Industry at a glance
Vol. 227 No. 1 Weak performance in the third and fourth quarters, due partially to warm weather and hurricane disruptio
Weak performance in the third and fourth quarters, due partially to warm weather and hurricane disruptions, caused IEA to lower its estimate of 2005 global oil demand growth by 20,000 bpd, to 1.18 million bpd. However, these factors temporary nature should prompt a recovery to growth of 1.79 million bopd in 2006. OPEC output was 29.6 million bopd in November, up 120,000 bopd from Octobers figures. Higher production came from Saudi Arabia, Nigeria and Venezuela. As output continued to recover offshore Louisiana and Texas, US production gained 409,000 bopd, but Novembers level was still 792,000 bopd behind the year-ago figure. Prices for WTI crude and Brent Blend remained between $55 and $60/bbl on world markets. The US seismic crew count was down 9.5%, due to a decline in the Southwest, but it was still 17% ahead of the year-earlier pace. US and Canadian rig counts were up 18% and 34%, respectively. Rigs in other regions were up 5.5%. |
- 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)