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GE, Maersk Drilling pilot predictive maintenance program

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GE and Maersk Drilling announced a partnership today to collaborate on a data analytics pilot project to increase Maersk’s drilling vessels’ productivity and to possibly reduce maintenance costs by up to 20%. The two companies have collaborated to deploy SeaStream Insight, GE’s new marine asset performance management program, powered by Predix. The pilot project will be carried out on one of Maersk Drilling’s...

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McReaken, Loftis win IADC Exemplary Service Awards

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IADC presented industry veterans Scott McReaken and Terry Loftis with Exemplary Service Awards at the 2016 IADC Annual General Meeting in Scottsdale, Ariz., on 3 November. Mr McReaken, CEO of Sevan Drilling, was recognized for his service as IADC Secretary/Treasurer since 2013 and as an IADC Executive Committee member. Mr Loftis, Director of Engineering at Transocean, was recognized for his work as chairman of the IADC Advanced Rig Technology (ART) Committee...

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Political instability keeps Latin America a challenging region for oil and gas industry

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Many countries in Latin America continue to struggle with political and social instability, resulting in uncertain rules and regulations for the oil and gas industry. In Venezuela, for example, the country’s goal of reaching 5.2 million bbl/day of production by 2012 has fallen significantly short, and it’s now producing only 2.1-2.2 million bbl/day. However, if the country installs a new government with policies designed to capitalize on the country’s vast hydrocarbon resources, that 5.2 million bbl/day production goal could be achievable within five years, according to Jorge R. Piñon, Director of the Latin America and Caribbean Energy Program and Interim Director for the Jackson School of Geosciences at The University of Texas at Austin. Watch DC’s video from the 2016 IADC Annual General Meeting in Scottsdale, Ariz., on 3 November for more details.

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Tudor Pickering Holt: Oil prices could reach $70/bbl in 2017

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Byron Pope, Managing Director, Oil Service Research at Tudor Pickering Holt, is forecasting that oil prices could get up to $70/bbl next year. He attributed this to growing global energy demand and shortened supply caused by canceled upstream projects around the world. Mr Pope also expects upstream CAPEX to grow in the coming year and for the US land rig count to continue increasing. However, it may take several more years for the offshore rig market to recover, he said. Watch the video with DC’s Alex Endress from the 2016 IADC Annual General Meeting in Scottsdale, Ariz., on 4 November for more information.

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Operators Group for Data Quality working on common data specifications

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Poor quality of real-time data at the rig site remains one of the drilling industry’s most critical challenges. It can, for example, impair the ability to measure, analyze and improve processes. The Operators Group for Data Quality has set out to improve the industry’s data quality by defining standards for the process capability requirements for...

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