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Interior sets date for largest oil, gas lease sale in U.S. history

WASHINGTON -- In support of President Donald J. Trump's ‘America-First Offshore Energy Strategy,’ Deputy Secretary of the Interior David Bernhardt announced that the Department will offer 77.3 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development. The region-wide lease sale, which is the largest in U.S. history, is scheduled for March 21, 2018, and will include all available unleased areas in federal waters of the Gulf of Mexico. In 2017, offshore leases helped the Department raise a billion dollars more in revenue for the year than was made off energy revenues in 2016.

Tuesday, February 20, 2018
Turbodrills reduce well time and deliver lower cost per foot in hard and abrasive formations

WORLD OIL -- Drilling through hard and abrasive formations presents significant and unique challenges for operators. “Hard rock” is commonly defined as rock with “confined compressive strength greater than 20,000 psi.” Drilling in this environment is often associated with low ROP, high vibration, increased risk of downhole BHA component failure, and frequent trips for bit and mud motor replacement. All of these have significant impact on increasing the cost of drilling operations.

Monday, February 19, 2018
OPEC considers moving the goalposts - here's where they might go

LONDON (Bloomberg) -- After a year of production cuts, OPEC and Russia are finally near their goal of shrinking the world’s swollen oil inventories. So why are they planning to change their target?

Monday, February 19, 2018
Iran, Russia to cooperate in oil field development

Tehran, Feb 17, IRNA – The Industrial Development and Renovation Organization of Iran (IDRO) and Russian Zarubezhneft signed the Susangard Oil Field Development Agreement.

Saturday, February 17, 2018
New software puts real-time drilling monitoring in reach

HOUSTON -- Software puts real-time drilling monitoring in reach Proactive Real Time Systems (PRTS) has launched its new software product called the Real-Time Advisory System (RTAS).

Friday, February 16, 2018
OPEC president says shale surge won't thwart plan to clear glut

ABU DHABI (Bloomberg) -- Surging output of U.S. shale oil won’t be a “huge distorter” of efforts by global crude producers to clear a glut, according to OPEC’s president.

Tuesday, February 13, 2018
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