• Upstream
  • Pipelines & Transport
  • Downstream
Oil&Gas Advancement
  • Home
  • News

    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

    Azerbaijan: Inauguration of the Absheron gas field

    Azerbaijan: Inauguration of the Absheron gas field

    Equinor capitalizes shares

    Equinor awards COSL Offshore Management two drilling contracts worth $369 million

    Petronas hires Maersk semi-submersible for Suriname exploration

    Cheiron makes new oil discovery in mature Egyptian exploration well

    Bahamas Petroleum signs rig contract for exploration well

    Neptune Energy begins drilling at first Egyptian exploration well

    Baker Hughes launches AI software to optimise oil and gas production

    Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News

    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

    Azerbaijan: Inauguration of the Absheron gas field

    Azerbaijan: Inauguration of the Absheron gas field

    Equinor capitalizes shares

    Equinor awards COSL Offshore Management two drilling contracts worth $369 million

    Petronas hires Maersk semi-submersible for Suriname exploration

    Cheiron makes new oil discovery in mature Egyptian exploration well

    Bahamas Petroleum signs rig contract for exploration well

    Neptune Energy begins drilling at first Egyptian exploration well

    Baker Hughes launches AI software to optimise oil and gas production

    Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home America

SPE panel uncertain about the present, but optimistic about the future

Yuvraj_ong by Yuvraj_ong
October 13, 2015
in America, News
0

The Society of Petroleum Engineers (SPE) Annual Technical and Conference (ATCE) is taking place this week while the oil and gas industry is in the midst of a perfect storm of low oil prices, brought on by an oversupply and weak global demand. There is uncertainty about the present, but the conference attendees appear to be cautiously optimistic about a bright future of the industry.

“We’re in the midst of a journey that is like the Lewis & Clark expedition, which opened up the Western frontier of the United States,” said 2015 SPE President Helge Hove Haldorsen. “Shaping the future will require the same level of resilience and innovation.”

Highlight of the opening general session was a panel session titled, “2040: The Journey and a Destination – Diverse Perspectives.” The discussion was moderated by Eithne Treanor, Managing Director, E Treanor Media. The diverse set of participants were Jorge Leis, oil and gas consultant, Bain & Company; Bernard Looney, CEO Production, BP; Jarand Rystad, Managing Partner, Rystad Energy; Scott Tinker, Director of the Bureau of Economic Geology and state geologist of Texas; and Adil Zulkfli, Senior Vice President, Petronas.

The panel expressed concern about the crude oil oversupply and its short-term impact on oil gas budgets and industry employment, but was generally enthusiastic about the reversal of the down cycle and the result of a supply gap, long before 2040.

“The industry is in a state of supply shock,” explained Leis. “The unexpected increase of tight oil from the United States was exacerbated by increase in production from the lowest cost suppliers.”

“The people in this audience were too smart and too clever,” added Rystad.

The panelists were in agreement that increase in global demand would not be a source of salvation for the industry. “Hope is not a strategy,” admitted Looney. “We have to manage what we can manage through a focus on activities, simplifying processes and reducing costs. As an example, we’ve been able to reduce the cost of the Mad Dog project in deepwater Gulf of Mexico from $20 billion to $14 billion,and we think we can complete the project in $10 billion.”

Identifying his company, Petronas, as an INOC (international national oil company, Zulkifil said, “We face the same cost constraints as an international oil company, but as a state oil company, we also have to manage the expectations of our government to keep increasing tax revenues.”

Despite the interim concerns, the panelists were optimistic about the future of the oil and gas industry. “Diversification of the industry toward renewables in happening,” explained Leis. “Even by 2015, however, 80% of the world’s energy supplies will come from fossil fuels. Even by 2040, the industry market share will remain no less than 40%.”

One of the first questions for the panel from the audience concerned job prospects for fresh graduates. “I have two sons in graduate school, one in petroleum engineering and the other in geoscience, so I know the predicament first hand,” said Tinker. “The energy industry remains the greatest industry in the world. It is vital to lift people out of poverty. A young graduate can make a remarkable difference in the world.”

The SPE ATCE conference continues at the George Brown Convention Center in Houston until Wednesday, Sept. 30, with general sessions, technical paper presentations, and technology exhibits.

Previous Post

MicroSeismic predicts reservoir drainage, early production

Next Post

WellDog, Silixa launch fiber-based distributed temperature sensing product

Related Posts

Exploration Development

North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

September 7, 2023
Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023
Exploration Development

Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

September 7, 2023
Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana
News

Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

September 7, 2023
Downstream

Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

September 6, 2023
Azerbaijan: Inauguration of the Absheron gas field
News

Azerbaijan: Inauguration of the Absheron gas field

September 3, 2023
Equinor capitalizes shares
Drilling

Equinor awards COSL Offshore Management two drilling contracts worth $369 million

September 3, 2023
Next Post

WellDog, Silixa launch fiber-based distributed temperature sensing product

Latest Post

Equinor capitalizes shares
Drilling

Equinor awards COSL Offshore Management two drilling contracts worth $369 million

September 3, 2023
Petronas hires Maersk semi-submersible for Suriname exploration
Exploration Development

Cheiron makes new oil discovery in mature Egyptian exploration well

September 2, 2023
Bahamas Petroleum signs rig contract for exploration well
Drilling

Neptune Energy begins drilling at first Egyptian exploration well

September 2, 2023
Baker Hughes launches AI software to optimise oil and gas production
Downstream

Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

September 2, 2023
Empire Petroleum buys US oil and gas assets from ExxonMobil
Exploration Development

Texas regulator assesses over $2 million in fines against oil, gas operators

September 2, 2023
Exploration Development

Texas regulator assesses over $2 million in fines against oil, gas operators

September 2, 2023
Oil&Gas Advancement

About Us

Oil and Gas Advancement is an information centric knowledge sharing platform focused on the latest news in the B2B oil and gas sector bringing to our audiences B2B updates on upstream, downstream, pipeline and transport categories providing information on the latest projects and developments.

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.