Simulation: Cutting the Corner on Machine Learning
oil and gas industry becomes more competitive, it actively pursues increased efficiency through innovative approaches while streamlining production, reducing costs, and improving safety. Many companies are looking at digitization to insulate themselves from market shocks, remain profitable at lower oil prices, and generate competitive advantage during recovery. The path forward lies in leveraging machine learning-based technologies that are maturing quickly and are being adopted across the value chain. The use of Machine Learning (ML) models is particularly promising for the resolution of problems
Borr Drilling Aims to Expand Fleet, Keep Costs Low
previously listed on the over-the-counter market. "That might change in the future, depending on the financing needs, but we can control what we pay for assets," Johnson said. Offshore drilling companies have come under pressure as oil companies have cut back on spending to cope with lower oil prices. Seadrill, part of Norwegian billionaire John Fredriksen's business empire, is trying to restructure its debts. Borr Drilling, which is led by former Seadrill executives, has acquired 17 jack-up rigs since last December and in March won a one-year contract for drilling off Nigeria from Total
Bibby Athena Winch Control System Upgraded
AHC system to Scantrol’s service engineers via the ship’s internet connection whenever needed. “If Scantrol AHC fails, the job stops. That is why the iSYM online is an absolutely essential security measure,” Rogers said. “As the offshore markets slow down due to lower oil prices, we experience that more ship owners are looking at the opportunity to upgrade their existing deck equipment with AHC instead of buying new. Retrofitting of existing equipment to AHC is often a very cost effective way to putting the vessel in a better position in order to get the limited number
OPEC: Crude Demand will Grow in 2016
. The 2016 forecast for U.S. tight oil production, also known as shale, was reduced by 100,000 bpd. OPEC's move follows the U.S. government's downward revision of domestic output announced in August. But OPEC did not go as far as the International Energy Agency, which on Friday said lower oil prices would force non-OPEC to cut output by the steepest rate in more than two decades next year. OPEC also expects the recent strength in oil demand growth to moderate. It sees world oil demand growth slowing to 1.29 million bpd in 2016 - down 50,000 bpd from last month, from 1.46 million bpd
MTR100: Venture into the Norwegian Subsea Valley
; to 2018, when an industry-wide upturn will nevertheless be underway for all but subsea services (equipment bought recently will be installed later). By 2019, Rystad sees a surge in subsea revenues. By 2020, the influence of U.S. shale — widely blamed for the death of European refineries and lower oil prices — will have waned, as production is halved from today’s levels. By 2016, when “demand catches up with supply.” oilfield investments will begin a four-year spike to 2020 and reach $400 billion worldwide. Importantly, it’ll be largely “back to normal”
BP to Relinquish Three Offshore Blocks in Uruguay
. He said BP would give control of the three blocks to Ancap in October. BP holds a 100 percent interest in the blocks and Ancap has the right to take up to a 30 percent share in any discoveries. BP's second-quarter profit slumped by nearly two-thirds as it grappled with lower oil prices. Late last month it cut its capital spending plans for the year for a second time this year to below $22 billion from $22.9 billion last year. "BP's analysis concluded that the chances of success in identifying commercially exploitable hydrocarbons in the blocks did not compete
The Evolution of Subsea EPC
for the trees and controls. In 2015 it is expected that over 95 percent of subsea trees installed will have wellheads and controls from the same manufacturer. This trend is set to develop further with an appetite for standardization of subsea equipment that has been driven by cost pressures, lower oil prices and the subsequent need to deliver projects on-budget, on-time.
Roadmap Aids Transition from Exploration to Production
With lower oil prices and smaller margins, good project management is more important than ever, yet operators are often challenged when moving from field development projects into the operational phase. DNV GL has therefore developed a framework and roadmap for planning operations. This will support smaller operators in the transition from exploration to production to ensure a safe and cost-efficient operation. The roadmap identifies a set of common activities to be carried out in the planning for operations. This ensures that all statutory and regulatory requirements are met throughout all phases.
Seacor Holdings Posts Q1 Loss of $1.10/Share
during the preceding quarter. Offshore market conditions continued to deteriorate during the first quarter. Day rates and utilization of the Company's offshore support vessel fleet have been subjected to downward pressure as offshore drilling and associated activity has declined in response to lower oil prices and as newly built offshore support vessels have been delivered to the industry-wide fleet. In response, the Company has returned ten leased-in vessels to their owners beginning in the third quarter of 2014 and had nine cold-stacked vessels as of March 31, 2015. On a total fleet basis, the total
February 2024
