Exclusives

A nonprofit organization offers documentaries and educational outreach programs for the next generation.

Technologies such as carbon capture, utilization and storage are needed, OPEC secretary general and others say.

Technology revolution will reveal a more effective, less costly option for the energy sector, but to the detriment of humans.

Google Cloud executive exhorts industry to speed up adoption.

microsatellite_natural_gas_methane

Low-cost microsatellites may hold the answer for methane emissions management.

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

IPC will acquire BlackPearl for roughly C$622.5 million and combine its assets with IPC’s existing assets in Canada as well as in France, Malaysia and the Netherlands.

The merger with Trinidad Drilling will position Precision as the third-largest driller in the U.S. with a rig fleet that includes over 200 active rigs and 322 total rigs, the companies said.

Houston-based Noble Energy sold its in Israel's Tamar Petroleum after announcing last week that it would help finance a gas export deal with Egypt, The Marker reported Oct. 3.

Is geoscience losing its punch? Despite the amazing strides made in recent years, the value case is not an easy sell for service companies. Several noteworthy geoscientists discuss the challenges that still face this industry.

Despite the downturn, there is room for new, flexible and fit-for-purpose contractors.

Production

The IEA said in its monthly report that the world’s spare oil production capacity was down to 2% of global demand with further falls likely.

Oil edged further above $80/bbl on Oct. 12 as a rally in equities lent support, though prices pared most of their gain after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.

OPEC cut its forecast of global demand growth for oil next year for a third straight month on Oct. 11, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets.

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Oct. 5.

Bioenergy from liquid biofuels and biogas will lead growth in renewable energy consumption to 2023, due to its rising use in the heating and transport sectors, according to the International Energy Agency (IEA).

Technology

A new wireless downhole tool unlocks the potential for significant cost reductions.

Offshore Drillers Ensco, Rowan To Combine In $2.4 Billion Merger

The merger of offshore drillers Ensco and Rowan will result in the world’s largest jackup contractor with a combined enterprise value of $12 billion.

Saudi Arabia has shelved a $200 billion plan with SoftBank Group Corp. to build the world’s biggest solar-power-generation project, the Wall Street journal reported on Sept. 30, citing Saudi government officials.

Check out the latest products and services for the upstream oil and gas industry. 

Slimhole completion systems help to refracture existing wells and boost production.