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Increased value creation, more resources and greater ripple effects from Johan Sverdrup

Today, Equinor and the Johan Sverdrup partnership of Lundin Norway, Petoro, Aker BP and Total, are submitting the development plan for the second phase of the project to the Norwegian Ministry of Petroleum and Energy. With an increased resource estimate and lower investment costs, the full field development of Johan Sverdrup will contribute to even greater value creation. At the same time, the ripple effects from the project will be larger than previously estimated. Low CO2 emissions make Johan Sverdrup one of the world’s most carbon-efficient fields. “The Johan Sverdrup field is the largest field development on the Norwegian shelf since the 1980s. At plateau, the field will produce up to 660,000 bbl/day, with a break-even price of less than ...

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High-durability PDC bit designed for demanding applications

Ulterra Drilling Technologies has introduced its XP line of extreme-performance PDC bits. These bits are designed to provide improved results in the toughest drilling applications, including hard rock, transition zones and highly interbedded lithologies. The XP bit series is based on a bit body engineered to ensure structural integrity under extreme drilling conditions. This level of design allows the bit to withstand more demanding drilling parameters, including greater weight-on-bit (WOB), without sacrificing rate of penetration (ROP). Along with high structural integrity, the bits’ cutter positioning and force balancing are both optimized for reduced tangential overload, to deliver maximum stability under the load of high energy inputs.  XP drill bits are optimized for each application, and paired with the latest application-specific premium ...

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Siccar Point Energy confirms Cambo well test success

On 23 August, Siccar Point Energy successfully concluded well testing operations on the 204/10a-5 appraisal well in the Cambo field, northwest of Shetland. A vertical pilot hole was initially drilled, confirming over 100 ft of oil column and a higher than anticipated net pay of 58 ft. Extensive logging and coring were conducted confirming a high-quality multi-Darcy reservoir with 23 API oil and better than anticipated petrophysical properties. A 1612-ft horizontal section was then drilled to conduct an extended well test. Following initial well clean-up operations, the well was successfully tested on natural flow for 10 days. A full evaluation of the test results will take place over the coming weeks as further pressure build-up data are obtained remotely after the rig’s ...

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Maersk Drilling becoming stand-alone company

A.P. Moller – Maersk has decided to pursue a demerger via a separate listing of Maersk Drilling on Nasdaq Copenhagen in 2019. Having evaluated the different options available for Maersk Drilling, A.P. Moller – Maersk has concluded that listing Maersk Drilling as a standalone company presents the most optimal prospects for its shareholders. Spinning off the drilling arm will offer investors offering them the opportunity to participate in the value creation of an industry leading pure play offshore drilling company with long-term development prospects, according to a statement from the company. “A separate listing will ensure that Maersk Drilling can continue to uphold and develop its unique position to the benefit of both its long-term blue chip customer base and ...

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US Energy to acquire APEG’s Bakken assets

US Energy, Denver, plans to acquire oil and natural gas producing properties targeting the Bakken formation of North Dakota from APEG I Partners. The exclusive, non-binding memorandum of understanding includes all of APEG’s interest in 67 wells concentrated in Williams and McKenzie counties—assets “highly complementary” to US Energy’s existing portfolio in the state, according to a statement from the company. Current production is 400 boe/d across 1,600 net acres with 1.1 million boe of proved developed reserves, 79% of which is oil. According to a statement from the company, the deal will create additional opportunities for development and acreage swaps that would permit it to continue consolidating its leasehold position in the area. Total consideration is $17.8 million, which is a ...

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Halliburton introduces Prodigi AB service

Halliburton unveiled Prodigi AB Service on 21 August 2018, the offering introduces automation to hydraulic fracturing. By automating the breakdown process of a fracturing treatment, the service helps deliver better well performance. Prodigi AB uses algorithmic controls and is supported by a completion advisor within the company, who will tune the system to optimize the performance.  The service helps improve overall efficiency, maximizing the performance of perforation clusters and mitigating the risk of screen-out. Prodigi AB also provides consistent design execution, better distribution of fluid across the perforated interval, and improved treatment pressures and rates. Additionally, the service delivers improved precision to achieve a lower cost per BOE. “Prodigi AB Service offers a significant change in the way we are able to optimize our hydraulic fracturing operations in real-time, accelerate the ...

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Carnarvon announces assessment of Dorado resources

Carnarvon Petroleum has completed its assessment of the hydrocarbon volumes within the Dorado structure in WA-437-P. Gross Contingent Resource 1C 2C 3C Oil (million barrels) 82 171 320 Condensate (million barrels) 6 16 36 Total liquids (million barrels) 88 186 356 Gas (billion cubic feet) 229 552 1,197 Barrels of oil equivalent (million barrels) 128 283 566   Carnarvon’s Managing Director and CEO, Adrian Cook said, “The 171 million barrels of oil discovered in Dorado is one of the largest oil resources ever found on the North West Shelf. Oil fields of this significant scale are not often found, with the last large field discovery on the North West Shelf being around 30 years ago. It is common for additional resources to be ...

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Premier and Dana Petroleum sanction Tolmount development

Premier announced that the development of its Tolmount Main gas field was sanctioned by the joint venture and infrastructure partners. The Premier-operated Tolmount Main gas field, located in the Southern North Sea, is expected to produce around 500 Bcf of gas, 96 mmboe, with peak production of up to 300 mmscfd, 58 kboepd. The project entails a minimal facilities platform exporting gas to shore via a new gas pipeline. The EPCIC, Engineering, Procurement, Construction, Installation and Commissioning, contract for the platform has been awarded to Rosetti Marino. Centrica’s Easington terminal was selected as the host facility, and Saipem as the pipeline EPCI contractor. Selection of the rig contractor for the four development wells is expected soon. Premier’s share of the capex required ...

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Trelleborg announces new rotary seal for high pressure oil & gas applications

Trelleborg Sealing Solutions has launched a new polytetrafluoroethylene (PTFE) based O-Ring energized single-acting rotary seal, the Turcon Roto Glyd Ring DXL. This seal is designed to meet the demands of high pressure rotary applications within the oil and gas industry. The product provides improved dynamic sealing efficiency and reduced friction by balancing the contact force on the dynamic lip under all service conditions, allowing for superior extrusion resistance and low torque. The seal is available in the company’s proprietary XploR range of NORSOK and API compliant materials. David Brown, Trelleborg Sealing Solutions Global Director – Lead Group Oil & Gas, said, “Trelleborg Sealing Solutions specializes in solving extreme oil and gas challenges, as evidenced by the new Turcon Roto Glyd Ring DXL. Compared to ...

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US Department of Interior announces results of Gulf of Mexico region-wide oil and gas lease

US Deputy Secretary of the Interior David Bernhardt announced on 15 August that region-wide Gulf of Mexico Lease Sale 251 generated $178,069,406 in high bids for 144 tracts covering 801,288 acres in federal waters of the Gulf of Mexico. A total of 29 companies participated in the lease sale, submitting $202,667,923 in bids. “Today’s lease sale is yet another step our nation has taken to achieve economic security and energy dominance,” Mr Bernhardt said. “The results from the lease sale will help secure well-paying offshore jobs for rig and platform workers, support staff onshore, and related industry jobs, while generating much-needed revenue to fund everything from conservation to infrastructure.” Lease Sale 251, livestreamed from New Orleans, was the third offshore sale held ...

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