Operations were suspended following recent seismic activity near the site in Lancashire, UK.
Maria Cortez, Wood Mackenzie, has said that Ecopetrol's decision to form the joint venture is part of an aggressive diversification strategy that the company has pursued in recent months.
Kayrros found that in 2018 alone, more than 1100 wells were completed in the Permian Basin but not reported through state commissions or FracFocus, a public repository for information on the chemicals used during fraccing.
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Abundant hydrocarbon reserves and the ability to drill longer laterals has made Permian Basin the most prolific shale play in the world, according to GlobalData, the data and analytics company.
In the same week that Shell agreed to explore for shale oil in China, BP is reported to be exiting its two Sichuan basin shale gas blocks. Wood Mackenzie eastern Asia upstream research analyst, Xianhui Zhang, provides commentary.
EIA’s Annual Energy Outlook 2019 (AEO2019) Reference case projects that U.S. tight oil production will continue to increase through 2030, ultimately reaching more than 10 million bpd in the early 2030s.
During 2018 Eagle Ford re-emerged as one of the lucrative destinations for oil and gas companies, according to GlobalData.