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Shale won’t replace deepwater, but offshore industry must reengineer value chain to reach economic parity with onshore

Chris Beckett, CEO, Pacific Drilling

We noticed signs of weakness and a relative lack of contract availability as early as Q2 or Q3 of 2014. The ultra deepwater-focused companies were already considering how deepwater economics were challenged at $75-$80 per barrel price. As a result, we had seen a lot of our clients take a pause in exploration activity, but obviously, it’s gotten worse since 2014.

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Short-term approach to personnel development is a growing concern, DNV GL survey finds

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A report published by DNV GL reveals that skills shortages are seen as a barrier to growth and an increasing concern throughout the US. More than half of respondents believe organizations are taking a short-term approach to skills and career development. “A New Reality: The Outlook for the Oil and Gas Industry in 2016” is based on a global survey of 921 senior professionals in the sector. It shows that an increased portion of US respondents see cost management as the top priority in 2016 – 38% compared with 25% in 2015.

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Dissolvable tools, plug-less and wave fracturing among innovations delivering more efficient multistage completions

The Infinity dissolvable plug-and-perf system uses degradable fracturing balls and seats instead of plugs to isolate zones during stimulation. The ball and seat disintegrate into a fine powder, eliminating the need for milling and enabling full-bore production. The system is suitable for multistage stimulation in various well geometries, including extended-reach wells and underpressured reservoirs.

The past 12 months have been marked by market volatility, pressures to cut costs and a drastic reduction in the number of onshore wells drilled. In the unconventional sector, however, innovation for multistage completion technology has not diminished. R&D efforts are pressing on in response to operator demands to drive down costs and boost recovery.

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