Business/economics
Lower operating expenditures and a changing asset mix helped UKCS operators cut average production costs by 9% year over year, despite relatively flat production levels, according to the NSTA.
The deal adds 40,000 B/D of production and epands Cenovus’ SAGD footprint with three Alberta assets.
The Federal Reserve Bank of Dallas’ third-quarter energy survey reflects industry views on the drawdown of the US Strategic Petroleum Reserve, the outlook for Persian Gulf crude exports, and expectations for oil prices.
-
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. -
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.
-
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.
-
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.
-
Anadarko aims to maximize immediate short-cycle value through tiebacks and platform relocations in the Gulf of Mexico.
-
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.
-
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.
-
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.
-
Critical to the integrity of our industry is confidence in publicly disclosed reserves. The Reserves Confidence Metric is a simple tool to identify reserves estimates that should be assessed with caution or require further information.
-
Schlumberger and Subsea 7 want to form a joint venture that builds on their 2-year collaboration in the subsea sector.
