Rystad Energy: Oil majors are preparing for a greener future through shale
Oil majors are readying themselves for the energy transition by investing in shale and waiting for renewable technology to be economical, according to Rystad Energy.
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Oil majors are readying themselves for the energy transition by investing in shale and waiting for renewable technology to be economical, according to Rystad Energy.
Agreement will provide proppant to industry leader.
Increasing investment towards exploration and production of unconventional resources due to rising concern towards rapid depletion of conventional resources will drive the hydraulic fracturing market size during the forecast period.
The Vaca Muerta Shale Basin in Argentina is the only unconventional play outside of North America where activity has already made the transition from exploration to full-scale development.
Production in the area, which spans Texas and New Mexico, could reach 5.4 million boe per day by 2023, putting it ahead of every OPEC country except Saudi Arabia.
A recent surge in final investment decisions (FIDs) on offshore oil and gas projects has set the scene for a healthy increase in offshore investments next year.
The deal, one of the largest acquisitions in BP’s history, gives the company secure access to new projects that can contribute on a large scale to growing its production.
The transaction is expected to close in 4Q18.
Well lateral lengths in the Permian have increased in average by more than 1500 ft since 2016 to approximately 7500 ft by the end of 2017, says GlobalData.
The new patent-pending system combines professional grade gun loading and assembly features with FracIQ™ Limited Entry Perforating shaped charges.
Shale Support will work alongside Shale Rail, as a strategic partner for supply chain and transportation needs, leveraging the company’s quality service, history of safety and 20-plus years of industry expertise.
Oil sands projects will require US$43 billion, while the investments into heavy oil assets will require almost US$4 billion in upstream Capex by 2025.