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Global and Regional Markets

ADNOC expands partnership approach to build on 2030 growth strategy

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The Abu Dhabi National Oil Company (ADNOC) has announced that it will develop and further expand a regional, fully integrated drilling company, including the development of upstream concessions with partners that may also seek to strategically partner with ADNOC in other parts of the value chain. This work will be done as part of ADNOC’s expansion of its partnership model, which will span the group’s entire value chain....

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Drilling outlook: Offshore to remain weaker than onshore in near future

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This year has so far been better than 206, but the industry still has a long way to go on its path to recovery. Speaking at the 2017 IADC World Drilling Conference on 28 June in Amsterdam, Matt Adams, Senior Analyst with Douglas-Westwood, highlighted the current attractiveness of onshore projects compared with offshore, including the lower risks and quicker returns...

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IHS Markit: Large production growth expected for Canadian oil sands through 2026

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IHS Markit has released its outlook for Canadian oil sands production through 2026. IHS Markit expects large production growth through 2019—making Canada the second largest source of global supply growth during that time. More modest, but sustained growth is expected beyond 2019, with oil sands production at the end of 2026 around one million bpd higher than in 2017...

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Zinke signs secretarial order to jump-start Alaskan energy

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Flanked by members of Alaska’s energy sector and elected officials at the Alaska Oil and Gas Association annual conference, US Secretary of the Interior Ryan Zinke signed a secretarial order to jump-start Alaskan energy production in the National Petroleum Reserve – Alaska (NPR-A) and update resource assessments for areas of the North Slope, including the "1002 area" of the Arctic National Wildlife Refuge (ANWR)...

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IHS Markit: Pricing power for service sector could push up total well costs, curtailing US onshore recovery in 2018

Stephen Beck, Senior Director and Head of North American Oil & Gas Supply Forecasting for IHS Markit, speaks on a panel session at the 2017 IADC Drilling Onshore Conference on 18 May in Houston. Mr Beck explained that rising service costs will likely slow US onshore production in 2018, despite considerable activity ramp-up this year.

By Linda Hsieh, Managing Editor The US land rig count has doubled from its nadir last year, but land drillers must be cautious about basking in “an irrational exuberance,” Stephen Beck, Senior Director and Head of North American Oil & Gas Supply Forecasting for IHS Markit, said. Speaking at the 2017 IADC Drilling Onshore Conference on 18 May in Houston, Mr Beck noted that the industry’s excitement over increasing activity levels is overshadowing the attention that should be paid to supply impacts. “Rig count recovery has already outpaced the price of oil,” he cautioned, noting that oil prices have not grown much this year to support such an increase in the rig count. Going into the second half of 2017, ...

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