U.S. energy explorers shut rigs targeting oil for the 13th straight week, extending the biggest retrenchment in drilling on record and dragging the total count to the lowest level since 2011.
BP announced Friday that it has signed the final agreements of the West Nile Delta project to develop 5 Tcf of gas resources and 55 MMbbl of condensates with an estimated investment of around $12 billion by BP and its partner.
HOUSTON -- The recovery of the global oil market from sharply lower oil prices will be gradual, and it will be driven mostly by a supply response, said ConocoPhillips Chief Economist Marianne Kah.
STAVANGER, Norway -- The licensees in the Johan Castberg and Snorre 2040 licenses have decided to spend more time on the projects, Statoil announced Friday.
STAVANGER -- Statoil is preparing to drill two UKCS wells in the Spring -- one in the Catcher area of the Central North Sea and the other in the Northern North Sea to the west of the Mariner field.
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.
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 MMbpdWorld: 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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