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BP’s Looney: To remain competitive, costs must be lowered sustainably, not follow oil prices

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World energy demand is likely to increase by a third by 2035, according to BP’s forecasts. However, oil and gas will face increasing competition from alternative energy sources over the coming years, BP Chief Executive of Upstream Bernard Looney said at the 2016 OTC on 2 May in Houston...

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Keppel completes acquisition of LeTourneau

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Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, has completed the acquisition of Cameron International Corporation's (Cameron) offshore product division, which comprises the LETOURNEAUTM jackup rig designs, rig kit business, as well as its aftersales and aftermarket services. The acquired company will operate as Keppel LeTourneau with offices in the United States, United Arab Emirates and Singapore.

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Schlumberger launches high-pull wireline conveyance system

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Schlumberger announced the launch of the MaxPull high-pull wireline conveyance system that can pull from 18,000 lbf to 30,000 lbf in wells 40,000 ft [12,192 m] deep or more. The MaxPull system’s engineered integration of wireline conveyance components brings efficiency, reliability and sticking avoidance to complex well trajectories that were not previously wireline accessible.

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Wood Mackenzie: Global oil supply shortfall of 4.5 million bbl/day by 2035 if exploration results don’t improve

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A new study by Wood Mackenzie warns the global oil market could face a supply shortfall of 4.5 million bbl/day by 2035, if exploration success doesn't improve. Wood Mackenzie says discoveries in recent years have been disappointing, with the volume of liquids discovered per annum more than halving over the period 2008 to 2015. The oil price environment has caused exploration budgets to be slashed and Wood Mackenzie forecasts that in 2016 the industry will invest half of the levels seen in previous years. Wood Mackenzie says that although significant discoveries made during the 2000s are key in securing medium term oil supply, unless exploration results improve continued supply growth in the longer term will become unsustainable.

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IADC North Sea Chapter presents annual safety awards

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Noble Drilling and Ensco were recognized with awards for best safety performance in the jackups category at the IADC North Sea Chapter (NSC) Annual Safety Awards, held on 22 April in Aberdeen, Scotland. Stena Drilling won in the floating rigs category, and Odjfell Drilling was recognized for its performance in platform drilling.

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IADC UBO/MPD Committee update: Additional RPs, RCD testing standards under way

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Promoting the safe and efficient execution of underbalanced operations (UBO) and managed pressure drilling (MPD) continues to be the primary objective of the IADC UBO/MPD Committee. Committee Chairman Per Cato Berg, Leading MPD Advisor for Statoil, provided an update on the committee’s work over the past year...

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Chevron’s McHugh: Industry needs better awareness of MPD benefits before it can become a go-to solution

MPD champions must continue to promote the technology’s benefits, as well as find ways to make it more economic, Kelly McHugh, General Manager of Drilling and Completions at Chevron, said at the SPE/IADC MPD and UBO Conference in Galveston, Texas, on 12 April.

As the drilling industry moves into deeper waters and increasingly challenging pressure regimes, finding ways to make wells more economic is crucial, said Kelly McHugh, General Manager of Drilling and Completions at Chevron. “We have to find ways to improve the costs of our wells through reduced cycle time and design. MPD does that for us,” she said in a presentation at the 2016 SPE/IADC Managed Pressure Drilling and Underbalanced Operations Conference in Galveston, Texas, on 12 April. Although the benefits of MPD are well known ­– from earlier kick and loss detection to reducing NPT to allowing operators to “drill the undrillable” – are, more work is needed to make it the go-to solution for operators. This work includes promoting the benefits of the technology but also making it more affordable, Ms McHugh said.

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