Drilling ///
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.
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.
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.
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.
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.
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.
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 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 announced two important hydrocarbon discoveries have been made in northwestern Germany.
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 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.
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.
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.
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’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.
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.
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.