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First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule. The international major is calling its latest multiwell project in the Permian Basin a “beacon of innovation.” The goal is to see if combining digital technologies will lower the operating costs of its shale assets. Devon exits the asset that served as the company’s cornerstone for almost two decades and is known to the world as the birthplace of the shale revolution. Total has agreed to acquire interests in two blocks in the offshore Kwanza Basin from Angola’s state-owned Sonangol and has received an extension on its offshore Block 17 production licenses.
The first of three major unconvetional 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 objective of this study is to show how the capacitance-resistance model (CRM) was used on this field and how it validated the use of other independent methods. This paper demonstrates that integration of different sources of data in reservoir management is critical. Reduced investment in US shale will continue to weigh down the global oilfield services market through 2020.
Knowing which horizon crude oil flows from and in what proportions has been a major challenge for shale producers. Increasingly, they are turning to new technology to find the answer. Figuring out how far apart to place horizontal wellbores remains one of the biggest challenges facing the future of the shale revolution. One roadblock appears to be the way in which the sector has traditionally measured these distances. Equinor, Microsoft, and Halliburton are among those joining forces.
Producers and investors continue to reward small companies with big solutions that lean on new software and hardware to lift the bottom line of one the world’s few trillion-dollar industries. The international major is calling its latest multiwell project in the Permian Basin a “beacon of innovation.” The goal is to see if combining digital technologies will lower the operating costs of its shale assets. For the past 20 years, the diagnostic fracture injection test has been used across the frontlines of the shale revolution to paint a picture of what cannot be seen. However, that picture has not always been so clear in the eyes of subsurface engineers.
The firm has outlined a restructuring plan that will see it sell off subsidiaries and erase more than $4.6 billion in debt. Merging new knowledge and technological capabilities among the disciplines—and beyond—will be crucial to sustaining the industry for the long term. First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule. Lower oil prices and capital discipline are expected to result in a double-digit drop in shale and tight oil spending, while deepwater momentum is seen continuing. This comes as “massive investments” will be needed in the next decade to meet growing oil demand.
The withdrawal comes at a time of increasing tension between the US and Iraq, which makes investment in the country riskier. Merging new knowledge and technological capabilities among the disciplines—and beyond—will be crucial to sustaining the industry for the long term. The largest natural gas field in the rising Eastern Mediterranean region is now flowing after being discovered a decade ago. First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule. The international major is calling its latest multiwell project in the Permian Basin a “beacon of innovation.”
Production data from the oldest horizontal wells in the three largest oil plays in the US show that annual decline rates remain relatively high for a long period of time. This challenges assumptions held about production after 5 years and directly affects reserve and ultimate recovery estimates. While renewable energy sources are poised to see major growth, possibly displacing natural gas as the top source of electricity in the US, hydrocarbon production will remain above or near current historical highs until at least 2050. Guyana continues to strengthen its reputation as the world’s fastest growing offshore exploration hotspot. Amid weakening confidence and volatile market conditions, greater efficiencies and decarbonization are at the center of the industry’s agenda.
Transocean reported a long list of reasons why the deepwater drilling business is coming back strong. Making money is still not one of them. 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. Wells in deepwater reservoirs show significant rate decline with time as the result of various causes. A diagnostic tool for quantification of factors influencing well-productivity decline is presented in this paper.
Sometimes problems turn out to be an opportunity to try something new. In this case, the result was a well design unlike anything most in the shale sector have seen before. High-tech testing is playing a bigger role than ever in helping shale producers reduce the time needed to screen out bad ideas. An Unconventional Challenge: Can Casing Failures During Hydraulic Fracturing Be Stopped? As opposed to frac hits, this rising problem is considered to be an intrawell phenomena.
The Orca-1 and Marsouin-1 wells have derisked up to 50 Tcf of gas initially in place from the Cenomanian and Albian plays in the BirAllah area, more than sufficient to support a world-scale LNG project, partner Kosmos Energy said. Separate collaboration agreements between ADNOC and Lukoil, Gazprom Neft, and the Russian Energy Agency cover all segments of the oil and gas industry, including upstream technology and exploration and development of Abu Dhabi concessions. In its first 50 years, LNG has become the world’s fastest-growing gas supply source and is now part of an upheaval in the global energy market. Today, the sector stands at a crossroads, and the industry must adopt new thinking to address current and future needs of buyers, sellers, and consumers. Anadarko Petroleum now plans to exit its agreement with Chevron after deeming Occidental Petroleum's revised takeover bid "superior."