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Oil producer cartel OPEC and its partners will need to keep production lower than their agreed target through 2019 for benchmark Brent crude to come back to $70 a barrel (bbl), oil and gas consultancy Rystad Energy said.
Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bbl/d) in January, its energy minister said on Dec. 11, less than its final target under a global production deal reached last week, aiming for gradual, smooth reductions.
Energy companies cut 10 oil rigs in the week to Dec. 7, the biggest weekly decline since May 2016, bringing the total count down to 877, Baker Hughes, a GE company (NYSE: BHGE) said in its weekly report.
The Topaz Driller is a Baker Marine Pacific Class 375 jackup, which was recently mobilized to Cameroon by NewAge as operator for the Etinde license for two appraisal wells and is currently employed in Gabon.
Plan would cut emissions by 40% by 2030.
Equinor (NYSE: EQNR) is stepping up its use of wired drill pipe to acquire subsurface real-time data during drilling operations, in line with the corporate digitalization strategy and to prepare for automated drilling.
E&P companies are quietly at work proving up the next generation of unconventional plays.
Horizontal drilling was an overnight success 85 years in the making.
Drillers added two oil rigs in the week to Nov. 30, bringing the total count to 887, Baker Hughes, a GE company (NYSE: BHGE) said in its weekly report.
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.
Drillers added two oil rigs in the week to Nov. 16, bringing the total count to 888, still the highest level since March 2015, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
A new land rig design offers shale drillers 2,000-hp drawworks and reduced footprint.