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.
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.
Lee Hulllman will serve as vice president of business development assisting in the company’s overall strategic planning and initiatives.
Hexion is the first company to develop mobile resin coating technology, offering efficient manufacturing of resin coated proppants on any substrate. Manufacturing can occur in any location that offers optimum logistics to the wellsite, even internationally.