TOPICS OF INTEREST
ExxonMobil Looking At A 20% Reserve Reduction
ExxonMobil is reluctant to join other big oil companies writing down the value of their reserves. It could chop its reserves by 20%, but it has not made a final decision.
Pilot Program in Mexico Classifies Oil and Gas Projects Using UN Framework
A pilot project was initiated to classify oil and gas projects in Mexico using the United Nations Framework Classification.
Dispute Over Mexico’s First Foreign Offshore Discovery Is Drawing to a Close
Pemex and Talos Energy have 120 days to decide how to share a massive offshore field that both companies claim they should operate. Failure to come to terms means the government will decide the matter.
Finding Oil Is Really Hard, Making Money Even Harder
Putting together the billions of dollars needed to develop deepwater finds has become tougher, but when the discoveries are huge, companies will make every effort to find a way to tap what may be a cheap source of oil.
What Role Will LNG Play in Balancing Gas Demand in the MENA Region?
The complete paper analyzes the role of liquefied natural gas (LNG) in balancing the natural gas demand in the Middle East/North Africa (MENA) region.
Saudi Oil Basins Rich and Complex
Saudi Arabia offers a seemingly bottomless supply of oil and an equally deep array of exploration challenges as well.
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.
Talos Shares Zama Reserves Audit Amid Unitization Negotiations With Pemex
Talos is hoping to retain its operatorship of the major discovery it made in 2017 offshore Mexico after a reserves audit confirmed the reservoir is shared between two offshore blocks.
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.
Colombia’s New Ambitions Include Caribbean and Shale Development, But Are They Achievable?
Colombia is walking a thin line between becoming another fading petroleum province and Latin America’s next big success story. Its aces in the hole: unleashing its nascent offshore and unconventional sectors.
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.
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.
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.”
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.
Blacktip: Shell’s New Discovery in the Gulf of Mexico
The explorer has so far encountered 400 ft of reservoir pay zone in an area where it has three other producing fields.
Shale Executives Address Investor Concerns Over Production, Frac Hits, Up-Spacing
The technical challenges imposed by tight well spacing and fracture interactions have become a focal point of recent earnings calls between investors and the leaders of several shale producers. The picture of the future is becoming clearer, and there are fewer oil wells in it.
CNOOC’s “Major Find” In North Sea Is Biggest In 11 Years
The state-run offshore company has found a gas and condensate field that holds an estimated 250 million BOE.
BP’s Seismic Innovations Used To Find Cheap Barrels Offshore
BP announced four discoveries in the Gulf of Mexico near existing platforms. It use advanced seismic imaging to identify resources in deepwater locations that can be developed cost effectively using platforms nearby.
USGS’s Largest-Ever Assessment of Continuous Oil Potential: Permian’s Wolfcamp-Bone Spring
Production and proved reserves in the Permian Basin’s Wolfcamp Shale and Bone Spring Formation are reaching new heights, and a new assessment from the US Geological Survey indicates the industry is just scratching the subsurface when it comes to what may be technically recoverable.
US Oil, Gas Reserves Hit All-Time Highs
Proved oil and gas reserves in the US have spiked to levels not seen before, the EIA reports, and one of the main drivers is the Permian’s Wolfcamp-Bone Spring Shale.
New Method for Predicting Production Boosts Accuracy for Carbonate Reservoirs
This paper proposes a new method of economic prediction on the basis of expert library and oilfield databases. The method takes into account geological factors and the effect of production factors on the economic prediction.
‘Enormous’ Merge Play Resource Rivals Major World Gas Fields, Largest Discoveries
Producers in Oklahoma’s newly opened Merge play are sitting atop a resource that rivals some major world gas fields and discoveries, Citizen Energy’s Geology CEO Greg Augsburger told the SPE Gulf Coast Section Business Development Group recently.
Need for Reserves Replacement Drives Exploration Investment
Despite an abundance of discovered resources, most companies are still running at unsustainable reserves replacement levels, necessitating further investment in exploration of conventional and unconventional reservoirs.
Permian Winning Streak Could Be Running Out
Projections of future production in the Permian Basin may came up short because new wells drilled near older ones are likely to yield less.
BP and Shell Agree: A New Energy Future Is Coming
The world still needs oil and gas, but it is also making room for renewable energy which will change how upstream companies do business.
An Unconventional Approach to Oilfield Acquisitions
Figuring out the right price for an active oil and gas field is tricky business in the shale sector but one producer explains how it uses data analytics to get a clearer picture.
PDC Optimistic About Wattenberg, Delaware Assets
PDC’s president and CEO describes the company’s management strategy for its hydraulic fracturing operations in the Wattenberg Field and the Delaware Basin.
Governments, companies, service providers, and many other stakeholders in the industry have realized the oil-price outlook may remain low for longer than expected and the need to plan accordingly.
Unconventional Risk and Uncertainty: What Does Success Look Like?
This paper presents approaches for proper risking of uncertain recoverable volumes for an unconventional resource, taking into account the chance of false positives from appraisal-well information.
Calculating Reserve Estimates Even for Solar Power Projects
Compared to oil in the ground, the sun looks like a limitless energy source. Making comparisons of the two by calculating the equivalent of barrels of reserves for a solar project seems like an odd notion, but experts say it can and should be done.
Marcellus Wells: Ultimate Production Accurately Predicted From Initial Production
In this work, the authors perform automatic decline analysis on Marcellus Shale gas wells and predict ultimate recovery for each well.
Geology-Driven Estimated-Ultimate-Recovery Prediction With Deep Learning
The authors present a geology-driven deep-learning estimated-ultimate-recovery (EUR)-prediction model for multistage hydraulically fractured horizontal wells in tight gas and oil reservoirs.
Drawdown Management Critical To Mitigating EUR Losses in Shale Wells
In drawdown management, operators can exert control over the downhole flow pressure, reservoir pressure, and choke size to avoid estimated ultimate recovery (EUR) losses.
The need for cost and capital efficiency calls for careful integration of technical and commercial elements.
Chance of Development: Definition, Estimation, and Use
This paper will examine ways in which Chance of Development (CoD) can be defined better, methods for its estimation, and its appropriate application along with common misuses.
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23 July 2020
04 August 2020