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Fracking expert, Houston-based Halliburton has introduced new service MicroScout Plus to enhance hydraulic fracturing and microfracture stimulation. The new service will allow deeper penetration into the formation and extended conductive complexity. The service was recently used on a well in Permian basin, and the well produced 20% more than comparable offset wells.
Houston-based Halliburton International yesterday reported a drop of some 7.6% in profits in the second quarter, owing to the slowdown in the Permian shale and other parts of the United States. The fracing-service provider had a consistent performance since 2015, but the 2Q2018 saw a $789m operating profit for the company. Halliburton’s oil-service peer, Patterson-UTI Energy also suffered a 7.4% drop, on the disappointing outlook.
India’s top oil refiner, Indian Oil, has developed its own refining processes using catalysts and hydro-cracking for converting crude oil into fuels like gasoline, diesel and liquefied petroleum gas. This move may help the firm save at least $1.5 billion in terms of cost. The director of research and development at Indian Oil believes that the firm will soon turn into a technology provider in near future and would not have to be at the mercy of a few multinational suppliers.
Oklahoma is placing stringent norms which are to be followed for 'fracking' for there has been a study which reveals a new cluster of earthquakes in one of the hottest U.S. regions for drilling. The Oklahoma Corporation Commission has announced that all explorers must use seismic array for monitoring and detecting movement underground. It also lowered the threshold for pausing work from 3.0 magnitude to 2.5.