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Four recent deepwater offshore discoveries show exploration is not dead, it is just concentrated offshore. As the fallout deepens from the coronavirus pandemic and the global collapse in oil and gas prices, oil- and gas-producing regions around the world are feeling the pain. A significant discovery of oil off Suriname increases the odds that major oilfields off Guyana will extend across that international boundary. Industry awaits the results of Apache’s Maka Central-1 exploratory well offshore Suriname, where high expectations follow the rapid exploration success of neighboring Guyana. ExxonMobil’s hot streak of offshore discoveries have sparked investor interest in the Guyana-Suriname basin.
Learn more about training courses being offered. Learn more about training courses being offered. This course covers the fundamental principles concerning how hydraulic fracturing treatments can be used to stimulate oil and gas wells. It includes discussions on how to select wells for stimulation, what controls fracture propagation, fracture width, etc., how to develop data sets, and how to calculate fracture dimensions. The course also covers information concerning fracturing fluids, propping agents, and how to design and pump successful fracturing treatments. Learn more about training courses being offered. Current and future SPE Section and Student Chapter leaders are invited to engage and share. Every attendee leaves energised with a full list of ideas and a support network of fellow leaders. Those sections and student chapters actively participating in this workshop have consistently been recognized with awards as the best in SPE. SPE Cares is a global volunteering drive aimed at promoting, supporting and participating in community services at the SPE section and student chapter’s level. On its official launch this year at ATCE Dubai, SPE Cares will conduct a “Give a Ghaf” Tree Planting Programme to help preserve Ghaf’s cultural and ecological heritage. The Ghaf tree is an indigenous species, specific to UAE, Oman and Saudi Arabia. It is a drought tolerant, evergreen tree that can survive a harsh desert environment. The initiative not only aims to hold events/activities at ATCE, but also recognise community service that SPE members are already conducting in their respective student chapters and professional sections. The KEY Club, open daily, is an exclusive lounge for key SPE members. The lounge is open to those with 25 years or more of continuous membership, Century Club members, current and former SPE Board officers and directors, Honorary and Distinguished Members, as well as this year’s SPE International Award Winners and Distinguished Lecturers. DSATS (SPE’s Drilling Systems Automation Technical Section) will hold a half-day symposium featuring keynote presentations on urban automation. This symposium will explore technologies being used in developing smart cities through the automation of their infrastructure, transportation systems, energy distribution, water systems, street lighting, refuse collection, etc. These efforts rely on many of the same tools needed for drilling systems automation yielding increased efficiencies, lower maintenance and reduced emissions. Their knowledge and experience can guide the path being travelled by the oilfield drilling industry.
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.” Putting together the billions of dollars needed to develop deepwater finds has become tougher, but when the discoveries are huge, companies will make every effort to find a way to tap what may be a cheap source of oil. ExxonMobil and Halliburton made additional cuts in spending and personnel.
Four recent deepwater offshore discoveries show exploration is not dead, it is just concentrated offshore. As the fallout deepens from the coronavirus pandemic and the global collapse in oil and gas prices, oil- and gas-producing regions around the world are feeling the pain. Oil prices got bad fast, so when will they get better? Layoffs have begun at Occidental Petroleum, which needs to slack costs after buying Anadarko, as well as Apache. A significant discovery of oil off Suriname increases the odds that major oilfields off Guyana will extend across that international boundary.
Oil companies large and small have pulled out the stops to stay on solid ground. Putting together the billions of dollars needed to develop deepwater finds has become tougher, but when the discoveries are huge, companies will make every effort to find a way to tap what may be a cheap source of oil. As the fallout deepens from the coronavirus pandemic and the global collapse in oil and gas prices, oil- and gas-producing regions around the world are feeling the pain. Guyana continues to strengthen its reputation as the world’s fastest growing offshore exploration hotspot. First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule.
The single independent riser (SIR) is a hybrid riser configuration optimized for ultradeepwater field development. The SIR is composed of a flexible jumper and a rigid part vertically tensioned by means of distributed or continuous buoyancy. 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. The Monument well represents the Norwegian operator’s first deepwater drilling project in US waters in 5 years. Transocean reported a long list of reasons why the deepwater drilling business is coming back strong.
Shell and Chevron lead the pack in a slew of Q2 losses with $18.1 billion and $8.3 billion, respectively. ExxonMobil, ConocoPhillips, Royal Dutch Shell, Petrobras, and Repsol also posted losses. Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets. Tracking down fugitive emissions has traditionally relied on small-scale detection efforts. This new project seeks to buck the trend by covering the Permian Basin with sensors.
The joint oil field had been offline since 2015, due to an operational dispute. Despite the global downturn, the long-term transition to net zero presents a major opportunity to create new multibillion industries based around the North Sea. Cross-sector collaboration and major state/private sector intervention, together with strong leadership, will be key. With their gee-whiz—albeit artificial—intelligence, robots may be the industry’s answer to jobs deemed dangerous, dirty, distant, or dull. Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets.
A new licensing round will open up 136 blocks in the Arctic Barents Sea. Country had hoped to boost oil output and bring in much-needed revenues. Two discoveries offshore Mexico add to April’s finding in the Norwegian Sea. Oil companies large and small have pulled out the stops to stay on solid ground. The move to combine forces comes amid the fastest contraction in drilling activity the US shale sector has ever seen while Gyrodata will retain its international business.
Malaysian oil company Petronas has hired Maersk Drilling’s rig Maersk Developer for a one-well exploration campaign off the coast of Suriname. The campaign will take place in Block 52 which covers an area of 1,834 sq mi in the Suriname-Guyana basin. Maersk Drilling said the contract is expected to start in Q3 or Q4 2020, with an estimated duration of 75 days. The value of the contract is approximately $20.4 million, including integrated drilling services, mobilization, and demobilization fees. The contract includes an additional one-well option.