Permian has 60 billion-70 billion barrels of recoverable resources
Energy researchers at IHS Markit have completed the first three-year phase of a massive Permian Basin research project that models and interprets the giant basin's key geologic characteristics to better estimate its remaining hydrocarbon potential, and initial results indicate the giant basin still holds an estimated 60 billion-70 billion barrels of technically recoverable resources.
To conduct this new analysis, researchers used the IHS Markit historical well and production database, which include more than 440,000 Permian Basin wells, and a new proprietary software tool that, for the first time, enables them to leverage interpreted formation "tops" data to identify accurate formations for completion intervals on hundreds of thousands of wells.
For more information, visit www.ihsmarkit.com or call (832) 458-3840.
LLOG advances Buckskin project in deepwater U.S. Gulf
LLOG Exploration Co. LLC and all of its working interest partners have taken several key steps to begin execution of the previously approved Buckskin Project. This large-scale deepwater development project has been delineated by multiple prior wells and will be a six-mile subsea tieback to the Anadarko-operated Lucius Spar. It is located on Keathley Canyon blocks 785, 828, 829, 830, 871 and 872 in the Gulf of Mexico in approximately 6,800 feet of water.
The Keathley Canyon No. 1 discovery well at Buckskin was drilled by Repsol in 2009 to a depth of 29,404 feet and encountered approximately 400 feet of net pay in the Upper and Lower Wilcox formations. Three subsequent appraisal wells drilled in the Keathley Canyon 785 and 829 encountered an average of 375 feet of high-quality oil pay in the Upper Wilcox.
For more information, visit www.llog.com or call (985) 801-4300.
BSEE director charts path for robust offshore energy production
Bureau of Safety and Environmental Enforcement (BSEE) Director Scott Angelle is moving the Outer Continental Shelf (OCS) energy program toward energy dominance for America. Angelle discussed the work underway at BSEE with industry members at the Louisiana Oil & Gas Association Fall Meeting.
Discussing the steps BSEE is taking to move forward, Angelle said regulatory reform, integrating a risk-based protocol into the inspection program and reviewing permit processes to increase efficiency are all efforts underway at BSEE.
"BSEE is clearly moving from creating hardships to creating partnerships, from an era of isolation to an era of cooperation," Angelle said. "To safely develop our OCS energy resources as the Outer Continental Shelf Lands Act requires, BSEE and industry must work together as partners, recognizing that we have different roles and collaborating to make it happen."
For more information, visit www. bsee.gov or call (504) 736-2595.
Total joins Chevron to explore Gulf of Mexico
Total subsidiary Total E&P USA Inc. has entered into an agreement to capture seven prospects operated by Chevron USA Inc. in the deepwater Gulf of Mexico. The agreement covers 16 blocks.
The associated prospects are located in two promising plays and areas of the Gulf of Mexico: Wilcox next to the Anchor discovery in the Central Gulf of Mexico, and Norphlet near the Appomattox discovery in the Eastern Gulf of Mexico. Total's participation in these wells will be between 25 percent and 40 percent. The first of these wells was spudded in late July on the Ballymore prospect in Mississippi Canyon.
For more information, visit www.total.com or call +33 1 47 44 46 99.
Wood Mackenzie study weighs cost of carbon on upstream sector
Wood Mackenzie recently released "Positioning for the Future," the first comprehensive study ever carried out into carbon emissions in the upstream oil and gas sector.
"The carbon emissions targets set by the Paris Agreement, together with potential policy changes, are starting to influence investors' capital decisions and shape companies' long-term corporate strategies," said Dr. Gavin Law, head of Gas & Power Consulting, Wood Mackenzie. "More countries are placing a price on carbon or imposing carbon-related regulations. This increases cost. It has never been more important to understand the value at risk."
Dr. Law said companies active in the upstream sector are keen to better understand what impact climate policies and the move to a low-carbon future could have on their portfolios. When assessing regulatory risk, Wood Mackenzie found the majority of upstream emissions (64 percent) are dispersed between countries with a medium-to-low risk of sector- specific carbon regulations.
For more information, visit www.woodmac.com or call (713) 470-1600.
