While this price rebound may appear illogical, a rally often occurs after prices have fallen sharply during the first leg of a bear market. Unsurprisingly, then, after the rebound ran its course, WTI prices continued to fall to a 1-day low of $27/bbl in mid-February 2016. Source: News
Statoil lets contracts for Johan Sverdrup development
Statoil ASA has awarded a $72-million contract to Rosenberg WorleyParsons AS for fabrication of three bridges and two flare towers for platform construction for the Johan Sverdrup development offshore Norway in the North Sea. Source: News
Hybrid fracturing pilot increases China’s Dagang tight oil production
Hybrid fracturing used in combination with secondary fracturing boosted stimulated reservoir volume (SRV) and conductivity in a pilot on Dagang-field vertical oil wells in China’s Bohai basin. Source: News
MARKET WATCH: NYMEX crude oil prices fall on higher rig count
Light, sweet crude oil prices fell June 3 on the New York market on a combination of a higher rig count, weaker-than-expected job statistics, and a weakening dollar. Oil is traded in dollars and becomes cheaper for foreign buyers when the dollar falls. Source: News
Bearing innovations extend roller-cone bit life
A new tapered bearing assembly, developed specifically for roller-cone rock bits, significantly increased bit life for a Middle Eastern operator. Source: News
EU unconventional resource development stalls
European governments are reluctant to promote shale gas development even though technology has advanced and extraction processes have matured in North America. Source: News
New bid round accelerates Mexico’s shale potential
Mexico’s shale industry may find traction in 2016. Well-prepared early movers will bid on the choicest geologic areas in one of the most anticipated shale offerings of recent years. Source: News