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.
Researchers were able to achieve 15% tertiary oil recovery using a nanofluid of graphene-based amphiphilic nanosheets that are effective at low concentrations.
Eclipse Resources is hoping to usher in a new era in oil and gas development through the creation of super-laterals like its Purple Hayes well in Ohio.
There are signs the bottom is at hand, which is the first step in recovery.
The low oil price has dramatically impacted the amount of cash flowing into the coffers of Saudi Arabia, but the kingdom’s avowed commitment to unconventionals remains firm.
Japan's biggest city gas supplier said it purchased the stake from VirTex Producing Co. The company said it expects to spend up to 8 billion yen (US$76.64 million) for the stake plus investments.
Under the farm-out, UJO will acquire a 7.5% working interest in PEDL143 from Europa, paying 15% of the costs to drill the exploration well at Holmwood.
Statoil will have a 50% interest in the Banarli licenses, while the operator Valeura Energy Inc., a Canadian exploration company, will keep the remaining 50%. The shallow formations above 2,500 meters will be 100% retained by Valeura, Statoil said.
Environmental advocacy groups and landowners in the Karoo, a vast semi-desert wilderness stretching across the heart of South Africa, have argued that exploring for shale by hydraulic fracturing would cause huge environmental damage.
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.
CAPP forecast that conventional oil production in Western Canada, including condensates, will fall to 1.1 MMbbl/d by 2018, Reuters reported.
GeoPark is also accused of having faulty systems in place for avoiding soil erosion and managing spills of hazardous materials, and of damaging archaeological findings, Reuters reported.
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.
The start-up of Suncor's base plant and MacKay River sites is under way, with "initial production" expected by the end of the week, the company said in a statement, which noted initial production at its Firebag site began early last week.
Germany's gas industry has warned restricting fracking could increase the country's dependence on imported energy, much of which it imports from Russia, Reuters said.
Chancellor Angela Merkel's party and the left's party agreed to an indefinite ban; but the compromise legislation calls for parliament to reassess whether decision is still valid in 2021, Reuters reported.
Panelists at Hart Energy's DUG Permian conference said sand, spacing and slickwater have played key roles in the multistage fracturing process that contributed to the Permian Basin becoming today’s largest oil-producing region in the U.S.
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.