07242016Sun
Last updateFri, 22 Jul 2016 4pm

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Canadian Oil & Gas Earnings Signal Industry Recovery

The Canadian oil and gas earnings season began yesterday with “signs of an industry recovery as Encana Corp and Precision Drilling Corp outlined plans to boost activity,” Reuters reports.

Analysts say “the uptick in optimism might be mirrored by some U.S. shale companies like Pioneer Natural Resources Co.”


U.S. Lower 48 Sustains $150B in Cuts by Upstream Developers

Out of the more than $370 billion in global capital expenditure cut by upstream developers across 2016 and 2017, $150 billion was slashed in the U.S. Lower 48 alone — more than three times any other single country. Largely due to responsiveness and flexibility in the unconventional space, spending in the U.S. dropped 56% compared to a global 30% decline.

According to analysis by Wood Mackenzie, the shorter lead times and less capital-intensive nature of U.S. unconventional plays has allowed the dominant independent operators to react more nimbly than larger IOCs, NOCs, and Majors, quickly altering development plans in response to the oil price collapse. 

Halliburton Says North American Oil Market Has Turned the Corner

Halliburton, the world’s largest provider of hydraulic-fracturing work, reported a loss of $3.21 billion in its most recent quarterly earnings statement. CEO Dave Lesar, however, was bullish on the North American oil market outlook going forward.

"We believe the North America market has turned," said Lesar. "We expect to see a modest uptick in rig count during the second half of the year."

Lesar believes rig levels from 2014 “reached a landing point during the second quarter, as we predicted during our last earnings call. Since reaching the bottom, the rig count has improved by 26 over the last several weeks, reflecting operator confidence in stabilizing commodity prices.” 

Shale Revolution Extended to Old Wells Seen Unleashing More Oil

A new study indicates there is significant upside potential for U.S. oil and gas operators to apply lower-cost unconventional drilling and completion technologies to boost production from tight conventional reservoirs, according to analysis from IHS Markit.

The new study, is based on the assessment of nearly 46,000 U.S. horizontal wells completed between 2010 and 2015. It studies how the unconventional drilling and completion technologies could be applied to the redevelopment of conventional wells in the top 39 established U.S. tight conventional plays where the major shale plays are also being developed.

The key plays identified in the IHS Markit study that have potential to better leverage the horizontal technologies include the Rocky Mountain region (Williston, Powder River and Denver basins), the Permian basin and Eagle Ford play fairways in Texas, and the mid-continent region, including the Anadarko basin. 

California Eyes Recycling Wastewater for Drinking

California’s State Water Resources Control Board “has tasked a panel of experts with determining whether it is feasible to develop criteria for direct potable reuse (DPR) – where wastewater is treated for drinking and then piped directly to customers without first being mixed in a reservoir or groundwater aquifer,” KQED Science reports.

“After a 45-day comment period a finalized report will be submitted before the end of the year. If, as is most likely, the final report does find that the criteria are feasible, the Division of Drinking Water will begin work on developing the appropriate regulations for direct potable reuse.” 

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