As the oil market remains in a state of turmoil, Diamondback Energy, Concho Resources and other shale producers are directing their reduced capital budgets to preserving oil production and keeping output declines to a minimum. Continental Resources founder and Chairman Harold Hamm warned that production will not return to a strong growth trajectory unless oil prices climb to $50-$60 per barrel.
Scientists say they used advanced computer technology to come up with a method for potentially forecasting ground motion before an earthquake and giving people an early warning in real time. Researchers analyzed motion records from a 2004 Japanese earthquake and simulated seismograms for possible major quakes in the Nankai Trough subduction zone off Japan's southwest coast.
Pioneer Natural Resources plans to keep shut 6,000 barrels per day of the roughly 7,000 bpd of oil production it had curbed during the second quarter, citing a challenging price environment. The company expects to produce 341,000-356,000 barrels of oil equivalent per day in the third quarter, down from 375,000 boe/d in the second quarter.
President Donald Trump says he will consider environmental concerns regarding the proposed Pebble Mine in Alaska's Bristol Bay region. Trump's eldest son, Donald Trump Jr., on Tuesday wrote in a tweet the fishery is too fragile for the mine, which is under government review.
Oil production from Alaska's North Slope region averaged 477,896 barrels per day last month, marking the largest volume for the month of July since 2013 and an increase from roughly 466,000 bpd a year earlier, according to data from the Revenue Department. ConocoPhillips, the top producer in the state, curtailed about 100,000 bpd of production for about six weeks in late May, but returned to normal operations in July.
Wyoming's rig count has dropped to zero for only the second time since 1884, according to Petroleum Association of Wyoming Executive Director Pete Obermueller, after workers closed the last active natural gas drilling rig this week. "There are so many jobs attached to these rigs, and now, people are painfully learning so much revenue is attached too," said Obermueller, whose organization estimates each working rig supports 100 jobs.
Glaciologists say a 500,000-cubic-meter chunk of the Planpincieux glacier in Italy's Aosta valley is in danger of collapsing because of temperature trends, prompting authorities to evacuate homes and close roads in Courmayeur. The evacuations, which began Wednesday, include about 65 people in a community located below the glacier.
Data gathered from the NASA InSight lander's seismometer on Mars indicate three main boundaries inside the planet, scientists say. Seismic waves, which give researchers clues about the planet's composition, show boundaries at depths of 35 kilometers, 1,110 to 1,170 kilometers and 1,520 to 1,600 kilometers, researchers say.
The August issue of The Leading Edge includes a special section focused on the application of innovative geophysical approaches to address the unique exploration and development challenges present in Southeast Asia. The online version of the issue includes two bonus articles not included in the print edition. Read online in the SEG Library or in TLE's Digital Edition.
SEG presents free webinar on rock-physics analysis
Manika Prasad from Colorado School of Mines will present a free webinar titled, "Investigating Data for Rock-physics Analysis," Aug. 12 at noon (CDT). Participants will use data from a well log and a laboratory experiment to examine various ways to make rock-physics assessments. The data set and location will be announced so that listeners can access the data and work along as the lecture progresses. Learn more.