Offshore Discoveries Continue Even as Shale Slows
Four recent deepwater offshore discoveries show exploration is not dead, it is just concentrated offshore.
Spending Cuts First, Job Cuts Are Next
Oil exploration and production jobs globally are at about the level they were after deep cuts following the 2014 crash. Now companies need to find more to cut.
Historic Oil Glut May Linger for Years
Oil prices got bad fast, so when will they get better? Don’t bet on a quick recovery.
Oil Price Crash Triggers Decisions To Slow Drilling
The prescribed treatment for market- and virus-induced oil price collapse is to quickly slow production growth. Two US shale companies moved swiftly to cut the pace of drilling and completions, but it is too soon to know if that will have any impact.
Discovery Suggests Guyana Bounty Extends Offshore Suriname
A significant discovery of oil off Suriname increases the odds that major oilfields off Guyana will extend across that international boundary.
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.
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.
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.
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.
Make or Breakeven: Is Unconventional Oil Production Getting More Efficient?
If the benchmark oil price is $10/bbl higher than the breakeven price for production that means companies are making good money, right? Maybe, but it’s hard to know what goes into a breakeven price.
Saudi Arabia Pushes for $80 Oil But US Producers See Lower Prices
Saudi Arabia is trying to push oil prices back up but US producers remain wary and uncertain.
US Now Top Global Oil Producer But its Limits Are Showing
The US has “likely surpassed” Russia as the world’s largest oil producer, according to a US Energy Information Administration report.
Permian Leads in Many Ways, Including Rapid Well Declines
Production from older wells in the Permian Basin is declining faster than widely assumed, according to a new study. If this trend holds, it could lead to problems for companies that are depending on those wells to pay for future development or to justify a big acquisition.
Battle for Oil Market Control Could Have a Lasting Impact
Expectations of continued USD 100/bbl of oil were shattered by a sharp price drop last year that eventually halved the prices of benchmark crudes. Prices were still sinking at the start of the year to lows not seen since 2009 due to a global oversupply of oil.
Low Oil Prices Make Innovation a Priority
A sharp decline in oil prices is pushing oil and gas companies to innovate to increase efficiency and prepare to meet the world’s long-term energy needs, panelists said at the International Petroleum Technology Conference (IPTC) held in Kuala Lumpur, Malaysia, in December.
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12 May 2020