Field/project development

Last year, events accelerated several trends in the energy landscape. Oil and gas prices have remained low, and the industry is focusing more strongly on reducing costs and increasing operational efficiency. Implementing innovative technologies that increase recovery requires a small investment but can bring large rewards.

Profits are up as drilling is down in Canada’s Montney play where a merger this week highlighted the continued drive to increase profits, which are benefitting from rising natural gas prices.

The floating production unit is making the trek across the Pacific Ocean to its new home in the US Gulf of Mexico.

Projects from the North Sea, Australia, and Saudi Arabia are in the running.

Oil-to-telecom conglomerate Reliance Industries Limited (RIL) and BP have started production from India’s first ultradeepwater gas project, the first of three such projects in the KG D6 block.

CNOOC’s Bohai Sea Project has started production ahead of schedule.

Work began in December on the Snorre Expansion Project in the southern part of the Norwegian Sea. This increased-oil-recovery project will add almost 200 million bbl of recoverable oil reserves and help extend the productive life of the Snorre field through 2040.

The Greater Buchan Area (GBA) now has four drill-ready prospects to add to discoveries already slated for development.

With all critical components nearly in place, production is set to start this year at the Lingshui 17-2, China’s first ultradeepwater gasfield development project.

With its third capacity increase in 2 years of production, the third-largest oil field on the NCS is proving to be a powerhouse for Norway.