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.
San Leon Energy plans to drill a horizontal well that, if successful, could lead to commercial production.
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.
Garth Braun, chairman, president and CEO, said the company can now attract midstream investments for takeaway. Blackbird now has 51,840 acres in its core project.
Australia has the seventh-biggest potential shale gas resources and sixth-biggest shale oil resources, EIA said, according to Bloomberg. Chevron’s recent pullout from Nappamerri Trough signals the country’s overall shale challenges.
The assets include 26 onshore exploration and production concessions, with average oil and gas output of 15,000 boe/d. Also included are distribution, treatment and storage infrastructure.
Bank of Nova Scotia will advise ConocoPhillips’ sale of about 20% of non-oil sands properties in Western Canada, Bloomberg said. About 35,000 barrels of oil equivalent per day is produced.
Bid awards could be announced in July.
Hopes are that commercial shale oil production will help meet the energy needs of the world’s largest LNG importer.
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.
Chevron’s $28.5 billion upstream capital and exploratory budget for 2012 includes about $3 billion for exploration and $9 billion for LNG projects.