Offshore Enters Uncharted Waters
For the offshore sector, the collapse in oil demand and prices came just as the market was beginning to look up. Now many companies are focused on survival. This article discusses how various market segments, regions, and companies are faring in “the new reality.”
Finding Oil Is Really Hard, Making Money Even Harder
Putting together the billions of dollars needed to develop deepwater finds has become tougher, but when the discoveries are huge, companies will make every effort to find a way to tap what may be a cheap source of oil.
Further Cuts Announced Due to Low Oil Price, Supply/Demand Imbalance
ExxonMobil and Halliburton made additional cuts in spending and personnel.
Global Upstream Industry Moves Into Survival Mode
As the fallout deepens from the coronavirus pandemic and the global collapse in oil and gas prices, oil- and gas-producing regions around the world are feeling the pain.
Drilling Automation Is the Future, But ExxonMobil Finds Gaps To Fill
ExxonMobil’s rig automation experiment is accelerating, with plans to push the number of rigs in the system from three to nine. Drilling efficiency was improved by use of an automated pipe-handling system, which reduced the median time required for connection at one location by 20%.
ExxonMobil: Another Guyana Discovery, Ups Recoverable Reserves, Adding a Drillship
Guyana continues to strengthen its reputation as the world’s fastest growing offshore exploration hotspot.
Oil and Gas Discoveries Reach Four-Year High in 2019: Rystad
A total of 12.2 billion BOE was discovered worldwide in 2019—the highest volume in 4 years, with offshore regions dominating the list of new deposits.
Discovery Suggests Guyana Bounty Extends Offshore Suriname
A significant discovery of oil off Suriname increases the odds that major oilfields off Guyana will extend across that international boundary.
Guyana Hits New Milestones
First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule.
ExxonMobil, Hess To Start Production Off Guyana by Year’s End
First oil from the 120,000-B/D Liza Destiny floating production, storage, and offloading vessel, which arrived on the block in late August, is targeted for December.
ExxonMobil, Tullow Lift Guyana Offshore Discovery Count to 16
ExxonMobil has now made 14 discoveries offshore Guyana, while Tullow's announcement of its second find in the basin comes just a month after reporting its first.
Tullow Joins Guyana Success Story With Jethro Discovery
The discovery marks London-based Tullow’s first operated contribution to a long list of discoveries since 2015 in the emerging petroleum province.
US Leads World in Oil Reserves
Ranking places US ahead of Saudi Arabia and Russia.
ExxonMobil Moves Forward With Second Guyana Development
Expected to start up in mid-2022, Liza Phase 2 will produce up to 220,000 B/D of oil.
Offshore: Making a Comeback After the Downturn
Could 2019 be a bumper year for offshore energy development?
ExxonMobil’s Guyana Offshore Discovery Count Rises to 13
Yellowtail-1 is the fifth discovery in the Turbot area, where ExxonMobil plans another Stabroek Block development hub.
Majors Drive Increase in Global Oil and Gas Discovered Resources
Conventional oil and gas discovered resources in 2019 are on pace to rise 30% from last year and reach their highest level since the beginning of the industry downturn. Here, a recap of the first quarter's 15 biggest oil and gas discoveries, which altogether are propelling the increase.
ExxonMobil Makes 10th Discovery Off Guyana, Lifts Resource Estimate by Another Billion Barrels
The Pluma-1 discovery could turn the southeast portion of Stabroek Block off Guyana "into a major new development area," the company says.
ExxonMobil, Guyana “Hit the Jackpot”
ExxonMobil’s ninth discovery offshore Guyana solidifies the area as a premium offshore basin.
Odds on the World vs. Permian Fight Are Narrowing
While US onshore still holds an edge, international oil companies are finding attractive options for diversifying their portfolios, mixing onshore with offshore conventional fields, where finding and development costs are down , and the time it takes to bring them on line.
ExxonMobil’s Eighth Discovery off Guyana Adds Another Development Possibility
Already poised to produce more than 500,000 B/D offshore Guyana, ExxonMobil added yet another discovery to its bounty in the emerging regional oil powerhouse, meaning a fourth development phase could be in order.
Guyana and Suriname: What’s Next on the Horizon?
ExxonMobil’s hot streak of offshore discoveries have sparked investor interest in the Guyana-Suriname basin. How did the company get there, and why do industry representatives feel optimistic about future deepwater prospects in the region?
ExxonMobil Exits Russian Ventures, Continues Success off Guyana
The US supermajor continues to evolve its global strategy by pulling out of once-promising Russian partnerships and adding to its offshore Guyana oil drilling bounty.
Discovery Extends ExxonMobil Win Streak Off Guyana
ExxonMobil continues to make major oil discoveries offshore Guyana, a country that today produces no oil. The just-announced Turbot-1 well is the company’s fifth discovery in Guyana’s waters in a little more than 2 years.
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26 May 2020
20 May 2020