Tag: Exploration
ExxonMobil announces fifth discovery offshore guyana
Expectation of 350,000-400,000 b/d of oil production by 2026 Exxon Mobil Corporation announced it made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana, according to a press release. Turbot is ExxonMobil’s latest discovery to date in the country, adding to previous discoveries at Liza, Payara, Snoek and Liza Deep. Following completion of the […]
Upstream oil/gas players grapple with uncertainty – Wood Mackenzie
Wood Mackenzie survey gauges the state of the industry The oil and gas industry is facing a challenging year. Oil prices remain volatile, and uncertainty remains about whether prices will recover from around US$50/bbl, according to Wood Mackenzie. Across the upstream sector, companies are considering their next investments, while weighing how to remain profitable in […]
Global oil discoveries, new projects fell to historic lows in 2016 – IEA
Average break-even price in Permian basin in Texas is now at $40-45/bbl Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could […]
Massive oil discovery breathes new life into Alaska’s North Slope
New contingent resource estimate of 1.2 billion barrels of oil for acreage on Western North Slope On March 9, Repsol announced the largest conventional onshore US discovery in over 30 years, news that comes on the heels of ConocoPhillips’ Willow discovery earlier this year, according to Wood Mackenzie. In the latest report, Wood Mackenzie analysts discuss […]
New ‘super basin’ in Mexico’s deepwater beckons international oil companies
Mexican crude production continues to decline, still the main source for financing government budget New research by IHS Markit finds that the Tampico-Misantla Basin in Mexico could be one of 24 global onshore ‘Super Basins’ that IHS Markit has identified, according to a press release. Exploration and production (E&P) companies investing in Mexico’s upstream industry have […]
Harbour Energy acquisition of Shell UK North Sea assets for $3 Billion
Acquisition of portfolio creates leading UK Independent E&P company focused on North Sea Harbour Energy, Ltd., the energy investment vehicle managed by EIG Global Energy Partners, announced it agreed to lead the acquisition by Chrysaor Holdings Limited of a well-diversified portfolio of oil and natural gas assets from Shell U.K. Limited and its affiliates to […]
Statoil exploration chiefs sees more drilling offshore U.S., Russia
Statoil looking to drill between five to seven wells in Barents Sea in 2017, 2018 By Nerijus Adomaitis LONDON, Feb 7 (Reuters) – Norway’s Statoil will probably continue with its exploration work offshore the United States, despite an unsuccessful campaign so far, and is also expecting to undertake more drilling in Russia, the company’s exploration […]
Better times ahead for the UK, but investment still a concern
Private equity players expected to remain big buyers in UK investment Activity was low on the UKCS in 2016 as companies were in full survival mode during the oil price downturn and added Brexit uncertainty, according to Wood Mackenzie. However, there was a change of pace towards the end of the year, with the rise […]
E&P companies triple 2017 hedging to 24% of production, hedging income set to plummet
Small US E&P peer group continues to have the most hedging and weakest balance sheets North American E&P companies have more than tripled the hedging protection for their 2017 production since April 2016—with 24 per cent of total 2017 production now hedged, according to new analysis from IHS Markit. “Companies hedge their production to provide a […]
After Alaska flop, Shell exploration moves closer to home
Shell exploration focussed near existing fields By Ron Bousso LONDON, Dec 13 (Reuters) – In the waters off Malaysia, Royal Dutch Shell exploration professionals are finding gas quickly and cheaply to replenish depleting fields where only a few years ago geologists had lost hope of discovering any new reserves. The Anglo-Dutch group is combining the latest […]
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