Issue: August 2022
Voluntary capital discipline may not be the only reason that operators are keeping a tight rein on production growth. Celestial intervention may also be at play, says the chief of one pure-play South Texas operator.
Harnessing the power of advanced digital technologies and a fully automated behavior-based safety system, a scalable innovation delivers significant benefits in efficiency and sustainability.
A longtime hotbed of global politics, Arctic E&P operations these days are more fractured than ever. Hydrocarbon-triggered opposition from activists and governments, national geopolitical interests, and the omnipresent demand to produce oil and gas have shattered the circle into pieces.
Development of new installation methods enables the offshore wind market to continue to grow. Avoiding all interaction with the seabed, this innovative installation method is an important first step in unlocking technology required for efficient floating offshore wind facilities.
Special Focus: Offshore Technology
Subsea trees have traditionally required specialized engineering design. To rectify this situation, the service provider has introduced a standardized approach to simplify designs, which has reduced costs and NPT.
The Center for Offshore Safety helps operators develop, implement and refine their Safety and Environmental Management Systems. The center is at the forefront of knowledge sharing across the industry to enhance offshore operational safety and continuous improvement.
This independent presentation suggests a standard for defining various generations of mobile offshore drilling units (MODUs), centering around the “majority” of rigs. The very latest, most capable MODU generation is not needed to drill every well, but their flexibility attracts operators, at an increased price.
Buoyed by four reliable producing fields, another under development and one close to FID, along with seismic data indicating potential for additional significant finds, the Newfoundland and Labrador offshore sector is poised for noticeable growth over the next few years.
It’s no surprise that the loss of both coal- and nuclear-generated power, combined with the sudden gas shortage caused by Russia/Ukraine, has brought a real shortage of easily accessible energy resources and spiked electricity rates that are nearly six times what they were a year ago.
In general, the ESG movement is expected to change the way we do business, but will our industry grow and maintain, and what other impacts will there be from seismicity, legislation and other fronts? So, let’s look at where we are going.
The transition to renewables and clean energy alternatives has created an unprecedented reduction of investment in hydrocarbon-based energy, in favor of developing green resources.
Napoleon Bonaparte once said, “For war, we need three things—money, money and more money.” I believe his quote applies today for our industry: “To prosper, we need three things—technology, technology and more technology.”
When it comes to oilfield technology innovation, there is often a preference for developments that are viewed as “something new,” as opposed to applying something “old,” which already exists and has been used in one form or another in the past.
Russia’s war in Ukraine has destabilized Europe’s energy markets. It has compromised Germany’s energy transition, with repercussions for all of Europe. Warrior Putin has compromised Russia’s leading position in the European energy markets.
Rising interest rates and fear of economic recession caused crude prices to decline in July, despite restricted Russian supply.