Industry at a glance
Vol. 225 No. 1 In line with a recovering world economy, and taking into account some noticeable OPEC quota cheating, global oil production is running far ahead of the 2002 average. Output in November averaged 79.75 mill
In line with a recovering world economy, and taking into account some noticeable OPEC quota cheating, global oil production is running far ahead of the 2002 average. Output in November averaged 79.75 million bopd, exclusive of processing gains, or 6.7% greater than 2002s level. Leaving NGLs and condensate out of the equation, OPEC members are busting their production ceiling (24.5 million bopd) by 2.45 million bopd. A further source of output gain is the Former Soviet. Union, where crude and condensate output has risen 14.6% (1.37 million bpd) since 2002. North American rig counts are sprinting toward excellent finishing totals. Canadian rigs are at their highest average since 1997, while US rigs are at their highest point since 9/11/2001. International rigs are also ahead of 2002s pace, thanks to improvement in Latin America, particularly in Mexico, where onshore and offshore levels are both higher. |
- 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)