Saudi Arabia, the world’s biggest crude exporter, pledged to supply as much oil as its customers need as recovering demand helps rebalance the global market.
Exxon Mobil Corp. is sticking to production targets established when oil traded for more than $100/bbl, signaling confidence that demand for crude-based fuels will continue to expand.
Petroleum Safety Authority Norway (PSA) has launched an investigation into an incident on Transocean Barents when a roughneck suffered crush injuries..
ConocoPhillips Chairman and CEO Ryan Lance delivered an energy policy speech that appealed to the federal government to lift the "outdated and economically constraining" national ban on crude oil exports.
BOEM Director Abigail Ross Hopper has announced that the bureau will offer more than 21 million acres offshore Texas for exploration and development in a lease sale that will include all available unleased areas in the Western Gulf of Mexico Planning Area.
Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, has commenced drilling of exploration well 33/2-2S in PL579.
Near-term uncertainties reign in low-cost play
A new, integrated underreamer, with real-time communications, was used to underream 6,555 ft in a North Sea well with minimal vibrations. An in-gauge borehole made it easy for successful running, rotation and cementing of a 4,300-ft liner.
The downward slide in crude oil prices is expected to have a proportional impact on oil-directed drilling in the United States. On the other hand, the Henry Hub gas price has remained under $4/Mcf since 2010, so gas-directed drilling is expected to remain steady during 2015.
Injection pressures of proppant-laden slurry and proppant-free spacer, using a pulsing approach, were found to be significantly lower than those applied with conventional hydraulic fracturing treatments.
Changing times, changing technology model
Crude oil's fifty shades of grey
Data courtesy of Baker Hughes.
U.S. Natural Gas (Henry Hub): $2.760West Texas Intermediate: $50.85Brent Blend: $60.23
U.S.: 9.179 MMbpd (January 2015)
World: 92.20 MMbpd (January 2015)
Connecting marketers to the World Oil audience What is this?
World Oil TechTalk allows marketers to connect directly with the World Oil audience by enabling them to create content and participate in the conversation on the World Oil website. Each TechTalk article is produced by the marketer. More on TechTalk here.
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.
Connect with World Oil
Sign-up for World Oil Daily News