Drilling ///
Even if the economy continues to recover and a second wave of the pandemic is less damaging than the first, U.S. shale drillers may still take at least a year before moving rigs back into the field, according to the leader of an oilfield-services company.
“The DH350 combines the mobility of carrier drive rigs with the power density of conventional skidded systems to produce one of the most agile and capable drilling rigs in the marketplace today,” said Cole Carpenter, product manager at Epiroc Drilling Solutions.
Key trends for the coming week, including how industry groups' response to low oil prices differ dramatically in the U.S. versus other producing nations, China's big plans for its economy, and investment analysts turning their backs on key sectors of the industry.
The smallest shale oil drillers have endured their fair share of pain in this spring’s energy collapse and, with ailing stock prices, analysts are finding it even tougher to cover the group.
Shale explorers extended their retreat into a 10th week, dropping the number of oil rigs at work in the U.S. to the lowest since 2009 as some struggle to stay afloat.
Oil reaches its highest price since March, which could lead to a new production imbalance in U.S. shale, and Oxy is left holding the bag on a major asset sale.
Producers are already restarting oil wells in North Dakota as prices come off record lows, but talk of a recovery is premature, said the state’s energy regulator.
A week after WTI crude settled below zero for the first time ever, analysts at JPMorgan projected that the U.S. would cut output by 1.5 MMbpd by June. Two weeks into May, production is already down by at least that much and continues to decline.
Key trends for the coming week, including a couple of wild cards that could threaten the recovering global oil price and production balance.
Based on capex cuts, falling drilling rig counts, and voluntary production curtailments, the U.S. Energy Information Administration projects domestic crude production to decline through 2021.
Neptune Energy has conducted the world’s first dual drilling operation from an integrated subsea template structure at the Fenja field in the Norwegian North Sea.
The Railroad Commission of Texas issued a total of 456 original drilling permits in April 2020 compared to 909 in April 2019.
Bleak crude prices and fuel demand forecasts won’t blunt oil company bidding for Arctic drilling rights, Interior Secretary David Bernhardt said Monday.
A look at the trends for the coming week, including how production cuts are affecting near-term supply worldwide, where we can anticipate demand growth to start taking place first, and just what it will take from an operational standpoint to restart production.
“This is an unprecedented downturn,” EOG Resources Inc. CEO Bill Thomas said during a conference call with analysts. “U.S. oil production is in severe decline and it could take years for domestic production to turn around. We believe that the historic and prolific oil-production growth by U.S. shale may have been forever altered.”
Simmons Edeco has successfully completed a second series of development drilling of wells for a major oilfield services company in Mexico.
Although shutting down a well can be a relatively simple process, industry executives and their engineering teams aren’t altogether sure how smoothly an idle well can be restarted.
The revised guidance reflects expected adjustments to the existing contracts based on current customer dialogues, no additional contracts with financial impact in 2020, and COVID-19 related costs.
The administration of President Alberto Fernandez has circulated a proposal to set $45 as the per-barrel mandate in a bid to keep the domestic drilling business alive and sustain development of the vast Vaca Muerta shale formation during the demand-killing coronavirus pandemic.
Occidental Petroleum took a $1.4 billion writedown related to an investment in a pipeline affiliate, cut capital spending and withdrew its guidance for the year after a historic collapse in oil prices.