Risks are low and upside is big in places where billions of barrels of oil have been left in the ground over the decades. Look for keen drillers to start picking up such projects on the cheap—and using new technology and know-how to improve production and profits from the worlds aged giant fields. Catch up on part 1 of our series here, and part 2 here.
Free offshore drilling Essays and Papers
By steering straight, the company estimates it improved its drilling efficiency. Equating to a cost savings of 32 million. Production from the advanced horizontals also came in higher than expected—to the tune of a 30 improvement. Creating a very profitable field development—in tricky spot that easily could have turned into a money pit. Advances in fracking technology are having a similar impact wallpaper in places like africa. In late 2012, total completed its largest-ever offshore frack treatment—on an old oil field off the coast of the republic of Congo. The Tchendo field here had been in production since 1991. But the conventional oil was starting to dry. Noting that a large amount of oil in place still remained, total pushed to design an unconventional completion to up recoveries. Results are still pending, but fracking looks to have the potential to unlock big new reserves here—and potentially at look-alike fields along the west African coast. The re-development of old fields like tchendo likely represents the most immediate opportunity for profits from new offshore drilling techniques.
Analysts have pegged the the deal as costing about 20 per barrel of in-ground reserves. Thats a price point similar to what unconventional developers have been paying for old acreage in the gulf of Mexico. At such prices, the economics start to look very good around recompleting such fields with unconventional technology. Thus we could be looking at the start of a renaissance, where a new breed of enterprising e ps takes the reins—then use new drilling to coax more oil out of old, thin reservoirs. Offshore Unconventional Tech goes Global, but its not just old, established offshore fields where big finds from new unconventional drilling are lurking. These techniques have recently been used to revitalize oil output from oil fields further afield. In the south China sea, for example. Chinese petro-major cnooc reported last year that horizontal logging-while-drilling technology helped turn a bohai bay marginal oil field here into a moneymaker. The advanced equipment helped place nine horizontals within a narrow target zone in the small field.
Last September, operators from Centrica reported that they had completed a frack delivering.4 million pounds of proppant (the grains that keep cracks in the rock propped open) in just a four-day period. Centrica estimates this task would have required 12 to 25 days a few years analysis ago. Probably making the well uneconomic—given the high day rates charged by services companies in the offshore. As a bonus, the frack was also engineering to use seawater—further reducing costs, and making the process more environmentally palatable. Established locales like the north sea could thus become the next big thing in unconventional drilling. Helped along by low prices for development acreage here. Thats because several cornerstone developers have recently been divesting projects—in December stalwart player Wintershall announced it will sell 14 North sea licenses to hungarian energy major mol for 375 million. Those reserves are selling at a very attractive price.
In many parts of the world, we know exactly where these thin reservoirs are located—and we have a lot of information about their geology and mechanical properties. Using this data, drilling engineers can complete these zones with horizontal techniques—at very low risk of a dry hole. A lot of the pioneering work in this regard has been done in deep-pocketed regimes in the middle east. In late 2012, operators in the United Arab Emirates began reporting good results from using long (read, 15,000 feet) horizontals to produce thin carbonate units, where traditional completions had been struggling. But offshore unconventional technology and techniques are now becoming so well-understood, they are being applied commercially in many parts of the world. Mature basins have particularly been a target—with operators in the north sea being early adopters of horizontal drilling as well as fracking. As with the. Gulf of Mexico, unconventional development in the north sea has begun mainly in the near-shore environment, within the southern parts of the sea.
Essay about offshore oil drilling - paperHelp
In 2012, each dollar spent by adding the company yielded nearly.20 in proved reserves. Thats an industry-leading operational performance—anywhere in the world. And likely a driver for.3 billion takeover offer recently tendered for coastal by the government of Abu Dhabi. The opportunity here is largely driven by new logging-while-drilling technology—thats allowing directional drillers to exploit thin and/or stacked reservoirs. Such technology enables operators to geosteer a well—making corrections to the drill angle in order to keep the well bore within the target reservoir, even if these rock layers are only a few metres thick. Going For The skinny pay zones.
Such thin reservoirs are where the offshore horizontal drilling boom has the biggest potential to create big production and reserves adds. In many parts of the world, thin reservoirs were traditionally not a target for drilling. There simply wasnt enough reservoir rock in contact with a conventional, vertical well bore to pull in economic amounts of oil or gas flow. In many cases, drillers even passed through such thin reservoirs—on the way to thicker horizons deeper down. The thin pay zones were often left behind pipe without being completed. That can make such zones a low-hanging target for todays beefed-up drilling technology.
Thats because of new technologies like logging-while-drilling applications. That allow operators to pinpoint oil-bearing horizons and drill offshore wells at low costs that make these fields economic like never before. To date, successes have come mainly in the. The place where offshore drilling was initially perfected in the 1960s. But as with that initial offshore boom, operators wielding unconventional offshore drilling tech are now bringing it to other basins globally. Judging from the big gains such drillers have seen in the gom, this expansion will be extremely profitable.
So the question is—where should investors be looking with offshore oil stocks? The most obvious answer is southeast Asia—at least according to one major player in this space. Thats John Schiller, ceo of successful unconventional driller. Energy xxi (Nasdaq: exxi). Schiller noted on the companys most recent investor call that southeast Asian geology is very similar to what his firm is drilling in the. He also said that Energy xxi is looking at opportunities here—in places like malaysia. Recent results from a nearby oil hotspot—the gulf of Thailand—confirm the potential of this area. Former ogib portfolio stock, coastal Energy (TSX: cen) has been using unconventional completions on its Thai offshore wells. And seeing excellent returns.
Off-Shore oil Drilling Essay - youth voices
Venue: Macaé centro, macaé, short brazil. Gn solids control equipments and systems are mainly used for the following industries: 1 Onshore drilling solids control system 2, hDD (horizontal Directional Drilling) 3 resume Drilling waste management (both for onshore and offshore drilling) 4 Liquid mud plant ( to clean and recycle used drilling. Face to face talk with client. If you are interested in our solids control equipments and would like to meet us in the oil show, we could have a meeting. Aog (Argentina oil gas) which is held on 1013 October, 2011. We will public the detailed booth info of aog timely. Weve seen in the first parts of this series theres a revolution underway in offshore oil drilling. Techniques like directional drilling and multi-stage fracking—perfected as part of the onshore shale revolution—are yielding some of the highest returns on capital anywhere in the world.
advanced vehicle technologies, and a bold move to clean and sustainable energy sources such as solar, wind, geothermal, and biomass. These efforts would create, over a period of years, millions of new jobs and secure energy independence for our nation, sanders said). June 29 2011, details, last week gn just came back from. Brazil Offshore 2011, besides, derrick, gn is the only solids control equipments manufacturer in the show. Gn at Brazil Offshore 2011, general info. About Brazil Offshore 2011. Show Name: Brazil Offshore 2011, show Time: 14th to 17th June 2011.
At the same time, events like this are the reason I consistently have opposed offshore drilling. Sanders reiterated his long-standing opposition to offshore drilling as recently as a march 26 letter encouraging more emphasis on cleaner and more efficient energy sources, including solar, wind, geothermal and biomass. The gulf of Mexico spill that is still spreading about 5,000 barrels of crude oil per day from the damaged well now threatens the health of the marine environment in the region, impacts recreational fishing and jobs in the commercial fishing and the seafood essay industry. The national Oceanic and Atmospheric Administration closed all recreational and commercial fishing in the affected area. At the current rate of oil leakage, the spill could overtake the 1989 Exxon-Valdez spill as the largest. The United States today consumes about 25 percent of the worlds oil, but holds only 3 percent of the planets petroleum reserves. The nonpartisan Energy Information Administration has reported that opening. Waters for drilling will not yield significant consumer savings on gasoline prices.
Against Offshore oil Drilling
Washington, may 3 sen. a member of the senate energy and environment committees, said today that paperwork the looming economic and environmental disaster from a massive oil spill along the gulf coast underscores the need to develop safer and cleaner energy sources. The oil spill is a devastating reminder of the perils of relying on offshore drilling for fossil fuels to meet the nations energy demands, sanders said. Just as with nuclear technology, with offshore drilling it is not enough to do it safely.9 percent of the time because one mistake can lead to disaster. The risk to our oceans, our wildlife, our fishing industry, our beaches and the thousands of jobs that are lost when a disaster strikes is just not worth it, sanders said. It is time to move away from fossil fuels and move to energy efficiency and clean sustainable domestic energy. The April 20 fire on the deepwater Horizon oil rig in the waters of the gulf of Mexico killed 11 workers. I am mindful that this disaster has caused the loss of lives, and our thoughts are with the families of those workers, sanders said.