Last updateMon, 19 Aug 2019 4pm

ConocoPhillips Preparing Several Eagle Ford Projects

“Oil giant ConocoPhillips is gearing up for a large round of horizontal drilling on three leases in the Eagle Ford Shale of South Texas,” The Houston Chronicle reports.

Through a subsidiary, Burlington Resources, “ConoocoPhillips plans to drill 10 horizontal wells divided between its J Rossett and Mumme-Schendel-Maron lease in DeWitt County and three more on its Korth Vickers lease in neighboring Karnes County.”

Horizontal Wells Lead U.S. Tight Formation Production

Wells drilled horizontally into tight oil and shale gas formations continue to account for an increasing share of crude oil and natural gas production in the U.S. In 2004, horizontal wells accounted for about 15% of U.S. crude oil production in tight oil formations. By the end of 2018, that increased to 96%. Similarly, horizontal wells made up about 14% of U.S. natural gas production in shale formations in 2004 and increased to 97% in 2018.

Although horizontal wells have been the dominant source of production from U.S. shale gas and tight oil plays since 2008 and 2010, respectively, the number of horizontal wells did not surpass the number of vertical wells drilled in these plays until 2017. About 88,000 vertical wells in tight oil and shale gas plays in the U.S. still produced crude oil or natural gas at the end of 2018, but the volume produced by these wells was minor compared with the volume produced by horizontal wells. Many of these remaining vertical wells are considered marginal, or stripper, wells, which will continue to produce small volumes until they become uneconomic.

Global Energy Demand at Fastest Pace This Decade

Power demand increased even more strongly than overall energy demand in 2018, as the world continued to electrify. China, the U.S. and India together accounted for more than two thirds of the global increase in energy demand, with U.S. consumption expanding at its fastest rate for 30 years.

According to BP, the U.S. recorded the largest-ever annual production increases by any country for both oil and natural gas, the vast majority of increases coming from onshore shale plays.

Asian Demand Set to Power Global Gas Growth

After another record year, global demand for natural gas is set to keep growing over the next five years, driven by strong consumption in fast-growing Asian economies and supported by the continued development of the international gas trade.

Demand for natural gas grew 4.6% in 2018, its fastest annual pace since 2010, according to the IEA’s latest annual market report, Gas 2019. Gas accounted for almost half the increase in primary energy consumption worldwide. Demand is expected to rise by more than 10% over the next five years, reaching more than 4.3 trillion cubic meters in 2024.

Global Chemicals Output Rises to Start Second Quarter

Global chemicals production rose 0.3% in April. This follows a 0.1% gain in March and a 0.2% gain in February. During April, chemical production increased in North America, Africa and Asia. Activity was flat in Europe and fell in Latin America. With softness earlier last year, global output was up 2.3% year-over-year on a three-month moving average basis and stood at 117.1% of its average 2012 levels.

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