|Theme||Visible||Selectable||Appearance||Zoom Range (now: 0)|
Equal to P1. Glossary of Petroleum Resources Management System - June 2018 (revised version) The process (and associated costs) of returning part or all of a project to a safe and environmentally compliant condition when operations cease. Examples include, but are not limited to, the removal of surface facilities, wellbore plugging procedures, and environmental remediation. In some instances, there may be salvage value associated with the equipment removed from the project. ADR costs are presumed to be without consideration of any salvage value, unless presented as "ADR net of salvage." Arithmetic summation of incremental categories may yield different results from probabilistic aggregation of distributions. Method used in resources estimation in the exploration and early development stages (including improved recovery projects) when direct measurement is limited. Based on evaluator's assessment of similarities of the analogous reservoir(s) together with the development plan.
A production engineer is responsible for generating the production forecast for a well or for a field. Where does the engineer start? Darcy's law gives an estimate of the initial production. Once production drops from the peak or plateau rate, the engineer needs an estimate of decline rate. One can quickly realize that, with all these uncertainties, production forecasts are another candidate on which to use risk analysis techniques to help quantify the uncertainty.
Forecasts for oil demand are looking up, according to OPEC and the International Energy Agency as of mid-July. Will the optimistic views prove to be on target? We have learned how the market can shift or wildly careen, both historically and in the very recent past. Looking at the forecasts, which reflect a consensus of sorts, is encouraging for producers. OPEC's monthly report of 15 July projected global oil demand to reach nearly 100 million B/D next year, a level similar to pre-pandemic in 2019.
Stuart Murchie, SPE, and Lucas Mezzano, SPE, were appointed senior and junior chairman, respectively, of the Intervention and Coiled Tubing Association (ICoTA) board of directors. Murchie was the junior chair for the past 2 years. Mezzano has been a member of the board of directors for the past 5 years. Murchie is the president for Middle East Asia Pacific and executive vice president of technology commercialization at Altus Intervention. He has more than 35 years of experience in the upstream industry.
Equinor will exit two Mexican deepwater blocks as part its upstream investment strategy to focus on assets offering rapid and strong returns. The two blocks located in the Salina Sureste basin were acquired in Mexico's 1.4 bid round in an equal equity split with BP and TotalEnergies. Block 3, where Equinor holds a 33% operating interest, has water depths ranging from 900 to 2500 m. Block 1, where BP is the operator, has water depths ranging from 200 to 3100 m. Exploration commitments include a single well on each block, not yet drilled.
The 2021 SPE Annual Technical Conference and Exhibition (ATCE) will take place next month in Dubai from 21–23 September. Hosted by Dragon Oil, the conference offers a technical agenda that reflects the changing oil and gas industry and its effects on the full spectrum of disciplines. The industry's leadership role in adapting to the world's shifting markets and priorities will be highlighted throughout the event with top-level speakers and panelists. The technical sessions will focus on presentations of papers selected by the program committee to guide attendees in understanding and applying innovative and cost-effective technologies in all aspects of the industry throughout the life cycle of an asset. The power of data analytics has evolved throughout all disciplines and has led to a deeper understanding of drilling, completions, production and operations, and reservoirs.
Arlen Edgar, 1981 SPE President and 1986 President of the American Institute of Mining, Metallurgical, and Petroleum Engineers (AIME), died 14 June. Edgar attended Tarleton State University from 1952 to 1953 and graduated from the University of Texas at Austin with a degree in petroleum engineering in 1956. He joined Pan American Petroleum Corp. (which was later Amoco) in 1957. In 1961, he became associated with Leibrock, Landreth, Campbell, and Callaway consulting engineering firm, rising to manager of the Consulting Division. At the same time, he served as secretary and a director of Canada-based Kanata Exploration and southern Louisiana-based Offshore Exploration Company.
The World Economic Forum's (WEF) Human Capital initiative has been implemented at Satbayev University (SU), Almaty, Kazakhstan, during the last 2 years. Participating in this effort are Chevron, Eni, Shell, and the Colorado School of Mines (Mines). The complete paper assesses the effectiveness of project components, such as industry guest lectures, summer internships, and program improvement, and provides lessons learned for human-resource-development initiatives. In most cases, the industry/university alliance is intermittent, short-term, and underdeveloped. The engagement of three stakeholders, such as government, industry, and the university, is the most-successful model of joint performance.
Petroleum Development Oman operates in harsh environments over which their drivers cover more than 320 million km annually. Driver fatigue is one of the leading causes of motor vehicle incidents (MVIs) associated with operations. The objective of the complete paper is to understand further how technology can support the prevention of driver fatigue and to explore driver beliefs related to fatigue and the technology designed to assist in fatigue avoidance. This study helped the operator's safety specialists understand driver fatigue and develop mechanisms to prevent it. Previous research has found that motor vehicle crash fatalities in the oil and gas industry are up to 8.5 times more common than in other occupations.
Oman's Ministry of Energy and Minerals will launch a new licensing round in August to explore and develop three blocks--onshore Blocks 66 and 38 which border Saudi Arabia and Yemen, respectively, and offshore Block 23 off the Sultanate's east coast in the Arabian Sea. Hungary's MOL Group is in the process of relinquishing Block 66 in the southwest Dhofar region along Oman's border with Saudi Arabia after Omani authorities granted MOL permission to exit the concession, according to MOL Group's website. MOL's 2019 annual report noted that it had received a license extension to spud the Men'nah exploration well in Block 66 in 2020. Block 66 was MOL's second concession in Oman. It first entered the Sultanate in 2006 after winning a bid to explore Block 43B.