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Encana’s cube development increases Permian type curves, premium return inventory

Encana's cube development approach combined with advanced completion practices have significantly enhanced its Permian well performance and led to a 20% increase in the company's Permian type curves and 700 new premium return locations. The 700 new premium return locations is five times the quantity the company will drill this year and brings total premium return locations in the play to 3,450. Encana expects it will develop less than 30% of its Permian premium inventory through 2021....

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US land rig count jumps to 908

The US land rig count grew by six this week, reaching 908 rigs, according to the Baker Hughes weekly rig count. There are now 933 total rigs in the US, including offshore and inland waters. Of these, 747 are oil rigs and 186 are gas rigs. Last year, those numbers stood at 337 and 86, respectively.

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Hess takes final investment decision for Liza phase 1 development offshore Guyana

Hess has sanctioned the first phase of development of the Liza Field, one of the industry’s largest oil discoveries of the past decade, located on the Stabroek Block offshore Guyana. In addition, the company announced positive results from the Liza-4 well which encountered more than 197 ft (60 m) of high-quality, oil-bearing sandstone reservoirs and will underpin a potential Liza Phase 2 development. Gross discovered recoverable resources for the Stabroek Block are now estimated to be 2.0 billion to 2.5 billion barrels of oil equivalent, including Liza and other successful exploration wells on Liza Deep, Payara and Snoek....

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IHS Markit: Large production growth expected for Canadian oil sands through 2026

IHS Markit has released its outlook for Canadian oil sands production through 2026. IHS Markit expects large production growth through 2019—making Canada the second largest source of global supply growth during that time. More modest, but sustained growth is expected beyond 2019, with oil sands production at the end of 2026 around one million bpd higher than in 2017...

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US land rig count reaches 902

This week, the number of US land rigs grew by 13 to reach a total of 902, according to the Baker Hughes weekly rig count. This puts the total US rigs at 927, compared to last week’s 916. Offshore, the rig count dropped by one, reaching 22 units.

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New BSEE Director aims to balance environmental sustainability, safety and offshore energy development

One of the early priorities for Scott Angelle, newly appointed BSEE Director who assumed his role on 24 May, will be to review existing rules and regulations to ensure that they promote offshore safety but don’t create an undue regulatory burden. In a call with members of the media on 1 June, Director Angelle emphasized that he wants to make BSEE an “and” agency, rather than an “or” agency. “How do we implement a safety program and, at the same time, embrace domestic energy production?” he asked. “What I see is that it’s not an either/or proposition.”...

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