Low oil and gas prices have torpedoed the profitability of major service companies including Schlumberger and Halliburton but the downturn may have helped push operators to embrace a potentially lucrative new service activity for the pair — refracturing shale wells, writes Noah Brenner.
Just as major oil producing countries have had to compete for market share by discounting their crude, oil provinces must roll back the policies emphasising high government take over maintaining a competitive investment climate.
Occidental chief executive Steve Chazen believes operators in the Permian basin in the US will likely develop secondary recovery technology within the next decade that could unlock billions of barrels of additional oil from tight formations in the region, writes Noah Brenner.
Statoil is planning to try what it believes will be the first hydraulic fracturing treatment in the Bakken tight oil play in the US to use carbon dioxide to replace some of the water pumped downhole after signing a supply deal for the gas it needs to complete the job, writes Noah Brenner.
KENYA’S President Uhuru Kenyatta has indefinitely suspended Cabinet Secretary for Energy & Petroleum Davis Chirchir, along with three other senior officials, over alleged corrupt interference in a $500 million pipeline tender for the Kenya Pipeline Company, writes Barry Morgan.
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