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Additional sand supplies are expected to come online this year but supplies remain tight as E&Ps test completion techniques, eye prices and work to keep down costs.
Strike Energy is in the hunt for a gas prize estimated at up to 11 trillion cubic feet.
The company said it plans to spend $3.9 billion overall in 2018 and increase production by between 8% and 12% with a 40% annual growth in Permian resources in 2018.
The company plans to add rigs in the Bakken this year as it continues studying completion techniques.
The U.K.-based research firm said 70% of the fields it studied, which had limited appraisal, were not performing according to the operator’s development plan.
Maintenance programs can help save costs and enhance long-term production.
Altering the surface chemistry of resin-coated proppant delivers improved oil flow rates in the Eagle Ford Shale.
The upstream oil and gas industry has managed its operations the same way for decades because ‘We’ve always done it that way.’
The move to massive proppant loading involving finer mesh sands will boost 2018 demand even in a flat rig count environment.
A new round of private-equity-backed E&P companies are using completion optimization to improve yield in the Eagle Ford and extend the play’s boundaries and economic potential.
Drillers added seven oil rigs in the week to Feb. 16, bringing the total count up to 798, the highest level since April 2015, Baker Hughes, a GE company, said in its weekly report.
Budget deal triples the tax credit for injecting carbon dioxide to bolster crude output.
The U.S. rig count, an early indicator of future output, is much higher than a year ago when 591 rigs were active as energy companies have continued to boost spending since mid-2016 when crude prices began recovering from a two-year crash.
Faroe Petroleum Plc said Feb. 5 it has commenced the Fogelberg appraisal well and contingent sidetrack 6506/9 – 4A & 4S in the Norwegian North Sea (Faroe 28.3%).
Bowleven Plc said Feb. 1 it has hit a key milestone in the appraisal drilling campaign of its Etinde asset, in which the company holds a 25% offshore interest.
The company plans to expand its use of carbon capture, use and storage technology to meet a sixfold increase in the utilization of CO2 for EOR over the next 10 years.
Middle Eastern oil and gas producers are now focusing on developing unconventional resources like heavy crude oil.
CO2 could unlock substantial tight formation returns.
Despite challenging economics, offshore EOR offers substantial returns.
Operators are finding value in CO2 recoveries.
Israeli Energy Minister Yuval Steinitz called it the most significant export deal with Egypt since the neighbors signed their historic peace treaty in 1979.
Aker Energy said the proposed transaction, which is subject to approval from Ghanaian authorities, gives it a 50% stake in the ultradeepwater Tano Cape Three Points block which holds an estimated 550 million barrels of oil equivalent and has the potential for a further 400 million barrels.
Woodside said on Feb. 14 it had agreed to pay $744 million for ExxonMobil Corp.’s 50% stake in the Scarborough Field, a project that has been stuck on the drawing board for nearly 40 years due to factors including its remote, deepwater location.
Iraqi Kurdistan-focused Genel Energy Plc reported on Feb. 14 a 40% replacement of proved reserves at its Taq Taq field, once considered the company’s flagship field.
Kosmos said on Feb. 12 it expected to make a final investment decision (FID) on the project in 2018, with first gas expected in 2021. BP had previously indicated it expected to reach an FID on the project towards the end of this year.