The US re-imposing sanctions on Iran has prompted Total to consider dropping its stake in a project designed to bolster output from the world’s largest gas field. With Iran re-entering the global oil market, this article looks at the state of Iran's oil industry, the condition of its fields, its use of technology, and its present and future production potential. Russian oil production has remained on a growth path despite the plunge in oil prices because producers have built their business on producing oil for less than USD 30/bbl.
The US re-imposing sanctions on Iran has prompted Total to consider dropping its stake in a project designed to bolster output from the world’s largest gas field. Iran’s national oil company is offering investment opportunities in 50 fields to global bidders, its first effort to do so since the 2015 pact with world powers that lifted nuclear-related sanctions against the country.
Noble’s first row of wells in its massive Mustang project is helping increase the operator’s DJ Basin output, and similar results are soon expected in the Delaware Basin. Devon Energy will be getting simpler and smaller by selling two no-growth assets—gas acreage in the Barnett Shale in Texas and oil sand operations in Canada. Its future is staked on growing oil production in the Permian’s Delaware Basin and three other unconventional oil plays. The Oklahoma City independent has a new-look portfolio and new operational and financial priorities. And now it has enlisted an energy research firm to leverage advanced analytics and machine learning to help get the most out of its assets.
Encana CEO Doug Suttles assures that shale executives are acutely aware of the parent-child well challenge, and he doesn’t think it’s “a big threat” to the sector. The same tools that make it fun and easy for you to see a friend's updates online are also pretty good at tying together unconnected databases holding valuable well information. This paper examines the use of injury rates as a key performance indicator (KPI). It argues that, as a KPI, injury-frequency rate is no longer a valid measure.Energy activity has shown solid expansion, but to increase drilling, companies need a higher average oil price compared to last year’s surveys, reflecting a steady increase since 2Q and 4Q in 2017.
The state-owned firm is looking within its home country, around Southeast Asia, and to the Americas—including shale—in an effort to maintain its forecast average yearly production of 1.7 million BOE/D over the next 5 years. The financial effects of the downturn are set to last at least a decade—which puts the industry almost at the halfway point. Petrobras and Shell have brought online the Lula field’s seventh FPSO as the firms continue to ramp up production from the pre-salt Santos Basin. The national oil company’s aim to lift oil and gas production and reserves over the next few years will rely on growth from big international projects, including those in Nigeria, Guyana, and the US. A new report predicts that US output will rise to a new record high of 12.1 million B/D in 2020.
The explorer has so far encountered 400 ft of reservoir pay zone in an area where it has three other producing fields. Murphy Oil to Buy Deepwater US Gulf Assets for up to $1.625 Billion The El Dorado, Arkansas-based Murphy has quickly found a home for some of the cash it will receive from the sale of its Malaysia business. The company has been rapidly expanding its US gulf footprint while simplifying its portfolio and targeting more oil. Yellowtail-1 is the fifth discovery in the Turbot area, where ExxonMobil plans another Stabroek Block development hub. With the purchase, the growing, privately-held Chrysaor Holdings will expand its UK North Sea production to 185,000 BOE/D.
Conventional oil and gas discovered resources in 2019 are on pace to rise 30% from last year and reach their highest level since the beginning of the industry downturn. Here, a recap of the first quarter's 15 biggest oil and gas discoveries, which altogether are propelling the increase. The state-run offshore company has found a gas and condensate field that holds an estimated 250 million BOE. The French major is racking up barrels of deepwater production as part of its large-scale West African push. Chevron, ConocoPhillips, Equinor, Shell, and Total are among nine firms looking to explore the Pearl River Mouth Basin.
Keen on Anadarko for a while, Occidental Petroleum is ready to do battle with Chevron for the big independent. Murphy Oil to Buy Deepwater US Gulf Assets for up to $1.625 Billion The El Dorado, Arkansas-based Murphy has quickly found a home for some of the cash it will receive from the sale of its Malaysia business. The company has been rapidly expanding its US gulf footprint while simplifying its portfolio and targeting more oil. With the purchase, the growing, privately-held Chrysaor Holdings will expand its UK North Sea production to 185,000 BOE/D. Thirteen companies placed bids on 18 blocks in the Austral, North Argentina, and Malvinas West basins as part of Argentina’s first open bid round for offshore acreage in more than 20 years.
Africa (Sub-Sahara) Bowleven has started drilling operations at the Moambe exploration well on the Bomono permit in Cameroon. Moambe is the second well in a two-well program, approximately 2 km east of the first well, Zingana. It targets a previously undrilled Paleocene Tertiary three-way dip fault block containing multiple sands and will be drilled to an estimated 1620 m in measured depth. Both wells will be logged. Bowleven is the operator and holds 100% interest. Asia Pacific Murphy Oil discovered gas at its Permai exploration well in deepwater Block H in the South China Sea offshore Malaysia.
Gas lift is one of the most widely used artificial lift methods, and the use of nodal analysis to generate the gas lift performance curve is well established. However, the optimal gas injection rate is often selected as the point with maximum liquid production, which neglects the cost of incremental injection gas volume. This paper investigates the determination of the optimal operational point using a multiobjective optimization technique by considering the trade-off between gas consumption and oil production. The indicator-based evolutionary algorithm transforms the multiobjective problem into a single objective one using the hypervolume metric computed in the objective space. For the gas lift problem, which is a bi-objective problem aimed at maximizing oil production while minimizing gas injection rate, the hypervolume metrics are identically equivalent to geometric hyperareas under the trade-off curve. The optimization is only applied to the monotonically increasing portion of the gas lift performance curve; thus, all trivial sub-optimal conditions are excluded. The optimal operational point of gas injection rate is determined by finding the maximum rectangular hyperarea under the performance curve. The proper determination of the optimal injection gas rate could not only improve the efficiency of the gas lift itself, but also reduce the burden on the maintenance of surface facilities. The method is also applied to the multi-well scenario where a novel multi-well gas lift performance curve is generated using multiobjective Genetic Algorithm, which could help determine the optimal gas allocation/distribution scenario. The described process is incorporated in an integrated workflow which further leads to fast delivery of analysis/results that enable production engineers to make smarter decisions faster in a repeatable way.