Analysis of the logs, use of offset comparison data and cut-offs, in conjunction with advanced wireline tools has indicated an increase in net pay of 17 m, which brings the total net pay to 58 m using the cutoffs from the nearby Waitsia field.
The latest upstream news
The biggest M&A deal of 2Q19 was Occidental Petroleum’s acquisition of Anadarko Petroleum for US$55 billion.
US Light Tight Oil (LTO) represented less than 1% of global oil supply nine years ago but now represents close to 10% of total global oil supply, a percentage which is expected to continue its ascent going forward.
Forum will provide global sales, distribution and support of Olis remotely operated vehicles (ROV) controllers for the offshore energy market.
The research and business intelligence company is forecasting a 4% decline in global oilfield service revenue if oil prices stay flat next year.
The report reveals that gas is the only fossil fuel expected to continuously rise in demand through to 2035.
The OOC Oil & Gas Blockchain Consortium, whose members include Chevron Corp., ConocoPhillips, Exxon Mobil Corp., Equinor and Royal Dutch Shell, has awarded a contract to Data Gumbo to pilot blockchain technology for water handling services.
At an event in Rio de Janeiro, firms paid a total of US$3.74 million for the rights to explore the areas in question.
The four-year agreement with Petrobras represents the largest fishing contract ever signed by Weatherford.
The four blocks in the Central North Sea cover an area of approximately 500 km2, and include the Zeta prospect, which United estimates could contain over 90 million bbl of in-place oil.
The company has upgraded its full year oil production guidance to 21 000 – 23 000 bpd from 19 000 – 22 000 bpd.