SPM® QEM 3000 Frac Pump continues to yield unsurpassed results

Frac Pumps

one of the world’s largest suppliers of pressure pumping equipment to the upstream market, today announced its SPM® QEM 3000 Frac Pump continues to yield unsurpassed results and savings in the field as it looks and performs like new after 3,200 hours of field-proven use in extreme conditions in the winter months in the Duvernay and Montney Shale Play in Alberta Canada.

Pemex adds 1B barrels of oil reserves in biggest onshore find in 25 years

PEMEX

Pemex triples estimate of Veracruz oil field’s reserves.

Pemex’s preliminary development plan includes drilling more than 40 development wells at a cost of more than $1.5 billion, Carlos Trevino, Pemex general director, said at an event Tuesday announcing Ixachi’s progress.

“The expected value of the total production of Ixachi is worth $40 billion,” Trevino said. “Based on these numbers, you can see how profitable this project will be.”

Drilling and completion operations within the Wolfcamp play

Drilling

Rising productivity in the Wolfcamp, like in other plays in the Permian Basin, has been driven mostly by drilling longer horizontal laterals and optimizing completions, according to EIA. The length of laterals in the Wolfcamp increased from an average of 2,500 linear feet in 2005, to more than 8,500 linear feet in 2018.

Optimism Over End to Oil Glut

Crude Oil Prices

Crude posted its biggest gain in almost two months as the world’s largest oil exporters prepare to discuss global supplies.

Futures rose 2.4 percent in New York on Monday after registering the worst weekly swoon in more than 2 1/2 years. All eyes are on this week’s G20 gathering in Argentina that will include Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin. That event will be followed by a key OPEC meeting next week in Vienna.

$50 oil is bad for the US, Goldman Sachs commodity chief warns

Crude Oil Prices

Goldman Sachs contradicts Trump: $50 oil is bad for the US, commodity chief warns
$50 oil is bad for the U.S. because it hurts American drillers and threatens to create problems in the credit market, Goldman Sachs’ Jeff Currie warns.
President Donald Trump has been cheering oil’s plunge into a bear market and urging Saudi Arabia to drive the cost of crude even lower.
Currie thinks Saudi Arabia and Russia will prevail in convincing Trump that price-boosting production cuts are necessary at this week’s G-20 meeting.