Saudi Arabia has a response to the global surplus of oil: Raise output to near-record levels, and then pump even more.
Oil needs to recover to $65/bbl for U.S. drillers to tap a pent-up supply locked in shale wells and unleash more crude on markets than is produced by Libya.
Cameron has introduced its new LETOURNEAU Jaguar Class self-elevating mobile offshore drilling unit.
Shell Pipeline Company's Odyssey Pipeline System has successfully transported the first crude oil produced from the LLOG-operated Delta House platform in the Mississippi Canyon protraction area of the Gulf of Mexico.
The Texas Railroad Commission has initiated proceedings requiring the operators of two disposal wells in the area of Azle, Texas, to show cause why the injection permits for the wells should not be cancelled due to an alleged connection raised by new seismic research.
Alexey Miller, chairman of the Gazprom Management Committee, and Miguel Galuccio, CEO of Argentine national petroleum company YPF, signed a memorandum of cooperation on Thursday.
Future deepwater GOM projects are less vulnerable to low oil prices. Even as the price of oil teeters around $50, the Gulf of Mexico is poised on the brink of a production boom. Repercussions of the price collapse in this offshore market depend less on how low prices go, than how long they stay there.
A number of drilling-the-well-on-paper (DWOP) exercises show increased tripping speeds, reduced fuel consumption by virtue of an integrated ship design, and the built-in efficiencies of the new DMPT, reducing ultra-deepwater well construction time and costs from 20% to 25% per well.
A new, powered, rotary steerable system has delivered superior perfor-mance in challenging, medium and hard formations. When applied to the proper drilling environment, TMT-powered RSS improves ROP and reduces nonproductive time.
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.
Seismic sector is still a reliable E&P market indicator
Deepwater Horizon, five years later
Data courtesy of Baker Hughes.
Market data is delayed and provided by Barchart.
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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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