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Nathan Meehan is senior executive adviser at Baker Hughes, where he advises executive management on reservoir and geoscience issues. -
The oil market continues to wind itself through a period of oversupply and battles over global market share, with no short-term solution apparently in sight.
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Last month, the US Environmental Protection Agency (EPA) issued a long-awaited study concerning the potential impact of hydraulic fracturing on drinking water.
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This month should offer key clues to the direction of the oil market over the next several months.
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For US operators, new regulations from the federal government regarding hydraulic fracturing practices could not have come at a worse time.
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The Macondo explosion and oil spill occurred 5 years ago this month, freezing activity in the US Gulf of Mexico and putting the industry in a negative spotlight for weeks.
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OPEC’s decision last year not to cut production in order to defend market share and drive some high-cost producers out of the market appears to be working. But it is setting up a new market paradigm, argues a new study, which could have long-term implications for the oil industry.
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One question raised about the sharp slide in global crude oil prices is whether this is just another cycle in a volatile business that has certainly seen its share of ups and downs, or a more significant shift in the relationship between producers, namely OPEC, and consuming countries.
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This month, Mexico will begin opening data rooms as it prepares for its first upstream bidding round involving foreign participation.
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Higher than normal oil prices during the past few years have led to a sharp rise in spending on upstream technology and innovation. The investment drivers are the need to extend the life of producing assets, improve operational efficiency, access new resources, and improve safety.
