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FEBRUARY 2012

Special Focus

  • 2012 Forecast: Canada keeps the emphasis on liquids

    Robert Curran

    As producers shift their focus to liquids, politics has emerged as the biggest unknown in North America.

  • 2012 Forecast: E&P spending to reach record $600 billion

    James C. West, Anthony Walker, Zachary Sadow and Rachel Nabatoan

    Barclays sees exploration as a spending priority, with focus on liquids-rich resources and deepwater activity.

  • 2012 Forecast: Global drilling remains consistently strong

    It will be another strong, profitable year for producers around the globe, especially those focusing on crude oil. Assuming that prices hold near $100/bbl or higher, this type of economic structure will support greater liquids and shale exploration in a number of international areas, just like it has done in North America. The relatively high price also supports large projects offshore.

  • 2012 Forecast: Growth amidst economic and regulatory turbulence

    U.S. crude oil producers should be able to cruise through 2012, if oil prices continue to hover in the $100/bbl price range. Natural gas prices in North America are at a 10-year low and threatening to reach $2/MMbtu, due to an oversupply caused by a combination of an unusually warm winter and surge in shale gas production.

  • 2012 Forecast: Mexico strives to increase output

    Gordon Feller

    Within a limited budget, Pemex has the difficult task of boosting output to meet growing demand, both at home and for exports.

  • 2012 Forecast: Oil drilling continues to drive rig count rise

    The U.S. drilling market recovery that began in 2010, following the significant drop in 2009, continued through 2011. According to Baker Hughes’ Rotary Rig Count, activity is still riding the wave of higher oil prices.

  • 2012 Forecast: Oil is oil and gas is gas, will the twain meet?

    Bill English and Tom Choi

    Oil prices are likely to remain high with relatively small differences in prices between regions. Natural gas prices, however, are likely to remain low–to-moderate in North America with large differences between regions of the world due to high transportation costs.

  • 2012 Forecast: Oil production continues steady ascent; gas increases despite falling prices

    Strong and consistent oil prices kept U.S. crude production climbing in 2011, though only modestly, in the Lower 48 states, offsetting a continued decline in Alaska. Overall, U.S. production climbed an estimated 3.7%, while Alaska, once the Gargantua of production and reserves, fell another 5.3% from 2010’s revised rate of just under 600,000 bopd.

  • 2012 Forecast: U.S. energy policy issues in an election year

    Dr. Roger H. Bezdek

    The U.S. Presidential election in November will have critical implications for the country’s energy policies. Here’s a review of the energy policies advocated by President Barack Obama, the Democratic party candidate running for re-election, and the four candidates currently campaigning in primary elections to win the Republican party nomination.

  • 2012 Forecast: U.S. gas well count declines as majority of rigs drill for oil

    Henry Hub spot gas prices fell about 9% in 2011, to just short of $4/Mcf, reaching the second lowest annual average price since 2002.  This drop has continued and accelerated the shift toward liquids-rich drilling, with the number of rigs targeting gas dropping 12.3% since 2010.

  • 2012 Forecast: U.S. oil well counts rise in all regions

    The total number of producing oil wells in the U.S. increased at a steady pace in 2011, reflecting stepped-up drilling programs spurred by $100/bbl prices. World Oil’s estimate of producing wells, based on surveys of state agencies and company sources, indicates a rise of over 16,000 wells to 535,951.

  • 2012 Forecast: U.S. reserve growth reaches five-year high among top 50 producers

    End-of-year oil reserves grew by a double-digit percentage, and gas reserves rose comparably during 2010, posting the strongest, combined annual growth in the five-year period analyzed by Ernst & Young in its 2010 US E&P benchmark study.

Features

  • Barnett shale gas production rises despite lower rig count

    Jim Redden

    In deference to American literary icon Mark Twain, reports of the death of the Barnett shale play have been greatly exaggerated. Even though the active rig count plummeted to a seven-year low in late 2011, impervious Barnett disciples insist that those delivering the postmortem for the granddaddy of unconventional shale gas plays are terribly premature.

  • Regional Report Southeast Asia: Deepwater projects remain the steady core in a slower E&P pace

    Kurt Abraham

    Although E&P work has slowed overall, deepwater projects remain the heartbeat of Southeast Asia. A number of new fields will go onstream in the next several years, and additional projects are under evaluation. Deepwater development in this region can be relatively expensive and technically challenging.

  • New rig designs fill efficiency, utility voids

    Justin Smith

    A majority of the deepwater rigs that have been ordered in the last few years are traditional drillships and semisubmersibles. However, not all rigs are built alike, as is the case with two drillship models being built for Noble Corp., as well as a unique type of semi being constructed for Norwegian operator Statoil via rig contractor Songa Offshore.

  • Oilfield horizontal drilling technology used to degas an Australian coal mine

    Clint Todhunter, Ian Crane, Jim Foreman, Michael Franklin, Jon Hill, John Perry and Greg Maszaros

    Xstrata and PathFinder applied oilfield technology to construct a pattern of vertical and horizontal wells to degassify a coal mine in Australia. A custom extended reach drilling rig was built, and a mud motor used to drill horizontal laterals of about 12,000 ft at a depth of 500 ft. Pre-job modeling, automated surface rotational controls and MWD surveys reduced risk and improved drilling efficiency.

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News & Resources

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