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Oil and Gas Industry News

Oil Price

$52.41/bbl on 06 Dec 2018. Current and historical NASDAQ oil prices can be viewed here: www.nasdaq.com/markets/crude-oil.aspx



Contracts

Subsea 7 bags three-year extension offshore UK

Saudi Aramco makes it rain for suppliers as it signs $27.5 B in deals

McDermott wins subsea contract for Shell's Great White Frio

Subtech wins wide-ranging Middle East contracts

MAN Energy wins Finnish regasification terminal contract



Business

UK's first carbon capture and storage project 'operational by mid 2020s'

DNO launches hostile takeover bid for Faroe Petroleum

BP to invest $1 billion in South Africa, including refinery upgrade

Saudi Aramco aims to become gas exporter with $150 billion investment drive

Brazil's Petrobras may divest up to $15 billion over the next few years

Uganda expects first oil production in 2021, refinery by 2023

Baker Hughes introduces new subsea solutions

Viewpoint—Industry 4.0: Demystifying the next big thing in oil and gas



Reports and Trends

Dead Sea again?

Although many operators are divesting their assets in the Gulf of Mexico, suggests that there will be a future resurgence. Says that shale gas has changed the thinking of many operators. Comments on ExxonMobil's discoveries offshore Guyana.

E&P, Nov. 2018. p.17.



The new oil

This data refinement process is one that the oil and gas industry has come to embrace in recent years. Aided by advances in high-performance computing, networking, storage, machine learning and more, operators and service companies alike are installing the infrastructure and writing the algorithms necessary to mine and refine the data into actionable steps. Reports on Hess Bakken's use of exception-based surveillance, where actual issues affecting well operations in the field are identified.

E&P, Nov. 2018. pp.22-24,26,28-31.



Industry collaboration increases data value

Asks how can new value be unlocked from the data that the oil and gas industry already has. Argues that, ultimately, industry consortiums will prove to be the most effective way to develop the kind of robust datasets that can transform the industry by unlocking new ways of creating value and new modes of operation. Those companies that are open to pooling data and collaborating on solutions will find themselves collectively outcompeting their larger — but more insular — competitors.

E&P, Nov. 2018. pp.32,34.



Savings await companies ready to embrace digitalization

Reports how Intelie, a subsidiary of global communications technology provider RigNet Inc., has developed an integrated well design platform that enables operators to manage, integrate and automate well planning data and has proven to substantially reduce well planning time associated with drilling and completion operations.

E&P, Nov. 2018. pp.36-38.



Technology

On the role of precipitates in hydrogen trapping and hydrogen embrittlement of a nickel-based superalloy

Reports on the imaging of hydrogen/deuterium concentrations in delta phase and carbonitrides, and at their interfaces with the matrix in a nickel-based superalloy using Nanoscale Secondary Ion Mass Spectrometry. It is found that delta phase attracts a higher concentration of hydrogen than the matrix during cathodic charging, while carbonitrides adsorb much less. No hydrogen segregation was observed at the interfaces.

https://tinyurl.com/ybm5894w



The new Cambrian data explosion

Argues that the oil and gas industry is still in the early days of applying Machine Learning. That said, there are already some emerging classes of applications that lend themselves to early success. Organisations have applied ML to automate many routine human tasks, such as better understanding the reservoir, analysing the performance of their equipment and predicting failure, locating all their data and providing virtual assistance using tools like Amazon's Alexa.

E&P, Nov. 2018. pp.42-44.



Simplifying data sorting

Drilling and completion datasets can be used to improve performance by identifying bottlenecks, analysing non-productive time and optimising rig schedule. Discusses how emerging technologies such as natural language processing and machine learning are applied to clean a large volume of unstructured data, extract critical information and generate metrics and analytics to quickly identify inefficiencies in the drilling process.

Oilfield Technology, Nov. 2018. pp.31-32,34.



Latest additions to the Weldasearch database for Oil and Gas Industry

www.twi-global.com/membership/information-services/industry-information-updates/



Selected topic coverage in journals published in Nov 2018

TopicHydrocarbon EngineeringOffshoreOil and Gas JournalOilfield Technology
Asset management/life extension 0 1 0 0
Corrosion 2 2 0 0
Decommissioning 0 0 0 0
Digitisation/data 2 0 0 1
Harsh environments 0 1 0 0
Pipeline integrity/inspection 0 0 0 0