Pandemic, Falling Oil Prices Threaten Global Licensing Rounds
Exploration commitments are expected to dwindle in the current market environment.
Upstream Digitalization Is Proving Itself in the Real World
For the upstream industry, where improvement in efficiency or production can drive significant financial results, there is no question that the size of the digital prize is huge. So are the challenges.
Maintaining Seismic-Focused Exploration During Downturn Yields Benefits
This paper demonstrates how maintaining investment in high-quality 3D seismic during the last downturn, together with selective exploration, quality geoscience, application of new technologies, and efficiently maturing discoveries to early cash flow, was successful in sustaining future production.
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.
Global Deepwater Production Hits 10 Million BOE/D
The depth of the world’s offshore projects has steadily increased over the past 30 years—and so has its production base. The growth trend will continue thanks to new fields offshore Brazil, Guyana, and the US.
Wood Mackenzie: Peak Oil Demand Is Coming, Will Transform Exploration Sector
The confluence of alternative energies, shifting public sentiment, and the industry’s own improvements to existing fields may upend the industry’s “engine of growth.”
Exploration Must Meet Tough Value Criteria
The chief upstream strategist of IHS Markit said in a recent presentation that oil exploration must improve its ability to deliver value and better communicate that value to the financial community. New ways of thinking about exploration opportunities are needed.
Total Ups Its US Gulf of Mexico Game Through Buy-In to Anchor Discovery
Total just strengthened its presence in United States deepwater plays through an acquisition from Samson that gives the French company a 12.5% interest in blocks covering the Anchor discovery, one of the most significant recent finds in the Gulf of Mexico.
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.
Deepwater Renaissance? Hopes Run High for Mexico Prospects
OTC panelists were excited at the potential of deepwater exploration offshore Mexico and believe that opportunities there could eventually drive a big new wave of activity.
Mexico Takes Another Step Toward Tapping Needed Resources
To meet its projected oil demand in 2040, Mexico must see about USD 30 billion/year in upstream investment. BHP Billiton’s contract signing with Pemex represents a step in the needed direction.
Vietnam Still Holds Much E&P Opportunity
As oil companies struggle with the collapse in crude prices and industry upheaval, assessing the future of exploration and production (E&P) in specific countries requires a longer term vision of a market in which prices will have stabilized and rebounded to a level yet undetermined.
Offshore Europe Review: North Sea’s Problems Driving Push For Change
The global industry is feeling the pain of the oil price plunge, but the UK feels it more acutely. Exploration drilling is at rock bottom levels, the offshore UK Continental Shelf is one of the world’s most expensive from which to produce a barrel of oil, and investment spending is expected to fall.
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20 May 2020