Author: Rigs & Barge World
Media release: GSOO reaffirms need to fast-track new gas supply, the ‘ultimate backstop’ | Australian Energy Producers Skip to content Source link
Minister of Petroleum and Mineral Resources Karim Badawi emphasized that workforce development is pivotal to the petroleum sector’s success and urged continued prioritization of occupational health and safety in the sector. This came during the general assembly meeting of the Egyptian Petroleum Services Company (EPSCO) to discuss and review its fiscal year results in 2024. Badawi pointed out the country’s current goals to unify procurement sources to reduce governmental costs. He directed EPSCO to cooperate with entities including the Egyptian Unified Procurement Authority to review contracts and devise financial improvement plans. He also directed the need to recruit female technical…
Mark Young, Senior M&A Analyst with Evaluate Energy, examines the latest mergers and acquisitions activity in the upstream oil and gas sector, and M&A trends to watch in 2025 in a Q&A with Practical Law Finance at Thomson Reuters. The full discussion, which includes charted M&A data, is available for free download here. Read below an extract of Young’s expert analysis, addressing the main drivers of this activity and how market and other developments are impacting producers’ M&A strategies. Thomson Reuters: What is the current state of upstream mergers, acquisitions, and divestitures activity in the US, including the most active basins…
Despite President Trump’s vocal “Drill, baby, drill” mantra, his push to boost crude oil supply has yet to fully take shape. Undeterred, he continues to press forward, shifting his focus toward pressuring oil producers—particularly in the Middle East—to ramp up output until U.S. production reaches his desired levels. His administration has already leaned on OPEC+, the alliance of OPEC and Russia, to increase supply.Yielding to U.S. pressure, OPEC+ recently agreed to ease the production cuts it had implemented to “stabilize” oil prices. Starting in April, the cartel will boost output by 138,000 barrels per day (bpd)—the first such increase since…
London-listed Genel Energy has seen efforts to diversify its portfolio stumble in recent years. All of its 19,650 b/d in 2024 working interest output came from its 25% stake in Iraqi Kurdistan’s DNO-operated Tawke field, whose output achieved an average price of just $35/B (MEES, 7 February). With attempts to expand in Morocco and Somaliland failing to bear fruit, Genel has now entered Oman, earlier this month taking 40% stake in exploration Block 54 alongside a 60% operator stake held by state upstream firm OQEP (MEES, 14 March). (CONTINUED – 200 WORDS) Read this article for free Gain access to…
Drilling fluid, also known as drilling mud, is a crucial component in the oil and gas drilling process. It serves multiple purposes such as maintaining wellbore stability, controlling subsurface pressure, removing cuttings from the wellbore, and cooling and lubricating the drill bit. The importance of drilling fluid cannot be neglected, as it plays a vital role in ensuring the success of a drilling operation.Wellbore Stability is one of the primary functions of drilling fluid. The fluid acts as a barrier between the drilling fluid and the surrounding rock formations, preventing caving and other geological issues that could cause damage to…
Media release: Victorian voters back long-term role for gas in state’s energy mix | Australian Energy Producers Skip to content Source link
The Jar Intensifier is perhaps one of the most outstanding devices designed to help fishermen successfully complete difficult fishing jobs in the oil and gas field. The tool is designed to become a fishing string component and work in conjunction with a hydraulic jar to ensure that the jarring blows are concentrated at the stuck pipe point. The restraining mechanism in a Hydraulic Drilling Jar (an expansion joint with a limited longitudinal stroke) permits the buildup of extreme energy in the drill pipe and the ability to suddenly release the energy to drive a mass of weight upward to strike…
Oil price fluctuations and an expected increase in demand for U.S. LNG exports have led many operators in the Eagle Ford to switch to higher gas yielding acreage. Productivity has been boosted by improved drilling techniques including geosteering technology, proppant loading, increasing horizontal well lengths, plus machine learning and real-time data analytics. This improvement in average gas production per rig, combined with a greater focus on gas production over oil, has delivered a greater yield despite the lack of new drilling ventures. “During the fourth quarter… Eagle Ford exceeded estimates due to strong new well productivity and solid base performance,”…
The International Energy Agency (IEA) has revised its 2025 crude oil demand forecast downward, presenting a challenging outlook for oil and gas investors amidst existing market pressures. This projection adds to the headwinds already impacting crude oil prices.The IEA’s forecast follows OPEC+’s announcement of a planned production increase of 138,000 barrels per day (bpd). This modest increase contrasts with the 2 million bpd production cut implemented in October 2022 to stabilize falling oil prices.According to the IEA’s March Oil Market Report, global oil supply is projected to exceed demand in 2025, resulting in a surplus. The IEA forecasts demand growth…