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A major UAE operator has recovered from stuck pipe by severing its drill string in just 2.5 hrs, reports Churchill Drilling Tools, a global oilfield service company specialising in drilling innovation.
This news comes despite projections of declining oil demand in the 2030s or even the late 2020s in some scenarios.
The report says that planned Canadian oil sands projects are being pushed back in response to further delays in pipeline egress and the mandated output cuts by the Alberta provincial government.
The feasibility study documents the company’s plans to develop the resources discovered during its 2018 drilling campaign, which delivered five discoveries from five exploration wells.
The company has announced that the joint venture partners have approved a 2019 work programme and budget for four firm wells and one contingent well at the Manora oilfield in G1/48.
The company is aiming for a gross initial flow rate of 325 bpd at the well, which would generate a free cash flow of approximately US$3.6 million and payback well costs in less than six months (assuming a price of US$60/bbl Brent)
The company has entered into an agreement with Gabon Oil Company (GOC) for the acquisition of a 10% interest in the Dussafu production sharing contract.
The newly built rig will drill six wells in the Norwegian sector of the North Sea.
The Oda field is Spirit Energy’s first development as operator on the Norwegian Continental Shelf.
Not until 2025, 11 years after the last peak, are global service market revenues again likely to have made it back to the US$920 billion mark seen in 2014, according to Rystad Energy.
During 2018 Eagle Ford re-emerged as one of the lucrative destinations for oil and gas companies, according to GlobalData.
PTTEP, Thailand's national oil exploration & production company, awarded Vallourec the contract to deliver over 3000 t of OCTG for its Myanmar M9 West exploration well.