The Abu Dhabi National Oil Company (Arabic: شركة بترول أبوظبي الوطنية) or ADNOC is the State-owned oil company of the United Arab Emirates (UAE). It is the world's 12th largest oil company by production. As of 2021, the company has an oil production capacity exceeding 4 million b/d with plans to increase to 5 million bpd by 2030. It is the United Arab Emirate's largest oil company.ADNOC's output has been roughly flat at about 2.5 million barrels per day during the 1990s. It stood at 2.9 mbpd in 2008. Although its financial indicators are difficult to assess as the company has been described as secretive, it has also been described as efficient and well managed. ADNOC is one of few oil companies in the world to make a substantial investment to increase oil production amid growing pressure to reduce output due to climate change, which according to the company is necessary as oil and gas continues to power the world economy and to prevent price shocks in natural gas and oil caused by premature cuts in investment. In an effort to adapt to climate needs, ADNOC is planning the large scale production of hydrogen fuel as a clean energy fuel to replace oil exports.
In factor investing, p-hacking is a well-understood cause of false positives. A far less studied cause is factor model specification choices encouraged by the current econometric canon. We prove that specification errors can cause factor strategies to underperform and potentially yield systematic losses, even if all risk premia remain constant and are estimated with the correct sign. Unlike the p-hacking-driven factor zoo, where noise is mistaken for signal through repeated testing, we identify a distinct phenomenon-the factor mirage- in which canonical econometric practices systematically reward misspecified models that appear statistically strong but are structurally flawed. We show that these practices, especially overcontrolling for colliders, increase the likelihood of few-shot p-hacking and adverse outcomes. The implication is that specification errors are a more insidious and underappreciated threat to investors than previously recognized. To our knowledge, this is the first study to connect factor model selection, collider bias, underperformance, and systematic losses through a unified causal framework. These findings challenge the scientific credibility and long-term viability of the current associational (noncausal) multi-trillion-dollar factor investing industry. To address these risks, we propose adjustments to the econometric canon, informed by recent advances in machine learning and causal inference.
Abstract This paper is intended to dive deep into the well delivery efficiency approach that helped in enhanced well delivery The well delivery for one of the biggest brown field in the MENA Region was sliding at a concerning 90% in July 2024 that was recovered to 102% by Dec’24 and to 119% for year ending 2025. The factors that contributed to efficient productive time utilisation and reduction in non-productive time has been dealt with in detail. The paper focusses on optimization of operations, introduction of new technology, revival of past successes and maintenance of consistency. Main emphasis in this paper is to quantify the enablers that were the key components to the operational efficiency. The success of the actions carried out in 2024 was carried forward to build upon and exceed in 2025. These included setting up challenging performance KPIs, proactive approach to revisiting conventional well design aimed at reducing the well duration further and in turn improve the rig utilisation and overall well cost. The current study focusses on the core 8 action items that contributed to 80% of the savings. A detailed analysis is also carried out on the impact of consistency in operational approach across the fleet by means of reduction in Invisible Loss Time (ILT) and Non-Productive Time (NPT). The targeted aim is to align the performance as a testimony of the depth and coverage of the methodology on the field as a whole.
_ Enhanced oil recovery (EOR) continues to show potential for delivering incremental production, but there is often a limited time window for reaping the economic benefits. Also, advanced techniques or solvents that work well in the laboratory or on paper sometimes yield fewer promising results when taken to the field. Additionally, many EOR schemes struggle to progress beyond piloting because of high upfront investment, uncertainty in future demand for hydrocarbons, and logistical challenges. The industry clearly needs creative solutions that are affordable and operationally flexible, and the three papers selected for this Technology Focus highlight some innovative approaches that aim to unlock those extra barrels. The first paper, OTC 36263, describes a polymer-encapsulation technique to avoid mechanically induced shear degradation in the injection network, which is a particular concern in offshore applications. It is paramount that the chemical entering the reservoir is the same chemical that was injected at surface. Progressing EOR applications in the Permian Basin is the subject of the two other selected papers. Paper SPE 230249 investigates the potential of implementing in-situ combustion for light oils and suggests, based on combustion-tube tests, that the process is feasible and may be considered as an alternative to refracturing. Piloting would be required to assess economic viability. Water-alternating-gas (WAG) is a proven EOR method, with numerous large-scale deployments around the world. Shorter WAG cycles improve volumetric sweep, yet operational constraints may limit the actual cycle switching frequency. Paper SPE 230250 introduces a novel technique for coinjection of gas and liquid to create multiple slugs in the wellbore to yield better conformance while maintaining a low surface pressure. Whereas current pilots have targeted huff ’n’ puff operations in tight oil reservoirs, the modular nature of the surface equipment may find application also in conventional reservoirs. I hope that you will be inspired by reading the three papers. Summarized Papers in This June 2026 Issue OTC 36263 - Encapsulated Polymer Technology Overcomes Shear Degradation and Injectivity Loss Offshore by Celia Silva, SPE, Guillaume Dupuis, SPE, and Thierry Leblanc, SNF SA SPE 230249 - Test Proves Validity of In-Situ Combustion in the Permian Basin by Hao Ye, Leila Karabayanova, SPE, and Eduardo Orozco, SPE, Texas A&M University, et al. SPE 230250 - Novel Gas-/Liquid-Coinjection EOR Process Enters the Permian by Stuart L. Scott, SPE, David Schechter, SPE, and Gordon Pospisil, SPE, EOR ETC, et al. Recommended Additional Reading at OnePetro: www.onepetro.org. SPE 227134 - Integration of Viscosity/Density Measurements Into an Untethered Logging Tool for Rapid Downhole Polymer-Degradation Monitoring of EOR Fluids by Miguel Gonzalez, Aramco, et al. SPE 229715 - Transformative Jet-Pump Well Diagnostics Using Surface Data in Polymer-EOR, Gaugeless Wells by Priyam Ghosh, Cairn, et al. SPE 230245 - Novel Ester-Based Surfactant To Enhance Oil Recovery in Tight Oil Reservoirs by A. Castel, Oleon, et al.
Abstract Reservoir Characterization is key for designing any EOR pilot and a focused approach is being followed to achieve the same. Apart from modeling the appropriate physics, dynamic data (well test and interference data) is crucial to understand the impact of key variables which would have a significant impact on the pilot performance. The Hybrid Pilot envisages EOR by Simultaneous Injection of Miscible Gas & Polymer (SIMGAP). The pilot consists of two horizontal producers, one horizontal CO2 gas injector, one horizontal polymer injector, and three vertical observer wells. The primary objective is to accurately capture the complex interactions between CO2, polymer, and reservoir fluids using real data from interference tests and well tests. All wells have been drilled and completed with ongoing water injection as part of baseline. The simulation model integrates fundamental principles of fluid dynamics, phase behavior, and reservoir rock properties. Key aspects include the incorporation of capillary pressure, relative permeability, and polymer rheology, which are critical for capturing the simultaneous injection process. Real data from horizontal interference tests between the injector and producers helps determine areal/vertical communication and optimal timing for CO2 injection. Vertical interference tests between injectors provide insights into vertical communication and the Kv/Kh ratio. Well test data gives horizontal permeability in both upper and lower zones, aiding in the prediction of the optimum time to start CO2 injection after polymer injection.
