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Rystad Energy: Offshore service market growth to outpace shale in 2019

Rystad Energy forecasts offshore spending will outgrow spending on onshore shale activities this year. Service companies exposed to the offshore subsea market and the maintenance, modifications and operations (MMO) sector are set to benefit from this trend reversal. At current oil price levels, spending on land rigs, fracking and other services for the shale industry is likely to stay essentially flat in 2019. The offshore service market, too, will feel the effects of the recent oil price slide, but this sector is nevertheless projected to grow by a robust 4% this year, according to Rystad Energy forecasts. “Many would expect offshore spending to be cut as drastically as shale, but offshore budgets were at a 10-year low last year, after ...

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NOK 2.3 billion to be invested to recover more oil from Gullfaks

The Gullfaks partners have decided to drill seven new wells and improve oil recovery by 17 million bbl with good profitability. On behalf of the license partners, Arne Sigve Nylund, Equinor’s Executive Vice President for Development and Production Norway, presented an amended plan for development and operation (PDO) to Kjell-Børge Freiberg, Minister of Petroleum and Energy. “Our ambition is to maintain profitable production from the Norwegian Continental Shelf (NCS) for several decades. Wells that can be drilled fast and at a low cost, near existing infrastructure, will be a major contributor,” Mr Nylund said. The wells will be drilled in the Shetland Group, a carbonate reservoir that lies above the main reservoir at the North Sea Gullfaks field. Drilling on Gullfaks is challenging ...

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Equinor awarded 29 new licences on Norwegian Continental Shelf

Equinor has been awarded 29 new licenses by Norway’s Ministry of Petroleum and Energy as part of the Award in Predefined Areas (APA) for 2018 – 13 licenses as operator and 16 as partner. “The APA rounds are important for Equinor to maintain exploration activity and replenish our portfolio on the Norwegian Continental Shelf (NCS). We are pleased with this significant addition of opportunities to our exploration portfolio,” Nick Ashton, Senior Vice President for Exploration in Norway and the UK, said. In the APA 2018 awards, announced by the Ministry of Petroleum and Energy today, Equinor is awarded seven licenses in the North Sea, 16 in the Norwegian Sea and six in the Barents Sea. “Equinor is committed to a high exploration activity ...

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Altus Intervention invests in smart simulation technology

Altus Intervention UK is investing in a new state-of-the-art training simulator to boost the safety and competency of its personnel in the field. The new MultiSIM portable well intervention simulator developed by advanced simulator manufacturer, Drilling Systems, will be installed at Altus Intervention’s UK facilities in Portlethen...

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BP and Eni to pursue exploration in Oman

BP and Eni have signed a heads of agreement (HoA) with the Ministry of Oil and Gas of the Sultanate of Oman to work jointly toward a significant new exploration opportunity in Oman. Under the HoA, the two companies will work with the government of Oman toward the award of a new exploration and production sharing agreement (EPSA) for Block 77 in central Oman. BP and Eni will now enter discussions with the ministry to finalize details of the EPSA. “This would represent a further deepening of BP’s important position in Oman, building on our successful delivery of the major Khazzan project in 2017 and its second phase of development that is currently under construction,” Bernard Looney, BP Chief Executive Upstream, said. ...

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EIA: Iraq’s oil production has nearly doubled over the past decade

Crude oil production in Iraq averaged 4.5 million BPD through August 2018, up from 4.4 million BPD in 2017, according to the US Energy Information Administration (EIA). Iraq’s crude oil production has been steadily increasing since declines in the late 1990s and early 2000s, and it has nearly doubled over the past decade. Iraq is the second-largest crude oil producer in OPEC after Saudi Arabia, and holds the world’s fifth-largest proved crude oil reserves. Nearly 90% of Iraq’s crude oil production comes from onshore oil fields in the southern part of the country; these fields are under the control of the central government in Baghdad. The remaining 10% of Iraqi crude oil production comes from oil fields in northern Iraq, mostly operated ...

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Rystad Energy: Haynesville Shale set to surpass historical gas output record from 2011

Gas production in the state of Louisiana will soon reach record highs thanks to an outstanding resurgence of the Haynesville shale play. Rystad Energy research shows that the Haynesville Shale alone was able to add 1.85 billion cu ft per day of gross gas production (Bcfd) between Q4 2016 and Q4 2017. An additional 1.3 Bcfd was added last year. Production needs to increase by 700 million cu ft per day (MMcfd) in order to reach new all-time highs. “We conclude that Haynesville Shale’s revival, for the second year in a row, looks sustainable. Supported by its proximity to a new LNG export terminal, gas production will continue to grow, and achieving new all-time high gas production levels should happen within a matter ...

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Equinor completes acquisition of UK Rosebank project

Equinor and Chevron have completed their transaction announced in October 2018, whereby Equinor has acquired Chevron’s 40% operated interest in the Rosebank project in the West of Shetland region of the UK Continental Shelf. Rosebank further strengthens Equinor’s UK upstream portfolio, which includes the Mariner development, expected to start commercial production during the first half of 2019. Equinor’s UK portfolio also includes attractive exploration opportunities. In addition, Equinor is the largest supplier of crude oil and of natural gas to the UK.

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IHS Markit: Anadarko Basin’s unconventional reserves estimated at 16 billion bbl of oil

The Greater Anadarko Basin, a prolific source of conventional US oil and gas production since the 1950s, holds an estimated 16 billion bbl and more than 200 trillion cu ft of gas in un-risked technically recoverable resources in unconventional reservoirs, according to new energy research from IHS Markit. “The Anadarko Basin has long been a major contributor to US production, but it is just getting started in terms of delivering on its unconventional production potential,” said John Roberts, Executive Director, Global Subsurface Operations and co-author of the IHS Markit Anadarko Basin research with Prithiraj Chungkham, Director of Unconventional Resources. “We are now witnessing a new kind of Oklahoma land rush. But unlike what happened in 1889 when lands were opened to settlement, this ...

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Tendeka secures multi-million-pound AICDs contract to boost oil recovery in Middle East

Tendeka has secured a further multi-million-pound contract with a major national oil company in the Middle East. The agreement will see Tendeka provide reservoir modeling and the installation of its FloSure Autonomous Inflow Control Devices (AICDs) to boost production and improve reservoir performance in several mature fields. Tendeka will perform reservoir simulations for each well, working closely with the client to ensure optimum reservoir performance, with the technology helping in the reduction of unwanted fluid production. Having carried out several similar projects in the region, the company has vast experience of the challenges of brownfields and carbonate reservoirs that form a large proportion of oil fields in the Middle East. “This is a major contract for the business and one ...

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