Business/economics
The asset sale to an undisclosed buyer includes 360,000 net acres in Oklahoma.
Phase 1 of the lease agreements calls for 2D and 3D seismic over the blocks.
Evolution Well Services will deploy electric pressure pumping units for Northeast Natural Energy, which operates in the Marcellus Shale.
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The chief upstream strategist of IHS Markit said in a recent presentation that oil exploration must improve its ability to deliver value and better communicate that value to the financial community. New ways of thinking about exploration opportunities are needed. -
Statoil’s board of directors proposed to change the name of the company to Equinor as of 16 March. The name change is intended to support the company’s strategy and development as a broad energy company.
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Pioneer shut in 8,000 BOE/D production in its West Panhandle field in Texas on 6 March due to a compression station fire. No injuries occurred. Planning to use idle compressors, production is expected to restart later this month or in early April.
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The cost cuts made during the downturn and the recent increase in oil prices have led to some global offshore projects becoming economically viable. Norway is leading the comeback.
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Partnerships are proving key in developing and sustaining big offshore projects internationally, with Eni now teaming with ADNOC off Abu Dhabi and farming out another stake in the Zohr gas field off Egypt.
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Fears of peak oil demand are exaggerated, Saudi Aramco’s CEO says, despite recent headlines that advances in electric vehicles and worries about climate change will lead to a drop in global oil and gas use.
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Anadarko aims to maximize immediate short-cycle value through tiebacks and platform relocations in the Gulf of Mexico.
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Oil & Gas UK recently published guidelines with its most up-to-date information aimed at helping operators ensure they have the required financial measurements in place to meet the cost of cleanup for an oil release.
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After 3 harsh years of budget cuts and layoffs, oilfield services companies are beginning to see a recovery take shape. And the worst may be over for heavy-asset suppliers and equipment manufacturers in the offshore and subsea sector, but recovery is likely to be significantly slower.
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E&P has become a margin business, with relentless pressure on cost performance and global competition for capital. As operators consider how to achieve further reductions in unit operating costs, the leadership team should focus on long-term value.
