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Wood Mackenzie: No sign of significant oil production shut-ins at $35/bbl

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A new global oil production analysis indicates that 3.4 million bbl/day of oil production is cash negative at a Brent oil price of $35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with approximately 100,000 bbl/day shut-in globally to date. According to the Wood Mackenzie report, the areas with the largest volumes shut-in so far have been Canada onshore and oil sands, conventional US onshore projects and aging UK North Sea fields. However, the number of shut-ins is unlikely to increase at the rate some might expect, as many producers hold out in the hope of a price rebound.

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Subsea Safety System provides electrohydraulic control of subsea safety tree

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Halliburton has released the Dash 3-in. Subsea Safety System for electrohydraulic control of the company’s subsea safety tree. Previously, control was provided through direct hydraulic pressure from the surface. This latest edition to the Dash series employs the speed of electrohydraulic actuation in core safety functions while still providing full direct hydraulic redundant control of all functions. This helps to increase reliability and provide more cost-efficient operation and maintenance.

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Drilling Ahead: Boom/bust: Nothing new under the sun

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The reviews are in, and this is the worst downturn since the 1980s. After the baby bust of 2008-09, it was easy to think, “This too shall pass.” But, as one frustrated exec told me on the cusp of the Great Downturn, “We worked every angle from the 2009 playbook, but nothing succeeded.” During the 2009 downturn, gas went flat as swollen inventories cratered prices. But liquids and crude prices still soared. We don’t have an escape route this time.

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BP realigns senior executive team

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BP has appointed Lamar McKay to the new position of Deputy Group Chief Executive. Mr McKay, currently Chief Executive of BP’s Upstream segment and a 35-year veteran of BP, will be based in London and take up the role following a suitable handover period. He will be succeeded as Upstream Chief Executive by Bernard Looney, currently Chief Operating Officer, Production, in the Upstream segment.

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Canadian project puts high-horesepower frac pump into the field

The SPM QEM 3000 was designed for continuous-duty pressure pumping operations at a sustained 275,000-lb road load, 24 hours per day, seven days per week.

Texas-based Weir Oil & Gas has partnered with Canada-based Canyon Services Group to take Weir’s SPM QEM 3000 frac pump to the field. It is the industry’s first high-horsepower frac pump designed for continuous-duty pressure pumping operations at a sustained 275,000-lb rod load, 24 hours per day, seven days per week. The pump is projected to reduce total cost of ownership by 17%.

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