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Exploration & Development: New thinking confronts the ‘brain drain’
Expect 2007 to be a strong year for exploration and development worldwide.
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Drilling & Production: Powerful new rigs drill in tough conditions
The drilling industry this year will use newer, more-efficient, and more-powerful rigs and tools to test new plays and develop reserves in challenging environments such as arctic conditions and deep, high-temperature, high-pressure regimes.
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Drilling & Production: Smart wells, ‘e-fields’ shaping production plans
Technology remains key to how fast and how much of the world’s remaining oil and gas resources the industry can produce economically from the varied environments that hold most potential: deep water, arctic regions, coalbeds, partially depleted reservoirs, and deep, tight formations with high temperature and pressure, as well as formations containing heavy oil or bitumen.
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Processing: Refining focus swings from clean fuels to adding capacity
Refiners throughout the world will turn their focus in 2007 to expanding crude distillation capacity and expanding the use of renewable fuels.
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Processing: LPG surplus developing in association with LNG supply jump
Production of LPG-the world’s most widely traded NGL-is on the rise everywhere but in North America.
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Transportation: Integrity management to remain top pipeline concern in 2007
Integrity management will stay at the forefront of pipeline operators’ agendas in 2007.
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Lehman Bros.: E&P spending to see slower growth
After “extremely strong growths” of 20% in 2005 and 30% in 2006, global exploration and production spending is expected to rise at a slower rate of 9% to $300 billion in 2007, with more emphasis on international rather than US projects, said analysts at Lehman Bros. Inc., New York.
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FACTS forecasts two gas-price convergence trends
Natural gas prices are converging upward, both in conjunction with rising oil prices and across global gas markets, according to a study of gas trends by Fesharaki Associates Consulting & Technical Services Inc. (FACTS), Honolulu.
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New group to develop energy policy recommendations
Energy consumers and producers, including six oil and gas trade associations, have formed what former US Sen. John Breaux (D-La.) termed “a coalition of coalitions” to develop national energy policy recommendations.
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WATCHING GOVERNMENT: A look back at 2006
“Fast away, the old year passes… Hail the new, ye lads and lasses!”
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COMPANY NEWS: Statoil, Norsk Hydro to merge in $30 billion deal
The boards of Norway’s Statoil ASA and Norsk Hydro ASA have agreed to merge their oil and gas operations in a deal valued at about $30 billion, creating the world’s largest offshore operator.
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WATCHING THE WORLD: Putin’s oil grab
Russian President Vladimir Putin is not good for his country’s oil industry.
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WoodMac: Gulf of Mexico key for merging Statoil-Norsk Hydro
The merger of Statoil ASA’s and Norsk Hydro ASA’s oil and gas businesses will create an upstream player whose most important future international operations will be in the deepwater Gulf of Mexico, Wood Mackenzie analysts said.