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A downhole compressor solution based on advanced magnetic technologies completed its first field trials in an unconventional gas well. Leaders of Rystad Energy went online recently to talk about the effects of the coronavirus pandemic on the oil and gas industry, and the prognosis isn’t good. 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. The largest oil and gas major in the US is calling for tighter rules around methane monitoring, wellhead venting, and the replacement of equipment components with “high-leak potential.” Production monitoring requires heightened degrees of precision and efficiency as operations are streamlined and projects are evaluated continuously.
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.”
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.” The goal is to see if combining digital technologies will lower the operating costs of its shale assets.
Most of ConocoPhillips’ oil and gas production by the end of the next decade will come from its unconventional operations. But, for the near-term, the Houston independent will rely on conventional assets as it seeks to keep spending in check, decline rates low, and cash flow on the rise. Xu Keqiang took the reins as CEO of the Chinese national oil company on 19 November. Meanwhile, more oil is flowing from the offshore Caofeidian 11-1/11-6 oilfield project. Macroeconomic and business risks, investor uncertainty, and the energy transition highlight the challenges outlined in the report.
The US major has had a stake in the field since it started production in 1997. It produced 584,000 B/D of oil last year. Service firms are diversifying their portfolios, in part driven by large-scale budget cuts among operators since the industrywide downturn. GAO believes BOEM often undervalues its tracts offered to operators in offshore lease sales. Expected to close 31 October, the deal will create one of the largest pressure pumpers in the US.
Technology startups are breathing new life into an old industry with advanced software and emerging chemistry solutions. The well will immediately be brought on production and is expected to flow at more than 100 MMscf/D of gas and 3,000 B/D of associated condensate, the company said. The $5.6-billion deal includes the Prudhoe Bay field and the Trans Alaska Pipeline and vaults Hilcorp to be the second-largest Alaska producer and reserves holder, behind only ConocoPhillips. The shale sector is making moves to consolidate amid investor pressure to increase cash flow. This deal will form the second-largest producer in Colorado’s DJ Basin.
Heavy deal-making since 2015 by the two majors has resulted in very different upstream portfolios. EP Energy is now one of at least 200 North American exploration and production companies to have filed for bankruptcy since 2015. The current M&A market is characterized by an increase in private capital, geographical diversity, and a variety of transaction types, including joint ventures and royalty deals. ConocoPhillips has pulled out of the much-hyped Louisiana Austin Chalk play after the company’s test wells yielded a gusher of water. Recent exploration success in the North Sea has motivated Total to invest some $10 billion in the basin over the next 5 years.
Recent exploration success in the North Sea has motivated Total to invest some $10 billion in the basin over the next 5 years. Equinor, Microsoft, and Halliburton are among those joining forces. Colombia’s New Ambitions Include Caribbean and Shale Development, But Are They Achievable? Colombia is walking a thin line between becoming another fading petroleum province and Latin America’s next big success story. Its aces in the hole: unleashing its nascent offshore and unconventional sectors.
If the shale sector’s most complex problem can be solved, it will require companies to use their wells as a team. Newly detailed field work shows that a good defense is the key to success. The international major has been playing with intelligent programs for years, but this new deal shows that it is now ready to scale those efforts up to cover hundreds of thousands of pieces of equipment. The 5-year-old software startup is getting noticed by the oil and gas industry for its ability to accelerate analytics projects by taking care of all the tedious work involved with data wrangling. 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.