ROGTEC http://rogtecmagazine.com ROGTEC Magazine - Russian Oil and Gas Technologies Magazine is Russia's and the Caspian's leading, independent, upstream publication Fri, 19 Dec 2014 08:50:31 +0000 en-US hourly 1 J D Neuhaus Hoists Facilitate Crane Repairs On An Offshore Platform http://rogtecmagazine.com/j-d-neuhaus-hoists-facilitate-crane-repairs-offshore-platform/ http://rogtecmagazine.com/j-d-neuhaus-hoists-facilitate-crane-repairs-offshore-platform/#comments Thu, 18 Dec 2014 10:26:44 +0000 http://rogtecmagazine.com/?p=92218 When the diesel engine of a deck crane failed, it caused major handling problems for an offshore platform operating in the Dutch sector of the southern North Sea, problems that were solved with the use of J D Neuhaus air operated hoists. The crane was operating at 40 metres above ...

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When the diesel engine of a deck crane failed, it caused major handling problems for an offshore platform operating in the Dutch sector of the southern North Sea, problems that were solved with the use of J D Neuhaus air operated hoists. The crane was operating at 40 metres above sea level and provided a lift capacity of 20 tonnes. Replacing the broken engine, which itself weighed-in at approximately 1750kg, presented some logistic problems. The diesel engine replacement operation was successfully undertaken by the Gerritsen On- & Offshore Services BV company from their base in Amsterdam, with the work being completed in approximately one week.

As the replacement engine was too large and heavy to be ferried by helicopter, a lifting device was needed, that met requirements such as explosion-proof, lightweight and easy to handle to lift the replacement safely from the supply vessel. The suitable lifting device was sourced from the J D Neuhaus range of air operated hoists available in the Gerritsen rental fleet. It was a Profi 2TI model which had a lift capacity of 2 tonnes. This model is available as standard with a 3 metre lift, having an overall weight of approximately 110kg including the control system. This product was easily modified to provide the 40 metres lift required on site, involving an additional weight for the twin chain hoist mechanism at approximately 2kg per metre run.

With the replacement engine and its lifting equipment being transported by a supply vessel (16 hours sea time), provision was required for a further primary lifting unit to handle the Profi 2 TI hoist and its 40 metres drop of twin chains utilised for the major lifting operation. Once again, equipment that was light enough to be delivered to site by helicopter was selected from the Gerritsen rental fleet. This was a J D Neuhaus air operated Mini hoist, providing 980kg lift capacity to handle the larger and more powerful Profi hoist and its 40 metre chains. The Mini hoist plus an appropriate beam clamp for the hoist suspension support was helicoptered in (30 minutes air time) and mounted ready for the primary lift operation of the Profi hoist and chains utilising a big bag container. The more powerful Profi unit was then used to replace the Mini hoist, utilising the same beam clamp installation. The Profi hoist with a 2 tonne lifting capacity was then utilised to undertake the more difficult lift and location of the replacement diesel engine utilising a sling assembly. The work was undertaken with one rig personnel for safety inspection, together with one rigger and three scaffolders.

The J D Neuhaus range of air operated hoists are universally deployable, incorporating explosion protection and are suitable for use in hazardous areas. The Mini series is available in load capacities of 125, 250, 500 and 980kg together with a manipulator version providing for one handed operation of lift, lower and hoist traverse operations. These products are explosion protected and feature an Ex classification of Ex II 3 GD IIA T4.

The Profi series hoists offer a more rugged build quality for heavier duty operations, and can be supplied with lift capacities from 250kg up to a full 100 tonnes. 100% duty rating and unlimited duty cycles are provided as standard, ensuring no down time and low maintenance requirements, They are supplied as standard with classification Ex II 2 GD IIA T4 / II 3 GD IIB T4, with increased spark protection to Ex II 2 GD IIB T4 and for explosion group IIC : Ex II 2 GD IIC T4. These products are insensitive to dust, humidity and temperatures ranging from -20°C to +70°C. They also provide infinitely variable speed controls for the precise positioning of loads.

Gerritsen On- & Offshore Services BV are the authorised Dutch Sole Importer of JDN products.

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NorLense: Oil Trawl Sets New Standards for Oil Spill Response http://rogtecmagazine.com/norlense-oil-trawl-sets-new-standards-oil-spill-response/ http://rogtecmagazine.com/norlense-oil-trawl-sets-new-standards-oil-spill-response/#comments Thu, 18 Dec 2014 09:25:19 +0000 http://rogtecmagazine.com/?p=92204 The newly developed Oil Trawl from NorLense attracts international interest – and sets new standards for efficient oil spill recovery: – The system collects, concentrate and store oil in one operation – Can be operated by one vessel and one person – Deployment-time reduced to formidable 10 minutes – Integrated ...

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The newly developed Oil Trawl from NorLense attracts international interest – and sets new standards for efficient oil spill recovery:

Norlense Oil Trawl ROGTEC

– The system collects, concentrate and store oil in one operation
– Can be operated by one vessel and one person
– Deployment-time reduced to formidable 10 minutes
– Integrated skimmer pump (ad-on) continuously pumps collected oil on board the vessel.

When the system was tested by OMSETH test tank in the United States, the conclusion was “Best result ever for a Fast current system.” The system is verified by DNV GL regarding capacity – and is also tested by NCA/Coast Guard with very good feedback. “The Oil Trawl is our greatest innovation since 1992.” says CEO Terje Olav Hansen in NorLense proudly.

Milestone

NorLense launched oil booms with automatic inflation in 1992. Ring and spiral booms quickly became a huge success – and set a new standard in the industry. With the new, fast current, system NorLense again shows the way in rational and efficient oil spill recovery:

“Strong focus on details and extensive testing describes our efforts to design a best possible system. This has been achieved – not only in terms of efficiency, but also regarding safety (EHS) and economy for the customer. The system is also very flexible in terms of different situations, and we look at the new Oil Trawl as a bit of a multitool for oil spill recovery” Hansen says.

Tackles 4-5 knots

The new Oil Trawl from NorLense is a fast current system, designed to collect a wide range of oil emulsions spread over larger areas. While conventional booms operates up to the speed of one knot, the Oil Trawl tackles effective flow rates of four to five knots. Using a paravan/trawl-door the system can be operated with just one vessel.

Easy handling

The Oil Trawl can be delivered as a container system or tailored for installation on vessels. The trawl is stored on a drum and has automatic inflation via one point. Before deployment, the system is pressurized with air. This makes the trawl easy to handle for one person, and deployment into the sea is done in one continuous operation. A sea anchor helps dragging the trawl into the sea. The process requires minimal deck space.

Fast deployment

Several tests proves that the Oil Trawl can be deployed and ready for operation in less than 10 minutes. When NCA tested the Oil Trawl equipped with integrated skimmer pump (optional ad-on) under realistic conditions, it took 17 minutes from the pressurization of air started, to the trawl being in formation, the pump was activated and liquid was pumped on board.

“Time is a critical factor to control emissions. Equally important is the need for safety for the operator of the system. Bad weather, high seas and stress are factors that contribute to dangerous situations. Easy and fast deployment, with a minimum of persons involved, increases the safety of personnel during challenging conditions,” says Terje Hansen.

Flexible solution

Oil collected by the trawl ends up in a storage unit. When full, it is easily disconnected and replaced with a new one. The operation can then proceed. The full storage unit closes automatically – and floats on the sea until it is towed to shore or emptied by a storage vessel.

The storage unit is equipped with a customer specified coupling, which makes it possible to pump oil into tanks on operational or external vessels.

The Oil Trawl can also be supplied with an integrated skimmer pump from FRAMO. This enables continuous pumping of collected oil on board to the vessel which operates the trawl. The skimmer pump is an optional ad-on that increases flexibility – and may come in handy as an emergency discharge pump if needed.

Top performance

The Oil Trawl separates oil and water very effectively – and without the assistance of a skimmer. This simplifies the working process, cut costs and eliminate possible sources of error. Effective separation also reduce the need for storage significantly, due to less water content in the separated emulsion.

When the Oil Trawl is dragged over the surface of the sea, it acts as a planer, which leads the top layer of water and oil to the storage unit. Via a patent pending separation grate oil and water separates efficiently due to a passive concept based on gravity. Tests at OMSETH, USA, documented a recovery rate of 92% under favorable conditions – and an average of 82.2%.

Thick and thin

“Simple solutions are often the best”, says research leader Hugo Svendsen. He states that passive separation performs far better than a traditional overflow skimmer when handling thick oil. During a test verified by DNV GL, the Oil Trawl was able to collect oil with viscosity around 50,000 centistokes (cSt).

“At such high values oil is as thick as butter – and collection with conventional equipment is extremely difficult. With the Oil Trawl we have succeeded in creating a flexible system that can handle very variable conditions”, says Svendsen.

Innovation

After two years of extensive testing, the Oil Trawl is ready for presentation. The international market has already showed interest and provided positive feedback on the system. Director at DNV GL’s office in Harstad, Stein Thorbjørnsen, will not comment on the specific test results, but is impressed by the strong expertise that is built on Fiskebøl in Vesterålen.

“NorLense is an innovative company and has been among the leading providers of offshore booms for decades. It’s exciting to witness the innovation that now takes place.” he says.

Perfect test conditions

Marketing Director Trond Helge Hansen at NorLense look forward to working with the new oil beam, “I feel that we have a unique product that cover unmet needs in the market. This is a kinder egg in oil spill response, with many applications.”

He highlights the company’s location in the heart of the Lofoten and Vesterålen archipelago as a big plus. “The central location and proximity to urban areas can be an advantage. In NorLense, however, we realize that we have perfect test conditions right outside our office windows. We have fun at work – where the coast, the archipelago and climate forces constitute our creative playground. We are where we should be!”

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PetroNeft Resources: December 2014 Operations Update http://rogtecmagazine.com/petroneft-resources-december-2014-operations-update/ http://rogtecmagazine.com/petroneft-resources-december-2014-operations-update/#comments Thu, 18 Dec 2014 09:20:28 +0000 http://rogtecmagazine.com/?p=92206 PetroNeft an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, is pleased to provide an update on operations. Licence 61 Arbuzovskoye 106 well now in production at a stabilised average rate of 170 bopd Arbuzovskoye 103 well drilling ahead Drilling of Tungolskoye 5 horizontal ...

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PetroNeft an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, is pleased to provide an update on operations.

Licence 61
Arbuzovskoye 106 well now in production at a stabilised average rate of 170 bopd
Arbuzovskoye 103 well drilling ahead
Drilling of Tungolskoye 5 horizontal well continuing
Total production now at 1,850 bopd
Seismic crew mobilised to the Sibkrayevskoye field

Licence 67
Processing and interpretation of 3D seismic survey completed
Reserves calculation for Russian State Approval being finalised

Corporate
Weakening Russian Rouble acting as a natural hedge to falling oil prices

Licence 61
Arbuzovskoye
Following some delays the Arbuzovskoye 106 well has successfully encountered oil in the Upper Jurassic (J-1) formation at a depth of 2,465 metres, TVD. The well been brought into production at a stabilised rate of 170 bopd with no visible water cut. This rate exceeds pre-drill estimates of between 100-150 bopd.

Arbuzovskoye well 103, the next well in the drilling programme, is currently drilling ahead. This well is the southernmost well drilled at Arbuzovskoye to date and will help determine if further wells will be drilled in the southern lobe of Arbuzovskoye.

Tungolskoye
The horizontal segment of the Tungolskoye No. 5 well is currently being drilled, however drilling progress to this point has been slower than originally estimated. Production results on the horizontal segment are currently expected in January 2015. The pilot hole previously confirmed the structure, the net pay (8.2 m) and commercial oil flow (100 bopd non-stimulated) at the crest of the structure. The well is being drilled under a turn-key contract so additional time will not result in additional cost. The main regulatory approvals required for the development of the Tungolskoye field have been obtained and the tendering process for the various services and materials required for this work programme is well underway.

Sibkrayevskoye
The rig for the Sibkrayevskoye No. 373 well is currently being erected. It is expected that drilling will commence in February 2015.

The seismic crew has been mobilised to the field and work is well underway on the programme to acquire 1,000 km of high quality 2D seismic data across the Sibkrayevskoye oil field and other fields and prospects in the northern portion of Licence 61. The main acquisition of data will occur in the first quarter of 2015 with final interpreted results being available in Q3 2015. This will help formulate our work programme beyond the current drilling campaign.

Total production from Licence 61 is currently about 1,850 bopd.

Licence 67
The processing and interpretation of the 156.84 sq. km. of 3D seismic data acquired over the Cheremshanskoye and Ledovoye oil fields in Q1 2014 has been completed.

The reserves calculation for the two fields based on the 3D seismic data is being prepared for submittal and approval at the Russian State Reserves Committee in Moscow.

Oil price and Russian Rouble
While oil prices have fallen internationally in recent months, so too has the Russian Rouble as compared to the US Dollar. The vast majority of operating costs and capital expenditure are denominated in Russian Roubles and this acts as a natural hedge to falling oil prices. It should also enable PetroNeft to undertake more capital expenditures pursuant to the US$45 million farm-in carry being financed by Oil India Limited.

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
“I’m very pleased with the rate achieved from the first new well drilled at Arbuzovskoye since February 2013 and look forward to updating shareholders with the results of the additional wells at Arbuzovskoye.

The pilot hole at Tungolskoye has achieved its objectives in confirming the structure, net pay and oil flow and we look forward to the production test result from our first horizontal well in the New Year”

Source

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Rosneft Acquired Commercial Inflows of Hydrocarbons on the Licensed Blocks of Irkutsk Region http://rogtecmagazine.com/rosneft-acquired-commercial-inflows-hydrocarbons-licensed-blocks-irkutsk-region/ http://rogtecmagazine.com/rosneft-acquired-commercial-inflows-hydrocarbons-licensed-blocks-irkutsk-region/#comments Thu, 18 Dec 2014 09:13:59 +0000 http://rogtecmagazine.com/?p=92203 Commercial inflows of oil, gas and condensate have been acquired in four exploration wells on Rosneft’s licensed blocks, which were handed over to Verkhnechonskneftegaz for operational activities on geologic survey, exploration and production of hydrocarbon crude. According to the results of drilling and probes, maximum rates totaled up to 60 ...

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Commercial inflows of oil, gas and condensate have been acquired in four exploration wells on Rosneft’s licensed blocks, which were handed over to Verkhnechonskneftegaz for operational activities on geologic survey, exploration and production of hydrocarbon crude. According to the results of drilling and probes, maximum rates totaled up to 60 cbm of oil per day and up to 150 cbm of gas per day.

Depth of wells totals about 2 thousand meters, within each of them several oil and gas bearing horizons occurred. Sites for drilling wells were determined by results of 2D and 3D seismic data acquisition. All wells were designed in compliance with a fundamentally new geological approach, elaborated by Rosneft subsidiaries – Verkhnechonskneftegaz and RN-Exploration with support of KrasnoyarskNIPIneft research institute. Highly technological approach to elaboration of reservoir geology models, usage of modern techniques of seismic data works performance, data processing and interpretation allowed to make drilling of new wells highly successful.

For instance, when probing the well on Mogdinsky licensed block, flows of oil, gas and condensate from Wendian Cambrian complex aged carbonate basins of Nizhne-Ust-Kutsky, Verkhne-Ust-Kutsky, Preobrazhensky and Yerbogachensky horizons. On the Danilovsky licensed block two wells proved commercial presence of oil and gas on South and North Danilovskoye fields, planned to be commissioned in nearest years.

The well on Preobrazhensky license block proved availability of oil and gas in the southern block of the Lisovsky oil field. For the first time on Rosneft’s blocks in the Irkutsk Region an aged reef carbonate buildup with extended depth of productive horizon was tapped, confirming presence of a new type of oil and gas exploration prospects in the Eastern Siberia.

Based at the results, achieved during test of exploratory wells, RN-KrasnoyarskNIPIneft is preparing a justification on incremental value of oil, gas and gas condensate for Russia’s State Commission for Reserves of Commercial Minerals. The expected incremental value for C1 category only is over 10 mln tons of oil and 14 bln cbm of gas. The data on reserves, justified by the Commission, will be used for further planning of geologic works and preparation of fields for commercial development.

Preparation of new reserves for development of production in the Eastern Siberia is a strategic goal of Rosneft.

Source

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RDCR 2015 – Less than 4 months to go! http://rogtecmagazine.com/rdcr-2015-less-4-months-go/ http://rogtecmagazine.com/rdcr-2015-less-4-months-go/#comments Wed, 17 Dec 2014 13:48:09 +0000 http://rogtecmagazine.com/?p=92195 The 3rd RDCR is taking place in less than 4 months at the Baltschug Kempinski Hotel in Moscow – have you ensured your attendance? The 9th April will see the 3rd instalment of the hugely successful RDCR – the leading drilling technology event for the Russian oil and gas sector. ...

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The 3rd RDCR is taking place in less than 4 months at the Baltschug Kempinski Hotel in Moscow – have you ensured your attendance? The 9th April will see the 3rd instalment of the hugely successful RDCR – the leading drilling technology event for the Russian oil and gas sector. 2015 will see new and improved features, such as extended roundtables with seats reserved for the operator drilling teams, Drilling Contractor representatives and Russian and international technology vendors. By including seats for the drilling teams of the regional operators, the discussions will focus on the full scope of challenges faced in the Russia’s drilling market, as well as the entire value chain from technology suppliers to service contractors and operators. <br />

Due to the new format, the speaking opportunities for vendor sponsors in each hall have been reduced from 8 to 4. Currently there are only 2 x presentation slots left in the Rig and Equipment hall and limited numbers in the Tubular, hardbanding and the new downhole tools hall. Contact us urgently if you are interested in sponsoring and presenting at Russia’s premier drilling technology event.

www.rdcr.net

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NOVATEK: Launch of Second Stage of the Urengoyskoe Field http://rogtecmagazine.com/novatek-launch-second-stage-urengoyskoe-field/ http://rogtecmagazine.com/novatek-launch-second-stage-urengoyskoe-field/#comments Wed, 17 Dec 2014 09:13:52 +0000 http://rogtecmagazine.com/?p=92181 NOVATEK announced today that SeverEnergia (a joint venture between NOVATEK and OAO Gazprom Neft) launched the second stage of the Urengoyskoye field (within the Samburgskiy license area) including the second train of the gas condensate de-ethanization unit. Overall capacity of the two stages of field development is approximately 13 billion ...

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NOVATEK announced today that SeverEnergia (a joint venture between NOVATEK and OAO Gazprom Neft) launched the second stage of the Urengoyskoye field (within the Samburgskiy license area) including the second train of the gas condensate de-ethanization unit. Overall capacity of the two stages of field development is approximately 13 billion cubic meters (bcm) of natural gas and more than 4.7 million tons of de-ethanized gas condensate per annum.

The wells drilled at the Urengoyskoye field target the Achimov deposits, which are characterized by relatively high depth (approximately 3,700 meters) and high share of gas condensate in the hydrocarbon flow.

Source

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Technip Drops Plans to Acquire CGG http://rogtecmagazine.com/technip-drops-plans-acquire-cgg/ http://rogtecmagazine.com/technip-drops-plans-acquire-cgg/#comments Wed, 17 Dec 2014 09:10:25 +0000 http://rogtecmagazine.com/?p=92179 CGG notes the announcement made by Technip today that it no longer intends to file a tender offer for CGG. Since the beginning of this unsolicited approach by Technip on November 10, CGG remained open to dialogue and studied all proposals of Technip taking into account the interests of its ...

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CGG notes the announcement made by Technip today that it no longer intends to file a tender offer for CGG.

Since the beginning of this unsolicited approach by Technip on November 10, CGG remained open to dialogue and studied all proposals of Technip taking into account the interests of its shareholders, clients and employees. The board of CGG considered that none of the proposed options were creating value for the Company and its stakeholders.

CGG remains confident in the ongoing execution and the success of its strategy as an independent company. CGG is showing a solid resilient operational performance as highlighted in the third quarter results with important progresses achieved and milestones met in the transformation plan and the strengthening of the balance sheet.

With this plan initiated one year ago, accelerated and intensified during the year 2014 and with priorities given to cash generation, CGG is in a position to weather current difficult market conditions while fully benefiting from future geoscience market rebound.

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TGS: Kristian Johansen Appointed COO http://rogtecmagazine.com/tgs-kristian-johansen-appointed-coo/ http://rogtecmagazine.com/tgs-kristian-johansen-appointed-coo/#comments Wed, 17 Dec 2014 08:54:31 +0000 http://rogtecmagazine.com/?p=92175 The Board of TGS is pleased to announce the appointment of Kristian Johansen to the newly created role of Chief Operating Officer (COO), effective 1 February 2015. Kristian joined TGS in 2010 as Chief Financial Officer. Prior to joining TGS, Kristian was the Executive Vice President and CFO of EDB Business ...

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The Board of TGS is pleased to announce the appointment of Kristian Johansen to the newly created role of Chief Operating Officer (COO), effective 1 February 2015.

Kristian joined TGS in 2010 as Chief Financial Officer. Prior to joining TGS, Kristian was the Executive Vice President and CFO of EDB Business Partner in Oslo, one of the largest IT groups in the Nordic region. Mr. Johansen also has experience in the construction, banking and oil industries. A native of Norway, Kristian earned his undergraduate and Master’s degrees in business administration from the University of New Mexico in 1998 and 1999.

 “I am excited to see Kristian take this new role for TGS”, stated Robert Hobbs, TGS Chief Executive Officer.  “As we have grown to be one of the largest geoscience data companies in the world, Kristian has served an important role in assuring that our Company has appropriate financial controls and processes. He will now take the lead in assuring that we continue to grow the highest quality data library in the industry. This new appointment will allow me to focus on long-term strategic development of the Company in my capacity as CEO”.

Kristian will hold the dual role of COO/CFO until a new CFO is appointed.

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Rosneft Statement About the Use of Bond Issues http://rogtecmagazine.com/rosneft-statement-use-bond-issues/ http://rogtecmagazine.com/rosneft-statement-use-bond-issues/#comments Wed, 17 Dec 2014 08:36:44 +0000 http://rogtecmagazine.com/?p=92170 Rosneft affirms that the bond issue by the Company is done with the sole scope of financing its project in the Russian Federation. The Company generates enough cash flow in foreign currencies in order to meet its loan repayment obligations. Until the need for repayment within the realization of its ...

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Rosneft affirms that the bond issue by the Company is done with the sole scope of financing its project in the Russian Federation. The Company generates enough cash flow in foreign currencies in order to meet its loan repayment obligations. Until the need for repayment within the realization of its investment program during this year and the years to come the Company will hold all the ruble funds on ruble deposits of authorized banks: its usage for foreign currencies purchase is not applicable neither to loan agreements, nor to company plans. Therefore, not a single ruble, raised within the bond issue, will be used to buy foreign currencies.

Source

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Frost & Sullivan: Unconventional Oil and Gas to Play an Important Role in Altering the Global Fuel Mix http://rogtecmagazine.com/frost-sullivan-unconventional-oil-gas-play-important-role-altering-global-fuel-mix/ http://rogtecmagazine.com/frost-sullivan-unconventional-oil-gas-play-important-role-altering-global-fuel-mix/#comments Tue, 16 Dec 2014 11:01:41 +0000 http://rogtecmagazine.com/?p=92154 A new analysis  presents the key trends that will  transform the global market over the next decade and beyond While crude oil prices are sliding, many companies and governments are cautiously investing in new as well as existing technologies to obtain oil and gas (O&G) from unconventional sources. Unconventional O&G ...

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A new analysis  presents the key trends that will  transform the global market over the next decade and beyond

While crude oil prices are sliding, many companies and governments are cautiously investing in new as well as existing technologies to obtain oil and gas (O&G) from unconventional sources. Unconventional O&G will play an important role in the global fuel mix with technological advancement across the entire value chain shaping the profitability of the industry in the long term. Despite the increasing affinity towards alternative energy sources, O&G will remain the primary energy source across the globe for years to come.

New analysis from Frost & Sullivan, Global Oil and Gas Outlook 2014, finds that the liquefied natural gas (LNG) market remains highly attractive. This study provides a detailed analysis of the key trends affecting the global O&G market over the course of the next decade and beyond.

For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/EU_PR_CCarella_MA59-14_24Nov14.

Gas will be one of the major fuels for power generation in 2030 despite economic uncertainty in the wake of recent African and Middle Eastern unrest. Furthermore, the recent Western sanctions to Russia following the  conflict in Ukraine, will negatively impact Russian oil and gas trade volumes.

In the long term, it is quite likely that the production of unconventional gas across North America, Latin America and China would offset any shortfalls in gas supply and demand.

“Investments in new technologies and resilience of the O&G sector have given rise to innovative exploration and production systems such as deepwater and ultra-deepwater drilling, and arctic explorations at depths of more than 12,000 feet,” says Frost & Sullivan Energy and Environmental Industry Analyst Pritil Gunjan. “Technological advancements and investor optimism have also spurred the output of unconventional ‘tight oil’ and shale gas.”

Although shale gas has caused a great deal of excitement, there is uncertainty about actual reserves and what percentage of those reserves is recoverable. Moreover, European and Chinese shale plays are much deeper than those in the US, making drilling and extraction much more challenging. The need for refined drilling techniques and rigs will add to development time and cost.

Several additional challenges affect the O&G industry:

  • Geographical and climate hazards in difficult-to-access locations
  • O&G security risk in high consuming regions, especially China, India and Southeast Asia
  • Low operational safety, high risk of spills, and environmental disasters
  • Future projects classified as highly challenging in terms of technology and operational efficiency
  • Uncertainty related to growth of alternative O&G markets
  • Switch from oil-based technologies to substitutions such as biofuels and electric power
  • Strict policies related to carbon emissions

The proper assessment of reserves and recovery rates will be crucial over the next two years. Focus on increasing production and reducing costs will also be priority in the short term. To that end, investments in advanced technologies such as horizontal drilling, hydraulic fracking, downspacing and deepwater drilling will rise.

“While there still remain uncertainties with respect to reserves, technologically superior extraction and production methods can exponentially improve recovery rates,” noted Gunjan. “Widening pipelines and terminals to connect production areas with refineries will hence be a key opportunity area for firms in the global O&G space.”

Global Oil and Gas  Outlook 2014 is a Market Insight that is part of the Energy & Power (http://www.energy.frost.com) Growth Partnership Service program. The Insight provides an analysis of the key global trends that will affect the O&G market over the course of the next decade and beyond. It also details growth opportunities in the major markets of the global O&G sector.

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