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BP and Eni to agree to pursue major new exploration opportunity in Oman

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BP and Eni have signed a heads of agreement (HoA) with the Ministry of Oil and Gas of the Sultanate of Oman to work jointly towards a significant new exploration opportunity in Oman. Under the HoA, the two companies will work with the Government of Oman towards the award of a new exploration and production sharing agreement (EPSA) for Block 77 in central Oman. BP and Eni will now enter discussions with the Ministry to finalize details of the EPSA. “This would represent a further deepening of BP’s important position in Oman, building on our successful delivery of the major Khazzan project in 2017 and its second phase of development that is currently under construction,” Bernard Looney, BP Chief Executive Upstream, said. ...

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Rystad Energy: Haynesville Shale set to surpass historical gas output record from 2011

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Gas production in the state of Louisiana in the southern US will soon reach record heights thanks to an outstanding resurgence of the Haynesville shale play. Rystad Energy research shows that the Haynesville Shale alone was able to add 1.85 billion cu. ft per day of gross gas production (Bcfd) between Q4 2016 and Q4 2017. Another 1.3 Bcfd was added last year. Production needs to increase by another 700 million cu. ft per day (MMcfd) in order to reach new all-time highs. “We conclude that Haynesville Shale’s revival, for the second year in a row, looks sustainable. Supported by its proximity to a new LNG export terminal, gas production will continue to grow, and achieving new all-time high gas production levels should happen within ...

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IHS Markit: Anadarko Basin’s unconventional reserves estimated to be 16 billion barrels of oil

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The Greater Anadarko Basin, a prolific source of conventional US oil and gas production since the 1950s, holds an estimated 16 billion bbl and more than 200 trillion cu. ft of gas in un-risked technically recoverable resources in unconventional reservoirs, according to new energy research from IHS Markit. “The Anadarko Basin has long been a major contributor to US production, but it is just getting started in terms of delivering on its unconventional production potential,” said John Roberts, Executive Director, Global Subsurface Operations and co-author of the IHS Markit Anadarko Basin research with Prithiraj Chungkham, Director of Unconventional Resources. “We are now witnessing a new kind of Oklahoma land rush. But unlike what happened in 1889 when lands were opened to settlement, this time ...

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Halliburton awarded drilling contract from Eni

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Halliburton has announced it has signed two contracts with Eni to provide integrated drilling services at Eni’s Zubair Oil Field in Southern Iraq. Under the contracts, Halliburton will mobilize four to six rigs to drill development wells over the next two years. “We are pleased to be awarded this work and the opportunity to collaborate with Eni to engineer solutions for the development of Zubair,” Mahmoud El-Kady, Vice President of the Iraq Area for Halliburton, said. “We have provided a wide array of drilling services to Eni since 2011 and signing these contracts are a testimony to our continuous commitment to safety and superior service quality.” Halliburton is one of the leading service companies in Iraq and is focused on safe ...

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USGS identifies largest continuous oil and gas resource potential ever

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The US Department of the Interior announced the Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico’s Permian Basin province contain an estimated mean of 46.3 billion bbl, 281 trillion cu ft of natural gas, and 20 billion bbl of natural gas liquids, according to an assessment by the US Geological Survey (USGS). This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources. “Christmas came a few weeks early this year,” Ryan Zinke, US Secretary of the Interior, said. “American strength flows from American energy, and as it turns out, we have a lot of American energy. Before this assessment came down, I was bullish on oil and gas production in the United States. Now, I ...

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SIMMONS EDECO awarded contract by Tonalli Energia

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SIMMONS EDECO has announced that it has been awarded a contract by Tonalli Energia to provide drilling services in Mexico. The contract, which has already begun, engages SIMMONS EDECO to support Tonalli’s onshore oil and gas development Block 24. The Block known as Tecolutla, is in the Tampico-Misantla Basin in the Mexican state of Veracruz. SIMMONS EDECO will drill the horizontal well 2310 TVD to a measured depth of 3,750 m by using Rig 836, which recently drilled a number of wells on the Amatitlan block in Mexico.  Cultivating a new relationship  Although SIMMONS EDECO has been providing onshore drilling services in Mexico since 2015, this drilling project represents the first time that the company will have worked on behalf of Tonalli Energia, a joint venture between Mexican ...

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Industry attention redirecting back to more mature unconventional plays

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A lot of attention in the drilling industry is being directed back to some of the more mature plays like the Eagle Ford and Bakken, said Todd Bush, VP Commercial and Principal, Westwood Global Energy. In this video from the 2018 IADC Annual General Meeting in New Orleans on 8 November, Mr Bush talks about what’s driving this trend, as well as his forecasts for drilled but uncompleted wells (DUCs) in the Permian and how production might be impacted. Further, he talks about why the Haynesville is now being closed monitored. Watch the video for more information.

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Wood secures $53 million of contracts supporting ADNOC Onshore

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Wood has been awarded three new, call-off contracts totaling $53 million by ADNOC Onshore, a subsidiary of Abu Dhabi National Oil Company (ADNOC). Project management consultancy (PMC) services will be provided for major projects across the company’s onshore fields in Abu Dhabi, aimed at supporting ADNOC’s group-wide production capacity target of 4 million BPD by 2020. Creating around 100 new jobs in the country, the five-year contracts have one-year extension options available. This win builds on Wood’s successful track record of partnering with ADNOC, which spans over 40 years and has included multiple, significant PMC projects. “Wood has a strong foothold in the Middle East and our strategic focus on continuing to broaden the capabilities we deliver to the oil and ...

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ADES completes acquisition of drilling operations from Weatherford in Kuwait

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ADES, a leading oil and gas drilling and production services provider in the Middle East and North Africa, has announced that it has completed the acquisition of twelve onshore rigs from Weatherford in Kuwait. The transaction forms part of the previously signed definitive agreement with a subsidiary of Weatherford to acquire 31 onshore drilling rigs for a total consideration of $287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq. Transaction Highlights Twelve rigs acquired for a total consideration of $123 million, two idle land-drilling rigs in Southern Iraq for an additional $12 million pending delivery, all of which were financed through a combination of cash and secured debt instruments. Eight out of 12 rigs currently contracted in Kuwait with a cumulative estimated backlog ...

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BP completes purchase of BHP assets in US onshore

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BP has completed the $10.5 billion acquisition of BHP’s US unconventional assets in a landmark deal that will significantly upgrade BP’s US onshore oil and gas portfolio and help drive long-term growth. The acquisition – which was announced in July and closed as scheduled on 31 October – adds oil and gas production of 190,000 BOED and 4.6 billion BOE of discovered resources in the liquids-rich regions of the Permian and Eagle Ford basins in Texas and in the Haynesville natural gas basin in East Texas and Louisiana. Following integration, the transaction will be accretive to earnings, is estimated to generate more than $350 million of annual pre-tax synergies and is expected to boost upstream pre-tax free cash flow by $1 billion, to ...

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