Exploration News

 

Rystad: E&P Spending in 2021 Could Reach $380B. Return to Pre-Crisis Levels Uncertain

Nov 24, 2020

Investments from the global oil and gas exploration and production companies (E&P) in 2021 are forecasted to reach around $380 billion, almost flat year-on-year, a report by Rystad Energy shows.Approximately 20% or $76 billion of the estimated…

Norway to Offer 136 New Offshore Exploration Blocks in Barents Sea Push

Nov 19, 2020

Norway will offer oil firms exploration blocks in nine frontier areas in its latest licensing round, including eight regions of the Arctic Barents Sea and one in the Norwegian Sea, the Ministry of Petroleum and Energy and the Petroleum Directorate (NPD) said on Thursday…

Suriname Offers 8 Blocks in Shallow Waters

Nov 17, 2020

Suriname's Staatsolie has offered eight offshore exploration blocks in the shallow waters off the coast of South America's smaller country up for bidding.Staatsolie, the national oil company of Suriname, said the blocks, covering around 13,524 km2…

Bahamas Petroleum Gearing Up to Spud Perseverance #1 Well Next Month

Nov 17, 2020

Stena Drilling's Stena IceMAX drillship is soon expected to set sail to the Bahamas, where it will spud the Perseverance #1 exploration well for the Bahamas Petroleum Company (BPC). BPC said Tuesday that the drilling rig had completed all necessary vessel and equipment inspections…

Rystad: Oil and Gas Exploration Activity in 2020 'Resilient' Despite Covid-19

Nov 16, 2020

Norwegian energy intelligence group Rystad Energy has said that oil and gas exploration activity in 2020 has been resilient, despite concerns that Covid-19 could drive down discovered volumes to their lowest levels in decades.'Found resources…

Aker BP Makes Minor Oil and Gas Discovery in Norwegian Sea

Nov 12, 2020

Norwegian oil and company Aker BP has made a minor oil and gas discovery in the Norwegian Sea.According to the Norwegian Petroleum Directorate, Aker BP ASA, as the operator of the production licence 127 C, has concluded the drilling of wildcat well 6607/12-4 and appraisal well 6607/12-4 A…

Shell Farms Into South Africa Offshore Block Near Total's Gas Discoveries

Nov 04, 2020

Privately-owned oil firm Impact Oil & Gas has signed a farm-out agreement with Shell for the 50% working interest and operatorship in the Transkei & Algoa exploration right, offshore South Africa.Transkei & Algoa blocks are located offshore eastern South Africa and cover approximately 45…

Number of Offshore Exploration Wells in Norway at 14-year Low

Oct 27, 2020

Oil firms are expected to drill just 30 exploration wells off the coast of Norway this year, the lowest level in 14 years as companies seek to manage spending amid a pandemic, the Norwegian Petroleum Directorate (NPD) said on Tuesday.The search…

Greece Calls for Tougher EU Stance Over Turkish Mediterranean Exploration

Oct 22, 2020

Greece urged the European Union on Wednesday to reconsider its customs union with Turkey in response to Ankara's continued gas exploration in contested Mediterranean areas, deploring what it termed Ankara's 'imperial fantasies.'After meeting…

PXP Energy, CNOOC in Talks on S. China Sea Work after Exploration Moratorium Lifted

Oct 19, 2020

The Philippines' PXP Energy Corp said it was in ongoing negotiations with China National Offshore Oil Corp (CNOOC) relating to a memorandum of understanding between Manila and Beijing on joint oil and gas development in the South China Sea.In a market disclosure…

'Marine Seismic Survey Disruptor' Gets Industry Funding

Oct 14, 2020

Blue Ocean Seismic Services, a company that describes itself as 'the marine seismic survey disruptor,' has secured a total of £10 million of Series A investment from bp Ventures, Woodside Energy, and Blue Ocean Monitoring.The company will use…

Equinor to Cut Exploration Staff by About 30%

Oct 02, 2020

Norwegian oil and gas firm Equinor plans to cut its exploration staff by about 30% globally by 2023 to reduce costs as the COVID-19 pandemic reduces demand for petroleum, the company said on Friday.Equinor said it wanted to focus on selected areas when searching for new oil and gas resources…

Norway: 'High Interest in Offshore Exploration Blocks'

Sep 25, 2020

The Norwegian authorities have received applications from 33 oil companies for the offshore acreage to be awarded in the licensing round Awards in Predefined Areas (APA) 2020.Norwegian Minister of Petroleum and Energy, Tina Bru: 'In a challenging year for the petroleum industry…

Giant Tuna Offshore Gas Find Could Save Turkey $21B

Sep 09, 2020

Turkey could save up to a whopping $21 billion in gas import costs with the development of it recently hit Tuna-1 gas discovery in the Black Sea, Norwegian energy intelligence firm Rystad Energy has estimated.As previously reported, Turkish…

Shell Buys Kosmos' Frontier Exploration Assets for Up to $200M

Sep 09, 2020

Oil and gas company Kosmos Energy said Wednesday it had agreed to sell some of its frontier exploration asset interests to Shell for up to $200 millionShell will acquire Kosmos’ interest in blocks offshore São Tomé & Príncipe, Suriname, Namibia…

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