February 2014 ///
Sustained high oil prices, the sanctioning of major projects and the delivery of a large number of offshore rigs, in both 2014 and 2015, are driving the projected increases in international E&P spending.
While a potential Republican takeover of the Senate could benefit upstream oil and gas, a large threat looms in the form of Obama’s massive executive bureaucracy, which vows to bypass Congress.
The global E&P industry is riding the crest of a wave, and nowhere is that more true than in the U.S. For the last three years—and for this fourth year as well—drilling activity has remained in a narrow band of not more than 4,000 wells’ difference.
The average U.S. rotary rig count dropped in 2013 by more than 8%, compared to the previous year.
Crude and condensate. Prices that hovered from the low $90s through $110/bbl throughout the year kept the drill bits turning and the oil flowing in 2013.
The number of producing oil wells in the U.S. rose 3.4% last year.
The number of producing gas wells in the U.S. rose slightly over the course of the last 12 months.
According to the latest data from the U.S. Energy Information Agency, in 2011, U.S. E&P companies saw a 15% increase in proved reserves during 2011, adding nearly 3.8 billion bbl of crude oil and lease condensate.
Though operators expect a good year, most are taking a more careful look at E&P budgets, seeking both improved efficiencies and lower costs.
The outlook remains murky for Canadian producers, but some positive news on pipelines, and a weakening Canadian dollar, bode well for the year ahead.
An agreed-upon Joint Plan of Action aims to maintain Iran’s crude oil exports at a flat rate, for an initial, six-month period, and avoids placing additional restrictions on non-domestic purchases.
Noble Energy’s gas discoveries offshore Israel and Cyprus have caught the attention of international operators, such as Total and Eni, who will soon drill offshore Cyprus.
An optimized BHA, detailed planning and advanced modeling enabled the team to drill the ERD well with a single BHA per interval. A challenging 12¼-in. tangent interval was drilled to reach the top of the pay zone keeping an 85° sail angle, setting a regional record of 11,150 ft flawlessly drilled from casing to casing in a single run.
A new caliper tool was designed, tested and qualified to overcome fluid density and BHA placement challenges present in MWD calibration, especially during under-reaming operations.
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