Industry at a glance
The worldwide sell-off in crude oil continued through November and to the end of the year, with both Brent Blend and West Texas Intermediate dropping into the mid-$50/bbl range. This represents a five-year low. The supply/demand imbalance that brought about the collapse continues, with U.S. oil production exceeding 9 MMbpd. While production has not yet been affected by the price drop, the U.S. rotary rig count showed a significant decline, falling almost 80 rigs by the last week of December, below 1,850, after spending most of the year above 1,920. The international rig count held its own, and even saw a modest rise offshore. Global oil demand is expected to increase beyond 93 MMbpd in 2015.
- 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)