Exclusives

Machine learning and AI are enabling the discovery of new solutions to help make the petroleum industry safer and more competitive.

With the rapid growth of produced water and infrastructure constraints operators have to find new ways to tackle it.

Greater adoption and effective use of enhanced digitalization in the rig inspection and audit market are delivering benefits and reducing risk.

Models and downhole sensors help measure the debris removal effectiveness of the instrumented wireline intervention service.

The use of a QRA helps improve risk-related decision-making.

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

Oil rose on Aug. 6 after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still almost 10% below its 2018 high of more than $80 a bbl.

A Barnett Shale case study demonstrated the value of estimating dynamic Biot’s coefficient from well logs using rock physics.

Leverage software to reduce risk, improve safety and add value.

Wood Mackenzie, wildcat wells, oil and gas, wells to watch, oil exploration, discoveries, Andrew Latham, Eni, Total, Hess Corp., Nexen, Equinor, Shell

Drilling successes in first-half 2018 continue to prove new plays, and there’s more to play for in the second half as explorers break more new ground.

Tullow Oil, exploration drilling, oil and gas drilling, oil and gas exploration, Namibia, Guyana, Suriname

The company has identified prospects offshore Guyana, Suriname, Namibia and Mauritania among others.

Production

OPEC on Aug. 13 forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

Oil prices steadied on Aug. 10 as concerns that a global trade dispute will slow economic growth and demand for fuel were balanced by U.S. sanctions against Iran that look set to tighten supply.

Brent crude futures were up 19 cents at $72.47 barrel by 8:15 CST, after having lost more than 3% on Aug. 8. U.S. crude futures rose 6 cents to $67.00 a barrel, having closed down 3.2% the day before.

A recent report suggested companies are shifting their focus to gas projects.

An automated bit guidance system delivers improvement in directional drilling performance.

Technology

China included LNG for the first time in its list of proposed tariffs on Aug. 3, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute

The Houston-based company said net income attributable to common stock fell to $195 million, or 51 cents per share, for the quarter ended June 30, from $572 million, or $1.50 per share a year earlier, though the numbers were not immediately comparable.

A new algorithm targets optimal gas injection rates.

The combination of directional drilling and MWD technologies made horizontal drilling more manageable and wells more productive.

An enhanced slurry performance can lead to optimized services.