Issue: February 2016
Special Focus
Looking at the spending plans of roughly 300 E&P companies worldwide, and factoring in recent oil price declines, North American spending may fall 40-50% in 2016. Capital expenditures, internationally, are set to post a second, consecutive 15% decline.
Eyeing his legacy, lame duck President Barack Obama will throw a barrage of executive orders and rulemaking at the U.S. oil and gas industry. The Republican majority in Congress will have to figure out ways to stop Obama’s agenda, as their party tries to win back the White House.
Who knew? After the rapid decline in crude oil prices from mid-2014, most analysts expected 2015 to be a year of recovery, when prices would creep back toward $70/bbl.
The catastrophic oil price decline wreaked havoc on the U.S. rotary rig count during 2015, with the industry bracing for a continued slowdown this year.
Overall, U.S. crude oil production increased slightly in 2015, with noticeable gains reported in the Bakken and Eagle Ford/Permian shale plays of North Dakota and Texas, respectively.
The total number of active, producing oil wells in the U.S. dropped slightly during 2015, a trend that looks set to sharpen this year, as the oil price decline begins to exact its toll on the industry.
The number of producing gas wells in the U.S. held steady last year, despite gas prices remaining stubbornly low.
According to the U.S. Energy Information Administration (EIA), U.S. crude oil and lease condensate proved reserves increased for the sixth consecutive year in 2014.
Clinging to the notion that they are protecting market share, several OPEC members continue to overproduce deliberately, as do Russian operators, ensuring that the global market remains saturated.
A protracted pricing slump has led to massive budget cuts, thousands of layoffs and the most dismal market conditions that the Canadian industry has faced in more than 20 years. No positive news is on the horizon.
Features
Part 1. In Goliat field, offshore Norway, VisiTrak extra-deep resistivity measurements detected the top of the reservoir at least 20 m TVD and 130 m MD, before entering the reservoir, enhancing accurate wellbore landing. The resistivity measurements also helped reduce the uncertainty in fault detection, providing critical, real-time “Answers While Drilling.”
A collaborative approach is required to overcome deconstruction challenges to sustain our industry, maximize economic recovery and mitigate risks of early asset retirement.
Low costs, new takeaway capacity may spur late 2016 recovery
Policy changes are needed to withstand the downturn
Columns
Adjusting to the new upstream realities
Tragic cost declines
Industry’s supercomputing needs increase
A new look at DP mud flow
“Frozen Heat”
“Satellite pictures” reveal problems and opportunities
Impact of oil prices on Russian economy
Top 10 offshore inefficiencies
Regulatory overkill continues unabated with new methane rules
News & Resources
World of oil and gas
Industry at a glance
People in the industry
New products and services
World Oil's 100-Year Anniversary
As World War II loomed, oil became indispensable. It was evident that without it, the war could never have been won.
Throughout World War II, The Oil Weekly kept a close watch on the oil industry’s aggregate lack of manpower.
At the height of World War II, oil supply was a concern for everyone involved, including Germany.
While many aspects of the oil and gas industry—including exploration and advances in technology—slowed to a crawl after WWII, one area of the industry managed to make monumental strides, despite a suppressed commercial environment.
After World War II ended, and the oil and gas industry picked up again, Gulf Publishing Company recognized that there was a need to change with the times.
Following the discovery of Abqaiq oil field in the Eastern Province of Saudi Arabia in 1940, a young geologist was mapping adjacent quadrangles near the edge of the Rub’ al-Khali desert.
