E&P Notes (October 2017)

E&P Notes Researchers Gain Insights Into Microbial Succession in Offshore Wells Joel Parshall, JPT Features Editor Researchers from Shell and Newcastle University in the United Kingdom, in collaboration with the US Department of Energy (DOE) Joint Genome Institute (JGI), have obtained valuable insights into the succession of microbial populations in multiple oil wells drilled in a North Sea field. Findings from the research could influence future industry practices. Microbes play an important part in maintaining the earth’s biogeochemical cycles and are known to have displayed a very successful adaptive capability in extreme subsurface conditions when they are relatively stable. The Shell-Newcastle University research focused on the response of microbes to the disruption of their environment caused by well drilling and production-related activities and the microbial impact on reservoir production. New Study Shows Stanching of Decline in Oil Reserves, Revenue Stephen Whitfield, Senior Staff Writer With the release of Ernst & Young’s (EY) 2017 US oil and gas reserves study, the services firm hosted a presentation in which a panel of its analysts discussed trends among independent and integrated companies within the industry. Along with oil and gas reserves, the panel examined trends in capital expenditures (Capex) for exploration and development activities as well as other performance metrics. A key takeaway from the EY study was that prices are trending lower than in recent history and volatility in price is somewhat subdued. Capex totaled $85.7 billion in 2016, 27% lower than in 2015 and 57% lower than in 2014. The study said that the oil price has stabilized at a “new normal,” and that this stabilization has helped limit the flow of ratings downgrades and reserve revisions from 2015 to 2016. The US Energy Information Administration (EIA) expects the country to see a 4% growth in oil production in 2017. Total Acquires Maersk Oil in $7.5-Billion Deal, Boosts North Sea Presence Pam Boschee, Senior Editor Total will acquire Maersk Oil for $4.95 billion in Total shares and will assume $2.5 billion of Maersk’s debt. The deal will expand Total’s global holdings to approximately 1 billion BOE of 2P/2C reserves, of which more than 80% are in the North Sea. Total said that the combination of its and Maersk’s assets in the North Sea is expected to “generate operational, commercial, and financial synergies” of more than $400 million per year. Closing of the deal is expected in 1Q 2018. Included in the Maersk North Sea holdings are interests in Johan Sverdrup (8.44%) and the Culzean gas condensate field (49.99%). At the end of 2Q, Culzean’s project completion rate was 55%, ahead of the expected 48%. Maersk reported in July that the gas export and condensate pipelines had been laid and all three jackets installed on the field. High-pressure/high-temperature drilling began in July. Production is expected to start in 2019. Demand for Raw Fracturing Sand Set for Healthy Growth Joel Parshall, JPT Features Editor Demand for raw fracturing sand is forecast to increase by more than 4% per year to almost 100 billion pounds in 2021, according to a recently released study by industry research firm, the Freedonia Group. In value terms, raw fracturing sand is expected to grow at a 10% annual rate to more than $3 billion in 2021, which reflects substantial gains in average prices and volume levels. The study, Proppants in North America, presents historical data from 2006, 2011, and 2016. It forecasts to 2021 by type—including raw fracturing sand, resin-coated sand, and ceramic proppant—and market location in pounds and US-dollar values. The study also evaluates key industry players. Raw sand demand is expected to grow in the United States and Canada, with the US being the principal user at a market share of 88% in 2016, the study said. Bidding Interest Drops for Gulf of Mexico Leases Joel Parshall, JPT Features Editor Oil industry interest in obtaining new offshore acreage in the US Gulf of Mexico (GOM) showed a significant decline in the mid-August federal outer continental shelf lease sale, compared with the previous sale in March. US GOM regionwide Lease Sale 249, held by the Bureau of Ocean Energy Management in New Orleans, drew 99 bids from 27 participating companies, with high bids totalling $121 million. The value of all bids received was $137 million for 90 blocks, a decline of 57% in bid value and 45% in block acreage from Central Lease Sale 247 on 22 March. That sale reflected the first increase in industry leasing activity in federal GOM waters in 5 years.

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