Industry at a glance
Vol. 224 No. 12 Stocks are quickly approaching seasonal norms, due to a return to 2001 levels by OPEC and non-OPEC supplies. OPEC’s quota cut, effective November 1, demonstrated the organization’s readiness to
Stocks are quickly approaching seasonal norms, due to a return to 2001 levels by OPEC and non-OPEC supplies. OPEC’s quota cut, effective November 1, demonstrated the organization’s readiness to safeguard oil prices, even at the expense of their members’ market share. Additionally, OPEC’s recent conference expressed an expectation that non-OPEC producers should also take measures to restrain ouput, helping to maintain market stability in 2004. World crude oil prices averaged $27.70, barely a dollar higher than last year. Meanwhile, due to reduced budgets in exploration, global
geophysical activity has dropped steadily throughout 2003. Having reached its peak in February, it is now down almost 20%. Onshore US and Canadian drilling is taking
advantage of high prices, running well ahead of year-ago levels. However, Gulf of Mexico activity is lagging, with several rigs departed.
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- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
