In part two of this series with NOV CEO Clay Williams, Jessica Morales discussed offshore recovery plus the hardships of surviving the downturn.
View Part One: From First Days To Current Technology Shakeups
When asked about preparing NOV for recovery offshore, Williams said, “Through the downturn, since most of the activity has been more directed for shale, we have invested more in that area but importantly, we haven’t sacrificed any of our capabilities in the offshore. If anything, we have actually continued to enhance those as well.”
Williams discussed the deepwater recovery timeline. “I was hoping you would tell me. We have been waiting for four years. But, I think importantly through those four years the owners of the resource basin of the deepwater, have been focused on reducing costs, becoming more efficient, they’ve made real progress. Importantly, it’s a very big resource base that has been discovered in the deepwater. I am very optimistic that we are going to see this. Lately, we are hearing more and more from our E&P customers that they are moving closer and closer to sanctioning large projects offshore,” said Williams.
Permian operators turn to the edge of the play.
The surge in child wells has brought well spacing and interference concerns across U.S. shale plays. Some have found solutions, while others are looking.
Rig #1826, based in Big Spring, Texas, along with a bundled Basic high-spec ancillary equipment package successfully drilled out frac plugs over a total horizontal displacement of 17,935 ft (3.4 miles).