Exclusives

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At KPMG’s annual Global Energy Conference, confidence in the global economy abound, but political uncertainty and Asia’s growing energy demand shapes the role of the U.S. energy on the world stage.

GE, Noble Corp., digital drilling rig, drilling rig, oil and gas

A partnership to collaborate on a digital rig solution that enables data-driven operational efficiency by using data analytics could transform the way drillers operate.

IBM, Wood, John Sullivan, oil and gas digital technology, blockchain, Internet of Things, artificial intelligence

John Sullivan, industrial sector lead and executive partner at IBM Global Business Services, speaks about how the sector is working with disruptive technology to improve operational efficiency.

An industry alliance is blending specialist expertise and novel technologies to improve oil and gas production performance.

Study shows improvements might be needed in appraisal programs.

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

Check out the latest activity highlights from around the world. 

U.S. private equity firm Lone Star is betting on two large unconventional gas projects in China that Austrailia's Sino Gas & Energy is developing.

Harbour Energy was forced to bid against itself five times until it made a final offer for Santos of $10.8 billion, up more than 50% from its first approach last August.

PGS will start acquisition of a large 3-D GeoStreamer survey in the Barents Sea in partnership with TGS in late May 2018, PGS said May 29.

A successful bid would give Harbour access to a recently revived company with a low cost of gas production and stakes in LNG in the Asia-Pacific, where demand is soaring.

Production

The projects, known as Liza Phase 1, include the conversion of an oil tanker into a FPSO vessel, which would have a production capacity of 120,000 bbl/d of oil.

Global oil demand could peak in the early 2020s if countries pull together to hit climate goals, or keep growing until 2050 in a conflict-ridden world, according to Norwegian oil and gas firm Equinor (NYSE: EQNR).

A spokeswoman at the White House's National Security Council is reported as saying: "We welcome any market-based action that increases energy access and fosters a healthy global economy."

The U.S. government has asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million bbl/d, Bloomberg reported on June 5.

The premium between Brent crude oil futures and WTI doubled in about a month as a lack of pipeline capacity in the U.S. traps much of the output inland.

Technology

The OPEC council responded negatively to Iran’s plea to support it against new U.S. sanctions, a source familiar with the matter told Reuters.

Transocean Ltd. (NYSE: RIG) announced on June 4 that John Stobart, executive vice president, COO and chief performance officer is retiring.

Check out the latest new hires, promotions and other company news.

Intervention system revives well production at reduced risks through data-driven decisions.

Advances in sliding sleeve technology drive efficiency and keep pace with growing completion program requirements.