PetroQuip Energy Services has successfully run its Big Foot toe sleeve in a recent horizontal completion for an independent operator in the Anadarko basin.
Wood Mackenzie's European upstream research team have assessed the most significant events of 2014 impacting Continental and Mediterranean Europe’s—all of Europe excluding UK and Norway—oil and gas sector, including the Ukraine Crisis and the collapse of global oil prices, identifying the key areas to watch this year.
U.S. drillers idled rigs seeking oil for a seventh week as production hovers near a three-decade high, contributing to a global glut that’s kept oil prices below $50/bbl for more than two weeks.
Enterprise Product Partners LP is looking to sell a year’s supply of U.S. ultra-light oil to the global market, signaling another challenge for OPEC as it contends with the U.S. shale boom.
With Mexican oil open to private investment for the first time, the country’s initial bidding round is expected to remain competitive despite low oil prices, delays and a number of uncertainties, according to research and consulting firm GlobalData.
BHP Billiton, the biggest overseas investor in U.S. shale, will cut the number of its rigs there by about 40% as plunging petroleum prices add to concerns about lower iron ore earnings.
OPEC isn’t the only victim of the growth in U.S. shale oil.
YANTAI, China -- Jereh has successfully completed the construction of China’s first shale gas liquefaction plant in Sichuan, China, with a capacity of 2.47 MMcfd of LNG, the company has announced.
BLACKPOOL, United Kingdom -- Colette Cohen, Head of Centrica’s UK oil and gas production business, has been appointed as the Chair of the National College for Onshore Oil and Gas, headquartered in Blackpool, as it enters its critical development stage.
EDINBURGH, United Kingdom -- The drop in oil prices has led to an unprecedented level of uncertainty going into 2015, especially for the prospects of the North American upstream oil and gas sector. While there is a lack of consensus about when oil prices will stabilize and at what level, Wood Mackenzie expects service cost relief, asset high-grading, and efficiency improvements in operations.
LONDON -- The UK's Environment Agency has granted Cuadrilla, an independent seeking to exploit unconventional resources in the UK, the environmental permits for its proposed shale gas exploration site at Preston New Road, Lancashire.
HAMBURG, Germany -- RWE Dea will not spud the next field development well -- Völkersen Nord Z7 -- at Germany’s Völkersen gas field, the company said.
PARIS -- CGG has confirmed that its new multi-physics business line is now up and running within its acquisition division.
NEW YORK (Bloomberg) -- U.S. production of crude oil rose to a record even as prices slumped to the lowest in more than five years and the number of rigs targeting oil decreased.
CUSHING, Oklahoma (Genscape) -- Following two months without arrivals, there have been four crude trains monitored unloading so far this month at EOG’s Stroud terminal, near Cushing, OK, where market participants are increasingly storing barrels to benefit from West Texas Intermediate’s (WTI) contango price structure. The storage hub has become an attractive market for Bakken crude amid falling oil prices and a tighter price spread between the Brent and West Texas Intermediate benchmarks, sources said.
ABU DHABI (Bloomberg) -- OPEC nations can withstand a drop in crude prices to the lowest in more than five years, while shale drillers will probably be the first to curb production amid the collapse, the United Arab Emirates’ energy minister said. Oil slumped almost 50% last year, the most since the 2008 financial crisis, amid a supply surplus that the U.A.E. and Qatar estimate at 2 MMbopd. The Organization of Petroleum Exporting Countries is battling a U.S. shale boom by resisting production cuts, signaling its readiness to let prices fall to a level that slows American output, which has surged to a three-decade high.
Crude oil price turbulence could dim glow of Continental’s Springer shale discovery
EDINBURGH, United Kingdom -- As oil prices move ever lower, Wood Mackenzie has assessed at what price the operating cash flow from producing oil fields turns negative.
HOUSTON (Bloomberg) -- After six straight months of plunging oil prices, U.S. shale drillers have sent the clearest signal to date that they’re retreating.
HOUSTON (Bloomberg) -- U.S. drillers idled rigs seeking oil this week as an expanding glut of supply in the global market pushed crude prices below $50/bbl for the first time in more than five years. Rigs seeking U.S. oil declined by 61 to 1,421, Baker Hughes Inc. said on its website. It was the largest drop in rigs since February 1991. Those drilling for natural gas rose by one to 329, and miscellaneous rigs dropped by one to zero. The total fell 61 to 1,750.