With the advent of high-resolution methods to predict hydraulic fracture geometry and subsequent production forecasting, characterization of productive shale volume and evaluating completion design economics through science-based forward modeling becomes possible. However, operationalizing a simulation-based workflow to optimize design to keep up with the field operation schedule remains the biggest challenge owing to the slow model-to-design turnaround cycle. The objective of this project is to apply the ensemble learning-based model concept to this issue and, for the purpose of completion design, we summarize the numerical-model-centric unconventional workflow as a process that ultimately models production from a well pad (of multiple horizontal laterals) as a function of completion design parameters. After the development and validation and analysis of the surrogate model is completed, the model can be used in the predictive mode to respond to the "what if" questions that are raised by the reservoir/completion management team.
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.
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.
Trade tensions and economic sentiment take a toll. For the next several years, supplies of crude will depend on several macro factors. Some are easier to forecast than others. Abu Dhabi will conduct its first-ever competitive tender for international partners to explore and develop oil and gas blocks onshore and offshore. The scheme by OPEC and non-OPEC producers to collectively curb oil production has brought stability to the global market—which, as a result, could soon be awash in “a second wave” of US shale output growth.
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. Some are easier to forecast than others. The upcoming event will provide the shale sector with a venue to share new learnings and approaches meant to overcome one of its greatest subsurface challenges.
By racking up exploration agreements in the United Arab Emirates, Oman, and Bahrain, Eni took a big step forward in its pledge to tap into the Middle East’s vast swaths of highly prospective oil and gas acreage. Three onshore fields in the Emirate of Sharjah, United Arab Emirates, have more than 30 years of production history from more than 50 gas-condensate wells. For the next several years, supplies of crude will depend on several macro factors. Some are easier to forecast than others. The French major will become operator of the Ruwais Diyab concession, and ADNOC says additional companies are lining up to partner on the emirate’s other unconventional areas.
The complete paper describes a physics-based model of interference and a sensitivity study to propose guidelines for well spacing and a drilling timeline for multiple horizontal wells in the Vaca Muerta shale. 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. Vaca Muerta production is on the upswing. Will increasing activity propel the Argentine play to the ranks of US shale? Data suggest it is both already there and has a ways to go.
Unconventional development has made it clear to Erdal Ozkan that conventional theory overlooks a lot of potentially productive rock. He talks about looking for ways to do better as part of JPT’s tech director report. The industry has figured out how much opportunity lies in the Permian Basin’s Delaware subbasin, and the Delaware play is now dominating US unconventional oil activity, Citigroup’s Jeff Sieler told the SPE Gulf Coast Section reservoir group recently. Unconventional Resources: Will Shale Oil Ever Make Money? This well-established oilfield consultancy explains why 2020 might be a big year for the unconventional sector.
Five years since the start of the precipitous oil price drop that led to the industry’s worst recession since the 1980s, the oil market is still struggling with supply/demand balances and price stability. With the shale industry still awash in red ink, and oil prices falling, it may take more consolidation to try to bring some financial stability to the sector. Although the shale sector continues to thrive, the pace of deepwater E&P is now gradually picking up. Natural gas, often hailed as the bridge to an energy future that will include greater demand for alternative energy supplies, may be poised to overtake oil as the globe’s primary fuel source in the next decade. Another industry report issued last month touts the coming gains in US shale, predicting that the country will soon be the largest oil producer and possibly exporter in the world.