Latest News are articles brought to you online only and have not been published in an issue of JPT.
US Sets New Records for Proved Oil and Gas Reserves
Proved oil reserves totaled 43.8 billion bbl at yearend 2018 while proved gas reserves amounted to 504.5 Tcf, both topping records set in 2017, the US Energy Information Administration said.
Shale, Tight Oil Investments to Fall 12% in 2020; Global Deepwater Rising
Lower oil prices and capital discipline are expected to bring forth a double-digit drop in shale and tight oil spending, while deepwater momentum is seen continuing. This comes as “massive investments” will be needed in the next decade to meet growing oil demand.
Permian Basin Decline Rates Have “Increased Dramatically” Amid Ongoing Slowdown
A new report says that production growth in the world’s most prolific unconventional basin is on the verge of stalling out.
Chevron Sanctions First Deepwater Ultra-High-Pressure Development
The Anchor development in the US Gulf of Mexico is the first ultra-high-pressure project requiring 20-ksi operating pressure to reach a final investment decision.
Berry to Succeed Shale Pioneer Hamm as CEO of Continental Resources
Hamm, who has served as CEO since founding Continental in 1967, will become executive chairman effective 1 January.
Chevron Sets 2020 Upstream Budget, Writes Down At Least $10 Billion
The US major will keep its overall budget flat for a third straight year, but the expectation of lower oil and gas prices long-term will result in tax impairment charges of $10 billion–$11 billion. More than half of those charges will come from its Appalachia Shale gas assets.
Enverus Forecasts “Significant Slowdown” in US Gas Output Growth in 2020
The data analytics firm projects US dry gas output growth will shrink to 2 Bcf/D next year from 8–9 Bcf/D in 2018 and 2019.
SPE Talks To: Yogashri Pradhan
In this episode, we discuss how to market yourself and grow your career.
Total Officially Enters Libya’s Waha Concessions
Total will invest $650 million in the development of two main projects, North Gialo and NC 98, resulting in a 180,000-B/D increase in production.
Devon Teams with Dow to Develop STACK Acreage
Under the agreement, the Oklahoma City independent will monetize half of its working interest in 133 undrilled locations in the form of a $100-million drilling carry during the next 4 years.
Tullow Oil CEO, Exploration Director Resign Amid Lower Production Outlook
The resignations come as the company makes downward revisions to its production guidance after a disappointing performance from its TEN and Jubilee fields offshore Ghana.
Pemex Makes 500 Million Barrel Discovery
The Quesqui field is expected to be the biggest onshore find in Mexico since 1987.
Colombia Awards 14 Onshore Blocks
Calgary-based Colombia producers Canacol Energy and Parex Resources led all firms by gaining three blocks each, with one more counteroffer from Parex pending review.
OPEC, non-OPEC Allies To Extend, Increase Production Cuts
The group will shed an additional 500,000 B/D of oil production through March 2020, bringing the total curtailment to 1.7 million B/D.
Apache To Deepen Suriname Exploration Well, Conduct Further Tests
Industry awaits the results of Apache’s Maka Central-1 exploratory well offshore Suriname, where high expectations follow the rapid exploration success of neighboring Guyana.
US Was Net Exporter of Crude, Petroleum Products in September
It is the first time the country was a net exporter of crude and petroleum products during a month since the US Energy Information Administration began keeping such records in 1973.
SPE Talks To: Shauna Noonan—Strengthening Ways To Disseminate Knowledge
Each month, Shauna joins The SPE Podcast to discuss her President's Column and to share her SPE journey. We'll end each of these podcasts asking the audience an interactive question.
Repsol Becomes First Oil Company To Aim For Net-Zero Emissions By 2050
The Spanish oil and gas company says existing or foreseeable technologies will achieve at least 70% of its ambitious plan to shrink its carbon footprint.
Oil and Gas UK Calls for Urgent Action on Carbon Capture and Storage
Rapid scale-up of CCUS projects is critical to achieving net-zero carbon emissions by 2050.
Wallace Appointed CEO of Israel’s Delek Group
The succession at the top role comes amid the independent’s expansion beyond the Eastern Med, with recent acquisitions of North Sea and US Gulf of Mexico assets.
SPE Talks Tech: 2020 Technology Watch List
With 2020 on the horizon, JPT editors put together our Top 10 list of technologies and ideas to keep an eye on in the coming year.
ConocoPhillips Leaning on Conventionals Near-Term, Unconventionals Long-Term
Most of ConocoPhillips’ oil and gas production by the end of the next decade will come from its unconventional operations. But, for the near-term, the Houston independent will rely on conventional assets as it seeks to keep spending in check, decline rates low, and cash flow on the rise.
Another View: The Innovation Path to Deployment
Many confuse “an” innovation model for “the” innovation model, and we have confounded innovators with entrepreneurs. They are not the same thing.
CNOOC Names CEO, Increases Bohai Oil Production
Xu Keqiang took the reins as CEO of the Chinese national oil company on 19 November. Meanwhile, more oil is flowing from the offshore Caofeidian 11-1/11-6 oilfield project.
ConocoPhillips Unveils 10-Year Operating, Financial Plan
The plan targets some $50 billion in free cash flow over the period while growing production more than 3%/year.
SPE Talks To: Kirstie Boyle
Business Development VP Kirstie Boyle joins The SPE Podcast to talk startups. Recently part of a $4.5-million funding round, Kirstie shares what makes Interface Fluidics flow.
Short-Term Headwinds and Fundamental Long-Term Change Will Challenge Oil and Gas Industry in 2020
Macroeconomic and business risks, investor uncertainty, and the energy transition highlight the challenges outlined in the report.
European Investment Bank To Stop Funding Oil and Gas Projects
The bank funded some €2 billion in projects last year.
Equinor, Total, Aker Launch Subsea CO2 Injection R&D Project
Before the dream of a “subsea factory” can come true, a group of North Sea companies will need to see if the required technology is economically feasible to build.
IEA Outlook Highlights Deep Disparities in Global Energy System
Annual report says that governments have the greatest capacity and responsibility to shape the energy future.
ADNOC To Boost Oil Production from Giant Bab Field
The upgrade project will increase the maturing field’s oil production to 485,000 B/D.
ADNOC Launches Rig Fleet Expansion Program
ADNOC’s drilling subsidiary has increased its rig fleet to 95 and plans to add “dozens” more by 2025.
Petrobras Starts Production from Pre-salt Berbigao Field
P-68 is Petrobras’ fourth FPSO to begin operations this year following the startups of P-67 at the Lula field and P-76 and P-77 at the Buzios field.
Pemex Suffers Cyberattack, Hackers Demand Ransom of Nearly $5 Million
The ransomware attack that began over the weekend is reportedly still affecting the national oil company’s payment systems, which may have wider impacts on its supply chain. For now, the company says its upstream and downstream operations are running normally.
Oxy Advances Post-Merger Divestment Program
Occidental Petroleum has closed on deals totaling $1.7 billion as part of its divestment program following its $38-billion takeover of Anadarko Petroleum.
Chesapeake CEO Expresses Confidence in Company’s Financial Stability
The long-struggling shale operator’s share price on 12 November closed at 67¢/share, a 25-year low.
SPE Talks To: Andrew Pepper
Fluid saturation isn't what it used to be when it comes to unconventional reservoirs. Our guest is among those sharing new research to discuss the shale sector’s changing perspectives on the importance of mobile hydrocarbons vs. immobile hydrocarbons.
UT Study: Permian Seismic Activity Up Dramatically
New research links a rise in seismic activity in West Texas with increased oil and gas development over the past 20 years and, in particular, the past decade.
West Mira Semisubmersible Deploys Hybrid Power Plant
By using the four converter-battery systems, the operator estimates it will be able to reduce the runtime of the rig’s on-platform diesel engines by 42%, cutting CO2 emissions by 15% and NOx emissions by 12%.
Another Brazilian Auction Fails To Draw Bids from Majors
Chinese firms stepped in for the majors in Brazil’s two underwhelming offshore auctions.
California Oil Fields Are Not the State’s Biggest Methane Emitters
Methane emissions from California garbage dumps far surpass emissions from oil fields, according to a NASA survey.
Equinor Exits Eagle Ford JV
Spain’s Repsol will assume 100% interest in and operatorship of the joint venture as Equinor leaves the 9-year partnership.
Petrobras Awarded Búzios, Itapu Blocks in Brazilian Auction
Just three firms submitted bids in an auction many are deeming as a disappointment for Brazil.
Report Forecasts “Major Slowdown” in US Oil Output Growth
Lower oil prices, increased operator focus on capital discipline, and diminishing access to capital are choking off once-soaring US oil production growth.
OPEC Expects To Shrink Supplies Until US Shale Peaks
The 2019 World Oil Outlook projects tight-oil supplies to rise to at least 75% of total US production before retreating.
Chevron to Sell Stake in Azerbaijan’s Giant ACG Field
The US major has had a stake in the field since it started production in 1997. It produced 584,000 B/D of oil last year.
Led By the Permian, US Flaring and Associated Gas Production Hit New Highs
The volume of flared gas in the US unconventional sector is now 12% of the country’s total gas production. A pair of new reports say that Permian Basin operators account for much of the growth.
Saudi Aramco IPO is a Go, Expected to Be Largest in History
The world’s most profitable company will be listed on a domestic exchange next month. The final valuation of the company is yet to be determined.
Britain Imposes Moratorium on Hydraulic Fracturing
The decision comes 2 months after UK shale operator Cuadrilla Resources halted stimulation work at its Preston New Road site in Lancashire because of a magnitude 2.9 seismic event.
Canadian Drilling To Drop Further in 2020
Canadian drilling activity has fallen measurably in 2019, and the outlook is even worse for 2020, according to a forecast from the Petroleum Services Association of Canada.
Encana Sheds Canadian Roots To Become US Company With A New Name
The large independent says while it is proud of its origins and history, it must make a move to attract new investment and be seen more as an oil producer than a gas producer.
Oilfield Service Firms Branch Out Past Oil and Gas
Service firms are diversifying their portfolios, in part driven by large-scale budget cuts among operators since the industrywide downturn.
ExxonMobil, Hess To Start Production Off Guyana by Year’s End
First oil from the 120,000-B/D Liza Destiny floating production, storage, and offloading vessel, which arrived on the block in late August, is targeted for December.
US Could Make Hundreds of Millions More from Offshore Leasing, GAO Says
GAO believes BOEM often undervalues its tracts offered to operators in offshore lease sales.
Hess To Tie Back Deepwater US Gulf Oil Discovery
The Esox-1 well encountered 58 m of high-quality oil-bearing Miocene reservoirs and will be tied back to Tubular Bells production facilities.
Power-From-Shore Expanding to Support Norwegian Offshore Production
Offshore facilities are typically powered from onsite gas turbines but efforts to become “carbon efficient” are pushing oil and gas companies toward an onshore alternative.
BP Discovers Gas with Orca-1 Well Offshore Mauritania
The Orca-1 and Marsouin-1 wells have derisked up to 50 Tcf of gas initially in place from the Cenomanian and Albian plays in the BirAllah area, more than sufficient to support a world-scale LNG project, partner Kosmos Energy said.
Eni, EGPC Fast-Track Gulf of Suez Appraisal Well
The Sidri 36 appraisal well confirmed the downdip westward extension of the Sidri 23 discovery announced last July by the Italian major.
Flowing Shale Wells Sooner Would Add Billions to Sector Cash Flow
The time it takes for a shale producer to drill a well has been a major focus for the past decade. A new report says the industry should place equal weight on how long it takes a well to actually deliver first oil.
SPE Talks To: Nathan Meehan
Is this the end of petroleum engineering as we know it? 2016 SPE President Nathan Meehan dives into the question on the new SPE Podcast.
Newly Merged C&J Energy, Keane To Become NexTier Oilfield Solutions
Expected to close 31 October, the deal will create one of the largest pressure pumpers in the US.
Schlumberger, Halliburton Mull New North American Land Strategies
The two largest oilfield services firms grapple with a worsening North American land market.
Total To Open “Digital Factory” in Paris
To launch in early 2020, the facility will bring together up to 300 developers, data scientists, architects, and other specialists.
ONGC Makes Discoveries in Colombia, Brazil
India’s ONGC reported an oil find in Colombia’s Llanos Basin as well as a gas and oil discovery in Brazil’s deepwater Sergipe Alagoas Basin.
Weatherford Prepares for Difficult Services Market into Early 2020s
The company, which filed for Chapter 11 protection in June, revised downward its revenue projections amid lower expectations for the US oilfield services market and oil prices.
Premier Oil Makes Gas Strike in UK North Sea
Development of the Tolmount East discovery will be fast-tracked, the operator said.
Shale Producers Adopt Geochemistry Fingerprinting to Quantify Cross-Well Production
Knowing which horizon crude oil flows from and in what proportions has been a major challenge for shale producers. Increasingly, they are turning to new technology to find the answer.
EIA: US Gulf Oil Output To Continue Record Pace
New projects coming on stream will boost US gulf oil output to 1.9 million B/D in 2019 and 2 million B/D in 2020, EIA projects.
ADNOC, Russia Advance Oil and Gas Partnerships
Separate collaboration agreements between ADNOC and Lukoil, Gazprom Neft, and the Russian Energy Agency cover all segments of the oil and gas industry, including upstream technology and exploration and development of Abu Dhabi concessions.
Neptune Energy to Buy Edison E&P’s North Sea Assets
The deal is contingent on Energean Oil and Gas completing its acquisition of Edison E&P, announced in July.
Petroleum Engineering Enrollment Projected to Drop Sharply
After a spike in enrollment in 2017, a significant downturn is projected.
Large Onshore Gas Field Discovered in Iran
The field is estimated to hold 19 Tcf, of which 13 Tcf is recoverable, NIOC reported 14 October.
More Permian Consolidation: Parsley Energy To Buy Jagged Peak
The move will bolster Austin-based Parsley’s holdings in the Delaware Basin, giving it a contiguous 120,000 net acres opposite of its original Midland Basin focus area.
YPF Adopts Data Science To Improve Operations
YPF’s data analytics experts are eagerly seeking partnerships with oilfield operations experts who can help blend elegant data analysis with the messy reality of oil production.
Chevron, Repsol Awarded Most Blocks in Brazil’s 16th Round
The round included a near-$1 billion signature bonus on a Campos Basin block awarded to a Total-led consortium.
Canadian Startups Shine in Calgary Contest
The SPE Annual Technology Conference and Exhibition is fast becoming one of the essential venues for the energy industry’s growing array of startups. All startups awarded a cash prize this year for the viability of their offering call Alberta home.
BP Adds, Shell Subtracts Oil and Gas Resources
Heavy deal-making since 2015 by the two majors has resulted in very different upstream portfolios.
The New Baker Hughes Goes From Blue To Green
The 100-year-old service company has joined the effort to achieve net-zero carbon emissions over the next 30 years. The move follows similar companywide efforts by BP and Shell.
Strong Flow Rates Seen From Dorado Appraisal Well Off Australia
Santos Energy said its second and final flow test from the Dorado field suggests potential flow rates of around 30,000 B/D from each Caley reservoir production well.
USGS: Appalachian Formations Hold Estimated 214 Tcf of Gas
The new numbers for the Marcellus Shale and Point Pleasant-Utica Shale represent large increases from previous USGS assessments of both formations.
Looney To Succeed Dudley as BP CEO
Dudley’s retirement will end an almost decade-long tenure in which he oversaw the company through the aftermath of the Macondo disaster and a generational oil-price slump.
EP Energy Seeks Chapter 11 Protection
EP Energy is now one of at least 200 North American exploration and production companies to have filed for bankruptcy since 2015.
2020 SPE President Promises to Focus on Strengthening Organization’s Engineering Core
Speaking on the final day of ATCE 2019 in her home province of Alberta, Shauna Noonan unveiled the theme of her 2020 SPE presidency, “SPE Strong: Strengthen the Core.”
Oxy Starts Up Solar Facility To Power Permian EOR
The 16-MW solar facility in Ector County, Texas, near Odessa, powers the Goldsmith field through deployment of 174,000 photovoltaic panels.
Transocean Deploys Hybrid Floating Drilling Rig Off Norway
The hybrid power technology cuts fuel consumption and boosts the dynamically positioned rig’s station-keeping reliability, the drilling contractor says.
Enverus: Third-Quarter US Operator M&A Activity Surpassed $17 Billion
The current M&A market is characterized by an increase in private capital, geographical diversity, and a variety of transaction types, including joint ventures and royalty deals.
Women in Energy Share Tips, Tricks, and Wisdom at Inaugural Meeting
The real challenge of attracting and retaining women to the industry is unrelated to gender.
EIA: US Crude Production Fell for Third Straight Month in July
Output fell below 12 million B/D and was down more than 300,000 B/D from an all-time high in April, according to data from the US Energy Information Administration.
Louisiana Austin Chalk: Hundreds of Millions Down the Drain?
ConocoPhillips has pulled out of the much-hyped Louisiana Austin Chalk play after the company’s test wells yielded a gusher of water. Meanwhile, an Australian operator flying under the radar continues to pursue the adjacent-but-even-more-challenging Tuscaloosa Marine Shale.
Industry’s Difficult Task: Meet Global Demand While Lowering Emissions
Panelists at the opening general session of the SPE Annual Technical Conference and Exhibition acknowledged the industry’s daunting challenge of meeting global demand while reducing its carbon footprint.
For Subsea Technology, “Necessity is the Mother of Invention”
Subsea advancements in the works include longer tiebacks, an underwater drone that lives on the seafloor, and a robotic manifold capable of actuating dozens of valves. Do these new capabilities, born of necessity, signal a sea change in industrywide technology development?
Dallas Fed Survey: Oilfield Service Woes Fuel 3Q Upstream Industry Contraction
Lower equipment utilization and prices have worsened the pain for oilfield service companies in Texas, New Mexico, and Louisiana, while operators continue to grapple with the industry’s shifting business climate.
Report: “Simple” Well Spacing Calculations Are Inaccurate and Costly
Figuring out how far apart to place horizontal wellbores remains one of the biggest challenges facing the future of the shale revolution. One roadblock appears to be the way in which the sector has traditionally measured these distances.
Testing a System Where Machines Decide How Much to Pay a Trucker, and Send a Check
Ten big names in the oil and gas business created a group to try out ways to use blockchain in the oil business, and test if the record keeping and automatic data collection software can track water shipments more efficiently.
BP Appraisal Well Proves “World-Scale Gas Resource" Offshore Senegal
The Yakaar-2 appraisal well encountered 30 m of net gas pay in a similar high-quality Cenomanian reservoir as the Yakaar-1 discovery well drilled in 2017.
As Oil and Gas Data Multiply, so Do the Cybersecurity Threats
Saudi Aramco, BP, and Schlumberger pride themselves on staying at the forefront of digital technology development and deployment. But an equally daunting challenge for the industry heavyweights is keeping their ever-expanding digital systems secure.
Summer of Funding: These Oil and Gas Startups Raised More Than $70 Million
Technology startups are breathing new life into an old industry with advanced software and emerging chemistry solutions. Learn about some of the names earning the most attention from the industry's venture capital groups.
Aramco Plan to Restart Damaged Oil Facilities “Optimistic”
Rystad estimates almost 2 million B/D will remain shut in on average during September and October, with full restoration to pre-attack levels not coming until closer to year end.
Chevron, Schlumberger, Microsoft Team To Improve Digital, Petrotechnical Work Flows
The combination of digital technologies will enable Chevron—and, eventually, other companies—to process, visualize, interpret, and glean insights from multiple data sources, the companies said.
ExxonMobil, Tullow Lift Guyana Offshore Discovery Count to 16
ExxonMobil has now made 14 discoveries offshore Guyana, while Tullow's announcement of its second find in the basin comes just a month after reporting its first.
Don't miss out on the latest technology delivered to your email weekly. Sign up for the JPT newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
09 December 2019
03 December 2019
03 December 2019
04 December 2019