Shale news

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.

The research and business intelligence company is forecasting a 4% decline in global oilfield service revenue if oil prices stay flat next year.

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.

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.

The company's new office will focus on talent acquisition and global mobility as the area continues to expand on the back of the Rocky shale boom.

The offshore industry gradually increased the overall headcount of the top 50 oilfield service companies from 2017 to 2018.

The company is to sell a a 2% proportionately reduced overriding royalty interest in 350 000 net surface acres in southwest Appalachia, US.

The company's recently published North America Watch attributes the growth in output to increasing rig productivity and efficiency gains in areas outside of the Bakken core.

Tremendous overspend by US shale firms continues to persist, says the energy research and consultancy.

These data sets are available now for licensing or extraction on a well-by-well basis with one-day turnaround.