ConocoPhillips Chairman and CEO Ryan Lance delivered an energy policy speech at the U.S. Chamber of Commerce Tuesday that appealed to the congressional and executive branches of federal government to lift the outdated and economically constraining national ban on crude oil exports.
Glencore Plc, the world’s biggest listed commodities trader, said 2015 could be a boom year for oil amid the biggest price swings in six years.
Tomskneft VNK—a joint enterprise between Gazprom Neft and Rosneft—has started using unmanned aerial vehicles (UAVs or drones) in monitoring its pipeline routes and oil and gas production facilities.
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.
OAO Lukoil said profit fell 39% last year as crude prices slumped and Russia’s second-largest oil producer reported asset impairments from Kazakhstan to West Africa.
Technip was awarded a subsea contract from Tupi BV for the ongoing development of the Lula Alto field, in the Santos basin pre-salt area, Brazil.
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): $2.715West Texas Intermediate: $50.07Brent Blend: $60.37
U.S.: 9.179 MMbpd (January 2015)
World: 92.20 MMbpd (January 2015)
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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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