ALGIERS (Reuters) – OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
Two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd.
How much each country will produce is to be decided at the next formal meeting of OPEC in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia, sources said.
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. (REUTERS Photo)
Oil prices LCOc1 jumped more than 5 percent to trade above $48 per barrel as of 1830 GMT after the outcome of OPEC’s informal meeting in Algeria took traders by surprise. Still, many said they wanted to see the details of the deal. Continue reading →
We’ve never done hydraulic fracturing jobs so we don’t know if this is true. It is quite difficult to understand the relationship about Earthquake and Fracking. Please let us about your comment down at the comment box below.
Story –> Scientists say that five Texas earthquakes, including one that hit a magnitude of 4.8 on the Richter scale, were all directly caused by fracking. The scientists used a space-based radar that revealed the quakes were triggered by injections of wastewater in both oil and gas drilling.
Five “significant” earthquakes in 2012 and 2013 shook up the Timpson area in East Texas. For the very first time, a group of scientists could track the ground’s movements through radar from satellites. On Thursday, a report in the professional journal Science confirmed that the quakes had occurred unnaturally. Previously, scientists had found this to be likely through a more traditional method.
The well is in an underbalanced condition while pulling out of hole. You can see in the video below that the fluid is flowing up from the drill pipe side. It is such very important to understand the condition of the well and have the plan to deal with it.
These are some thought about this situation from our member in the Facebook fanpage.
Hossam Hamza – Looks like it was failed balanced cement plug job, I see long cement chiksan line on rig floor and circulating head connected with low TQ valve above 1 joint DP in mouse hole, the back flow due to over displacement. Is my guess right???? Continue reading →
This article will describe about Magnetic Declination and Grid Convergent and how to use them for directional drilling purposes.
In the azimuth reference, three North references are Magnetic North, True North and Grid North (Figure 1). Since these 3 North references are not the same direction; therefore, it must be a correction in order to convert any Azimuth in the same reference. Two main concepts, which are magnetic declination and grid convergent, are used to AZI from the magnetic tool to the AZI referencing to the Grid North.
Figure 1 – True North, Magnetic North and Grid North