Of the 13 MMbbl/d of new supply that could come from tight oil and conventional projects by 2025, 9 MMbbl/d is commercial at $60 oil, according to an energy consulting firm.
There are signs the bottom is at hand, which is the first step in recovery.
WPX Energy, which entered the Permian Basin in 2015 with its $2.3 billion-plus acquisition of RKI Exploration, is bullish on the sub-basin. The company is among those focusing on the the Upper and Lower Wolfcamp A, both of which are proven productive.
The sub-basin was heralded during the DUG Permian Basin conference as one of the industry’s bright spots as companies continued to cope with the cyclical ups and downs of life in the oil patch.
Operators in the area turn focus to personnel safety as erratic and dangerous flames forced the evacuation of the entire city.
The industry is divided on hydraulic fracturing technology. An objective view is needed to sort out the confusion and decide on best processes.
Developers of a new technology say the process can remove nearly all organic materials from produced water.
A polymer, which replaces guar in fracing fluid, has been utilized by Halliburton in Magnum Hunter’s wells in the Eagle Ford, resulting in higher flow back and improved production.
The contract is BP’s first shale gas PSC in China and covers an area of about 1,500 sq km, BP said. CNPC will be operator.
In a statement, Argentina’s YPF said the accord involved a pilot project in the Bajada de Anelo Block, located in Neuquen province that would run until mid-2018, Reuters reported.
YPF estimates the Vaca Muerta deposit contains 661Bbbl of oil and 1,181Tcf of natural gas, making it one of the biggest shale reserves in the western hemisphere, Reuters said.
Energy Information Administration estimates Mexico has more than 60 billion barrels of shale resources. This would provide more than 35 years of Mexican oil supply at current U.S. production levels.
Saudi Arabia could pump 50 million cubic feet per day of shale gas in 2016, Reuters reported. Unconventional gas potential was appraised in the northwest, Eastern Province and Empty Quarter.
With the huge number of wells required for shale gas or coal-bed methane development, companies are implementing lean manufacturing models for these “gas factories.”
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.
Where ACTIVATE has been used, operators see about an 80% increase in EUR per well and a 66% reduction in cost per barrel of oil equivalent from refracked wells verus new wells, Halliburton said in a news release.
Etienne Roux, vice president of drilling services, said Revolution has drilled 284 vertical-curve lateral wells in a single run in the last year and half. This totals 2.4 million feet.
Problematic areas have included perforation issues, loss of fracture length, and sometimes wellbore connectivity.
Data integration and analysis over a shale play provides clear indications of where to drill and what technologies to utilize.
Freshwater, not typical slurry, will run through pumps, significantly reducing need for replacement parts and number of pumps needed on frack job, Energy Recovery CEO Joel Gay said.
Shale producers can save 30% of the drilling cost with walking rigs, which can move from one wellbore to another--10 meters in less than an hour, Reuters said.
The rise in the rig count this week was the biggest increase since April 2014. It was, however, only the third addition over the past 33 weeks, bringing the total rig count up to 659, the highest since late May.
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.
China holds 31.2 Tcm (1,115 Tcf) of estimated technically recoverable shale gas reserves.
Over the past 24 hours, the Fort McMurray fire has advanced to the south and south east of the city. The fire front is estimated to be within 5 km of the Hangingstone site, a news release said.
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.
Keane said it will purchase the U.S. assets of Trican Well Service, Canada’s largest pressure pumper, and expand its presence in the Midcontinent, Permian, Bakken and Utica/Marcellus shale plays.
Some industry observers have likened the basin to the Haynesville Shale in Louisiana, where production peaked at 100 billion cubic feet per day.
The assets being sold are predominantly non-operated and consist of 10,290 net acres with an average working interest of 39%, according to a news release.
Fire aboard P-48 FPSO vessel started at about 1 p.m. local time as platform was being shut down and has since been put out, according to workers' union, Reuters reported.
CEO Miguel Galuccio's resignation will take effect at the end of next month, a YPF spokesman told Reuters on March 9. He was appointed in 2012 by then-President Cristina Fernandez after she seized control of the company from Spanish oil giant Repsol.
Based in Houston, Trenton Thornock will oversee WellDog’s global finance operations, leading the finance team and supporting continued expansion in North America and Asia-Pacific.
Some Dartmouth College professors led the research for the National Bureau of Economic Research study that examined data from more than 3,000 counties, determining that within 100 miles of new production, 2.49 jobs were created, Reuters said.
Chancellor Angela Merkel's coalition government will discuss finalized draft law on hydraulic fracturing to extract gas and oil this month. Party leaders signaled that an agreement is possible, Reuters said.
With permission to carry out fracking, Third Energy will now be able to test how much shale gas it could eventually produce from its site at Kirby Misperton, Reuters reported.
More than 79,000 inactive Alberta wells could become Orphan Well Association’s responsibility due to May 18 ruling giving lenders priority over environmental cleanup costs in oil and gas bankruptcies, Reuters reported.
Last year, government pledged cutting emissions by at least 40% by 2030 from 1990 levels as part of U.N. agreement on climate change reached in Paris in December, Reuters reported.
Eni and BG each own 29.25% of Karachaganak project in northwest Kazakhstan, which they jointly operate. State-owned KazMunayGaz owns 10%, Chevron Corp. (NYSE: CVX) 18% and Lukoil 13.5%, Reuters said.
Only eight companies, including Apache, Kinder Morgan, Hess and Southwestern Energy are currently signed up with One Future, a coalition aiming to self-regulate methane emissions, Reuters said.