Technology Exclusives

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After oil market dropped 30% from October, the market jumped 5% with OPEC’s decision to cut oil production by 1.2 million barrels per day.

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Two-day marathon meeting leads to more bullish than expected oil output cuts by OPEC and its allies.

QEP Taps Cobalt Top Exec To Succeed Outgoing CEO Charles Stanley

Timothy Cutt, who most recently served as CEO of Cobalt International Energy, will join QEP Resources to serve as president and CEO of the pure-play Permian Basin company.

Machine learning neural networks can be an alternative to traditional decline curve analysis techniques, analysts say.

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Denver-based FourPoint Energy is using acquisitions and a proprietary, region-wide database to create new value in the overlooked western Anadarko Basin.

Technology Completion

Quality control processes are key to keeping turbidities and silica exposure low.

Dual-basin independent E&P company is ready for 2019.

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The oilfield service company is using digital technologies such as the Internet of Things, cloud computing and advanced analytics in an effort to improve production efficiency in the oil patch.

Rice Brothers Look To Transform Industry Through Fracking Software Investment

Rice Investment Group recently closed on an investment in Cold Bore Technology, a fracking software company the brothers behind Rice Energy see electrifying the oil field. 

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Big data is likely to have the biggest impact on completions including the use of high-resolution data.

Technology Contracts

The contract, valued at between US$1 million and $50 million, will be reflected in McDermott's fourth-quarter 2018 backlog.

This five-year agreement covers the exclusive supply of surface wellhead equipment and service in the U.S. and Canada.

Topaz Energy and Marine has signed a long-term agreement with Reach Subsea on Nov. 8 under which Reach will charter the newbuild subsea vessel, Topaz Tiamat.

The Philippines is ready with two joint oil and gas exploration agreements to be signed with China, its energy minister said on Nov. 7, and reiterated his position calling for the lifting of the ban on drilling works in a disputed area in South China Sea.

Rowan Companies Plc (NYSE: RDC) said Nov. 5 that the Rowan Renaissance, an R-Class ultradeepwater drillship, has been awarded a contract in Mexico by Total with a firm term of one well with an estimated duration of 60 days.

Technology Digital

Siemens and Aker Solutions have signed a strategic collaboration agreement to further develop digital offerings in engineering, operations and services, the company said on Dec. 3.

A little of this mixed with a little of that creates a stronger future.

New technologies can help alleviate the challenges a changing workforce faces.

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The ‘I’ stands for intelligence, a digitally driven attribute that energy companies need more of to compete — and one they can build in themselves, as BP, Shell and others are proving.

Oil and gas companies must develop, recruit and nurture digital leaders.

Technology Downhole

Rigs are consolidated at the high end while sand shifts back to quality.

A low-density, direct-emulsion fluid delivered wellbore stability in the Delaware Basin.

A first-of-its-kind cloud-based platform facilitates 24/7 access to offshore well construction and activities.

The debate continues over well interference as the industry moves toward full field development.

A new design and changes in metallurgy shift wear from expensive pump fluid ends to sacrificial consumable components.

Technology Equipment

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.

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.

ADIPEC, Abu Dhabi International Petroleum Exhibition & Conference, technology, oil and gas

Companies at ADIPEC 2018 will be showcasing new products and services designed to meet industry challenges.

Drillers added 12 oil rigs in the week to Nov. 9, bringing the total count to 886, the highest level since March 2015, General Electric Co.’s Baker Hughes (NYSE: BHGE) energy services firm said in its closely followed report on Nov. 9.

Technology Operations

Shell, the largest foreign investor in Nigeria, said in a statement to Reuters that it had completed an internal review of the OML 42 sale process and other deals Peter Robinson, a former vice president for sub-Saharan Africa, was involved in, and it concluded his only violation was related to OML 42.

Transocean’s CEO said the Ocean Rig acquisition will enhance the Swiss-based drilling rig contractor’s fleet of ultradeepwater and harsh environment floaters without compromising its liquidity.

Russian gas giant Gazprom said on Dec. 5 it had begun operations at a third and final unit at its Bovanenkovo gas field on the Arctic Yamal peninsula, allowing it to boost natural gas production.

Faroe Petroleum's CEO Stewart said the deal with Equinor had been in the works before DNO launched its takeover offer last month and was not intended to stop the bid.

Brazilian state-controlled oil company Petrobras said it could raise $26.9 billion through asset sales and partnerships by 2023 as part of a new strategic business plan.

Technology People

David Crombie, who previously served as president of completion solutions and executive vice president, brings over two decades of experience to his latest role as COO at Nine Energy Service.

Knut Eriksen has been named as Kreuz Subsea’s first independent non-executive director.

Forum Energy Technologies Inc. (NYSE: FET) has named C. Christopher Gaut as CEO of the company by the board of directors to replace Prady Iyyanki, the company said Dec. 3.

‘It’s not about what we get; it’s about how we get it and how we use it,’ Plank once said.

Staff at state oil firm NOC told Reuters that small protests had erupted at nine oil and gas fields and some ports in recent months, mainly among workers left waiting for promised pay rises as inflation and a weak currency erode living standards.

Technology Regulations

OPEC tentatively agreed an oil-output cut on Dec. 6 but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.

OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Dec. 6.

Oil lost nearly 5% on Dec. 6 after OPEC signaled it may agree to a smaller output cut than expected and as concern over the economic impact of trade tensions hit global stocks.

Despite a promise in his inauguration speech to roll back the energy reform, the 65-year-old president did not rule out inviting more private sector investment in extracting oil from Mexico's untapped deepwater fields in the Gulf of Mexico.

U.S. Energy Secretary Rick Perry said on Dec. 4 he would soon visit Qatar and Saudi Arabia, a trip expected to occur after this week’s meeting of OPEC.