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Wood Mackenzie: US Lower 48 alone sustains $150 billion in CAPEX cuts to 2017


Of the more than $370 billion in global capital expenditure cut by upstream developers across 2016 and 2017, $150 billion was slashed in the US Lower 48 alone — more than three times any other single country, according to the latest Wood Mackenzie analysis. The swiftness and scale of the cuts by US operators in the Lower 48 is largely due to shorter lead times and the less capital-intensive nature of the US unconventional space.

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Noble Energy commences production at Gunflint in deepwater Gulf of Mexico


Noble Energy announced that it has recently commenced production at the company's Gunflint oil development in the deepwater Gulf of Mexico. The two-well field is ramping up and is anticipated to reach a minimum gross production of 20,000 BOE/day, with oil representing approximately 75% of the volumes produced. The net amount to Noble Energy is expected to be at least 5 BOE/day, with potential for additional volumes dependent upon available capacity at the third-party host facility. The Gunflint development, located at Mississippi Canyon Block 948, is a subsea tie-back to the Gulfstar One facility owned by Williams Partners and Marubeni Corporation.

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New subsea capping system targets improved portability


Boots & Coots Services, a Halliburton business, announced that it has developed the Global Rapid Intervention Package (GRIP), a suite of services to help reduce costs and deployment time in the event of subsea well control events. GRIP provides well planning and well kill capabilities facilitated by the company’s global logistics infrastructure and existing product service lines. This includes both an inventory of well test packages, coiled tubing units and relief well ranging tools.

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OMV finishes Wisting Central II appraisal well

Wisting Central II

OMV has successfully completed drilling and testing of the Wisting Central II appraisal well. The horizontal well was drilled in the Wisting discovery in the Barents Sea, about 310 km north of Hammerfest. Wisting is the northernmost oil discovery in Norway. Wisting Central II is the fifth well in the production license PL537, which was awarded in the 20th licensing round in 2009. The planning and execution of the well was done in close co-operation with various parts of the Schlumberger organization.

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IHS: Oil market now reaching bottom as supply, demand begin to balance out

Screen Shot 2016-06-21 at 11.47.24 PM

The downturn in oil prices that has led operators worldwide to reduce budgets and drilling programs has reached a bottom, as the oversupply of oil has begun to balance out with demand, according to IHS Vice President for Energy-wide Perspectives Susan Farrell. “We have oil supply going below what is needed for demand (this year), which means we are finally going to start rebalancing the market going forward,” Ms Farrell said at the 2016 IADC World Drilling Conference on 15 June in Lisbon. While spending is expected to remain flat in the near future, IHS expects an increase in drilling activity beyond 2017 as companies begin to finish paying off debt from pre-downturn investments. Watch the video to learn more.

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