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In recent weeks, upstream North American markets have recovered more strongly than formerly anticipated. Higher levels of frack fleet utilisation and significant tightening of industry capacity are both benefiting the Group’s Oil & Gas division.
EIA now forecasts Brent crude oil spot prices to average US$51/bbl in 2017 and US$52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be US$2/bbl lower than Brent prices in 2017 and 2018.
This includes a 41% increase in estimated development gas well completions and a dramatic 81% increase in total estimated oil well completions from year-ago levels.
Global energy investment fell by 12% in 2016, the second consecutive year of decline, as increased spending on energy efficiency and electricity networks was more than offset by a continued drop in upstream oil and gas spending.
Conventional exploration performance has improved considerably in 2017, with commercial success rates above 50% and much lower finding costs than for the same period in 2016.
The recent financial pressures as a result of the oil downturn have left cyber security functions for many firms within the oil and gas sector considerably underfunded and out of date.
Michael Konopczynski and Iko Oguche, Tendeka, Inc., investigate downhole flow profiling using optical fibre distributed temperature sensing (virtual PLT).
Streamlining permitting processes and decisions will improve confidence to invest in federal energy projects that will create jobs and benefit consumers.
Apache Corporation has announced that it will complete an exit from Canada upon the closing of three recent transactions.
PJ Valves (PJV), the specialist manufacturer and supplier of valves for the global energy industry, has appointed Kevin Schumacker as Business Development Manager in Houston, to implement its regional growth strategy.
Summit’s electric submersible pump system expands Halliburton artificial lift portfolio.
The collapse of oil prices has taken a toll on foreign direct investment (FDI), export revenue and government revenues in Colombia, forcing action to be taken to relieve budgetary pressure and maintain natural gas self-sufficiency.