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.
Drilled in 2,003 m (6,572 ft) of water by the Noble Tom Madden drillship, the Tripletail-1 well hit about 33 m of high-quality oil-bearing sandstone reservoir, Exxon Mobil said.
Perceptions have changed for the better for the emerging oil and gas play as activity increases and others move into the neighborhood.
Reduced risk of well-to-well interference, optimized rock stimulation and maximized efficiency and utilization of surface equipment and crews were cited as benefits.