U.S. oilfield services firm Patterson-UTI Energy expects oil and gas activity to continue to improve through at least the first quarter of 2021, CEO Andy Hendricks told investors.
Two other vessels along with Oruc Reis will continue work in an area southeast of the Greek island of Rhodes until Oct. 27, Turkey’s Navy said in a maritime notice.
The company now expects full-year sales volumes of between 1.48 billion cubic feet equivalent (bcfe) and 1.5 bcfe, slightly higher than its previous range of 1.45 bcfe to 1.5 bcfe.
Check out the latest oil and gas drilling activity highlights across the U.S. featured in the October issue of E&P Plus including Chesapeake Energy Marcellus Shale discoveries plus a Wolfcamp well tested by Occidental Petroleum in New Mexico’s Eddy County.
Petrobras said it expects to produce roughly 2.84 million barrels of oil equivalent per day this year, up from its previous estimate of 2.7 MMboe/d.
Revenue from Baker Hughes’ oilfield services unit, which accounts for nearly 46% of its total sales, fell 31% to $2.31 billion in the third quarter.
Paul Madero, vice president of drilling services with Baker Hughes, explains why remote and autonomous drilling operations will enable better wells and better production.
The Iraqi oil minister said he expects Iraq will raise its oil production capacity to 7 million bbl/d in the next five to six years, from around 5 million bbl/d now.