Issue: September 2022
Features
No matter what oil prices are, our industry will continue to need newly trained talent. With proper education and training at university level, graduates will be better prepared to make cost-effective decisions regarding seismic data, drilling and completion of wells.
As the ongoing transition bridges the gap between the energy and technology sectors, more and more of the energy workforce is being spurred to make the jump.
ESG initiatives are firmly entrenched in the industry because shareholders, regulators and investors are making them nearly mandatory for oil and gas operations. How companies view shifting environmental expectations, and how they respond to regulatory requirements, will have a major impact on their future success.
API has developed two new standards for 3D printed components, as the natural gas and oil industry embraces a technology that promises to yield significant efficiency and cost benefits.
During five years at the helm of Halliburton, Jeff Miller has faced numerous challenges and decisions while carefully steering his company through the industry’s ups and downs. Finally, it looks like Mr. Miller and Halliburton are poised to enjoy some prolonged prosperity.
Special Focus: Completion Practices
Innovation in hydraulic fracturing equipment design and engineering has resulted in field-proven technology for emission reduction, operational efficiency and cost-savings. The direct-drive turbine for fracturing application has come of age.
Digital offshore operations and analysis rely on deploying downhole completion technologies that produce some type of hydraulic operations. A stepwise approach through implementation of hybrid-electric digital systems is key to overall acceptance of all-electric solutions and the associated costs of changing fieldwide completion infrastructures.
An integrated approach delivering high wellbore quality across multiple reservoir sections enables an operator to successfully run and set a multi-stage fracing completion or cemented liner. It also ensures that curve and horizontal section objectives are met when drilling across unstable reservoirs.
Columns
The invasion of Ukraine is transforming the world outlook for the supply, demand and price of hydrocarbons and the pace and cost of the energy transition. While the precise timing of future bans on Russian commodity imports are difficult to predict, a major restructuring of energy trade routes is underway.
Answer: well, not if taxes take all “its” benefits. The new Anti-Inflation legislation in the U.S. appears to be a victim of pandemic stupidity among governments.
For more than a century, fossil fuels have been central to economic development, helping build the modern world as we know it. But with climate change and global warming posing existential threats to society, industries across all sectors must find practical and economical ways to decarbonize their operations and their products.
With great solemnity, we send our sincere condolences and heartfelt sympathies to our many industry friends in the United Kingdom, as well as the general British public, upon the passing of Queen Elizabeth II on Sept. 8.
A big concern is that the new SEC ESG disclosure rules can fall into this category and possibly be challenged. So will we embrace ESG, or will there be a push back? Frankly it’s a been a little bit of both.
There was a time when investing in a plant dedicated solely to producing electric vehicles could be seen as being as foolhardy as exporting beef to India. Now, of course, old-line manufacturers are churning out battery-powered cars and trucks, and some bureaucracies are even going as far as advocating for eventual bans on petrol-powered motoring.
Mid-Year Forecast & Review
Drilling should pick up steam this year, gaining more than 18%, as nearly all regions will see activity increase. Development should thrive, as the world looks for additional sources of crude oil and natural gas.
The price is here. Drilling is up. But the outlook remains uncertain, as Canada wrestles with climate policies that do not align with the realities of demand, global markets, and security of supply.
The loss of Russian crude supplies and the lingering effects of Covid-19 have driven oil prices to multi-year highs. U.S. operators have shown restraint, but according to World Oil’s mid-year forecast, a further activity increase is in the offing.
Resources
Poor economic conditions and fear of a global economic recession caused crude prices to decline in August, despite restricted Russian supply.
