Drilling ///
“In the future, certainly we believe OPEC will be the swing producer — really, totally in control of oil prices,” Bill Thomas, CEO of EOG Resources, the biggest independent shale producer by market value, said earlier this month. “We don’t want to put OPEC in a situation where they feel threatened, like we’re taking market share while they’re propping up oil prices.”
Activists, Native Alaskans, and more recently large shareholders have worked to persuade lenders and insurers they were jeopardizing the climate, their investments, and their reputation by underwriting Arctic drilling.
The campaign is expected to commence in early 2021, with an estimated firm combined duration of 500 days. The estimated firm total contract value is approximately USD $100MM, including rig upgrades and integrated services provided.
Turkish Cypriots and Cyprus have been at loggerheads over offshore gas reserves in disputed waters. Cyprus has been pushing other EU states to expand a blacklist against Turkey over its natural-gas exploration in the eastern Mediterranean. Other governments including Germany were wary of provoking Turkey.
While 2020 has provided significant challenges, “Noia has remained committed to providing value to our members and to helping them through this difficult period,” said Noia CEO Charlene Johnson. “Our virtual fall seminar was a great way to step outside the typical formula of virtual events that met the standard people have come to expect from Noia.”
NexTier and NOV will collaborate to test the operational capability of the Ideal eFrac prototype in the field and under normal operating conditions. The agreement provides NexTier the option to transform from the test phase to the future purchase of the first Ideal eFrac fleet manufactured by NOV.
In Alaska, Michigan and Norway, partisans on the left and right are sparring in the courts to implement their vision for the future of energy. Operations from small shale plays to multi-billion-dollar offshore installations suddenly hang in the balance as the regulatory outlook becomes increasingly cloudy.
Ricardo Giamattey, Bruce Crager, Endeavor Management
Part 2: In this second and final installment, the authors examine a potential rebuilding of onshore production, the likely need for some offshore decommissioning, and the status of the country’s alternative fuels.
The Interior Department is set to issue a formal “call for nominations” as soon as Monday, kick-starting a final effort to get input on what tracts to auction inside the refuge’s 1.56-million-acre coastal plain.
Norway opened itself up to climate suits after amending its constitution in 2014, to reflect its support of the Paris Climate Agreement. The case against Norway tests its new law, which states that “everyone has the right to an environment that secures health, and to a nature where productivity and diversity are preserved.”
The latest addition to the expanding series of semi-premium products for the shale market, VAM SPRINT-FJ has emerged as a high-performance solution that allows operators to set intermediate strings at least 2,000 feet deeper with maximum clearance. Extensive teamwork produced a customized yet cost effective design—without sacrificing on performance—to meet customer’s needs.
The Texas Railroad Commission's action made changes to the application for flaring exceptions, reducing exception time and providing incentives to use technical alternatives to gas flaring.
The contract is expected to commence in November 2020 and has an estimated duration of 110 days.
“Texas will determine its own energy future, and that is a future that includes an all of the above approach led by fossil fuels,” Wright said in a statement. “Together we will find new ways to improve our climate and environment.”
“Diamondback is not getting left behind if we don’t do anything today,” CEO Travis Stice said on the company’s third-quarter earnings call, adding that the company doesn’t need to boost scale to reduce its costs. “We prefer not to make rash decisions at the bottom of the cycle.”
As the U.S. presidential election cycle nears its final chapter on Tuesday, and Tuesday evening, we at World Oil think it’s appropriate to remind our fellow professionals in the U.S. oil and gas industry what is at stake.
Jim Redden, Contributing Editor
The blunt truth
Trump sees full-throated support for fracking as a crucial element in Pennsylvania, where he’s trailing Joe Biden and which would likely clinch the presidency for the Democrat, should he win it.
Despite increased drilling activity and strong Q3 results across the board for the supermajors, Exxon Mobil spent the week slashing headcount and planning major asset sales to meet its dividend commitments.
The drill bit with unique concave-shaped cutting elements reduces drilling costs and improves overall drilling performance.