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Decisions in E&P ventures are affected by Bias, Blindness, and Illusions (BBI) which permeate our analyses, interpretations and decisions. This one-day course examines the influence of these cognitive pitfalls and presents techniques that can be used to mitigate their impact. Bias refers to errors in thinking whereby interpretations and judgments are drawn in an illogical fashion. Blindness is the condition where we fail to see an unexpected event in plain sight. Illusions refer to misleading beliefs based on a false impression of reality. All three can lead to poor decisions regarding which work to undertake, what issues to focus on, and whether to forge ahead or walk away from a project. Strategic thinking and planning are key elements in an organisation’s journey to maximise value to shareholders, customers, and employees. Through this workshop, attendees will go through the different processes involved in strategic planning including the elements of organisational SWOT, business scenario and options development, elaboration of strategic options and communication to stakeholders. Examples are provided including corporate, business unit and department case studies. This seminar will teach participants how to identify, evaluate, and quantify risk and uncertainty in everyday oil and gas economic situations. It reviews the development of pragmatic tools, methods, and understandings for professionals that are applicable to companies of all sizes. The seminar also briefly reviews statistics, the relationship between risk and return, and hedging and future markets.
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.
As Oil Companies Fade Away, Who Will Buy Their Wells? Shale producers proved they could pump out record volumes of oil by drilling horizontal wells and then fracturing them intensively. Now the industry needs to find buyers for many wells and acreage with hard-to-determine values. A company built with a plan to quickly profit from the shale boom began a slow decline when oil prices sank to $50/bbl. Others could be following it to bankruptcy court this year.
Surplus production in the oil markets is likely to grow in 2017, and long-term oil prices will track with costs and not revert to the margin-inflated patterns of the shale boom. Surplus production in the oil markets is likely to grow in 2017, and long-term oil prices will track with costs and not revert to the margin-inflated patterns of the shale boom. A fairly stable set of conditions coalesce to make a strong reason to expect the oil price to range between USD 30/bbl to USD 60/bbl for the foreseeable future.
Emerson will increase its foothold in the oil and gas industry with the purchase of software maker Paradigm. As the GE-Baker Hughes deal moves closer to finalization we now know who will be leading the combined company. The offshore drilling sector has taken a step towards consolidating an oversupplied market and Ensco will emerge from this most recent deal as the owner of the largest combined fleet of floaters and jackups. A Houston-based energy consultancy concludes that a series of downturn deals have contributed more to the resiliency of the US shale sector than a rise in oil prices.
Upward momentum in US industry operations continues to gather, as the survey conducted by the Federal Reserve for the just-completed fourth quarter of 2017 indicates. Drilling activity in US shale plays is slowing as operators encounter higher prices for labor, equipment, and services, and lower prices for the oil and gas produced.
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. Oil demand growth from the transportation sector, the linchpin of oil consumption, will slow to a trickle by 2035 and level off, while demand from the petrochemicals sector will become oil’s chief growth driver, the BP 2017 Energy Outlook says.
Exxon Mobil plans to invest $200 million to boost natural gas output in Argentina's Vaca Muerta Shale, a spokeswoman reported recently. The company has asked the government of Neuquén province for a 35-year unconventional production concession in the Los Toldos I Sur Block, which the company operates. The Vaca Muerta is one of the world's largest sources of unconventional gas reserves, and attracting investment in the growing play there is a key priority for the Argentine government. ExxonMobil last year said it could invest more than $10 billion in shale projects over the region in the next 20 to 30 years. The company holds an 80% interest in the Los Toldos I Sur block, with Tecpetrol and Gas y Petróleo de Neuquén each holding 10% interests.
Analysts at Rystad Energy, an oil and gas consulting and business intelligence data firm, anticipate a strong year ahead for North American shale oil producers. The global oil industry is positioned for stronger performance, reflecting the financial discipline and cost-cutting innovation driven by several years of low oil prices and the likely prospect of more stable market conditions. The global oil industry is positioned for stronger performance, reflecting the financial discipline and cost-cutting innovation driven by several years of low oil prices and the likely prospect of more stable market conditions.