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Posts tagged to Drilling

BP expected to announce job cuts on its North Sea oil rigs, despite new field development

MarketLine

BP is expected to announce job cuts on the UK North Sea Oil rigs that it operates, despite having completed development of new wells only in December last year in the Kinnoull reservoir. The company controls the most important infrastructure in the North Sea oil fields and coupled with the recent downsizing of other operators in the area, such as Shell and Chevron, this move does not bode well for the future of North Sea oil and more broadly tight oil sources in general. BP recently completed a major development… Read more

Fracking in the UK- Some political players rally behind the technology

MarketLine

The hydraulic fracturing (fracking) process has allowed the use of horizontal drilling in shale rock to open up new gas reserves previously presumed to be technically unrecoverable. The process involves blasting fracking fluid into the drill well which splits the shale into fissures. The process requires a large amount of water, sand, and chemicals. Both shale and coal methane beds have become accessible through this technique. Whilst countries such as the USA, Australia and Poland have been pushing ahead with the technology, the UK has been slow and careful in… Read more