More Oil & Gas Drilling and Production News

Petrovietnam protests location of CNOOC drilling rig

May 6, 2014

Petrovietnam said it sent a protest letter on May 4 to the president of China National Offshore Oil Corp. regarding the position of a drilling rig, indicating it violated Vietnam’s “sovereign and jurisdiction rights.”

OTC: Pemex preparing for cultural transition as Mexico reforms energy laws

May 6, 2014

Mexico’s Petroleos Mexicanos (Pemex) is preparing for a major cultural transition while the country’s government moves to implement energy reforms ending a 75-year monopoly on discovering and developing oil and gas, a Pemex executive told the Offshore Technology Conference on May 6.

Rockefeller bill would expand carbon dioxide EOR tax credits

May 5, 2014

US Sen. John D. Rockefeller IV (D-W.Va.) introduced legislation that would increase tax credits for using carbon dioxide in enhanced oil recovery, and establish a certification process to help future projects obtain financing.

Oxy reports decrease in US, worldwide 1Q production

May 5, 2014

Occidental Petroleum Corp. reported that its oil and gas production volumes in the first quarter averaged 745,000 boe/d, down from 763,000 boe/d in first-quarter 2013.

Oil-price patterns—2 (Conclusion): Biggest uncertainty among forces shaping oil price: politics

May 5, 2014

With the price of crude oil elevated in the first half of the 2000s by failure of world oil supply to keep pace with growing world oil demand—as was argued in the first article in this series—demand seems poised to grow again.

CO2-EOR set for growth as new CO2 supplies emerge

May 5, 2014

Development of large natural sources of CO2 in Colorado (McElmo Dome/Doe Canyon) and New Mexico (Bravo Dome) plus construction of high-volume CO2 pipelines enabled CO2 enhanced oil recovery (CO2-EOR) to achieve its first burst of growth in the Permian basin starting in the 1980s.

Optimized fluids improve production in Tarim horizontal wells

May 5, 2014

Well productivity is reduced by formation damage caused by drilling fluids, especially in horizontal wells.

DEEPWATER GULF DECOMMISSIONING–4 (Conclusion): Pace of decommissioning to accelerate over next decade

May 5, 2014

This final installment of our four-part series examining end-of-life production in the deepwater Gulf of Mexico (GOM) applies three forecast models to infer expected short, medium, and long-term decommissioning schedules for all GOM structures that sit in water deeper than 400 ft.

Baker Hughes: US drilling rig count declines to 1,854

May 2, 2014

The US drilling rig count lost 7 units to settle at 1,854 rigs working during the week ended May 2, Baker Hughes Inc. reported.

Chevron 1Q profits plunge on lower oil production, prices

May 2, 2014

Chevron Corp. reported earnings of $4.5 billion for this year’s first quarter compared with $6.2 billion for first-quarter 2013. Revenues in the first quarter were $51 billion, down from $54 billion during the same quarter a year ago.

Sen. Hoeven submits updated Keystone XL approval bill

May 1, 2014

US Sen. John Hoeven (R-ND) submitted a fresh bill that would bypass the White House and congressionally approve the proposed Keystone XL crude oil pipeline’s cross-border permit.

RWE Dea Egypt ramps up gas production at Disouq

Apr 30, 2014

RWE Dea Egypt has ramped up natural gas production through its North West Khilala-1-4 (NWK-1-4) development well, which is part of the Disouq gas project in the Egyptian Nile Delta.

Bakken field production reaches 1 billion bbl mark

Apr 28, 2014

Citing data from IHS, Continental Resources Inc. reported that Bakken field has surpassed 1 billion bbl of cumulative light, sweet crude oil production during this year’s first quarter.

EIA: Marcellus gas production continues to outpace takeaway capacity

Apr 25, 2014

Rising production of natural gas in the Marcellus shale play in the Appalachian basin continues to outpace the growth in the region’s pipeline takeaway capacity, which has led to supply backups in the region, the US Energy Information Administration reported in a weekly gas report.

Baker Hughes: US drilling rig count leaps to 1,861

Apr 25, 2014

The US drilling rig count jumped 30 units to reach a total of 1,861 rigs working during the week ended Apr. 25, Baker Hughes Inc. reported. The US now has 107 more rigs working compared with this week a year ago.

Market Connection

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