Exclusives

Analysts forecast global oil production in fourth-quarter 2018 will increase by about 705,000 bbl/d.

Check out the latest activity highlights from around the world.

Quality control processes are key to keeping turbidities and silica exposure low.

E&P companies are quietly at work proving up the next generation of unconventional plays.

‘It’s not about what we get; it’s about how we get it and how we use it,’ Plank once said.

Deepwater International

According to WoodMac, its analysis of 2,222 oil fields suggests that if Brent crude falls to US $40/barrel, which is entirely possible, 1.6% of global oil supply could turn cash negative on an operating cost basis.

At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve.

Exploration

DEA Deutsche Erdoel agreed to buy independent Mexican company Sierra Oil and Gas at a time of growing uncertainty over the private sector's role in Mexico's oil industry.

Chevron has decided to launch the sale of its stake in Azerbaijan's largest oil field as well as the Baku-Tbilisi-Ceyhan pipeline, the San Ramon, Calif.-based company said in a statement.

Following the closing the GoM JV with Petrobras, Murphy Oil also raised its full-year capex outlook and expects to use some of the cash flow to accelerate activity in the Eagle Ford.

The agreement for Shell's 26.56% stake in the Greater Sunrise gas field off the northern coast of Australia will allow East Timor to push for development of the project.

British petrochemicals company Ineos is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion, the Sunday Times newspaper reported.

Production

The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20% as global supply has outstripped demand.

Oil reversed course and rose as much as 2% on Nov. 29 after industry sources said Russia accepted the need to cut production with OPEC ahead of its meeting next week.

Oil producer group OPEC and its allies, led by Russia, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.

The next year will be another challenging time for offshore drillers due to continuing supply overhang even though prices are starting to improve, the CEO of rig firm Seadrill told Reuters on Nov. 27.

From Bull To Bear: What To Make Of The Sell-Off In The Crude Oil Market?

In this scenario, an Opportune expert sees a long-term price drop into the $20s.

Technology

Oil lost nearly 5% on Dec. 6 after OPEC signaled it may agree to a smaller output cut than expected and as concern over the economic impact of trade tensions hit global stocks.

The drop in fracking activity this year had been "significantly larger" than expected, Patrick Schorn, executive vice president of wells at Schlumberger, said at a conference in New York.

The Anglo-Dutch oil and gas giant said that from 2020 it will set three- to five-year targets every year which will include specific net carbon footprint targets.

Qatar said Dec. 3 it was quitting OPEC in January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity.

Breakeven costs have fallen for deepwater projects, but analysts question whether the oil industry is ready for anticipated cost inflation.