Issue: September 2023
Special focus: Upstream practices
A novel approach to engineering for upstream projects is producing significantly better outcomes. The innovative techniques are focusing more attention on the design and effective control of engineering workflows to reduce NPT and lower costs.
A UAE-based company is providing a specialist portfolio of high-specification completion equipment and services that encompasses the entire upper completion to a diverse range of clients in 30 countries.
As the oil and gas industry strives to cut costs, improve efficiency and reinforce its role in the energy transition, the use of digital twins is becoming more evident in the race to digitize and decarbonize the sector.
Global mid-year forecast
Caution leads the way as Canada’s oil industry seeks to find the balance between burgeoning global needs for its ethically and sustainably produced energy and increasingly punitive policies from Ottawa that threaten industry’s ability to meet demand.
OPEC’s 1-MMbopd production cut, coupled with increased global demand, pushed crude prices to a nine-month high in September. Yet, U.S. operators have shown restraint, and according to World Oil’s mid-year forecast, this trend will continue, as activity is projected to decline slightly during second-half 2023.
International activity outside the U.S. continues its growth, as most regions will see a pick-up in drilling. Global oil production posted an unusually stout increase last year, and another solid gain is anticipated this year. Offshore activity is particularly healthy in several regions.
An open collaboration and digitalization initiative is working to optimize FPSO production throughput and ensure equipment uptime, while reducing carbon footprint at scale.
To accelerate net-zero opportunities at pace, E&P companies need to be ESG leaders. To be successful, the industry needs fit-for-purpose policy and voluntary reporting frameworks that maximise giving confidence to the market and stakeholders without a sectorial bias.
Regional report: Newfoundland and Labrador: Despite some setbacks, NL’s offshore sector continues to ride its large potential to greater progress
There have been the disappointments of Equinor’s delayed Bay du Nord development and bp’s Ephesus well, but the significant potential of Newfoundland and Labrador’s offshore resources cannot be denied. There is much to be thankful for in this sector.
The extension of the operational lives of deepwater SCRs offers significant benefits in terms of increased production, cost-effectiveness and alignment with ESG principles.
Industry optimism shows up at OE and WPC
Exploration ≥ Drill, Pump, Sell
Dodging the hot zone
The growing decarbonization movement
Oilfield electrification gaining momentum
OPEC+ continued to reduce oil supply during a period of record demand, which was sparked by an increase in Chinese consumption and an uptick in petrochemical feedstock requirements.