A major UAE operator has recovered from stuck pipe by severing its drill string in just 2.5 hours, reports Churchill Drilling Tools, a global oilfield service company specializing in drilling innovation.
Encana reports strong finish to 2017, anticipates continued growth in 2018
Encana delivered strong performance through the fourth quarter of 2017 to close another year successfully executing its strategy, delivering significant oil and condensate growth and driving additional efficiency gains, the company reported in a summary of the year. Supported by the strong finish to 2017, the company states it is firmly on track to meet or exceed the targets in the five-year plan shared at its Investor Day in October 2017.
Driven by its focus on innovation and execution efficiency, Encana's core assets delivered production growth of approximately 31 percent from the fourth quarter of 2016 to the fourth quarter of 2017. This growth significantly exceeds the company's original target of greater than 20 percent and is above the top end of its revised 25 to 30 percent guidance range. Encana accomplished this growth with a capital investment of approximately $1.8 billion.
"Consistent with our plan, we delivered a strong finish to 2017," said Doug Suttles, Encana President & CEO. "We have established a powerful track record of meeting and beating our targets, continuously driving efficiency and capital discipline. We are positioned to deliver significant value growth in 2018 while funding our capital program from corporate cash flows."
The company expects its 2018 capital program will be similar to 2017 with modest allocation adjustments to optimize delivery. Encana plans to invest virtually all its anticipated 2018 capital in its core assets, with around 70 percent directed to the Permian and Montney. The company anticipates between 25 to 35 percent production growth from its core assets from the fourth quarter of 2017 to the fourth quarter of 2018, with significant oil and condensate growth in the second half of the year.
Encana's large-scale cube development model continues to maximize returns and resource recovery from its stacked, unconventional reservoirs. This development approach also maximizes capital efficiency. Cube development and enhanced completion designs delivered strong performance in the Permian where fourth quarter production exceeded 80,000 barrels of oil equivalent per day (BOE/d), well ahead of the company's target of 75,000 BOE/d.
In the Montney, liquids production more than doubled from the fourth quarter of 2016 to the fourth quarter of 2017 driven by a focus on condensate rich wells and the early start-up of the Tower, Saturn and Sunrise processing plants. In 2018, Encana expects to grow its liquids production as it fills capacity at the new plants and completes two additional liquids hubs in the second half of the year. Encana has minimized its exposure to AECO pricing through a focus on growing condensate production and diversifying market access. Overall, approximately four percent of expected total 2018 revenue is exposed to AECO pricing.
In the fourth quarter, Encana further focused its portfolio with the sale of most of its Wheatland assets in south central Alberta. These assets consisted of approximately 520,000 net acres and approximately 4,750 gas wells. In 2017, Encana's production from the assets was approximately 60 million cubic feet per day (MMcf/d) of natural gas.
More from Drilling & Production
Imperial has slowed the pace of development of its Aspen in situ oil sands project given market uncertainty stemming from Alberta government intervention and other industry competitiveness challenges.
Despite each of our daily lives becoming increasingly digitized to save us time and money and keep us safe and healthy, many areas of heavy industry, especially those which rely on large-scale physical infrastructure, are still grappling with how to integrate meaningful technologies that will move them beyond cumbersome and costly analogue processes.
Canadian Natural has reported its 2018 fourth quarter and full year results, indicating that the company is continuing to show growth, even within a challenging oil and gas industy.
Questerre Energy Corporation has executed a definitive purchase and sale agreement with a senior exploration and production company to acquire all their assets in Quebec. This follows the letter of intent signed in early 2018 as set out in the Company's press release dated June 4, 2018.
Rotork IQ3 intelligent multi-turn electric actuators have been specified for use in solar powered control stations for water gathering pipelines in the USA.
Saturn Oil & Gas Inc. has provided an operational update, including details of the Company's Q1/19 capital budget and drilling program (the "Program"), along with forecast average production volumes for the quarter.
CIRCOR Industrial Valves announces the cost-saving Rotable Critical Trim Refurbishment Program. Eliminating the delay and expense of cutting out a leaking valve, the program replaces internal valve components to return valve function quickly while restoring the removed parts for future use.
Cuda Oil and Gas Inc. has released the results of its 2018 year-end oil and gas reserves evaluation for Wyoming and Alberta.
Tourmaline Oil Corp. is pleased to report very strong total reserve growth, liquids reserve growth and a continued reserve value increase in the current depressed natural gas price environment. The Company executed on the 2017-2018 plan to concentrate almost entirely on internal EP growth and has produced the best reserve metrics in the Company's 10 year history over the past two years.
Another component has been added to the product portfolio of the NEMO progressing cavity pump from NETZSCH: the xLC unit. This unit triples the service life of the pump, particularly when conveying difficult, abrasive media. When wear occurs in the rotor-stator system, the new xLC unit allows the performance of the pump to be re-established by adjusting the preload between the conveyor elements.
Rockwell Automation, which is dedicated to industrial automation and information, and Schlumberger, a leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, have entered into an agreement to create a new joint venture, Sensia, the first fully integrated digital oilfield automation solutions provider.
Pulse Oil Corp. is happy to announce that the Company intends to drill two new wells within the Bigoray EOR acreage in February and March 2019.
Advantage Oil & Gas Ltd. has released a report on its 2018 reserves and an operational update on the Corporation's liquids development plan.
Baker Hughes, a GE company announced that the Baker Hughes international rig count for January 2019 was 1,023, down 2 from the 1,025 counted in December 2018, and up 63 from the 960 counted in January 2018. The international offshore rig count for January 2019 was 241, up 7 from the 234 counted in December 2018, and up 45 from the 196 counted in January 2018.
Baker Hughes, a GE company has introduced the , which mills out more smoothly and cleans up better than any other conventional frac plug on the market, cutting costs and helping customers achieve first oil faster.
Hemisphere Energy Corporation has provided an update on its Southern Alberta operations following the 11 well drilling program that was completed in the fall of 2018.
Saturn Oil & Gas Inc. commenced its Q1/2019 drill program on January 14, 2019. The Program consists of ten extended reach horizontal Viking wells spread over its Milton, Kerrobert and Prairiedale lands.
Packers Plus Energy Services Inc. is adapting to the industry's changing needs and introducing operators to a diverse selection of high-quality completion technologies to increase production, save time and reduce risk.
In its first update to the 2019 Canadian Drilling Activity Forecast, the Petroleum Services Association of Canada (PSAC) has revised the number of wells drilled (rig released) across Canada for 2019 to 5,600 wells. This represents a decrease of 1,000 wells, or 15 percent, from PSAC's original 2019 drilling Forecast released in November 2018 and reflects the deteriorating investor confidence in Canada.
Subsea oil and gas engineering firm Interventek will unveil the development of the industry's first subsea shear-and-seal safety valve powered by an integrated gas accumulator at next week's Subsea Expo show in Aberdeen, UK. This innovation builds on Interventek's existing, award-winning, Revolution valve technology by adding a gas accumulator within the valve, close to the cutting and sealing mechanism. It increases the power and speed of the valve's functionality and provides a failsafe mode triggered in the event of an emergency.
LORD Corporation - a leader in motion and vibration control solutions for the oil and gas industry - is now certified to the American Petroleum Institute's (API) standard 16F testing for telescopic joint (TJ) packers.
Baker Hughes, a GE company has posted Weekly Rig Count reports.
Subsea Integration Alliance has announced the award of integrated subsea engineering, procurement, construction, installation and commissioning (EPCIC) contracts. These awards, by Esso Australia Pty Ltd, represent the first integrated subsea project for Subsea Integration Alliance in Australia combining OneSubsea and Subsea 7 expertise in subsea production systems (SPS) and subsea umbilical, riser and flowline (SURF) systems.
Calima Energy Limited has spudded the first well of a three well programme to test the prospectivity of the Montney Formation in the Company's 72,000 acre lease holdings in British Columbia.
Suncor has provided an operations update for the fourth quarter of 2018, highlighting total upstream production of 831,000 barrels of oil equivalent per day (boe/d), which is a quarterly production record and represents an increase of 12% from the third quarter of 2018. This record-breaking quarter reflects the results of the significant investment developing Fort Hills, and Suncor's ongoing operational excellence focus across its assets, particularly at the Syncrude joint venture.
CPC-Cryolab, a CIRCOR International brand, offers the 5000 Series Cryogenic Valves, ideal for use in ultra-cold cryogenic storage tanks, transportation trailers, and vacuum jacketed and non-jacketed piping systems. The 5000 Series valves feature bellow sealed and non-bellows sealed designs, redundant packaging seals, and all stainless-steel construction, trusted the most common, most reliable LHe valves used on ISO helium containers world-wide.
Pulse Oil Corp. announces that on December 27th, 2018, drilling of Pulse's second exploration well, PUL HZ QUEENSTN 12-9-19-21 W4 ("12-9"), reached a total measured depth, as planned, of 2957m (TVD 1389m), including 1237m of lateral section within a highly porous Mannville-aged Lithic sandstone channel. The 12-9 well was Pulse's second well successfully targeting a new 3-D seismic interpretation intended to focus on the highest porosity / permeability lithic deposits within the Mannville channel trend in the Queenstown area of Southern Alberta.
The latest innovation from Packers Plus Energy Services Inc. is providing operators with higher efficiency plug-and-perf systems worldwide. The TREX Cemented Product Line now offers composite and degradable plugs to improve deployment and reduce/eliminate mill-out operations, saving time and reducing risk.
Packers Plus Energy Services Inc. is pleased to announce a successful completion using the QuickFRAC multi-stage completion system for an operator in the Middle East. A new configuration of the open hole, limited entry system was designed and implemented for the lowest cost with maximal operational efficiency and improved reservoir productivity.
Pulse Oil Corp. has announced its first horizontal drilling program is now underway.
Baker Hughes, a GE company announced that the Baker Hughes international rig count for November 2018 was 991, down 26 from the 1,017 counted in October 2018, and up 49 from the 942 counted in November 2017. The international offshore rig count for November 2018 was 206, down 1 from the 207 counted in October 2018, and up 23 from the 183 counted in November 2017.
Churchill Drilling Tools celebrated a landmark achievement recently. Churchill's Drift Catcher, run by operators across the globe to secure positive drift confirmations, celebrated its 2,000th run.
Petroshale announces financial and operating results for the third quarter of 2018 and executive appointment
PetroShale Inc. has announced its financial and operating results for the three and nine month periods ending September 30, 2018. In addition, the Company announces the appointment of Mr. Caleb Morgret as Chief Financial Officer (CFO), who will assume the role from Mr. David Rain, who is retiring effective November 30, 2018.
Baker Hughes, a GE company announces the launch of its new approach to subsea development: Subsea Connect, including its Aptara TOTEX-lite subsea system, a suite of new lightweight, modular technologies designed for the full life of field. By combining planning and risk management, new modular deepwater technology, innovative partnerships and digital tools into a single offering, Subsea Connect can reduce the economic development point of subsea projects by an average of 30 percent and has the potential to unlock an additional 16 billion barrels of reserves globally.
Pulse Oil Corp. has announced two Queenstown wells to be drilled and regulatory transfers for key Bigoray well reactivations have been received.
Despite a recovery in the price of oil, and LNG Canada's positive announcement early in Q4 that it would be building its LNG export facility, drilling activity in 2018 remained flat year-over-year. Once again the politicization of oil and gas infrastructure in Canada, along with increased taxation and regulatory requirements, resulted in significant delays and additional costs for Canadian producers, and sustained price differentials for Canadian crude blends.
Rotork has extended its CMA range of compact modulating actuators with new sizes specifically designed for reliable automation of larger linear control valves.