As US crude oil production is set to rise substantially over the next decade, analysts still debate whether shale drilling is an actual profitable endeavor. Some skeptics claim operators overstate their well production profiles, while others say operational cash flow from shale wells will never be enough to cover corporate costs and old debt. […]
Baker Hughes: International rig count down 2 units in January
The international rig count for January reached 1,023, down 2 units from the 1,025 counted in December 2018, and up 63 units from the 960 counted in January 2018, according to Baker Hughes data. Source: News
Thai operator lets contract for Map Ta Phut petchem complex
Bangkok Synthetics Co. Ltd. has let a contract to Toyo Engineering Korea Ltd., a subsidiary of Toyo Engineering Corp., to provide engineering, procurement, and construction on two units at the operator’s existing petrochemical complex in Map Ta Phut, Rayong, Thailand. Source: News
Total reports deepwater gas-condensate discovery off South Africa
Total SA reported a natural gas-condensate discovery on Block 11B/12B in the Outeniqua basin, 175 km offshore southern South Africa. The Brulpadda well encountered 57 m of net gas-condensate pay in Lower Cretaceous reservoirs. Source: News
SDX Energy awarded two licenses in Morocco
SDX Energy Inc., London, has agreed to drill an exploration well and do seismic work on each of two licenses it has been awarded in Morocco. Source: News
DNO plans 20 Kurdistan wells, acquires Faroe
DNO ASA, Oslo, plans to drill as many as 20 exploration and production wells in the Kurdistan region of Iraq this year as it expands in Norway through acquisition. Spending more than 40% above the 2018 level of $300 million, the company will drill 14 wells in Kurdistan’s Tawke field, 4 at Peshkabir, and 2 […]
MARKET WATCH: NYMEX crude oil price climbs on US inventory report
Light, sweet crude oil prices settled higher for the first gain in three trading sessions on the New York market Feb. 6 after a government weekly inventory report showed a smaller-than-expected increase in US oil supplies. The US Energy Information Administration estimated crude supplies, excluding the strategic petroleum reserve, rose 1.3 million bbl to a […]
BP’s full-year production highest since 2010
BP PLC reported profits for the fourth quarter and full year 2018 of $766 million and $9.38 million, respectively, compared with $27 million and $3.39 million for the same respective periods in 2017. Source: News
Equinor reports record-high 4Q, full-year production
Equinor reported adjusted earnings of $4.4 billion in fourth-quarter 2018, citing high production at higher prices as a contributor to the increase from the $4 billion reported in fourth-quarter 2017. Adjusted earnings after tax were $1.5 billion, up from $1.3 billion in the same period last year. Source: News
UK appraisal spudded south of Wytch Farm
Privately owned Corallian Energy Ltd. has spudded an offshore appraisal well south of Wytch Farm oil field in southern England. The Ensco 72 jack up is drilling the 98/11a-5 well on License P1918, appraising a 1986 discovery designated Colter. The Colter well recovered oil on test from the Triassic Sherwood sandstone, the main reservoir at […]