a big hit from slumping oil prices.
The company expects to grow oil and gas production by 2-4% this year from ongoing operations due to a fall in drilling and completion costs.
Gas project in New South Wales delivered "disappointing gas flow" and "the economic returns to support the investment of approximately AU$1 billion were not adequate," the company said, Reuters reported.
With more than 30 years of experience in the oil and gas service sector, David Gallagher has served with Schlumberger, CARBO Ceramics and Baker Hughes in engineering, operations, product development and executive management roles.
Most of the reductions will be in the South Korea office and supporting organizations in Stavanger, Norway, and Aberdeen, Scotland. The offshore organization is not affected.
BP has appointed Lamar McKay to the new position of deputy group chief executive and has named Bernard Looney as the new chief executive of BP’s upstream segment, the company said in a news release.
Cutbacks are limited to nonoperational administrators, including 14 senior executives. Petrobras managers, like Brazilian civil servants, are hired through competitive exams and are difficult and expensive to fire, Reuters said.
Most recently, Michael McGuinty was general counsel and secretary of Abu Dhabi National Energy Co., and previously was Schlumberger Ltd.’s deputy general counsel and director of compliance.
Twenty-nine companies with exploratory contracts and three with extractive rights have declared force majeure as the drop in oil price has sapped profit and financing in recent years, said Rafael Zoeger, the president of Perupetro.
Allegedly, it was misrepresented that Cobalt had several oil-focused wells in Angola including its Lontra and Loenga wells. Lontra was primarily gas-based and Loenga contained neither oil nor gas.
The settlement reached on Jan. 29 prohibits officials from authorizing fracking practices in federal waters until the Interior Department completes an environmental review.
Sen. Lisa Murkowski, R.-Alaska, Republican chair of Senate energy committee, and Sen. Maria Cantwell, D-Wash., urged lawmakers not to thwart passage of bipartisan bill, which cleared their panel 18-4, Reuters reported.
So far, only Algeria and Venezuela have clearly expressed support for a production cut. Iraq depends on crude sales for about 95% of its public revenue, Reuters said.