Fidelity bank banner Bayelsa State banner
Economic recession: Oil majors devise survival strategies

By News Express on 24/10/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,379


Oil majors including Statoil, Shell and Chevron are experimenting with various technologies, from drones and drill design to data management, to drive down costs and weather a deep downturn.

Crude prices have more than halved since mid-2014, forcing companies to cut billions of dollars in costs.
Determined to shield dividends and preserve the infrastructure that will allow them to compete and grow if the market recovers, they are increasingly looking to smarter tech and design to make savings.
French oil and gas major Total said it was now using drones to carry out detailed inspections on some of its oil fields following a trial at one of its Elgin/Franklin platforms in the North Sea.
Cyberhawk, the drone company that led the trial, said this kind of work was previously carried out by engineers who suspended themselves from ropes at dizzying heights.
It said the manned inspection used to take seven separate two-week trips with a 12-man team that had to be flown in and accommodated on site.
The drones do the work in two days and at about a tenth of the cost, according to the Britain-based firm’s founder Malcolm Connolly, who said it had also worked with ExxonMobil, Shell, ConocoPhillips and BP.
Total declined to comment on how long the manned or drone inspections took, or specify how much money was saved.
Statoil’s giant Johan Sverdrup field, the largest North Sea oil find in three decades which is due to start production in 2019, is a leading industry case study for cutting costs in the era of cheap oil.
The Norwegian company has cut its development costs for the first stage of the project by a fifth compared with estimates given in early 2015, to 99 billion crowns ($12.2 billion).
The savings have largely been made by focusing on the most efficient technology and designs from the beginning, Statoil’s head of technology Margareth Oevrum told Reuters in an interview.
Executives say the growing attention on technologies that have been around for some time shows how wasteful the global industry had been in the years before the downturn when – with crude at above $100 a barrel delivering bumper profits – oil companies’ had little incentive to develop fields efficiently.
For example, simply finding a more efficient route for the oil pipeline that would carry the crude from the Sverdrup field to the onshore refinery cut 1 billion crowns, Statoil said.
•Text courtesy of Yahoo/News Agencies. Photo shows drone.

Source News Express

Posted 24/10/2016 1:49:09 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Osun NLC cancels Workers’ Day celebration in tribute...

National Assembly extremely broke —Senate Leader

Air Peace blacklists unruly passenger

Boko Haram wastes 9 soldiers in deadly ambush,...

Deadlock at National Conference over voting pattern

FRSC restates commitment to ensure accident-free ember months...

Innoson boss in EFCC net •Why we arrested...

Hajj Commission to introduce pilgrims feeding coupons

Baraje, Oyinlola’s lawyer writes PDP over disciplinary committee...

Why Jonathan changed military commanders

Education: El-Rufai orders equal opportunities for boys and...

Kano Govt. doles out N500m to fire outbreak...

 

Latest News Buhari, Osinbajo under fire for failing to pay August salary before Sallah 2019: Large number of PDP presidential aspirants a good omen — Okowa Nigerians not feeling impact of Buhari’s anti-corruption war — Umahi Sallah: Bank customers decry no salary, tight economy l’ll complete, deliver all ongoing projects before leaving office Oct. 16 — Fayose Killers of Kaduna Reverend demand N5m ransom to release abducted wife NANS threatens protest over lingering NOUN law students’ crisis 11 perish in Niger accident, 16 injured Anambra records increase in road accidents NAF fighter jets blast Boko Haram camps Kaduna residents warned of imminent flooding, rainstorms Journalist Abiri rejoins family, colleagues after regaining freedom following 2 years of incarceration

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (379,810 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,809 views) Shameless Genevieve Nnaji exposes breasts in public (297,665 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,777 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,925 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,747 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,508 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,635 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (160,141 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (159,148 views) Lagos plane crash: Journalist releases victims’ names (153,399 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,597 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,474) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (530) Features (642) Global Business Monitor (298) International (2,286) Interview (162) Live Commentary (28) Love Matters (137) News (38,211) Opinion (1,064) Pidgin (11) Politics (6,124) Religion (838) Sports (1,655) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Yinka Ayefele's Music House Demolished

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement