Rystad Energy estimates U.S. annual oil production to peak at 9.7 MMbpd by September 2015, assuming WTI stays at $55/bbl on average for the year.
U.S. Interior Secretary Sally Jewell on has validated the 2008 sale of oil and gas leases in the Chukchi Sea, a decision that brings Royal Dutch Shell a step closer to winning approval of drilling in those remote Arctic waters.
Lenders are preparing to cut the credit lines to a group of junk-rated shale oil companies by as much as 30% in the coming days, dealing another blow as they struggle with a slump in crude prices, according to people familiar with the matter.
Apache Corp. has reported strong appraisal- and development-drilling results from Egypt following the discovery of two new oil fields in the Western Desert.
Despite the recent Memorandum of Understanding between Rosneft and Golar LNG, the former’s current gas strategy is narrowly focused on developing domestic reserves and initiating LNG projects in Russia, according to GlobalData.
Oil cavern space at the Louisiana Offshore Oil Port sold for 10 cents/bbl a month at an auction on Tuesday, offering a glimpse into the value of storage as domestic crude supplies swell to a record.
Part 1: In this first of two installments, the latest developments in well logging and formation evaluation are assessed. General developments include ongoing efforts to improve the accuracy of the logging depth measurement and wellbore position, improving standards for well-log deliverables, and multi-log correlation. New developments in LWD, openhole wireline, and sensor design and methodology are discussed in detail.
Coiled tubing (CT) drilling offers an economical alternative to conventional, jointed pipe drilling when accessing mature and low-yield fields. A 40% reduction in cost can be achieved by CT’s ability to drill continuously, mobilize faster, reduce rig time, and require fewer preparations.
A newly developed, ruggedized air-drilling system increased rig up time, reduced costs for mud and cuttings disposal, improved hole cleaning, and increased ROP.
Near-term uncertainties reign in low-cost play
Splinters in the windmills of Putin’s mind
The mainstreaming of MPD
Data courtesy of Baker Hughes.
Market data is delayed and provided by Barchart.
U.S.: 9.179 MMbpd (January 2015)Texas: 3.631 MMbpdLouisiana: 1.424 MMbpdNorth Dakota: 1.218 MMbpd
World: 92.20 MMbpd (January 2015)
OPEC: 36.85 MMbpdOECD: 23.33 MMbpdNon-OECD: 29.8 MMbpdProcessing Gains: 2.22 MMbpd
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Over the last two years, we’ve seen a marked increase in the number of gas divestments taking place in Canada’s oil and gas sector.
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