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Global and Regional Markets

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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BP’s Looney: To remain competitive, costs must be lowered sustainably, not follow oil prices

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World energy demand is likely to increase by a third by 2035, according to BP’s forecasts. However, oil and gas will face increasing competition from alternative energy sources over the coming years, BP Chief Executive of Upstream Bernard Looney said at the 2016 OTC on 2 May in Houston...

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CNH, IADC discuss regulations for Mexico’s upstream industry

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Mexico’s National Hydrocarbon Commission (CNH) met with IADC on 9 March to obtain industry input on CNH’s regulatory priorities. Juan Carlos Zepeda Molina, the President Commissioner of CNH, said he hopes the cooperation between the two groups will help CNH to develop more robust regulations for Mexico’s upstream industry. In this video, filmed during CNH’s visit to Houston, Mr Zepeda outlines CNH’s goals for the coming year and its efforts to be a transparent and reliable organization that will earn the trust of the Mexican people. Read more about CNH’s plans and activities in the May/June issue of Drilling Contractor, due out the first week of May.

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BP, CNPC sign shale gas production-sharing contract in China

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BP and China National Petroleum Corporation (CNPC) signed a production sharing contract (PSC) for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Basin, China. Witnessed by BP Group Chief Executive Bob Dudley and CNPC Chairman Wang Yilin, the contract is BP’s first shale gas PSC in China and covers an area of approximately 1,500 sq km. CNPC will be operator for this project.

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