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The latest cuts come less than 2 weeks after OPEC+ began the largest round of coordinated production curtailments ever agreed to. 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.” The savings result in part from the depreciation of global currencies against the US dollar, as most operating expenses in oil and gas production are realized in local currencies.
The Italian oil and gas company used a “fast track” model to get the first production well flowing from the Agogo field. The largest natural gas field in the rising Eastern Mediterranean region is now flowing after being discovered a decade ago. P-68 is Petrobras’ fourth FPSO to begin operations this year following the startups of P-67 at the Lula field and P-76 and P-77 at the Buzios field. 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.
With their gee-whiz—albeit artificial—intelligence, robots may be the industry’s answer to jobs deemed dangerous, dirty, distant, or dull. This paper describes an automated work flow that uses sensor data and machine-learning (ML) algorithms to predict and identify root causes of impending and unplanned shutdown events and provide actionable insights. 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.”
A new licensing round will open up 136 blocks in the Arctic Barents Sea. Because the greenfield can use existing infrastructure, the Norwegian operator says it will count as a low-carbon development. The first of three major unconventional developments in Saudi Arabia has been given the green light. The project will underpin the country's goal to become a top gas exporter by 2030. The Italian oil and gas company has found its second big well offshore Mexico and is setting its sights on several more in the near future.
This course gives an overview for completing, fracturing, and refracturing shales and other low-permeability formations that require multistage hydraulic fracturing. Participants will learn the primary types of wellbore completion options, plug-and-perf, ball-activated systems, and coiled tubing-activated systems, and how they compare in different applications. Participants will also learn hydraulic fracturing and refracturing theory and design, including slick-water fracturing, cross-linked gels, fluids, proppants, additives, refracturing options, and identifying refracturing candidates. In the last decade new production from shales and other low-permeability reservoirs that require multistage hydraulic fracturing has significantly influenced the price and supply of hydrocarbons. The success of these plays in North America has operators around the globe trying to identify similar reservoirs.
Africa (Sub-Sahara) A discovery was made at the Ogo-1 well offshore Nigeria. The well reached a total depth of 3206 m and encountered a gross hydrocarbon section of 524 ft with 216 ft of net stacked pay. Optimum Petroleum Development (60%) is the operator in partnership with Afren (22.86%) and Lekoil (17.14%). Asia Pacific Production has begun on the offshore Wenchang 8-3E oil field in China. The field is located in the western Pearl River Mouth basin in China and has an average water depth of approximately 110 m to 120 m. China National Offshore Oil Corporation is the operator with a 100% interest. The Tayum-1 exploration well encountered approximately 49 vertical ft of net gas pay from multiple sandstone intervals within the Miocene and Pliocene section.
Africa (Sub-Sahara) Sound Energy identified significant gas shows at the first Tendrara well onshore Morocco. Drilled to a 2665-m measured vertical depth, the well hit a total gross pay interval of 89 m of gas. The full set of well logs are being processed before the startup of rigless mechanical reservoir stimulation operations, which will be followed by a well test. The company is the operator of the well with a 55% working interest. Office National de HydroCarbures et des Mines (25%) and (20%) are the other participants. Petroceltic reported that the AT-13 well in Algeria has penetrated a 240-ft gas- and condensate-bearing formation. The well will help establish and maintain the approved annual average wet gas plateau rate of 355 MMcf/D from the Ain Tsila field.
Africa (Sub-Sahara) Shell has initiated a two-well drilling program in blocks 1 and 4 of the Mafia Deep basin offshore Tanzania. Drilling is taking place in water depths of up to 7,545 ft, with the company and its joint-venture partners Pavilion Energy and Ophir Energy investing almost USD 80 million in the program. The two wells will meet the remaining requirements in the exploration licenses issued by the Tanzanian Ministry of Energy and Minerals. Asia Pacific Petronas has begun gas production from the world's first floating liquefied natural gas (FLNG) facility, the PFLNG SATU, at the Kanowit field offshore Malaysia's Sarawak state. The first-gas milestone marked the onset of commissioning and startup for the FLNG facility, preceding commercial production and initial cargo shipment. The facility is fitted with an external turret for operating in water depths of 229 ft to 656 ft. It will extract gas through a flexible subsea pipeline for the liquefaction, production, storage, and offloading of LNG at the field.
Africa (Sub-Sahara) FAR said that drilling has begun on the SNE-5 appraisal well offshore Senegal. The well and the following SNE-6 well will evaluate the upper SNE reservoir units' connectivity and deliverability by oil flow testing that will include interference tests. The new wells follow a four-well appraisal program that the company called "highly successful." FAR has a 15% interest in the SNE field, which is operated by Cairn Energy (40%). Other participants are ConocoPhillips (35%) and Petrosen (10%). San Leon Energy reported encouraging performance from its OML 18 field in Nigeria. Reperforation of an oil well increased gross field production to approximately 61,000 B/D before output was temporarily scaled back to 53,000 B/D for a shut-in, upgrade, and workover of the well.