oil prices

In this cost-cutting market environment, completion engineers face added pressure to maximize the return on every dollar invested when putting unconventional wells into production.

A sharp decline in oil prices is pushing oil and gas companies to innovate to increase efficiency and prepare to meet the world’s long-term energy needs, panelists said at the International Petroleum Technology Conference (IPTC) held in Kuala Lumpur, Malaysia, in December.

Oil prices from USD 50/bbl to USD 60/bbl have been sustained for several weeks, and energy-related stocks have fallen significantly below their 52-week highs and 30% below in some cases.

The decline in oil prices will not affect the long-term strategy of national oil companies in the Middle East, ministers and senior executives said at the opening of the 30th edition of Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) held in November.

Those who make a living predicting oil prices see a softer ¬market in 2013, although prices are forecast to stay at historically high levels.