China Puts First ‘Home-Made’ Subsea Xmas Tree Into Operation
operation the first domestically developed subsea Xmas tree.CNOOC’s subsea Xmas tree is 3.5 meters long, 3.2 meters wide and 3 meters high, with an overall weight of nearly 22 tons.It is a piece of equipment used in subsea production systems in the offshore oil industry, can efficiently increase oil output of oilfields. The Xmas tree is able to pump seawater with a maximum pressure of about 17 MPa into the reservoir, to increase the overall oil production.To remind, CNOOC recently started production from its Suizhong 36-1/Luda 5-2 discovery, located in Liaodong Bay of Bohai Sea.The project is expected
Shell to Use New AI Technology in Deepwater Oil Exploration
Shell Plc will use AI-based technology from big-data analytics firm SparkCognition in its deep sea exploration and production to boost offshore oil output, the companies said on Wednesday. SparkCognition's AI algorithms will process and analyze large amounts of seismic data in the hunt for new oil reservoirs by Shell, the largest oil producer in the U.S. Gulf of Mexico. "We are committed to finding new and innovative ways to reinvent our exploration ways of working," Gabriel Guerra, Shell's vice president of innovation and performance, said in a statement. The goal is
Magseis Fairfield Wins OBN Survey Work with ExxonMobil in Guyana
;s sixth and seventh discoveries in the block this year alone. The company's total number of discoveries in Guyana now stands at more than 25, with more than 11 billion barrels of oil discovered.There are two FPSOs currently producing oil at the Stabroek Block - Liza Destiny and Liza Unity - and the oil output there has exceeded their initial combined target of 340,000 barrels per day.A third project in the offshore block, Payara, is expected to produce 220,000 barrels per day. Construction on its FPSO, the Prosperity FPSO, is five months ahead of schedule, with start-up likely before year-end 2023.
Baker Hughes Finds US Drillers Add Most O&G Rigs Since April
and production (E&P) firms plan to raise spending for a second consecutive year in 2022.The rig count has climbed gradually for a record 17 months in a row, but U.S. oil production slipped in 2021 as many energy firms focused more on returning money to investors rather than boosting output.U.S. oil output was hit by the coronavirus pandemic which crushed demand and prices, and is only forecast to surpass 2019's record levels of 12.3 million barrels per day (bpd) next year. The government projects production will rise from 11.2 million bpd in 2021 to 11.8 million bpd in 2022 and 12.4 million
NOAA Raises Predicted Number of Tropical Storms to Record High
are major.NOAA's forecast is similar to that issued Wednesday by the Colorado State University Tropical Meteorology Project, which predicts 12 hurricanes, five of them major, from 24 named storms in the current season.Offshore production in the U.S. Gulf of Mexico accounts for 17% of total U.S. oil output and 5% of total natural gas production, according to the Energy Information Administration (EIA). Over 45% of U.S. petroleum refining capacity is located along the Gulf Coast, as well as 51% of total U.S. natural gas processing plant capacity, according to EIA.(Reporting by Erwin Seba; Editing
U.S. to send envoy to Saudi Arabia to Stabilize Oil Prices
affairs at the American Petroleum Institute. "They've been proven ineffective and harmful. There's no reason during this time to try to imitate OPEC."In the last several years, shale operators using the innovative hydraulic fracturing, or fracking, technique, have boosted U.S. oil output to nearly 13 million barrels per day, making it the world's largest producer. Since 2016, as OPEC restrained production, the United States has taken market share from Saudi Arabia, Russia and other nations.Russia has been slower to come on board with OPEC's continued efforts to bolster
Nine US States Seek to Stop Atlantic Seismic Testing
harrasment, not outight killing, of the marine animals in issuing the permits. A marine biologist at the office told reporters last month that no seismic tests have been known to cause whale beachings.The permits, part of President Donald Trump's "energy dominance" agenda to boost oil output for U.S. consumption and for exports, also went to ION GeoVentures, Spectrum Geo Inc and TGS-NOPEC Geophysical Company.The companies did not immediately respond to requests for comment.The other attorneys general are from Maryland, Connecticut, Delaware, Maine, Massachusetts, New Jersey, North
Aker Bets on Software Engineers for Its Oil Business
and valve pressures.For Lundin Petroleum, sharing information from its Edvard Grieg field on the Norwegian continental shelf with Aker BP's adjacent Ivar Aasen field makes sense because getting more real-time production data from a rival in a similar geological area could help it improve its own oil output."Aker BP's view is that, unlike seismic data interpretation for oil exploration, operational data is not a strategic know-how to be protected," said its chief Karl Johnny Hersvik.For Aker ASA, the biggest shareholder in Aker BP and Cognite, the Lundin Petroleum deal is part of its
Schlumberger Wins in US Supreme Court on Patent Damages
a 5-minute trading halt in the shares on the New York Stock Exchange. ION shares steadily recovered the loss, however, and are little changed on the day.Schlumberger shares, meanwhile, are up 4 percent, but most of that gain occurred before the ruling was released and on the heels of a modest oil output increase agreement that was reached by OPEC earlier on Friday.U.S. patent law generally applies only domestically, but Schlumberger said that since the law protects against infringement that occurs when components of a patented invention are supplied from the U.S. for assembly abroad, it should
February 2024
