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US Department of Interior releases Energy Burdens Report

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The US Department of the Interior has released the “Review of the Department of the Interior Actions that Potentially Burden Domestic Energy Report,” which was produced in response to Executive Order 13783. The report identifies agency actions that potentially burden the development or use of domestically produced energy resources, with particular attention to oil, natural gas, coal and nuclear energy resources. US Secretary of the Interior Ryan Zinke also signed Secretarial Order 3358, which will establish the Executive Committee for Expedited Permitting. “Developing our energy resources to grow our economy and protecting the environment are not mutually exclusive. However, while conducting the review outlined in the executive order, we found that several costly and burdensome regulations from the past threaten that balance by ...

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Department of Interior announces largest oil and gas lease sale in US history

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US Secretary of the Interior Ryan Zinke has announced that the Department of Interior is proposing the largest oil and gas lease sale ever held in the United States: 76,967,935 acres in federal waters of the Gulf of Mexico, offshore Texas, Louisiana, Mississippi, Alabama and Florida. The proposed regionwide lease sale, offering an area about the size of New Mexico, is scheduled for March 2018 and includes all available unleased areas on the Gulf’s Outer Continental Shelf (OCS), surpassing last year’s regionwide lease sale by about 1 million acres. “In today’s low-price energy environment, providing the offshore industry access to the maximum amount of opportunities possible is part of our strategy to spur local and regional economic dynamism and job creation and is ...

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IHS Markit: Tight inventory of deepwater E&P assets for M&A drives prices higher as offshore deal value increases

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Reduced spending for oil and gas exploration is limiting availability of quality deepwater assets for merger and acquisition (M&A) deals, according to a new report by IHS Markit. This lack of deepwater asset inventory is challenging E&P operators who seek to acquire assets in order to secure development funds or de-risk their portfolios. “Low oil prices have significantly reduced operator spending on exploration — particularly in the deepwater, which is very costly,” said Cindy Giglio, CFA, Senior Principal Energy M&A Analyst at IHS Markit. “This means fewer deepwater discoveries are made and even fewer world-class assets become available for sale or acquisition. As a result, those quality deepwater assets that do become available are commanding premium prices.” During this period, ...

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To navigate downturn, Vantage Drilling focuses on safety, putting rigs back to work and cost reductions

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When Ihab Toma took over Vantage Drilling as CEO last year, the company had just recently emerged from a Chapter 11 process with a modern rig fleet and strong operations team but with only three rigs contracted. As CEO, Mr Toma said he worked to refocus the company on what he called the three “wildly important goals” (WIGs): having stellar safety performance, putting all rigs back to work, and reducing costs and preserving cash to navigate the downturn. The company now has sold out its jackup fleet, with one drillship to go, and its backlog has doubled in the past six months. In this video from the 2017 IADC Drilling Middle East Conference in Dubai on 4 October, Mr Toma explains the process that was undertaken to implement the three WIGs, as well as the results achieved...

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AFGlobal showcases Active Control Device, debuts MPD test rig

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AFGlobal showcased several MPD technologies at its Houston facility on 12 October, including an active control device (ACD) for deepwater and offshore surface applications and a purpose-built rig for testing MPD scenarios. Bearings and rotating components are a common source of maintenance and failure in conventional rotating control devices used in MPD operations...

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System for automated pipe makeup, connection evaluation leads to consistency, efficiency

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When connections are made up manually, the results can be inconsistent. Last month, Weatherford released the AutoTong system to eliminate these inconsistencies and remove human inefficiencies from the connection makeup process. In this video from 10 October at the 2017 SPE Annual Technical Conference and Exhibition in San Antonio, Texas, Scott McIntire, AutoTong Product Champion, explains how the system delivers consistent and precise connections. He also describes how the system provides real-time support to help the driller detect and mitigate connection anomalies...

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Inspection tool uses high-definition frequency to identify corrosion in up to five tubular strings

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Metal corrosion can cause serious well integrity issues and nonproductive time. Halliburton launched the Electromagnetic Xaminer V (EPX V), which can identify corrosion and casing defects in up to five strings, at the 2017 SPE Annual Technical Conference and Exhibition in San Antonio, Texas. In this video from the conference on 10 October, Freeman Hill, Product Manager – Well and Reservoir Surveillance, describes how the EPX V uses high-definition frequency technology to provide a through understanding of pipe defects and metal loss throughout the well. He also discusses the various deployment methods, including slick line, for the system...

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Acoustic telemetry network provides real-time data during deepwater frac pack completions

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Most of the telemetry platforms in existence today don’t provide real-time data during completions. XACT Downhole Telemetry developed its acoustic telemetry network to provide pressure, temperature, tension, torque and bending data during completion operations. At the 2017 SPE Annual Technical Conference and Exhibition in San Antonio, Texas....

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