News

We keep up with what’s happening in the industry. Read more below.

Oil and Gas Sees Widescale VR Deployment

by  Andreas Exarheas Friday, November 01, 2019 The oil and gas industry is witnessing wide-scale deployment of virtual reality (VR) technology across its value chain. That’s according to GlobalData, which has produced a new report exploring how VR is finding its way ...

Government Loophole Gave Oil Companies $18 Billion Windfall

By Hiroko Tabuchi Oct. 24, 2019 The United States government has lost billions of dollars of oil and gas revenue to fossil-fuel companies because of a loophole in a decades-old law, a federal watchdog agency said Thursday, offering the first detailed accounting of the consequences ...

U.S. Gulf of Mexico crude oil production to continue to set records through 2020

By CORRINA RICKER on 10/16/2019 WASHINGTON - U.S. crude oil production in the U.S. Federal Gulf of Mexico (GOM) averaged 1.8 MMbpd in 2018, setting a new annual record. The U.S. Energy Information Administration (EIA) expects oil production in the GOM to set new production ...

Oil and Gas Companies Turn to AI to Cut Costs

Artificial intelligence helps predict equipment glitches, manage workers and increase output By Neanda Salvaterra Amid a growing push to cut operating costs, big oil is looking to artificial intelligence for help with automating functions, predicting equipment problems and increasing the output of ...

Oil Extends Losses After Bigger-Than-Expected Stockpile Increase

By Catherine Ngai Oil extended losses and headed toward a two-month low after crude inventories in the world’s biggest economy swelled more than expected. Futures fell as much as 2% on Wednesday in New York. U.S. oil stockpiles rose by 3.1 million barrels last week, ...

He Paid $1.50 an Acre for Barren Texas Land Now Worth $7 Billion

The Fasken heirs own land in the heart of the Permian Basin. By Austin WeinsteinSeptember 10, 2019, 5:00 AM CDT (Bloomberg) - So much of the Permian Basin is under production that the lights glowing at night, on well pads and rigs and ...