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.
Features
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
Columns
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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