Tag: Exploration
Global oil/gas exploration likely to return to profitability in 2017 – Wood Mackenzie
High-cost frontiers like ice-impacted offshore Arctic, extreme high pressure/high temperature plays, will be shunned – Wood Mackenzie A new study by Wood Mackenzie on what to expect from global oil and gas exploration in the year ahead Global Exploration: What to look for in 2017 shows that exploration should return to profitability in 2017 after five […]
Saudi Arabia carries on drilling despite oil slump: Kemp
Increased number of rigs over the last 5 years is indication Saudi Arabia investing significantly to maintain output By John Kemp LONDON (Reuters) – Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number […]
US independents raising 2017 capex, especially in Permian Basin
Encana increased growth guidance to focus on high-return wells, with bulk of capex landing in Permian Basin With oil prices holding steady at around US$45/bbl for several months, many operators feel the worst is over and are consequently raising 2016 production guidance and capex spend, according to Wood Mackenzie. In general, operators are doing more with […]
North American energy sector healing in 2017, challenges ahead – Fitch
Two years of lower global E&P capex should set stage for further production declines, stabilizing pricing The rating outlook for North American energy remains negative, reflecting lingering challenges in the exploration and production (E&P) and oil field services/drillers subsectors, according to Fitch Ratings. The E&P market remains split. In the investment-grade (IG) E&P space, a key […]
Despite overregulation, Western US E&P industry making significant economic contributions
Western E&P sector provides $14.5 billion in wages to working families, and over $13 billion in taxes annually DENVER – According to updated economic data, the western oil and natural gas exploration and production (E&P) industry supports 177,058 jobs across the United States and remains a major economic contributor with $49.2 billion in annual economic activity, […]
Ireland’s Atlantic Margin attracts Majors interest
Success seen elsewhere on the Atlantic Margin is promising, Ireland now needs proven commercial discoveries The latest licensing round for Ireland’s Atlantic Margin has attracted the interest of the Majors, according to Wood Mackenzie. And it saw the largest number of awards made yet, with 28 licensing options awarded to a total of 17 companies. […]
Crude oil production drop slows growth in oilfield process chemicals market – study
Demand for more effective chemicals will increase during forecast period as companies meet the challenges of more extreme conditions, such as deep offshore deposits The market for oilfield process chemicals, which support the exploration and processing of crude oil and natural gas in the field, is slowing as oil and gas companies refocus toward increasing operating […]
Upstream industry will emerge from slump leaner, more efficient, more profitable – Wood Mackenzie
E&P discoveries break down to about 25% oil and 75% gas, while current global production if 67% oil and 33% gas…”future is more gassy” The upstream exploration sector is still grappling with the oil price downturn, but new research from Wood Mackenzie indicates that the industry is poised to emerge from the slump leaner, more efficient and more profitable. “Our research […]
Investments in US exploration & production firms resilient despite low oil, gas prices – Fitch
Oversupply has worked its way into refined products, affecting US refiners’ profitability and utilization CHICAGO – The US investment- grade exploration and production (E&P) sector has weathered the two-year commodity price downturn mostly unscathed, according to Fitch Ratings’ North American Exploration and Production Handbook. Most companies in Fitch’s monitored universe had stable or higher amounts available […]
Israel announces first offshore energy exploration licensing round – IHS Markit
In last decade, the giant Tamar and Leviathan gas fields, along with other significant finds, were discovered in offshore Israel HOUSTON – The Israeli Ministry of Infrastructures, Energy and Water Resources, the government agency responsible for overseeing all petroleum-related activities in Israel, plans to host a road show in Sept. 2016 for promotion of the country’s […]
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