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.
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.
The company has bought a 40% interest in two UK shale gas licenses.
Hopes are that commercial shale oil production will help meet the energy needs of the world’s largest LNG importer.
Chevron’s $28.5 billion upstream capital and exploratory budget for 2012 includes about $3 billion for exploration and $9 billion for LNG projects.
Statoil expanded its operations well beyond the Norwegian continental shelf to the Marcellus, Eagle Ford and Bakken shales in the U.S. as well as to hotspots offshore Tanzania and Brazil.