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Shale to carry critical geostrategic implications for US for coming decades

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With the US assuming a new role as a swing producer due to the unconventionals, the nation is gaining far more influence over the global oil market than before, Baron Lukas, CEO of EnviroLogic Solutions, said at the 2016 IADC Drilling Onshore Conference in Houston. In addition, shale could allow the US to become fully energy-independent. In this video from the conference on 19 May, Mr Lukas explains the geostrategic implications of US shale production. He also discusses demographic trends, such as aging populations in developed countries, that could have an impact on long-term energy demand.

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BP: Operating on model of independent operator helping to weather downturn in Lower 48

BP has been able to speed up the company’s decision-making process and innovation by forming a separate business entity for the Lower 48, said Tripp Edwards, BP VP Drilling, during the Operator’s Outlook panel at the 2016 IADC Drilling Onshore Conference in Houston on 19 May.

International supermajor BP is weathering the downturn in the Lower 48 by operating this segment of the business more like an independent. This has been achieved by forming a separate business entity for this market, allowing for faster decision making and adoption of innovations, said Tripp Edwards, Vice President...

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US onshore rig count to pick up in 2017, but recovery will be gradual

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The US land rig count is expected to remain flat for the remainder of the year, but approximately 200 rigs will go back to work in 2017, James West, Senior Managing Director at Evercore ISI, said at the 2016 IADC Drilling Onshore Conference in Houston. This signals a recovery, but it’s like to happen gradually rather than immediately. In this video from the conference on 19 May, Mr West explains some of the factors that will moderate the onshore drilling market recovery, including challenges around labor and equipment.

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Marshall Adkins: US onshore rig count has potential to average 1,000 by 2017

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After almost two years of falling oil prices and rig counts, the industry should soon begin to see the light at the end of the tunnel. Raymond James and Associates is forecasting oil prices to average $60 in Q3 this year and $75 in 2017. “I think we are right at the beginning of a multi-year cyclical upswing in our business,” Marshall Adkins, Managing Director at Raymond James, said...

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Onshore drillers pull all available cost levers to economize wells

Precision Rig 580, drilling in the Niobrara Chalk, is a 1,500-hp rig with a maximum drilling depth of 20,010 ft.

Even at the end of 2015, there had been some small hope that there would be a slight recovery in oil prices by mid-2016, lifting onshore drilling activities somewhat higher later in the year. However, when oil prices sank below $30/bbl in January, such optimism faded. Instead, the fall further motivated cost-reduction efforts across the industry. Operators were pressured to continue cutting back on their rig count and to seek additional ways to enhance efficiency throughout the well construction process. Drilling contractors appear to be ridding themselves of older rigs and directing resources toward maintaining their newer, high-spec assets.

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BP, Oman extend license to develop second phase of Khazzan tight gas field

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BP and Oman Oil signed a heads of agreement with the Government of the Sultanate of Oman committing to amend the Oman Block 61 exploration and production sharing agreement (EPSA), extending the license area of the block and enabling a further development of the major Khazzan tight gas field. BP is the operator of Block 61 with a 60% interest and Oman Oil holds the other 40%.

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