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Blockchain 101: Seven fundamental things to know in the drilling industry

Technology behind Bitcoin could be leveraged to create more transparency, security and lead to faster contract execution, more collaboration By Linda Hsieh, Managing Editor In November 2017, BP, Shell and Statoil – now known as Equinor – announced their participation in a consortium to develop a blockchain-based digital platform to modernize and transform the management of physical energy transactions, from trade entry to final settlement. Joining the oil and gas companies in the venture were commodities trading groups Gunvor, Koch Supply & Trading and Mercuria, as well as banks ABN Amro, ING and Societe Generale. “Over time, the new venture intends to lead the migration of all forms of energy transaction data to the blockchain, improving data quality, further strengthening ...

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Fracturing innovations target improved equipment durability, optimized proppant placement

The oil and gas industry’s goals of reducing nonproductive time (NPT) and increasing production of unconventional resources are driving the evolution of hydraulic fracturing technologies. Especially as operators start to hit the natural physical limits of unconventional production, the need to optimize the fracking process has grown stronger, James West, Senior Managing Director for Oil Services, Equipment and Drilling with EvercoreISI, said. The optimization process differs by play, but overall, companies are looking for better well and fracture placement, as well as different sizing and staging of frac clusters...

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Planning, temporary mitigation critical for industry to effectively comply with revised API standards

Over the past 18 months, there have been several revisions to the guidance, specifications and standards released by the American Petroleum Institute (API) relating to BOP and well control equipment (WCE). Previous industry incidents and issues prompted these revisions, as well as a more holistic approach to the design, inspection and traceability of this safety and environmentally critical equipment...

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Roles, scope of real-time operating centers, support technicians evolve within modern drilling ecosystem

The wider use of robotics, remote controls, real-time remote monitoring systems, artificial intelligence and other techniques are setting new standards of performance. The culmination of these engineering and technological efforts have yielded highly efficient, advanced-technology rigs. However, how should we develop and manage the support systems to leverage this modern drilling technology? Do we have the people, processes, tools and infrastructure needed to successfully apply these technologies?...

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Offline operations in the Eagle Ford help Marathon Oil to reduce flat time on critical path of drilling rig

The beauty of unconventional drilling in North America today is that it is highly repetitive, which gives operators the opportunity over and over again to optimize their processes. The flip side of that coin, however, is that progress is typically incremental because the entire business of North American onshore drilling is already so highly efficient...

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Bonded composite reinforcement technology designed to replace hot work, reduce time, costs and hazards during FPSO repairs

Many floating production, storage and offloading units (FPSOs) operating today were built as early as the 1970s. As these assets age, they experience corrosion on their hulls and decks, which necessitates in situ repairs as most FPSO do not go to drydock. Typically, hull and deck repairs require hot work, including grinding and welding, which can cause fire and explosion hazards and disrupt production...

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