Mexico has canceled October auctions to select privately owned partners for state oil company Pemex on seven onshore oil and natural gas projects. The cancellation is part of the new administration's rejection of reforms enacted by former Mexican President Enrique Pena Nieto's government.
Scientists used a seafloor seismic observation network to identify shallow, low-frequency tremors near the northern Japan Trench. Researchers say the findings will provide insight into the driving forces behind a fault's slow slip, as well as the fast slips associated with more typical earthquakes.
An earthquake centered in the Pacific Ocean about 72 kilometers west of Coquimbo, Chile, shook the country's coast on Thursday, the US Geological Survey said. There were no immediate reports of injuries or damage from the magnitude 6.4 temblor, which occurred at a depth of 10 kilometers.
Australia's Northern Territory has ended a three-year moratorium on hydraulic fracturing exploration, approving Origin Energy's plans for a test well near Daly Waters and Santos' proposal for seismic testing and engineering work north of Elliott. Resources Minister Paul Kirby said the companies will face strict environmental regulations as they work on the onshore shale gas projects, which could resume within days.
Although world oil demand will continue to grow in 2020, that growth will be eclipsed by surging output led by the US shale industry, the International Energy Agency said in a report that downgraded its forecast for global oil demand for a second straight month. The IEA added that government stimulus measures and robust consumption in the developing world should be stabilizing factors.
Stepped-up shale investment could make US oil production less sensitive to price volatility, says BP's chief economist Spencer Dale. "Big Oil has increased its footprint and the incentives for consolidation to exploit the benefits of scale and contiguous acreage have increased," Dale said, adding: "the intuition here is large oil companies have bigger balance sheets and so are able to smooth through variations in oil prices and capital and may make production less sensitive."
"Threats lurking below the surface" could slow the growth of the US shale industry, which needs to focus on improving capital efficiency and finding better ways to deal with natural gas byproduct that is now flared or vented, writes Canary CEO Dan Eberhart. With future demand uncertain and environmental concerns gaining currency, "flaring and methane emissions could become shale's Achilles' heel," he writes.
Permafrost in the Canadian Arctic is melting about seven decades sooner than had been predicted, forging landscapes dotted by ponds and uneven ground, researchers have found. Scientists, who collected data between 2003 and 2016, say higher summer temperatures and the lack of insulating vegetation are contributing to the accelerated melting.
Don't miss out on savings for SEG19 in San Antonio
The SEG International Exposition and 89th Annual Meeting, Sept. 15-20 in San Antonio, Texas, is shaping up to be an unforgettable experience for all attendees! This year, look forward to a robust technical program including 16 continuing education courses, the SEG Distinguished Instructor Short Course and EAGE EET 1, Business of Applied Geophysics Plenary Sessions, an exhibition floor spotlighting the hottest technologies in the industry, and numerous postconvention workshops. SEG19 features the return of the golf tournament, incredible field trips, and tours that are not to be missed. Space is limited, so take advantage of early-bird savings on registration through July 30. Learn more.
BAGS are back and included with an SEG19 Delegate registration
Make plans to attend the Business of Applied Geophysics (BAG) Plenary Sessions this year at the SEG Annual Meeting in San Antonio, Texas! "Challenges and solutions in developing resource plays," organized by Kevin Woller and Glenn Winters, will compare and contrast resource play development with conventional play development. Problems and solutions unique to resource plays will be reviewed that may include topics such as well permitting, frac water sourcing, water disposal, natural gas production, pipeline constraints, investment and financing considerations, hydraulic fracturing techniques, technical challenges and goal, technology gaps, regulations, and personnel needs. To view other BAG sessions, visit our website.