Innovation Effect? US Oil Production Exceeds Forecasts
The United States, against the backdrop of a decline in production by OPEC+ countries, increased oil production compared to forecasts a year ago. Bloomberg reported this on December 17, 2023. Shale producers vs OPEC+ Abstracts of the publication: OPEC’s former foe, the US shale industry, is rearing its head just …
US Shale Producers Will Significantly Reduce Drilling Costs
Next year, US shale operators are expected to significantly reduce US drilling costs, Bloomberg reports. Private oil and gas operators will cut their budgets by an average of 4% to $34.4 billion in 2024, according to Barclays PLC’s annual global spending survey. The cuts, the biggest ever forecast by a …
Shale Needs Money to Keep Production
In Q2 2023, U.S. shale oil reinvestment rates hit a 3-year high Rystad Energy analysts indicated that the 18 oil and gas companies that account for 40% of U.S. shale production had a reinvestment rate (the ratio between capital expenditures and cash flow from operations) was at 72% during the …
Weatherford and Schlumberger: Form OneStim Joint Venture
Weatherford and Schlumberger today announced an agreement to create OneStimSM, a joint venture to deliver completions products and services for the development of unconventional resource plays in the United States and Canada land markets. The joint venture will offer one of the broadest multistage completions portfolios in the market combined …
Platts: Sanctions Not Affecting Russia As Deeply As Planned – Drilling Volumes Up Significantly
International sanctions against Russia introduced in 2014 turned out not to be the bogeyman they first seemed to be, and could in fact have played a key role in helping the Russian oil sector to not only handle the sharp price drop over the last year and a half, but …
Short-Term Well Operation (STWO) as Effective Method of Shale Oil Extraction
Kuzmichev N. P. Petroleum 21st Century LLC, Almetyevsk A surge in the production of shale oil in the United States over the past decade caused oversupply on the world oil market. Between 2005 and 2013, oil production rose from 5.18 million to 7.44 million barrels per day. In December 2014, …
GE and Statoil Collaboration Announces Winners of Inaugural Unconventional Open Innovation Challenge
GE and Statoil’s Sustainability Collaboration announced today the five winners of its inaugural Open Innovation Challenge that focused on addressing the use of sand in unconventional operations. Five Winning Technologies Address Alternatives for Sand in Shale Development: Sand plays a critical role in shale development and the hydraulic fracturing process. …
Tenaris to Highlight Deepwater and Shale Capabilities at OTC
Tenaris will present its unique product and service solutions for shales and deepwater applications at the Offshore Technology Conference (OTC) May 4-7 at NRG Park. Tenaris booth #2965 will highlight the company’s more than 20 years of experience and expertise in deepwater projects. Samples of high performance oil country tubular …
GE Pursues the Future of Gas through its Cutting-Edge Technology
As a result of the shale gas boom in North America, natural gas has become one of the most promising alternatives for constant and plentiful energy supply. As such LNG plants are among the latest efforts made by energy companies to build on this potential. This is leading to a …
Schlumberger Introduces Petrel Shale for Unconventional Resources
First shale-specific software to offer an end-to-end workflow from exploration to production Schlumberger announced today the release of Petrel Shale, a customized user interface and toolset engineered for exploiting shale resources. Scalable and straightforward to deploy, Petrel Shale is designed to optimize operations to increase capital efficiency. “Integration of shale …