Exploration News

 

U.S. Offshore Oil Lease Sale Weakest Since 2016

Mar 19, 2020

A major sale of oil and gas leases in the U.S. Gulf of Mexico on Wednesday generated $93 million in high bids, the lowest total for any U.S. offshore auction since 2016, reflecting caution in the drilling industry amid a steep slide in oil prices.Firing up offshore drilling is a crucial part of U.S. President Donald Trump's 'energy dominance' agenda to maximize domestic production of crude oil, natural gas…

Norway Offers 36 Offshore Blocks, None in Barents Sea

9 hours ago

Norway is offering oil firms 36 offshore exploration blocks in this year's licensing round in mature areas and for the first time in a decade did not offer any blocks in the Barents Sea.All the blocks are offered in the western part of the Norwegian Sea…

Cameroon: Tower Resources Declares Force Majeure

12 hours ago

Oil company Tower Resources, working on development on the Thali offshore Block in Cameroon, has declared force majeure, citing the impact of COVID-19 and travel restrictions on its operations.'Petroleum operations in Cameroon have already been affected by consequences of the Covid-19 pandemic…

ConocoPhillips to Acquire 80% Stake in 3D Oil's Offshore Block

Mar 26, 2020

ConocoPhillips Australia is nearing completion of the previously proposed acquisition of majority interest in an the offshore Tasmanian Permit T/49P from 3D Oil.First announced in December 2019, the deal entailed ConocoPhillips acquiring a 75 percent stake…

Equinor Cuts Capex, Opex. Says Can Be Cashflow Neutral at $25 a Barrel

Mar 25, 2020

Norwegian oil firm Equinor will cut investments, exploration drilling and operating costs as part of a $3 billion plan to help the company weather the coronavirus crisis and low oil prices, it said on Wednesday.Equinor will halt its onshore drilling in the United States…

Energean Eyeing More Acquisitions in Mediterranean Sea

Mar 19, 2020

Israeli gas-focused group Energean is looking at possible further gas acquisitions in the Mediterranean, CEO Mathios Rigas said on Thursday, as the group announced $155 million in spending cuts.The cuts mean Energean will not drill two planned…

U.S. Offshore Lease Sale Tests Industry Appetite Amid Market Meltdown

Mar 18, 2020

The Trump administration on Wednesday will hold a major sale of oil and gas leases in federal waters, testing drillers' appetite for investment amid a steep slide in oil prices that has cast doubt over energy projects around the globe. The more than 78 million-acre (31…

MOL Finds Oil and Gas Off Norway

Mar 18, 2020

MOL Norge, a subsidiary of Hungary's MOL, has discovered oil and gas in its production license 820s, at Evra and Iving prospect in the North Sea, offshore Norway.The company said Wednesday it was in the process of completing the drilling of exploration well 25/8-19 S and sidetrack 25/8-19 A…

Hess Reduces 2020 Capex by $800M. Curtails Drilling Plans

Mar 17, 2020

U.S. oil company Hess Corporation has cut its capital and exploratory program in response to the sharp drop in oil prices, affecting both onshore and offshore drilling programs. The company said Tuesday it would reduce its capex to $2.2B from previously proposed $3 billion…

Total Makes 'Encouraging' North Sea Discovery

Mar 17, 2020

Total has made a hydrocarbon discovery at the Isabella exploration well in the UK Central North Sea, Neptune Energy, Total's partner in the project has informed.Neptune Energy has described Isabella as 'an encouraging hydrocarbon discovery'…

Dorado Work Unaffected by Recent Global Events, Carnarvon Says

Mar 16, 2020

Carnarvon Petroleum, a partner in Santos-operated Dorado oil field off W. Australia, has said that work on the FEED for the Dorado development continues unabated by the recent global events.Carnarvon stressed that the spread of the COVID-19 virus and the fall in oil prices were serious matters…

Coronavirus Puts a Dent in Bahamas Offshore Drilling Plan

Mar 13, 2020

Bahamas Petroleum has delayed its plans to drill an exploration well offshore The Bahamas, citing the impact of the coronavirus on operations.Previously planned to spud in April 2020, the #Preseverance 1 exploration well is now anticipated to be spud in late May or early June…

Husky Energy Delays Projects, Cuts Upstream Capex by $900M

Mar 13, 2020

Canadian oil and gas company has cut its CAPEX and production guidance for 2020 amid the volatile oil market environment. The cuts will be made in its upstream business with projects put on hold in China, Indonesia, and Canada.The company has slashed its 2020 capital program reduced by $900 million…

Murphy Cuts Capex, Delays GoM, Shale Wells Amid Oil Rout

Mar 12, 2020

U.S. oil and gas company Murphy Oil has slashed capital spending plans by $500 million citing 'current market conditions and recent commodity price volatility.' The company plans to preserve dividend payments.Murphy’s revised 2020 budget is approximately $950 million…

Shell/Exxon JV to Drill for Oil Off Somalia

Mar 03, 2020

Somalia has agreed an initial roadmap with a Shell/Exxon joint venture to explore and develop potential offshore oil and gas reserves, the Ministry of Petroleum and Mineral Resources said on Monday.'I am delighted we have agreed an initial roadmap with the Shell/Exxon joint venture…

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