|Theme||Visible||Selectable||Appearance||Zoom Range (now: 0)|
The co-owners of the Terra Nova project offshore Newfoundland have reached an agreement in principle to restructure the project ownership and provide short-term funding toward continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision in the fall. A subset of owners will increase their ownership of the project for consideration payable from the other owners. Full details of the ownership swap were not disclosed, however, as a result, operator Suncor's ownership will increase to 48% from around 38%. The agreement is subject to finalized terms and approval from all parties, including board of director approval where appropriate, and is contingent upon the previously disclosed royalty and financial support from the Government of Newfoundland and Labrador. "Over the past year, Suncor has worked diligently with all stakeholders to determine a path forward for Terra Nova," said Mark Little, Suncor president and chief executive officer.
Introduction Petroleum data analytics is a solid engineering application of data science in petroleum-engineering-related problems. The engineering application of data science is defined as the use of artificial intelligence and machine learning to model physical phenomena purely based on facts (e.g., field measurements and data). The main objective of this technology is the complete avoidance of assumptions, simplifications, preconceived notions, and biases. One of the major characteristics of petroleum data analytics is its incorporation of explainable artificial intelligence (XAI). While using actual field measurements as the main building blocks of modeling physical phenomena, petroleum data analytics incorporates several types of machine-learning algorithms, including artificial neural networks, fuzzy set theory, and evolutionary computing.
Tropical storms severely affect oil and gas production in the Gulf of Mexico, especially during the storm season from June to December. Offshore well managers often need to shut down operations and evacuate the facility because of storm alerts. Furthermore, if the storms have a more-severe effect, facilities may need to be repaired before production restarts. The purpose of this paper is to determine the effect of storms on production by quantifying metrics such as downtime days and downtime percentage after the storm has passed and whether a facility's platform type affected these metrics. Oil and gas production at offshore facilities (Figure 1) are severely affected, especially in the Gulf of Mexico, by frequent storms.
The pandemic happened--we can't escape it. It has affected our personal lives and those of our families, friends, and loved ones. But how have we coped? We have adapted, we have overcome, and we have evolved our ways of working to be just as, if not more, effective in the face of the ever-changing environment in which we exist. If that's happening in our personal lives, where else might it be occurring?