Water depth production record set off Brazil
ABOUT THIS REPORT... This production report describes advances in technology that permit oil and gas production from deeper water and tighter and more complex reservoirs. Offshore Brazil, a well recently set a record for producing oil from the deepest water. In South Texas, an operator applied advanced technology to increase production from a low-permeability, depletion-drive reservoir. New wire line tools and interpretation techniques provide continuous well permeability profiles ideally
Technology tackles low-permeability sand in South Texas
Through aggressive applications of advanced technology, Swift Energy Co. increased its natural gas and oil production from the AWP Olmos field in South Texas by more than fivefold in less than 21/2 years. At the same time, it substantially reduced per unit development and production costs. Gross daily production was more than 67 MMcf equivalent by mid-1997, compared to about 12 MMcf equivalent in early 1994.
New exploration concepts spark Swiss gas, oil prospects
A recently completed data synthesis and evaluation 1 based on the interpretation of public well data and seismic lines and the application of modern basin-modeling tools upgrades gas and oil prospects in Switzerland. The study gives insight into key elements of the petroleum systems of Switzerland and comments on new promising gas and oil play concepts. Switzerland, a highly industrialized country in the heart of Europe, is 100% dependent on imported fossil and nuclear fuels. Since 1912, only
Permeability profiles provide new reservoir management tools
New tools and interpretation techniques provide continuous well permeability profiles without coring or extensive well testing. These profiles obtained from wire line logs are ideally suited for reservoir description and management. With these permeability profiles, reservoir engineers can quantify heterogeneity and tailor completions to maximize recovery rates and efficiencies.
China's deregulation, expansion not enough to restore market balance
Southern China's Maoming refinery in Guangdong province is unable to keep up with local products demand despite a massive modernization program. Soaring refining products demand in China's booming southern provinces helps keep a prop under ever-rising products imports. Oil Production and Net Exports Diesel Production, Consumption, and Net Exports
Shell to acquire Tejas Gas Corp.
Shell Oil Co. has agreed to acquire Houston's Tejas Gas Corp. in a deal valued at $1.45 billion. The move is the latest in a string of such deals involving natural gas businesses (OGJ, Apr. 21, 1997, p. 19). Under terms of the agreement, Shell will acquire all of Tejas's outstanding common stock for $61.50/share in cash and assume balance sheet debt and preferred stock of about $900 million. The Tejas board of directors has recommended the deal to its stockholders.
Offshore Europe exhibition and conference, which took place in Aberdeen this month, was referred to incorrectly as Offshore Northern Europe (OGJ, Sept. 15, 1997, pp. 26-27). Texaco Development Corp.,
Japanese firms eye Alaskan LNG project stake
Mitsui & Co. and Mitsubishi Corp. are seeking a 10% stake in a proposed project to export Alaska North Slope (ANS) liquefied natural gas to Asia. The Japanese trading houses hope to negotiate a deal with Exxon Corp. and partners to import 7 million metric tons/year-an amount equivalent to about 15% of Japan's current LNG demand-beginning in 2007. Mitsui and Mitsubishi want to invest more than 100 billion yen ($821.4 million) in the massive project, according to Japanese press reports.
Price/demand strength buoys 1st half profits
Higher oil prices and increased petroleum product consumption have boosted first half profits for a sampling of North American oil and gas companies. Most of the increase was due to extremely favorable financial results in the first quarter. Oil prices weakened in the second quarter, and profits and revenues for this sample of companies were off slightly from the same quarter a year earlier. Higher demand for petroleum worldwide also helped to boost earnings, although demand for natural gas in