Drilling ///

Operators prepare for technical and fiscal challenges restarting shut-in wells

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.

Maersk Drilling further reduces headcount and financial guidance as projects dwindle

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.

Argentina considers $45/bbl floor price for domestic crude

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.

Oxy cuts capex, takes $1.4 billion writedown on oil price collapse

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.

Oil regulator officially closes the door on production cuts in Texas

The Railroad Commission of Texas (RRC) on Tuesday, May 5, voted against limiting oil production in the state, closing the book on a closely-watched proposal. The plan had been proposed to ensure the economic future of smaller operators, as they face unprecedented volatility in commodity prices.

Oil at $30 may be enough to revive shale activity, say drillers

A pair of prominent shale producers said all they need is oil around $30 a barrel to consider bringing back curtailed crude output and fracing new wells.

Texas drillers cut output on their own as state quota plan fails

On the same day OPEC-style oil quotas in Texas were pronounced dead on arrival, shale drillers disclosed more supply cuts in response to the crude market collapse.

Gyrodata sells its directional drilling business to Intrepid Directional Drilling Specialists

The sale includes effectively all of Gyrodata’s directional drilling personnel, as well as its high-performance drilling motors and MWD tools. This combination doubles Intrepid’s directional drilling capabilities in North America while also expanding its presence into certain Latin American countries.

China’s state producers slash $19 billion from 2020 capex budgets

Despite marching orders from China’s top leader Xi Jinping to maximize oil and gas production, the energy sector is bending to the reality of the pandemic-fueled market collapse.

PDVSA considers dramatic changes to revive Venezuelan oil production

New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter.

Continental Resources sued over failed $200MM oil deal

Continental Resources Inc. is being sued by a closely held oil driller that accused the shale giant of walking away from a $200 million deal following an historic collapse in crude prices.

Neptune Energy makes gas and oil discoveries in Germany

Neptune Energy announced two important hydrocarbon discoveries have been made in northwestern Germany.

Wall Street is feeling the pressure to stop Arctic oil funding

The latest front in the war against drilling for oil in Alaska’s rugged wildlife refuge isn’t Washington -- it’s Wall Street.

Diamond Offshore files for Chapter 11 bankruptcy protection

Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea.

Onshore drilling in the U.S. drops the most in 14 years

As the financial wreckage piles up from cratering fuel demand and Covid-19 lockdowns around the world, drillers have idled 45% of U.S. oil rigs since mid March -- the worst-ever six-week decline.

U.S. halts Chevron in Venezuela with end to sanctions waivers

Chevron will be forced to effectively wind down its operations in Venezuela, dealing the Maduro regime’s crumbling oil industry another blow as U.S. President Donald Trump maneuvers for regime change in the Latin American nation.

Oil rout looks to break shale’s global oil dominance

A historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% for the world’s biggest producer of oil.

Canada attaches stricter environmental rules to oilfield support funds

Canada’s plan to spend $1.2 billion to help clean up the country’s derelict oil wells comes with strings attached: tougher environmental rules for the energy-rich province of Alberta.

Daily Brief podcast: The impact of oil prices and politics on oilfield service companies

Kurt and Cameron talk about how oil prices, state and federal politics are impacting oilfield service companies, and how positions taken today will affect a market recovery.

World Oil analysis: Texas Railroad commissioners face difficult decision on prorationing

Kurt Abraham, World Oil

The three Railroad commissioners are faced with what may be the major decision of their professional lives—whether to prorate or not. And, in tandem, the fate of many industry companies and individuals’ jobs could be hanging in the balance.