Guizhou Industry Investment plans to start natural gas production in the Zheng An block in China's Guizhou province within three years after winning exploration rights. The company submitted the winning bid of $193.4 million at a government auction.
Fewer oil rigs are doing the work of what used to require more, thanks to technological improvements and efficient drilling methods. Operators have increased per-rig production by narrowing their site choices and using super-spec rigs, advanced geosteering, analytics and long laterals.
China says it increased its oil and natural gas exploration investment by 12.6% during the latest five-year period compared to the previous five years. The country has increased its oil reserves and aims to boost domestic crude output to 200 million tons by 2020.
The Permian Basin land grab has slowed in recent months as the availability of lucrative and reasonably priced acreage shrinks and oil prices remain depressed. The number of transactions in West Texas dropped by one-third to 30 in the second quarter, while their value was down 85% to $2.8 billion compared with the first three months of the year.
Houston-based Sanchez Energy has reached an agreement to sell 15,985 hectares producing dry natural gas in the Eagle Ford Shale's Javelina region for $105 million. "This transaction accelerates the value of the asset, while building our liquidity and providing value to our shareholders," Sanchez Energy Director and CEO Tony Sanchez said.
A judge has allowed Slawson Exploration to resume drilling for oil near Lake Sakakawea and the Van Hook recreation area in North Dakota. A tribal nation argued that its law requires the wells to be farther away from the lake, but the judge said Slawson can continue drilling its 11-well pad at least until an Aug. 29 hearing.
ConocoPhillips has received permission from Norway's oil industry regulator to remove its old offshore Ekofisk oil platform, the first to be built in the country more than 40 years ago and shut down in 2013. Conoco has new equipment at the North Sea oilfield, expected to remain in operation until around 2050.
The Texas Permian Basin Petroleum Index, which measures the health of the oil and natural gas industry in the region, rose in June for the ninth consecutive month and was 18.7% higher than a year earlier -- with all components posting gains. The June rig count was up 147.2% year-on-year to 309 rigs, the number of drilling permits issued during the month rose 77.7% to 750, and June employment in the industry grew 9.8%.
Scientists have gained a better understanding of how friction changes during an earthquake and affects the level of shaking. Researchers, who simulated an earthquake in a California Institute of Technology lab, found slip velocity -- the speed of the sliding fault -- is a major factor.
Submit your abstract for Full-waveform Inversion and Beyond Workshop
There is still time to submit abstracts for the Full-waveform Inversion and Beyond Workshop in Beijing, China, Nov. 20 to 22. Deadline for submission is Sept. 15. Abstract topics include: innovative ideas for full-waveform inversion; travel inversion and solution to cycle skipping; multiple parameters and anisotropy FWI; low-frequency seismic data and FWI; high-frequency FWI amplitude versus least-squares reverse time migration; opportunities and challenges of FWI implementation for marine and land data; and FWI case studies. Learn more.
There is still time to win an iPad from SEG
SEG members who complete an assessment in the SEG Competency Management System by Sept. 1 have the chance to win an iPad Pro. Those who have previously completed assessments also have a chance to win. You can listen as Jeff Johnson discusses the benefits of the CMS to SEG members on SEG's Seismic Soundoff podcast. If you're not an SEG member but would like to take advantage of the CMS and the chance to win, join today.