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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.
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.
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.
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.
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.
Testing a System Where Machines Decide How Much to Pay a Trucker, and Send a Check
Several large oil companies are testing whether a digital system can save time and money by automating the job of tracking water shipments and, if the numbers all line up, automatically cutting a check. But will oil companies want to pay bills faster?
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.
Supply Shock: Reactions to the Attack on Saudi Oil Facilities
Oil prices rose on the news that Saudi Arabian production was disrupted by aerial attacks. The massive outage might may boost US exports to new highs.
Is Service Sector Headed for Recession?
Still recovering from the oil price downturn, oilfield service companies are facing more headwinds.
Shale Sector’s Switch to Slickwater Highlights Compatibility Issues with Produced Water
Not all friction reducers are created equal. And with dozens of varieties on the market, industry research suggests that oil and gas companies be choosy.
Study of DUCs Concludes Better Later than Never
Average production from Bakken wells completed more than 3 years after they were drilled was approximately equal to wells drilled a year before they were put into service, according to a study by the US Energy Information Administration.
Schlumberger CEO Outlines New Vision for Company
In his first public appearance, Schlumberger’s new CEO said the company would focus on digitalization and restructure some operations.
IPO Leads to Leadership Change at Saudi Aramco
The move to split oversight of Aramco from the Energy Ministry ends decades of tradition but is designed to avoid conflicts of interest ahead of what could be the largest IPO in history.
Alliances Drive Upstream Digital Deployment
Partnerships with big tech, tech startups, and innovative service companies—and the merging of their data, cloud, and software applications—are proving essential for operators in the scaling phase of digital deployment. Equinor, Microsoft, and Halliburton are among those joining forces.
North Sea Still a Big Part of Total’s Future
Recent exploration success in the North Sea has motivated Total to invest some $10 billion in the basin over the next 5 years.
Equinor Picks 10 New Startups for Accelerator Program
Digital technologies serve as a primary theme of this year’s group, with a few environmentally conscious firms included in the mix.
Eni Makes Big Gas, Condensate Discovery in Nigeria
The well will immediately be brought on production and is expected to flow at more than 100 MMscf/D of gas and 3,000 B/D of associated condensate, the company said.
“Dominator Project” Raises Key Questions About Future of Cube Drilling
The shale sector is studying the results of a 23-well experiment in the southeastern corner of New Mexico to learn what the wider implications might be.
BP To Sell Alaska Business to Hilcorp
The $5.6-billion deal includes the Prudhoe Bay field and the Trans Alaska Pipeline and vaults Hilcorp to be the second-largest Alaska producer and reserves holder, behind only ConocoPhillips.
PDC Energy and SRC Energy Merge in Latest Shale Deal
The shale sector is making moves to consolidate amid investor pressure to increase cash flow. This deal will form the second-largest producer in Colorado’s DJ Basin.
Dallas Fed: US Shale Boom Accounted for 10% of US GDP Growth
Researchers from the Federal Reserve Bank of Dallas quantified the economic impact of the US shale revolution for the first half of this decade.
Equinor, YPF To Explore Block Offshore Argentina
The firms are now partners on multiple blocks in the North Argentina Basin.
BHP, Anadarko Among Leaders in Latest US Gulf Lease Sale
Australia’s BHP Billiton and the recently acquired Anadarko Petroleum submitted the largest dollar totals of high bids in US Gulf of Mexico Lease Sale 253.
Third Oil Spill Reported Off Newfoundland and Labrador
Production from the Hibernia platform was shut down again on 17 August after its second oil spill in a month, while Husky Energy began to ramp up output from the White Rose field following the largest-ever spill off Canada’s easternmost province.
US Fracturing Test Data Trickling Out With a Lot More Promised
A fracturing test site in West Virginia has quietly made a data trove available on the website of the Marcellus Shale Energy and Environment Lab.
Texas Regulators Say Yes to Flaring Over Pipeline Company’s Objections
Texas regulators rejected a rare challenge to gas flaring in the state after an oil company argued that a flaring ban would force it to shut in wells, damaging the reservoir and reducing future oil production.
The Shale Bankruptcies Continue
Times are still financially tough for many shale operators: Sanchez Energy and Halcón Resources become the latest to file for Chapter 11 protection.
Tullow Joins Guyana Success Story With Jethro Discovery
The discovery marks London-based Tullow’s first operated contribution to a long list of discoveries since 2015 in the emerging petroleum province.
When Will the Market Stop Punishing Public Shale Operators?
Share prices have plunged for seemingly every major US shale producer, with Concho, Pioneer, and Continental among those receiving the worst of the market’s fury. Have investors completely lost faith in the industry? And are shale executives any more optimistic?
China Shale Gas: CNPC Seeks To Double Sichuan Output By 2025
The country’s largest producer of oil and gas is leading the charge to create a domestic shale boom.
Murphy Oil Greenlights US Gulf Floating Production Facility
Anchored by the Khaleesi-Mormont and Samurai fields, the King’s Quay FPS will receive and process up to 80,000 B/D of crude oil.
Oxy Acquisition of Anadarko Is Complete
The biggest merger in the oil and gas industry in 3 years has become official, making Oxy the largest holder of land in both the Permian Basin and DJ Basin.
Anadarko’s Digital Legacy Offers a Template for Others
The large independent put together a team of data scientists, software developers, and petrotechnical staff to create a forward-looking vision for how to use digital technology to solve problems.
Rystad Says Permian Well Productivity is Just Fine
Despite reports to the contrary, Permian well productivity remains healthy, with average new production per well in the basin matching all-time highs, Rystad says. And the majors are now a main catalyst.
New OGA Wells Strategy Focuses on Improving Economics of UKCS Oil and Gas
The strategy supports the Maximise Economic Recovery from UK Oil & Gas Strategy and Vision 2035, whose goal is to achieve £140 billion additional gross revenue from UKCS production by that time.
Study Finds Fort Worth Basin Wastewater Injection Increases Fault-Slip Potential
Researchers mapped 251 faults in the North Texas home of the Barnett Shale, the birthplace of the shale revolution, finding that wastewater injection there “significantly increases the likelihood for faults to slip.”
These Five Companies are Reinventing the US Frac Fleet
Pressure pumping equipment has been one of the most neglected areas of technological advancement. This has started to change as innovative developers push out new technologies that are slowly modernizing fracturing fleets, delivering major fuel savings, and creating other tangible efficiencies.
E&P Growth Shifts Offshore and Globally But More Cost and Job Cuts On the Way
A comeback in offshore and international exploration and production is making up for the North American slowdown, but it is a difficult transition.
Whiting Petroleum Slashes Workforce By a Third
The Bakken and Niobrara operator will eliminate 254 jobs in an effort “to better align [its] business with the current operating environment.”
Making a Difference: Women in Academia
Do women in academia face the same challenges as their peers in industry?
Shale Producers Piloting Downhole Compression To Solve Liquid Loading
Using maglev technology, a new artificial lift system seeks to boost production output by sucking down reservoir pressure from inside the wellbore and from inside the reservoir.
US Onshore Drilling Decline to Continue, Rig Contractors Say
Leaders from two large US onshore rig contractors said their expectations that the rig-count slide would hit a second-quarter bottom were off and are now refraining from making new predictions as to when it will end.
Eni Appraises Angola Discovery, Makes Another Off Vietnam
The Italian operator reported positive appraisal and exploration results from wells drilled some 10,000 km apart.
Petrobras to Sell Shallow-Water Campos, Santos Basin Fields
UK operator Trident Energy is entering Brazil while Australian firm Karoon Energy is expanding its position in the country. Both will try to boost output from already-producing assets.
Santos To Resume Shale Drilling in Australia’s Northern Territory
The green light for Santos Energy’s drilling program in the McArthur Basin comes after a moratorium on hydraulic fracturing in the Northern Territory was lifted in 2018.
Analytics Firm: Permian Fracturing Work Underreported by 21% in 2018
Findings from Kayrros suggest the average Permian well is both less productive and more expensive than reflected in public data.
Engineers Get a Look at Oilfield Advances at URTeC While Grappling With the Pressing Problem of Profitability
The Unconventional Resources Technology Conference is like visiting an oilfield theme park for engineers and geoscientists. This year those traveling to the conference for a glimpse of what is possible in exploration and production will also focus on ways to improve short-term profitability.
Olivier Le Peuch Appointed New CEO of Schlumberger
Le Peuch will replace retiring Paal Kibsgaard, and Mark Papa will become chairman.
US Energy Department R&D Funding To Include Conventional, Shale EOR
The projects are designed to reduce technical risks in enhanced oil recovery and expand application of EOR methods in conventional and unconventional reservoirs.
Pemex Unveils Plan To Undo “Failure of Energy Reform”
Mexican President Andrés Manuel López Obrador is prioritizing investment in Pemex over foreign participation as a means to boost the country’s shrinking oil output.
Permian Operators Collaborate to Improve Understanding and Performance of Unconventional Reservoirs
Permian Basin operators and service companies met to discuss completions diagnostics, flowback strategies, water management, and artificial lift strategies.
Shale Consolidation: Callon Acquiring Carrizo in $3.2 Billion Stock Deal
The combined company will produce more than 100,000 BOE/D from the Permian Basin and Eagle Ford Shale and is switching its focus to “mega-pad” developments.
Dominican Republic’s Offshore Future Begins With First Bid Round
The Caribbean nation hopes the auction will lead to at least two exploration projects in a region that has become increasingly attractive thanks to new discoveries and investments made in neighboring countries.
Cuadrilla to Fracture Second Well in UK Bowland Shale
The UK shale operator will move forward with fracturing and testing its second well at its Lancashire site despite strict constraints on induced seismicity that hampered fracturing work on its first well.
Permian Basin Frac Hit Notification System Under New Management
First developed as a proprietary system by a large Permian Basin operator, this hydraulic fracturing schedule exchange will be run by a data company and opened up to the entire North American shale sector.
US Crude Production Tops 12 Million B/D in April
The new milestone was reached less than a year after the country surpassed 11 million B/D last summer, and is driven by activity in the Permian Basin and new fields in the Gulf of Mexico.
Aramco Advances 550,000-B/D Expansion of Marjan, Berri Fields
The world’s largest oil producer has awarded $18 billion in engineering, procurement, and construction contracts as part of its Marjan and Berri expansion projects.
Equinor To Cut Lundin Stake, Add Johan Sverdrup Interest
The Norwegian operator will increase its ownership of the giant Johan Sverdrup field before the field commences oil production this November.
Oil Begins Flowing from Eni’s Area 1 Offshore Mexico
Early production from Area 1 is the first output from an international operator in Mexico since energy reforms were implemented earlier this decade.
Directional Drilling Becomes Office Work at Chevron, Hess
Moving their directional drillers into their Houston real-time remote operations centers has improved drilling efficiency for two of the top shale producers.
Wood Mackenzie: Peak Oil Demand Is Coming, Will Transform Exploration Sector
The confluence of alternative energies, shifting public sentiment, and the industry’s own improvements to existing fields may upend the industry’s “engine of growth.”
Baker Hughes Adds an AI Option
Baker Hughes is still a GE company, but it has partnered with a second company for artificial intelligence expertise, C3.ai. The deal is expected to speed the integration of AI into oilfield operations by the company which also markets GE’s device analytics platform, Predix.
PTTEP Discovers Giant Gas Deposit Offshore Malaysia
Energy consultancy Wood Mackenzie estimates the find holds some 2 Tcf of gas, making it this year’s seventh-largest discovery worldwide.
Zama Appraisal Program Offshore Mexico Ends With Positive Results
Operator Talos Energy now believes Zama’s gross recoverable resource lies in the upper half of its pre-appraisal estimate of 400–800 million BOE. The consortium is working toward a 2020 final investment decision on the project.
W&T Offshore To Acquire ExxonMobil’s Assets Off Alabama
The deal consists of stakes in nine shallow-water producing fields covering 108,000 gross acres in 10–50 m of water.
US DOE To Fund 12 R&D Projects To Boost Unconventional Characterization, Recovery
Twelve organizations—universities and private technology companies—will conduct research and development on emerging shale plays and technologies covering everything from digital pressure-sensing to smart microchip proppant.
Report Recounts the Missed Signals Leading to a Blowout that Killed Five
Regulators say the blowout that killed five workers on a Patterson-UTI rig in Oklahoma was the product of a slow-moving series of missed signals, misleading testing, and miscalculations that failed to control a natural gas influx.
Built on Several New Tools, Marathon’s Digital Oilfield is Maturing
Marathon Oil says its shale fields are producing more oil and gas with less hands-on work from company personnel thanks to a growing arsenal of digital technologies and workflows.
US Leads World in Oil Reserves
Ranking places US ahead of Saudi Arabia and Russia.
Hurricane Hits First Oil From Basement Reservoir in North Sea
This new development is the first to recover commercial quantities of oil in the UK from reservoirs that are generally considered non-productive.
IEA, OPEC Cut 2019 Oil Demand Growth Forecast
Trade tensions and economic sentiment take a toll.
New Merger to Create Third-Largest US Pressure Pumper
As the hydraulic fracturing market faces pressure to lower costs, Keane Group and C&J Energy Services announce they will combine their businesses.
North America E&P Capital Efficiency Likely to Stall in 2019-2020
Cost inflation and volatile commodity prices pose threats to sustained financial improvements.
ExxonMobil Proceeds with Long-Term Vaca Muerta Shale Oil Development
Up to 55,000 BOE/D of output is expected from the ExxonMobil-operated Bajo del Choique-La Invernada block in the Argentine shale play, with a possible second phase producing up to 75,000 BOE/D.
Global Energy Demand in 2018 Grew at the Fastest Pace This Decade
Natural gas accounted for almost 45% of global demand growth last year.
Comstock Resources to Buy Covey Park, Triple Haynesville-Bossier Position
The combination will create one of the Haynesville Shale’s top gas producers, tripling Comstock’s Haynesville-Bossier acreage.
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04 October 2019
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