The round marked a continuation of a recent trend on the UKCS in which lesser-known firms and newcomers have gained stature, replacing more-familiar, bigger operators that have pared down their North Sea positions. Some 3,000 people and counting intrigued by UK oil and gas data have signed up for access to the country’s new National Data Repository. What motivated the OGA to make the data available to the public, and what can the public do with the data? Leaders from UK’s Oil and Gas Authority, Total, CNOOC, and Equinor discuss exploration successes, misses, and expectations for the offshore UK.
Leading voices in the oil and gas industry looked at key market changes, the regulatory and political climate, and potential business model disruptors in a wide-ranging panel discussion at the recent Houston Energy Breakfast. A new report notes significant shifts occurring in the E&P industry and urges oil and gas companies to increase the pace of innovation and rethink their business models.
Full-year 2017 and fourth-quarter financial results show an improving picture for the industry’s three largest oilfield services companies. After 3-plus years of cutbacks, the service sector outlook has turned relatively positive. Second-quarter financial results show a modest improvement for the industry’s three largest oilfield services companies.
R&D may be the key to the survival of companies as the new economics of the industry take hold. Even as the oil and gas industry looks for the next great idea to propel it forward, it should constantly reconsider past innovations for inspiration, the CEO of a major operator said Monday on the opening day of 2017 SPE ATCE. The R&D Technical Section dinner at ATCE drew varying perspectives as the panelists discussed, and sometimes debated, a range of approaches to safeguarding industry viability and growth in the years ahead.
Second-quarter financial results show a modest improvement for the industry’s three largest oilfield services companies. Schlumberger and Baker Hughes leaders said increased investments are critical to ensuring technological advancements for the industry. Of all the attention generated over the opening of the Mexican oil and gas sector to the outside world, one consideration has been largely left out of the discussion: What does it all mean for service companies?
One E&P company has found that implementing and sustaining a portfolio process require technical solutions and application of best practices for three critical elements: production forecasting, project modeling and economic evaluation, and portfolio management and decision making. The objective of this paper is to develop and demonstrate an efficient work flow that will help stakeholders make better decisions in the area of completion planning.
Peter Hays, a partner in mergers and acquisitions (M&A) at law firm King & Spalding, says that stabilization in the oil market has helped the industry M&A business to recover. Schlumberger and Weatherford are forming a joint venture to tackle the North American unconventionals oilfield services market. Merger and acquisition activity has been limited since prices started to fall in 2014. But there are signs that M&A activity may be building, and oil company management teams should think about which deal strategies they should pursue.
Iran’s national oil company is offering investment opportunities in 50 fields to global bidders, its first effort to do so since the 2015 pact with world powers that lifted nuclear-related sanctions against the country. Iran has surprised many global market experts with how rapidly it has increased crude oil production, following the January international agreement that lifted nuclear-related sanctions against the country. External companies get a look at new terms for production in Iran.
Through data gathering, machine learning, and the use of a supercomputer, a non-profit organization in Texas is seeking to boost oil and gas production on land owned by the states’ two largest university systems. This paper reviews two newly developed novel completion systems that significantly reduce time spent performing multistage stimulation in environments where cost and consequence of failure are high.