China, shale, drilling, gas, CNPC, PetroChina, Sinopec, EIA

Chinese companies’ shale development effort comes as slumping commodity prices have caused others to lay down rigs and forgo completions in the U.S. and pull away from emerging shale plays elsewhere.

Two operators describe the basin as ‘world class.’

Creating a petrophysical model with a fairly limited data set leads to success in shale plays.

Drillinginfo CEO shares how ‘integration, automation and quantification pave a black gold road to the future.’

Other barriers also must be overcome to reach commercial production, analysts say.

Geology & Geophysics

The neoBASIN study evaluated a 6,000-square mile area in Lebanon’s onshore northern half and in the transition zone along Mediterranean coast. Only seven wells have ever been drilled in Lebanon. 

The geo-consulting business line of Paris-based CGG acquired Calgary, Alberta-based Taurus Reservoir Solutions Ltd. Taurus provides conventional and unconventional reservoir and geomechanical simulation, engineering technology and consulting services.

According to Reuters, the United Arab Emirates-based company did not provide a timetable or prospect for finding oil or gas in the Mediterranee Ouest area.

Bloomberg said that the company, which found gas deposits in the Red Sea in 2012, plans to more than double investment in unconventional sources of the fuel, according to its CEO.

Report estimates Scotland could have billions of barrels of shale oil.

Land & Leasing

Forty-seven companies have submitted applications for the oil and gas blocks.

The agreement that Harbour Energy Ltd. and Mexico’s ALFA had to buy Toronto-based Pacific Rubiales for CA$2 million fell through. ALFA’s CEO said the offer “correctly valued” Pacific Rubiales.

Auctions attracted the highest prices since 2007 in the first four months of the year even as Canadian heavy oil slid below $30 a barrel, from $87.23 in June, and producers from Cenovus Energy Inc. to Royal Dutch Shell Plc slashed spending and jobs.

The Queensland Government has put 11,000sqkm of exploration acreage up for grabs, with most of the available land concentrated in the prospective Cooper and Eromanga Basins.

Statoil is monitoring acquisition possibilities while focusing on exploration with no gaps in its investment portfolio, CFO Torgrim Reitan told Bloomberg. Statoil plans to spend $3.2 billion on 2015 exploration.

Reservoir Evaluation

The well, which is 80 percent owned by Total and 20 percent by Denmark's state oil company Nordsofonden, confirmed the presence of gas but the thickness of the layer was smaller than expected.

Independent assessment of Horse Hill well has estimated there could be about 271 million barrels of oil per square mile. The prior estimate in April of 158 million, Bloomberg said.

Weatherford’s OmniWel in-well optical production and reservoir monitoring systems will combine with OptaSense’s DAS technology to improve reservoir management/ EUR. Technologies include DAS-VSP vertical seismic profiling, DAS-HFP hydraulic fracture monitoring.

Well 25/6-5 S hit a 10-m (33-ft) gas column in the Hugin Formation in Middle Jurassic reservoir rocks near the Skirne Field in the central North Sea. 

Wildcats & Stepouts

The Kronos-1 well, jointly owned with Anadarko, discovered hydrocarbons at 3,720m at the well in the Fuerte Sur Block, Reuters said. Colombia is Latin America’s fourth-biggest oil producer.

UK Oil & Gas Investments Plc found more than 8 Bbbl of shale oil in Horse Hill Field in Weald Basin. The basin is near London’s second-busiest airport, Bloomberg said.