The International Energy Agency says oil discoveries hit a record low of 2.4 billion barrels of potential oil last year as companies and countries reduced spending when oil prices dropped. The lack of discoveries is raising concerns about a possible oil shortage by 2020 even though US shale production is expected to increase over the next five years.
Researchers from the University of Haifa and the Geological Survey of Israel have designed a mountain bike equipped with sensors to measure ground magnetism. The bike offers an accurate and economical way to collect the data, and it could prove useful in developing countries, writes Uri Schattner of the University of Haifa.
Australia-based FAR plans to drill an oil exploration well in the southern part of the offshore FAN prospect in Senegal. The prospect contains an estimated 134 million barrels of recoverable oil, the company said.
Countries in Latin America and the Caribbean are looking for investors to expand oil and natural gas exploration. The Dominican Republic, Guatemala, Jamaica and Uruguay are among countries launching projects or seeking bids for exploration blocks.
Oilfield service companies such as Schlumberger, Halliburton and Baker Hughes are hiring more people, sending more equipment to fields and charging higher prices for products as US drilling increases. The trend reflects the recovery among oil and natural gas operators, which are showing confidence in oil prices and have more than doubled the number of oil rigs since May.
US shale production could rise by 100,000 barrels per day every month this year and next if oil prices remain at current levels, potentially triggering a "volume war" between shale drillers and OPEC that could lower oil prices again, Rystad Energy CEO Jarand Rystad said. "A volume war is if they do not extend the production cuts and bring all the fields back into production," Rystad added.
Resource Energy has agreed to acquire a package of Bakken Shale assets, which includes 167 wells, from Blue Ridge Mountain Resources in a $34.7 million deal. This marks Resource's third acquisition in Divide County, N.D., as the company is aiming for aggressive growth in the Bakken.
Tom Ward, the co-founder of Chesapeake Energy, said in an interview with Bloomberg Television that he's interested in acquiring BHP Billiton's gas assets in the Fayetteville Shale for his new venture, Mach Resources. Ward said the region in Arkansas and Oklahoma is a "wonderful place to look for gas," but added that BHP and Mach are not holding talks for a potential sale yet.
Nagoya University researchers studying earthquakes that occurred on South America's west coast over the past 100 years determined which ruptures caused the earthquakes. The findings will help efforts to predict earthquakes and tsunamis in the region, researchers say.
There was a span of about 400 million years between giant impact epochs on Mars, according to a new study. "The new results reveal that Mars' impact history closely parallels the bombardment histories we've inferred for the moon, the asteroid belt, and the planet Mercury," said Bill Bottke, lead author of the study published in Nature Geoscience.
Distinguished Lecturer Paul Hatchell in New Orleans, May 11
SEG Distinguished Lecturer Paul Hatchell will present "Getting more for less: Frequent low-cost seismic monitoring solutions for offshore fields," "Seismic amplitude fidelity and its impact on 3D and 4D seismic interpretation" and "Time-lapse seismic monitoring or reservoir deformation" at this workshop at the Southeastern Geophysical Society in New Orleans on May 11. Learn more.
SEG members: We'd like your opinion on the new CMS
The SEG Competency Management System, a new benefit for SEG members, was created to help those in the global geophysics community identify knowledge gaps and then create a learning plan. SEG would like to hear your opinion on its usability. Simply log in to the system and complete your assessment. This will take about two hours, but you can stop and resume when it is convenient. All CMS users who have completed assessments by May 1 will be entered into a drawing to win one of five Annual Meeting Technical Program Recording bundles.