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New USGS assessment indicates Wolfcamp shale holds an estimated 20 billion barrels of oil

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The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion bbls of oil, 16 trillion cu ft of associated natural gas, and 1.6 billion bbls of natural gas liquids, according to an assessment by the US Geological Survey. This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources. The estimate of continuous oil in the Midland Basin Wolfcamp shale assessment is nearly three times larger than that of the 2013 USGS Bakken-Three Forks resource assessment, making this the largest estimated continuous oil accumulation that USGS has assessed in the United States to date. “The fact that this is the largest assessment of continuous oil we have ever done just goes ...

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GE, Maersk Drilling pilot predictive maintenance program

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GE and Maersk Drilling announced a partnership today to collaborate on a data analytics pilot project to increase Maersk’s drilling vessels’ productivity and to possibly reduce maintenance costs by up to 20%. The two companies have collaborated to deploy SeaStream Insight, GE’s new marine asset performance management program, powered by Predix. The pilot project will be carried out on one of Maersk Drilling’s...

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McReaken, Loftis win IADC Exemplary Service Awards

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IADC presented industry veterans Scott McReaken and Terry Loftis with Exemplary Service Awards at the 2016 IADC Annual General Meeting in Scottsdale, Ariz., on 3 November. Mr McReaken, CEO of Sevan Drilling, was recognized for his service as IADC Secretary/Treasurer since 2013 and as an IADC Executive Committee member. Mr Loftis, Director of Engineering at Transocean, was recognized for his work as chairman of the IADC Advanced Rig Technology (ART) Committee...

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Political instability keeps Latin America a challenging region for oil and gas industry

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Many countries in Latin America continue to struggle with political and social instability, resulting in uncertain rules and regulations for the oil and gas industry. In Venezuela, for example, the country’s goal of reaching 5.2 million bbl/day of production by 2012 has fallen significantly short, and it’s now producing only 2.1-2.2 million bbl/day. However, if the country installs a new government with policies designed to capitalize on the country’s vast hydrocarbon resources, that 5.2 million bbl/day production goal could be achievable within five years, according to Jorge R. Piñon, Director of the Latin America and Caribbean Energy Program and Interim Director for the Jackson School of Geosciences at The University of Texas at Austin. Watch DC’s video from the 2016 IADC Annual General Meeting in Scottsdale, Ariz., on 3 November for more details.

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