08-04-2016, 10:49 PM
Total has brought Incahuasi gas and condensate field, the group’s first operated development in Bolivia, on stream. The field has a production capacity of 50,000 boed. "Incahuasi is one of the largest gas and condensate fields brought on stream in Bolivia.
Total starts production at Bolivia’s Incahuasi gas field
Iran approved an outline for a new oil contract model, taking the OPEC member a step closer to welcoming foreign investment in its energy industry and boosting production even more into an oversupplied market.
Iran adopts oil contract as glut no barrier to production boost
The new magic number in the oil industry is $50. BP Plc, rig-owner Nabors Industries Ltd. and explorer Pioneer Natural Resources Co. all said in the past 24 hours that prices above $50 will encourage more drilling or provide the needed boost to cash flow. With oil bouncing close to $45 a barrel, an industry that has been shaving costs to stay competitive is ready for signs of stability at a price level less than half of 2014’s average.
Oil's Magic Number Becomes $50 a Barrel for Promise of Recovery - Bloomberg
Let’s talk a bit about inefficiency first. A recent E&Y study made some horrible revelations: as much as 64 percent of 365 megaprojects went into cost overruns and even more, 73 percent, failed to keep to their schedule. It’s even worse for the biggest among these megaprojects. The FT quotes E&Y as reporting that out of the 20 biggest oil and gas projects in recent years, 13 ran above their initial budget, with three of these going as much as 75-100 percent above it.