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The $20.7-billion agreement is the single-largest energy infrastructure investment in the region. In 2 months, the US saw a 56% decline in rig count, reaching a 33-year low. There are numerous views of what the future energy landscape will look like in the next decade and beyond. When thinking about sources of primary energy, it is not a question of either/or, it is a question of what can reach scale fast enough to meet continued demand growth. Not everybody suffers when US oil producers slash production.
The good news is 95% of the oil companies in Texas are expected to survive 2020, which means there is a lot of bad news to endure. Can Regulators Move Fast Enough To Fix a Shattered Market? Texas Railroad commissioners recognize the battering Texas oil companies, and their workers, are taking, but will continue considering their options until 5 May. Even some free-market advocates are calling for regulators to step in and try to help pull them out of what feels like a chasm by setting production limits. As studies point to increased emissions, ExxonMobil is stepping up efforts to detect and mitigate methane release.
The good news is 95% of the oil companies in Texas are expected to survive 2020, which means there is a lot of bad news to endure. Four recent deepwater offshore discoveries show exploration is not dead, it is just concentrated offshore. Oil exploration and production jobs globally are at about the level they were after deep cuts following the 2014 crash.
The distressed shale pioneer will wipe away nearly $7 billion in debt and is likely to make major asset sales as it attempts to restructure itself into a profitable business. The long-struggling shale operator’s share price on 12 November closed at 67¢/share, a 25-year low. Share prices have plunged for seemingly every major US shale producer, with Concho, Pioneer, and Continental among those receiving the worst of the market’s fury. Have investors completely lost faith in the industry? And are shale executives any more optimistic?
An independent study pegged the cost of the project at about $2.6 billion, 80% of which Norway’s government planned to fund. The ministry said there is uncertainty about Northern Lights’ benefits and that it could prove to be unprofitable. Write-offs include billions for early-exploration-stage projects that the company will now cut. Phase 1 is expected to be operational in 2024. BP says it is firmly committed to achieving the ambitious target of net-zero greenhouse gas emissions over the next 30 years—even if that means producing less oil and gas.
Water treatment systems in the North Sea differ from those in the deepwater Gulf of Mexico (GOM). This paper provides a detailed understanding of these differences and provides insight into the design of water-treatment systems in general. In this study, a pilot plant with a capacity of 50 m3/d was used to conduct flotation, filtration, and adsorption trials for produced-water treatment at a crude-oil gathering facility. A recent webinar covered the varieties of current technology for flotation equipment and provided an in-depth look into flotation technology and the options surrounding offshore applications. The author reviews advances in produced water treatment, particularly offshore, since the 1960s.
Water treatment systems in the North Sea differ from those in the deepwater Gulf of Mexico (GOM). This paper provides a detailed understanding of these differences and provides insight into the design of water-treatment systems in general. A recent webinar focused on hydrocyclones and their application for offshore oil and water separation. The discussion includes fundamental science, practical considerations, implementation and field experience. The author reviews advances in produced water treatment, particularly offshore, since the 1960s.
New report offers guidelines for pressure pumpers of the future. The industry has very limited experience in shuttering production on a large scale in unconventional reservoirs. Many questions remain on how stimulated, nanodarcy shale reservoirs may respond. George King discusses the paradigm shifts needed in the industry. As tight-oil producers move to curtail production, hard-to-answer questions are being raised about how shuttered wells will come back.
SPE leaders share their insights on how COVID-19 and the low oil price environment are affecting the oil and gas workforce, the SPE, and future industry interaction, including academia. For the offshore sector, the collapse in oil demand and prices came just as the market was beginning to look up. Now many companies are focused on survival. This article discusses how various market segments, regions, and companies are faring in “the new reality.” ExxonMobil and Halliburton made additional cuts in spending and personnel.
The international major is calling its latest multiwell project in the Permian Basin a “beacon of innovation.” The goal is to see if combining digital technologies will lower the operating costs of its shale assets. Venture groups spend their time evaluating hundreds of companies each year to only make a handful of investments.