Home / Microsites / Global and Regional Markets (page 5)

Global and Regional Markets

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, ...

Read More »

Keppel FloaTEC secures engineering, construction support services contract for first TLWP in Vietnam

default-img-featured-offshore3

Keppel FloaTEC, a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has secured a contract worth about $40 million from PTSC Mechanical & Construction (PTSC M&C) to provide engineering, technology and construction management support services for the Repsol Ca Rong Do Tension Leg Wellhead Platform (TLWP) to be built in Vietnam...

Read More »

IBP: Brazil is ‘on the right track’ with changes to local content, tax regimes, environmental licensing

IBP Secretary-General Milton Costa Filho expressed confidence that improvements will be coming soon to Brazil’s environmental licensing process. Technical engagements with IBAMA are helping the agency to understand how the E&P industry works and what its technical issues are, he said. “We are also bringing experience from other countries. Having benchmarks is very important,” he said.

It might be an understatement to say that the Brazilian oil and gas industry is in a state of flux. With the double whammy of a global oil price collapse and a corruption scandal that brought its national oil company to the brink of meltdown, Brazil looked like it was headed for some deeply troubling times...

Read More »

OriginClear to test water treatment solution at Sinopec shale gas site in Chongqing, China

originclear

OriginClear, a leading provider of water treatment solutions, announced its partnership with a regional organization in the Chinese province of Shandong for remediation of a shale gas site operated by the government-owned Sinopec Group, Asia's largest oil and gas company, and the second largest in the world, as listed in the Fortune Global 500...

Read More »

Newfield’s oil well breaks record 24-hour peak, 20-day average oil production rates

default-img-featured-land

Newfield Exploration Company‘s STACK (Oklahoma’s Sooner Trend oilfield, Anadarko Basin, and Canadian and Kingfisher counties) well recently achieved record oil production, according to the company’s recently disclosed results. Newfield has also raised expectations for its Q1 2017 domestic production. The Burgess well (4,859-ft lateral length), located in Kingfisher County, Okla., and the heart of the company’s 300,000 net STACK acres, achieved a 24-hr flow rate of 2,931 bbl of oil equivalent per day (BOEPD) (69% oil) and a 20-day average rate of 2,492 BOEPD (70% oil). When compared against publicly available industry data, the Burgess achieved record 24-hr oil production per 1,000 ft of gross perforated interval (1,000 ft GPI), or 417 bbl of oil per 1,000 ft GPI. The well also had a record 20-day ...

Read More »