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Onshore Advances

Preferred Sands continues construction, hiring at newest in-basin frac sand mine in Oklahoma

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Preferred Proppants has announced that construction is underway on an in-basin frac sand mine and facility in Oakwood, Okla. The mine is expected to come online in Q3 2018 and the company is currently looking to fill approximately 100 positions including electricians, maintenance technicians, heavy equipment operators, loaders, utility hands, plant operators, loadout operators and more...

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Offline operations in the Eagle Ford help Marathon Oil to reduce flat time on critical path of drilling rig

Adrian Binnion advised that strict consistency is necessary to maintain the economic benefit of offline surface casing running, due to the extra equipment costs incurred and the small margins associated with the operation. Marathon Oil also has field-tested offline production casing cementing on five wells in the Eagle Ford, which has also proven to be a technical success.

The beauty of unconventional drilling in North America today is that it is highly repetitive, which gives operators the opportunity over and over again to optimize their processes. The flip side of that coin, however, is that progress is typically incremental because the entire business of North American onshore drilling is already so highly efficient...

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Sales process of Iceland Drilling initiated

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A sales process has been initiated for the sale of all shares in Iceland Drilling. Iceland Drilling is owned by SF III, a fund managed by Stefnir Asset Management, private investors and employees. Iceland Drilling was established in 1986 on the foundations of its state-owned predecessor that had operated in drilling of geothermal wells in Iceland since 1945. The key aim with establishing Iceland Drilling was to maintain and enhance within the company the specialized knowledge and skill acquired in the field of onshore drilling over the past decades. Iceland Drilling is a dominant player in the Icelandic market in addition to participating in tenders all over the world. The company has gained significant experience in high-temperature drilling and will ...

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US crude production grew 5% in 2017, likely will lead to record 2018 production

Source: U.S. Energy Information Administration, Petroleum Supply Monthly.

Annual average US crude oil production reached 9.3 million barrels per day (bbl/day) in 2017, an increase of 464,000 bbl/day from 2016 levels after declining by 551,000 bbl/day in 2016. In November 2017, monthly US crude oil production reached 10.07 million bbl/day, the highest monthly level of crude oil production in US history. US crude oil production has increased significantly over the past 10 years, driven mainly by production from tight rock formations using horizontal drilling and hydraulic fracturing. EIA projects that US crude oil production will continue to grow in 2018 and 2019, averaging 10.7 million bbl/day and 11.3 million bbl/day, respectively...

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