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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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IADC Houston Chapter awards scholarships

Texas Tech University students Ernest Munoz, Alondra Guevara, Voigt Hansberger, Marissa Smart, Ryan Bratton and Marco Moreno receive IADC Houston Chapter scholarships.

The IADC Houston Chapter awarded 25 students from four Texas universities with scholarships for the 2015/2016 school year. Each student was selected by their university to participate in the IADC interview process, and awarded the scholarship based on their overall GPA in engineering or related studies, leadership skills, internship experience and overall interest in the oil and gas industry. Students selected attend Texas Tech University, Texas A&M University, The University of Texas and the University of Houston.

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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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CONSOL deploys ceramic proppant in Utica deep gas well

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CARBO Ceramics has announced the successful use of an ultra-conductive, low-density ceramic proppant technology in the Utica for CONSOL Energy. This was the first well to utilize the KRYPTOSPHERE LD proppant. It was deployed at a depth of approximately 13,500 ft . The proppant eliminated the need for gel and crosslinked fluids, leading to a reduction in overall completion cost. Initial production from the first well flowed more than 61.9 MMcfd of natural gas in a 24-hr period, making it one of the highest producing wells in the Utica to date. KRYPTOSPHERE LD is engineered to be mono-sized with exceptional strength, durability and smoothness, providing high conductivity across the entire range of low to high stress well conditions. It exceeds ...

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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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