Drilling & production

In 4Q21, the oil and gas industry saw an increase of 77% in overall contract value.

Petrofac has been awarded two new contracts with Cairn Oil & Gas, Vedanta Ltd.

Drilling is expected to commence within the next week after allowing for towing and set up.

Rami Khrais, Oil & Gas Analyst at GlobalData, has said that the project will be one of the largest oil developments seen in Africa over the last 20 years, expecting to recover over 1.5 billion barrels of oil.

The extended contract covers 2 drilling rigs, 13 workover units and 13 pulling units on Pan American’s Cerro Dragon field in the Golfo San Jorge basin in southern Argentina.

This increase in the EIA’s forecast of crude oil production is largely based on their interpretation of the January 2022 OPEC+ meeting, when participants reaffirmed their decision to continue to increase output by 0.4 million bpd each month until all of the production cuts are reversed.

BCCK, along with its sister company NG Resources, will design and build the facility.

Woodside has operated in Myanmar since 2013, conducting multiple exploration and drilling campaigns.

The 10-year contract comes with options to extend for a further two years and, with those options included, has a total value around US$550 million.

The increased production is due mainly to production start-up from the Gjøa P1 infill development in February and the Duva field tie-back in August.

The hub would enable both parties to jointly develop new AI-powered innovations to facilitate the carbon reduction of complex energy-intensive assets throughout Saudi Arabia and abroad.

Deployed to support a major Saudi operator, the expandable technology was brought in when water ingress on a producing well led to decreased oil recovery.

GeoVolve HAMMER, powered by HydroVolve’s field proven INFINITY engine, uses percussive impulse energy to fracture the rock ahead of the drill bit, enabling deep drilling into hot, hard rock easier and faster.

Halliburton has reported an adjusted net income of US$320 million in 4Q21, double that from a year earlier, prompting the oilfield services company to lift its dividend following a rebound in crude and natural gas prices.

Anders Arefjord, Founder & Business Development, FourPhase, explains why opportunities presented by remote and automated operations mean that a real window for change in solids management has opened.