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Global and Regional Markets

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


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


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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IBP: Regulatory framework must be improved to attract investment for Brazilian E&P

Speaking at the 2016 IADC International Deepwater Drilling Conference in Rio de Janeiro on 16 March, IBP Secretary General Milton Costa Filho urged widespread improvements to the E&P regulatory framework in Brazil in order to improve the country’s attractiveness for investments.

The geologic potential in Brazil’s pre-salt fields is enormous – estimated by the Industry Federation of the State of Rio de Janeiro to contain 56 billion barrels of oil equivalent. Further, Wood Mackenzie analysis shows that approximately 40% of total recoverable liquids discovered over the past decade have come from the Brazilian pre-salt.

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Helge Haldorsen: Change the business or we won’t be viable

Statoil Mexico General Director Helge Hove Haldorsen urged the industry to consider new technologies and new ways of working in order to operate efficiently at $40-$50 oil prices at the 2016 SPE/ICoTA Coiled Tubing & Well Intervention Conference in Houston on 22 March.

As the E&P industry navigates through the challenges of prolonged low oil prices, Statoil Mexico General Director Helge Hove Haldorsen is urging companies to look for efficiency gains through innovation rather than mere cost reductions. “We cannot cost-cut our way to greatness,” he said at the 2016 SPE/ICoTA Coiled Tubing & Well Intervention Conference in Houston on 22 March.

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PPSA director urges fast action to make pre-salt competitive on world stage


As the PPSA looks to the future of pre-salt projects in Brazil, the group realizes that the long-term challenge is not simply to make pre-salt economically feasible. The challenge is to make it competitive against other sources of energy – from shales in North America to deepwater in West Africa and even to renewables. “There was a ten-fold reduction in the cost of solar power in the last 10 years, and more reductions will still come. New technologies are coming, so we are competing against all of those things,” Edson Nakagawa, PPSA Operation Director, said at the 2016 IADC International Deepwater Drilling Conference in Rio de Janeiro on 15 March.

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