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.
The new facility will be capable of producing up to 5 million t of regional sand per year and will serve as another channel by which the company will service the evolving dynamics of the oil and gas industry.
McKinsey Energy Insights (MEI), the data and analytics specialist that provides distinctive insight and support to the global energy industry, has released its North American Shale Oil Outlook.
The global land drilling rig market has been through a tough downturn characterised by an inward focus through the supply chain on survival.
Looking at the recent evolution of oil production in the Lower 48 states (excl. Gulf of Mexico), Rystad Energy observes a continuous expansion, with a 430 000 bpd growth from December 2016 to May 2017.
Total has sanctioned the development of the first phase of the operated Aguada Pichana Este license in the giant Vaca Muerta shale play in Argentina. Moreover, the Group will also increase its interest in the license from 27.27% to 41%.
Oil prices are unlikely to rebound significantly from current levels, with a glut of supply and increasingly advanced methods of extraction set to keep the commodity’s price lower for longer, according to Stephen Jones, CIO at Kames Capital.
The latest published well production data from the Ohio Department of Natural Resources (ODNR) suggests that shale gas production in Ohio contracted by 180 million ft3/d in 4Q 2016, with only 58 new wells turned in line.
The EIA’s Annual Energy Outlook 2017 Reference case projects that US tight oil production will increase to more than 6 million bpd in the coming decade, making up most of total US oil production.
The company has won a bankruptcy auction to acquire the acres, including drilling rights on 44 100 net acres in the Utica and current natural gas production of approximately 80 million ft3 per day, from Stone Energy Corp.