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Procedural adherence teams help align employee, company values and reduce incidents

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The industry’s traditional approaches to investigating and preventing incidents – including audits and reports – don’t work, Jerold Timpson, President of Kaufman Global, said in a presentation at the 2017 IADC Human Factors Conference in Galveston, Texas. These methods rely on human memory, which is fallible, and often require people to incriminate themselves, which they’re unwilling to do, he explained in a video from the conference on 17 October. In the video, he also discusses the benefits of using procedural adherence teams to align values and reduce incidents...

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To address human factors, industry must improve implementation

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The oil and gas industry is now devoting significantly more time and energy to accounting for human factors when writing procedures and creating new training programs. However, human factors is not new to the industry. Groups like the International Association of Oil and Gas Producers (IOGP) have been looking into human factors for 20 years, Chris Hawkes, Safety Director for IOGP, said during a panel session at the 2017 IADC Human Factors Conference in Galveston, Texas. Events like Macondo have brought this discipline into even sharper focus, he added. In this video from the conference on 17 October, Mr Hawkes explains why their industry needs to better account for how human performance is impacted by the need for social survival. He also discusses how the industry, which is excellent at developing recommendations and guidance, can be better at their implementation....

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Tullow Oil makes non-commercial discovery with Araku-1 exploration well

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Tullow Oil has announced that the Araku-1 exploration well, offshore Suriname, has been drilled to a total depth of 2,685 m and has penetrated the objectives of the Araku prospect. No significant reservoir quality rocks were encountered, although logging and sampling proved the presence of gas condensate. The well is now being plugged and abandoned. Important geological insights gained from this well, in combination with high-quality 3D seismic data, have de-risked deeper plays that offer significant future exploration potential in the group’s acreage. The Araku well was drilled in Block 54 in water depths of approximately 1,000 m using the Noble Bob Douglas drillship. Tullow Oil operates Block 54 with a 30% interest, alongside joint venture partners Statoil (50% interest) and ...

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Employment report shows signs of returning confidence in oil and gas market

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After a tough four years, new research shows that, for the first time since 2014, the oil and gas industry expects more new jobs to be created than lost over the next 12 months. Since the price of oil crashed in 2014, it is estimated that more than 440,000 jobs have been cut in the sector worldwide. However, with the price of oil stabilizing since July this year, research by recruiter NES Global Talent and oilandgasjobsearch.com shows that almost 90% of employers expect staffing levels to either increase or remain the same in 2018. The survey shows that, in total, almost 60% of employers expect to recruit significantly over the next 12 months. Of those, almost a quarter (23%) of ...

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GE research shows disconnect between digital outlook and company readiness

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GE unveiled new research highlighting an emerging gap between executive outlook for digital transformation and initiatives that companies have put in place. The survey of information technology (IT) and operations decision makers found that while companies see the industrial internet of things (IIoT) as presenting significant opportunities for future growth and competitiveness, the vast majority are not taking the actions required to benefit from those opportunities. “The industrial internet is already having a profound impact on industrial companies of all sizes. We know this because we are seeing real benefits with our customers and across GE,” said Bill Ruh, CEO of GE Digital. “At the same time, a gap is emerging between outlook for the IIoT and actions. We are ...

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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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Hess sells interests in Norway, commences process to sell interests in Denmark

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Hess Corp has announced several additional steps in the continued execution of its strategic plan to further focus the company’s portfolio and allocate capital to higher return assets. The steps include an agreement to sell its oil and gas interests in Norway for total proceeds of $2 billion; commencement of a process to sell its interests in Denmark; and implementation of a cost reduction program expected to deliver annual cost savings of more than $150 million, starting in 2019. “With the continued success of our asset sale program, we are focusing our portfolio on higher return assets and reducing our breakeven oil price,” CEO John Hess said. “Proceeds from these asset sales, along with cash on the balance sheet, will prefund development of our world class investment opportunity in ...

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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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