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Wood Mackenzie: Operators taking a deliberate approach to offshore exploration and development

Wood Mackenzie is forecasting a number of offshore FIDs for 2018, including FIDs for Eni’s Argo cluster in the Adriatic Sea and ExxonMobil’s Domino and Pelican Fields in the Black Sea, Julie Wilson, Research Director, Global Exploration, said at the 2018 OTC in Houston on 30 April.

If the number of final investment decisions (FIDs) taken by operators is an indication of the health of the offshore market, then things are looking up. Wood Mackenzie anticipates that roughly 30 offshore projects will receive an FID in the coming year. This is roughly flat from 2017, when 32 projects were sanctioned, and a significant increase from 2016, when fewer than 15 projects received FIDs. The newly sanction projects this year are likely to be developed more quickly and at lower costs than pre-downturn projects, Julie Wilson, Research Director, Global Exploration at Wood Mackenzie, said at the 2018 OTC in Houston on 30 April...

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Weir launches Simplified Frac Iron System, Pressure Control Intelligent System

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Weir Oil & Gas, a provider of pressure pumping and pressure control equipment and services, announced its latest innovations – the Simplified Frac Iron System and the Pressure Control Intelligent System – at the 2017 OTC in Houston. Both technologies were created in response to operator demand for technologies that allow them to be competitive in a lower oil price environment, according to Weir...

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Collaborative co-development yields innovative, disruptive technologies

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While the oil and gas industry can be cautious about change, the industry’s appetite for disruptive innovation has grown over the past two years. In a presentation at the 2017 OTC, Dr Patrick Sullivan, Founder and CEO of Oceanit, explained the concept of corporate co-development, which is his company’s approach to collaboration. In this video from the conference on 3 May, he explains how this sort of partnership between technology companies and oil and gas companies can foster the development and timely deployment of disruptive technologies. He also discusses Oceanit’s recent corporate co-development project with Shell, which resulted in a steel cement interface nanobond (SCIN) technology that has been successfully deployed onshore Pennsylvania and offshore in the Gulf of Mexico.

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NOV expands Tektonic drill bit platform for harsh applications

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Since launching the Tektonic drill bit platform in 2015, National Oilwell Varco (NOV) has been expanding the platform to include bits for a variety of drilling environments and formations. The latest expansion targets harsh rock, Hector Barocio, NOV’s Global Product Line Manager for Drill Bits, said at the 2017 OTC. In this video from 3 May, Mr Barocio outlines some of the technical advancements, including new nozzles and cutters, that enable the Tektonic bit to drill in harsh rock, including carbonates...

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BSEE turns focus to implementing Well Control Rule

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The US Bureau of Safety and Environmental Enforcement (BSEE) is reassuring the industry that it will have up to five years to comply with the more capital-intensive provisions of the Well Control Rule. In an interview with DC at the 2016 OTC in Houston on 4 May, Lars Herbst, Regional Director of the Gulf of Mexico for BSEE, said the agency is now working on implementing the rule...

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