Saudi Arabia, Kuwait, and UAE Aramco Will Cut Close to Additional 1.2 Million B/D from June Oil Output
The latest cuts come less than 2 weeks after OPEC+ began the largest round of coordinated production curtailments ever agreed to.
Offshore Enters Uncharted Waters
For the offshore sector, the collapse in oil demand and prices came just as the market was beginning to look up. Now many companies are focused on survival. This article discusses how various market segments, regions, and companies are faring in “the new reality.”
Production Lifting Costs Shrinking
The savings result in part from the depreciation of global currencies against the US dollar, as most operating expenses in oil and gas production are realized in local currencies. Brazil leads in savings.
Russian Government Buys Venezuelan Assets From Its Own Oil Company
US sanctions appear to have prompted a change in ownership. It is unclear how the new arrangement will impact Venezuela’s diminishing ability to export crude oil.
Oil Prices Look Worse This Week, Time for Companies To Cut Deeper
US shale operators are cutting deeper, with some eliminating drilling and completions activity altogether.
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 and Gas Discoveries Reach Four-Year High in 2019: Rystad
A total of 12.2 billion BOE was discovered worldwide in 2019—the highest volume in 4 years, with offshore regions dominating the list of new deposits.
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.
US Leads World in Oil Reserves
Ranking places US ahead of Saudi Arabia and Russia.
Seismic and Seismochemical Stimulation Increases Well Injectivity and Productivity
This paper discusses the potential of seismic and seismochemical well simulation in particular within the scope of this recent technology.
Two-Wellhead SAGD Scheme Increases Efficiency of Heavy-Oil Development
This paper shares experience gained in the Ashalchinskoye heavy-oil field with a two-wellhead SAGD modification. As a result of a pilot for this technology in Russia, the accumulated production of three pairs of these wells is greater than 200,000 tons.
Method Integration Improves Reservoir-Property Prediction in East Siberia
This paper describes a case study of the Chonskaya group of fields to demonstrate an approach to the integration of time-domain-electromagnetic (TDEM) electrical and seismic data when building a geological model for improving reservoir-property and -saturation prediction.
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.
ExxonMobil Exits Russian Ventures, Continues Success off Guyana
The US supermajor continues to evolve its global strategy by pulling out of once-promising Russian partnerships and adding to its offshore Guyana oil drilling bounty.
US Sanctions Hit New Russia Projects, Add Uncertainty
The new US sanctions against Russia will place added restrictions on international companies taking part in oil development projects with Russian companies and raise doubts about Russia’s plans to expand pipeline exports.
Russia’s Push for Oil and Gas Growth Stunted by Oversupplied Markets
Russia’s need to continue expanding the oil and gas business is pushing it to look east for more production and markets. But everywhere it turns there is stiff competition in a world awash in oil and gas.
Technology Development in Upstream Division of Gazprom Neft
Russian giant Gazprom Neft has embarked on a new upstream technology strategy that emphasizes partnerships with other firms.
CERAWeek: Russian Oil Business Changing as it Turns to the East
Russia has looked to the east to find more oil and gas, growing markets and investor support, allowing it to shrug off the global slump and trade sanctions.
Russian Oil Producers Keep Pushing Up Production
Russian oil production has remained on a growth path despite the plunge in oil prices because producers have built their business on producing oil for less than USD 30/bbl.
Pilot Tests of New Enhanced-Oil-Recovery Technologies for Heavy-Oil Reservoirs
Thermal steam stimulation is considered the most effective of current methods for heavy-oil production. However, the method has problems with low coverage by steam injection and decreased efficiency.
Channel Fracturing Applied in Mature Wells in Western Siberia
The new channel-fracturing technique is capable of increasing fracture conductivity by up to two orders of magnitude.
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12 May 2020