Issue: February 2016

Special Focus

Sliding oil price necessitates more cuts and pain

Looking at the spending plans of roughly 300 E&P companies worldwide, and factoring in recent oil price declines, North American spending may fall 40-50% in 2016. Capital expenditures, internationally, are set to post a second, consecutive 15% decline.

An eventful year is ahead for oil and gas

Eyeing his legacy, lame duck President Barack Obama will throw a barrage of executive orders and rulemaking at the U.S. oil and gas industry. The Republican majority in Congress will have to figure out ways to stop Obama’s agenda, as their party tries to win back the White House.

As budgets collapse, U.S. drilling may shrink to a 17-year low

Who knew? After the rapid decline in crude oil prices from mid-2014, most analysts expected 2015 to be a year of recovery, when prices would creep back toward $70/bbl.

Rig counts brace for a second round of declines

The catastrophic oil price decline wreaked havoc on the U.S. rotary rig count during 2015, with the industry bracing for a continued slowdown this year.

Production reaches new highs, but prices will curtail output

Overall, U.S. crude oil production increased slightly in 2015, with noticeable gains reported in the Bakken and Eagle Ford/Permian shale plays of North Dakota and Texas, respectively.

Producing oil wells tick down as price begins to hit

The total number of active, producing oil wells in the U.S. dropped slightly during 2015, a trend that looks set to sharpen this year, as the oil price decline begins to exact its toll on the industry.

Producing gas wells hold up amid commodities rout

The number of producing gas wells in the U.S. held steady last year, despite gas prices remaining stubbornly low.

U.S. oil reserves continue to climb for sixth consecutive year

According to the U.S. Energy Information Administration (EIA), U.S. crude oil and lease condensate proved reserves increased for the sixth consecutive year in 2014.

Key nations keep pumping despite oil price decline

Clinging to the notion that they are protecting market share, several OPEC members continue to overproduce deliberately, as do Russian operators, ensuring that the global market remains saturated.

Tough times lie ahead for Canada’s oil patch

A protracted pricing slump has led to massive budget cuts, thousands of layoffs and the most dismal market conditions that the Canadian industry has faced in more than 20 years. No positive news is on the horizon.

Extra-deep azimuthal resistivity improves navigation in a complex Barents Sea reservoir

Part 1. In Goliat field, offshore Norway, VisiTrak extra-deep resistivity measurements detected the top of the reservoir at least 20 m TVD and 130 m MD, before entering the reservoir, enhancing accurate wellbore landing. The resistivity measurements also helped reduce the uncertainty in fault detection, providing critical, real-time “Answers While Drilling.”

Injecting social entrepreneurship into the decommissioning process

A collaborative approach is required to overcome deconstruction challenges to sustain our industry, maximize economic recovery and mitigate risks of early asset retirement.

ShaleTech: Marcellus/Utica Shale

Low costs, new takeaway capacity may spur late 2016 recovery

Regional Report: Southeast Asia

Policy changes are needed to withstand the downturn

First oil

Adjusting to the new upstream realities

Energy issues

Tragic cost declines

What's new in exploration

Industry’s supercomputing needs increase

Drilling advances

A new look at DP mud flow

What's new in production

“Frozen Heat”

Offshore in depth

“Satellite pictures” reveal problems and opportunities

Oil and gas in the capitals

Impact of oil prices on Russian economy

Executive viewpoint

Top 10 offshore inefficiencies

The last barrel

Regulatory overkill continues unabated with new methane rules
News & Resources

World of oil and gas

World of oil and gas

Industry at a glance Oil and Gas Prices and Production and Rig Counts

Industry at a glance

People in the industry

People in the industry

New products and services

New products and services
World Oil's 100-Year Anniversary

World War II: Meeting the demand of the Allied war effort

As World War II loomed, oil became indispensable. It was evident that without it, the war could never have been won.

Women in the industry: Firing stills as well as any man

Throughout World War II, The Oil Weekly kept a close watch on the oil industry’s aggregate lack of manpower.

Operation Tidal Wave: Targeting the source of Germany’s oil supply

At the height of World War II, oil supply was a concern for everyone involved, including Germany.

The Gulf Coast Continental Shelf: The birthplace of many early offshore developments

While many aspects of the oil and gas industry—including exploration and advances in technology—slowed to a crawl after WWII, one area of the industry managed to make monumental strides, despite a suppressed commercial environment.

Oil Weekly to World Oil: Expansion to better serve a worldwide industry

After World War II ended, and the oil and gas industry picked up again, Gulf Publishing Company recognized that there was a need to change with the times.

Ghawar Field: Discovery of the industry’s oil mecca

Following the discovery of Abqaiq oil field in the Eastern Province of Saudi Arabia in 1940, a young geologist was mapping adjacent quadrangles near the edge of the Rub’ al-Khali desert.
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