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Mexico’s energy company is struggling and auctions continue to lag, particularly in unconventional areas.
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.
Some industry observers have likened the basin to the Haynesville Shale in Louisiana, where production peaked at 100 billion cubic feet per day.
Chad, Kazakhstan, Oman and the United Arab Emirates are believed to have vast shale resources capable of boosting production and adding revenue. However, economics could stand in the way.
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.
The first expedition discovered gas hydrate accumulations in formations that are currently unlikely to be producible.
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.
Terra Nova also said that the board of directors approved a change of jurisdiction from the province of Alberta to the province of British Columbia in Canada.
On the acquired assets in the Wilrich, Notikewin, Glauconite and Bluesky formations, about 149 gross (104.1 net) horizontal locations have been identified.
The newly acquired permits are all immediately adjacent to the Potash Restriction Zone.
The company raised its asset sales target to more than $2 billion from $1.2 billion-$1.7 billion as it looks to reduce its crippling debt burden and cope with weak oil and gas prices.
During the second quarter, ARC continued its noncore asset divestment program, divesting the remainder of low-netback operated shallow gas assets in southern Alberta.
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.
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.