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Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets. Two of the biggest assets to suffer from the new valuation are in Australia. Shell’s QGC venture and its floating liquified natural gas facility, Prelude, have been reduced in value by up to $9 billion. The deal includes 15 global sites and over 1,700 staff expected to transfer to INEOS upon completion of the sale. The deal also follows BP’s announcement earlier in the month that it would cut 14% of its workforce.
This page pulls together technology-focused articles from various departments within JPT. The complete paper describes an operator’s experience in confirming glass fiber-reinforced epoxy (GRE) as an effective alternative to high-grade corrosion-resistant alloys (CRA) to extend tubing life in high-velocity gas wells. This paper presents novel approaches to carbon abatement using petroleum that have a strong chance to succeed in fulfilling technological and economic goals. The complete paper describes an advanced Rankine cycle process-based system that converts waste heat into usable electrical power to improve the efficiency of gas-compression stations on gas-production platforms and pipelines. Carbon dioxide (CO2) waterless fracturing uses liquid CO2 to replace water as the fracturing fluid in reservoir stimulation. The continuity and reliability of the blender are key factors determining performance of the operation. The complete paper discusses the use of cumulative production ratio curves normalized to a given reference volume in time for different unconventional plays in North America to investigate the median trend for each play and the median ultimate recovery per play. In the complete paper, the authors reduce nonuniqueness and ensure physically feasible results in multiwell deconvolution by incorporating constraints and knowledge to methodology already established in the literature. In the complete paper, the authors revisit fundamental concepts of reservoir simulation in unconventional reservoirs and summarize several examples that form part of an archive of lessons learned. In the complete paper, a novel hybrid approach is presented in which a physics-based nonlocal modeling framework is coupled with data-driven clustering techniques to provide a fast and accurate multiscale modeling of compartmentalized reservoirs. An opportunity now exists to further develop the way we solve problems by adopting agile work flows. Originating from software development in 2001, agile work flows will be a key part of driving the oil and gas industry to its next level of efficiency. What the industry needs at this stage is a willingness to work together, share best practices, conduct innovative research, and focus on disruptive technologies that lower cost of capture and make our operations more sustainable. The complete paper highlights examples of nonmetallic materials selection and qualification for upstream water-injection and producer and hydrocarbon wells and presents suggestions for future progress.
As wells across the US shale sector are brought back onto production, they may want to do so strategically to learn about the connectivity of their wells. One challenge will be in selecting a model that delivers the most insight. The technical challenges imposed by tight well spacing and fracture interactions have become a focal point of recent earnings calls between investors and the leaders of several shale producers. The picture of the future is becoming clearer, and there are fewer oil wells in it. For the next several years, supplies of crude will depend on several macro factors.
With their gee-whiz—albeit artificial—intelligence, robots may be the industry’s answer to jobs deemed dangerous, dirty, distant, or dull. 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. A test showing that it’s possible to automate the billing process for produced water hauling has opened the door for tracking a wide range of field activities. The industry downturn brought on by COVID-19 has motivated big companies to test practical applications sooner.
The withdrawal comes at a time of increasing tension between the US and Iraq, which makes investment in the country riskier. For the next several years, supplies of crude will depend on several macro factors. Some are easier to forecast than others. Iraq is producing oil at record levels this year but low oil prices have cast doubts on the economic feasibility of its licensing contracts, which some analysts and policy advisers say are holding back higher output.
YPF’s data analytics experts are eagerly seeking partnerships with oilfield operations experts who can help blend elegant data analysis with the messy reality of oil production. The firms are now partners on multiple blocks in the North Argentina Basin. Fast-declining, older, unconventional oil wells require artificial lift experts to deal with and explore a population of miles-long horizontal wells that do not follow the established rules of thumb. After Gustavo Astie, executive manager for unconventionals at YPF, presented what he thought was an aggressive growth plan for the coming year to YPF management, he was asked: Would it be possible to go faster? A drive down a gravel road in the Loma Campana follows the steep early learning curve in the Vaca Muerta.
YPF’s data analytics experts are eagerly seeking partnerships with oilfield operations experts who can help blend elegant data analysis with the messy reality of oil production. The firms are now partners on multiple blocks in the North Argentina Basin. Up to 55,000 BOE/D of output is expected from the ExxonMobil-operated Bajo del Choique-La Invernada block in the Argentine shale play, with a possible second phase producing up to 75,000 BOE/D. 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. 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.
It will provide re ... Harkand has secured a USD 5 million contract from Swiber Offshore Mexico to perform saturation divin ... Two Bumi Armada subsidiary companies secured USD 300 million worth of contracts from ElectroGas for ... Amec Foster Wheeler has been awarded a contract by BP worth more than USD 73 million. Tam International, which provides inflatable and swellable packers for the oil and gas industry, has ... Sanchez Energy closed a deal with a subsidiary of Sanchez Production Partners to sell wellbore and a ... Penn West Petroleum has entered into a USD 321 million agreement with Freehold Royalties to sell an ... Bonterra Energy has acquired Cardium formation-focused assets in the Pembina area of Alberta, Canada ... Petrobras has sold its assets in Argentina’s Austral basin to Compañia General de Combustibles for U ... Pemex signed an agreement worth USD 1 billion with private equity firmFirst Reserve to jointly inves ... Gulfport Energy entered into an agreement to acquire Paloma Partners III for USD 300 million. Apache sold its 13% stake in the Wheatstone LNG terminal in Western Australia and 50% interest in th ... Shell Petroleum Development Company of Nigeria completed the sale of its 30% interest in Oil Mining ... Oil and gas safety company Secorp opened a new office in Hobbs, New Mexico. Bill Barrett Corp. has signed agreements with several undisclosed recipients for the sale of the maj ... Encana said it will sell its remaining 54% stake in PrairieSky Royalty via a USD-2.4-billion Cardinal Energy entered into an agreement with an unnamed seller to acquire assets whose total daily ... Petrobras has awarded a contract, worth USD 465 million over a period of 5 years, to Aker Oilfield S ... CGG received contracts for the 3D seismic acquisition of four surveys using its marine broadband tec ... IKM Subsea, a subsidiary of IKM Group, has been awarded a contract by Eni Indonesia to provide remot ... OneSubsea, Schlumberger, and Helix Energy Solutions signed a letter of intent to develop technologie ... Premier Hytemp has committed to opening a USD-20-million, 67,000-ft2 precision engineering facility ... Expro has constructed a new 20,000‑m2 facility in Macaé, Brazil.
Africa (Sub-Sahara) Bowleven began drilling operations at its Zingana exploration well on the Bomono permit in Cameroon. Located 20 km northwest of Douala, Cameroon's largest city, the well will target a Paleocene (Tertiary) aged, three-way dip closed fault block. The company plans to drill the well to a depth of 2000 m and will then spud a second well in Moambe, 2 km east of Zingana. Bowleven is the operator and holds 100% interest in the license. Asia Pacific China National Offshore Oil Company (CNOOC) has brought its Dongfang 1-1 gas field Phase I adjustment project on line ahead of schedule. The field is located in the Yinggehai basin of the Beibu Gulf in the South China Sea and has an average water depth of 70 m. The field is currently producing 53 MMcf/D of gas and is expected to reach its peak production of 54 MMcf/D before the end of the year.
Africa (Sub-Sahara) The drillship Ocean Rig Athena is preparing to drill appraisal and exploration wells offshore Senegal for a joint venture (JV) led by Cairn Energy. Two wells will appraise the SNE discovery, which was ranked by IHS CERA as the world's largest for oil last year. An exploration well will also be drilled in the Bellatrix prospect, for which mapping has indicated a potential 168 million bbl of oil resources. Cairn holds a 40% interest in the JV, with remaining interests held by ConocoPhillips (35%), FAR (15%), and Petrosen (10%). The Ksiri West-A exploration well drilled by Circle Oil on the Sebou permit onshore Morocco has flowed gas at a rate of 8 MMcf/D following tests. It is being readied for production.