Issue: February 2018
Special Focus
With the recovery definitely underway, Evercore ISI predicts global E&P spending to rise 7% in 2018 following a 4% increase in 2017 and a 33% decline in 2016.
The last 12 months in Washington, D.C., have been incredibly positive for the U.S. oil and gas industry.
U.S. operators are forecast to increase upstream activity, as oil and gas production rises with crude prices.
With oil prices on the rise in 2017, operators added drilling rigs back to many areas of the U.S.
Shale operators are increasing U.S. crude production in response to oil prices that are, so far, trending more favorably this year, due largely to decisions by OPEC and Russia to curb production.
The number of active, producing oil wells in the U.S. remained relatively stable, dropping slightly last year, despite a significant increase in drilling from 2016 into 2017.
The number of active, producing U.S. gas wells slipped 1.6% last year, from 501,535 to 493,421, although, according to the EIA, the country’s gross gas withdrawals hit an 11-year high at 95.8 Bcfd last November.
According to EY’s U.S. Oil and Gas Reserves Study, U.S. oil reserves saw another decline in 2016.
With most economic indicators aligned, the Canadian industry is poised to rebound from its worst slump in 30 years. But political uncertainty is still the wildcard, as the impact of implementing climate change policies remains unknown.
Outside of the U.S., a global recovery is on the horizon for the upstream oil and gas industry.
Features
Downhole turbines are a solution in hard and abrasive formations, otherwise inaccessible with conventional motors.
North American unconventional well completion designs have evolved dramatically in the last four years. Longer laterals and increased proppant loading have resulted in higher IPs and EURs. New geo-engineered completion designs are delivering superior production results compared to high-intensity PNP.
Record laterals help feed new pipelines, plants
Situated in the Eastern Mediterranean Sea, just south of Turkey, the island nation of Cyprus will once again host the Eastern Mediterranean Gas Conference (EMGC), now in its fifth year.
With E&P on the mend, major breakthroughs are underway
Columns
Keeping the caution in our optimism
A plethora of Issues
Successful exploration is the art of managing failure
Hard rock paradigm shift
All over the map
Alaska seeks limits on offshore leasing
Reducing coating maintenance costs and headaches on new offshore platforms
The art of the oil deal
Rod Uchytil: Leaving an international impact
The changing energy landscape of the Middle East
News & Resources
Total (40%) and Chevron (operator, 60%) have announced a major discovery at the Ballymore prospect, in the U.S. Gulf of Mexico.
U.S. crude production surged to its highest level in 47 years, when output reached 10.038 MMbpd in November (EIA).
API President and CEO Jack Gerard has announced that he will step down in August, when his contract ends.
Kreuz Subsea has secured a contract supporting Larsen & Toubro (L&T) and Oil & Natural Gas Corp. (ONGC) in India.
National Oilwell Varco (NOV) has introduced the iSeries NXT platform to its portfolio of Tolteq MWD/LWD directional systems and tools.
