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  1. Standardization could cut costs 30%, says IMCA official

    Offshore staff SINGAPORE – Offshore oil majors could shave nearly a third off their exploration and development costs by agreeing to industry-wide equipment standards , says Allen Leatt, chief executive of the International Marine Contractors Association (IMCA). Rather than having big companies continue to go their own ways in ordering E&P equipment tailored for their individual needs, oil majors could take a leaf out of the US shale oil industry’s book, Leatt told Reuters in a recent interview. US shale oil drillers, Leatt says, have halved their cost base to around $30-40/bbl, thanks in part to standardization of drilling equipment. “Oil companies could take out 30% of the cost using standardized specifications and ruthlessly pragmatic engineering,” Leatt was quoted to say. In one of the most cost-intensive industries, cross-sector equipment standardization is rare. Most oil majors use in house-designed equipment to explore offshore for and produce oil. Capital investment in exploration and offshore development is expected to have fallen by almost a quarter this year, to around $500 billion – the first time in three decades that budgets have been cut for three successive years, according to Norwegian offshore consultancy Rystad Energy. “We haven't seen oil and gas companies work in a significant way to reduce their long-term cost base,” said Leatt. “They have delayed projects in the short-term, cut jobs and squeezed the supply chain.”  He said that if oil companies “put more emphasis into sensible pragmatic specifications” that would “help bring stalled projects back to the market.” The report noted that a group of 10 oil majors belonging to the International Oil and Gas Producers Association (IOGP) , including BP, Royal Dutch Shell, Chevron, Saudi Aramco, and Statoil, have created a group that has prepared a handful of standard designs for electrical and pipework equipment. “What we now call ‘IOGP specifications’ we hope will replace participating company specifications,” said Ian Cummins, chairman of the IOGP's steering committee focused on standardization. Cummins was also quoted in the Reuters report. 12/28/2016  

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    Wed, 28 Dec 2016

  2. Charger Shale Oil Company, Oaktree form $900M Permian Basin JV

    Charger Shale Oil Company LLC and funds managed by Oaktree Capital Management LP have formed a joint venture focused on the Permian Basin.

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    Fri, 9 Sep 2016

  3. Charger Shale Oil JV targets Permian basin

    Charger Shale Oil Co. LLC, Midland, Tex., and funds managed by Oaktree Capital Management LP, Los Angeles, have formed a joint venture targeting 100 horizontal well locations across multiple horizons in the Permian basin.

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    Fri, 9 Sep 2016

  4. Oil and Gas: AP Analysis: Will oil producers' cut have lasting impact?

    It seems like a big deal. But the joint production cut from OPEC and non-OPEC countries — the first in 15 years — might push up the price of oil less than the nations involved are banking on.

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    Wed, 14 Dec 2016

  1. MARKET WATCH: Crude oil prices continue climbing after OPEC agreement

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    Mon, 5 Dec 2016

  2. Oil prices up as shale oil production expected to decrease

    The expected decrease in shale oil production this summer is causing oil prices to rise. 

    Online Articles

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    Wed, 10 Jun 2015

  3. Oil and Gas: Vast field of recoverable oil, natural gas found in Texas

    The U.S. Geological Survey has determined that a vast shale field in West Texas could yield 20 billion barrels of oil, making it the largest source of shale oil the agency has ever assessed.

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    Thu, 17 Nov 2016

  4. PIRA: US shale oil production to slightly decline during second quarter

    US shale oil production will flatten and slightly decline during the second quarter, PIRA Energy Group of New York said in an Energy Market Recap.

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    Article

    Wed, 25 Mar 2015

  5. Gazprom Neft starts shale oil production in western Siberian field

    JSC Gazprom Neft reported start of shale oil production from the Bazhenov formation during tests of two wells in southern Priobskoye field in central western Siberia. Tests are planned for two other wells.

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    Article

    Tue, 3 Feb 2015

  6. Bakken and Eagle Ford shale oil production flat in February

    In February, shale oil production in the Bakken and Eagle Ford shale plays increased by 19,000 barrels per day, or 1%, according to Bentek Energy, an analytics and forecasting unit of Platts.

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    Thu, 19 Mar 2015

  7. Sinopec to lead new national shale oil R&D center in China

    Sinopec will head up China’s new National Shale Oil R&D Centre – an innovation platform approved by China’s National Energy Administration.

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    Online Articles

    Tue, 10 Feb 2015

  8. Shale oil and shale gas resources are globally abundant

    Estimated shale oil and shale gas resources in the United States and other countries represent 10% of the world's crude oil and 32% of the world's natural gas, according to a new report by EIA.

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    Mon, 10 Jun 2013

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