Exploration ///

UK opens up frontier acreage in new licensing round

The Oil and Gas Authority (OGA) has launched the 29th Offshore Licensing Round with more than 1,200 blocks on offer to support the OGA’s objective of maximizing economic recovery (MER) from the UK Continental Shelf (UKCS).

Engie said to offer exploration assets from Europe to Africa

French utility company Engie SA is pushing ahead with a plan to sell its exploration unit, offering assets that span Europe to Africa as the company works to reduce its exposure to oil and gas prices, people familiar with the matter said.

API: Arctic rule could inhibit innovation and U.S. energy leadership

API Upstream and Industry Operations Director Erik Milito issued the following statement on the U.S. oil and natural gas industry’s concerns with the Arctic Rules Package, issued by the Bureau of Safety and Environmental Enforcement (BSEE) and the Bureau of Ocean Energy Management (BOEM).

Faroe Petroleum awarded new license in Slyne/Erris basin, offshore Ireland

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities, has been awarded a new licence under Ireland’s 2015 Atlantic Margin Licensing Round.

Otto Energy acquires interest in Bivouac Peak lease, onshore Louisiana

Otto Energy has advised that it has exercised its option under the staged farm-in with Operator, Byron Energy Limited, to acquire a 45% working interest in the Bivouac Peak lease.

Exxon said to join forces with Qatar for Mozambique gas assets

Exxon Mobil Corp. and Qatar Petroleum have teamed up to look at energy assets in Mozambique, home to some of the biggest natural gas discoveries in a generation.

NOVATEK obtains new license areas on the Gydan peninsula

OAO NOVATEK announced today that its subsidiary OOO NOVATEK-Yurkharovneftegas obtained the right to explore and appraise licenses for the West-Solpatinskiy, North-Tanamskiy and Nyavuyahskiy license areas located in the Yamal-Nenets autonomous region in the central part of the Gydan peninsula.

Triangle USA Petroleum, oil and gas explorer, files bankruptcy

Triangle USA Petroleum Corp., an oil and gas explorer working one of the largest shale oil reservoirs in North America, filed for bankruptcy with a plan to restructure that will keep its parent company out of Chapter 11.

QEP Resources to acquire additional oil properties in Permian basin

QEP Resources, Inc., announced today that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement with certain individuals and entities to acquire oil and gas properties in the Permian basin from the Initial Sellers and other associated individuals and entities for an aggregate purchase price of approximately $600 million.

Upstream spend slashed by $1 trillion since oil price drop, Wood Mac says

Global upstream development spend from 2015 to 2020 has been cut by 22% or $740 billion since the oil price started to drop two years ago, according Wood Mackenzie's research.

Port Fourchon continues Slip D development, focuses on resilient design

Today the Greater Lafourche Port Commission (GLPC) announced the completion of the bucket dredging phase in Slip D, the latest development in Port Fourchon's Northern Expansion area.

Transitioning from growth to value amid abundant oil

For the top 50 largest U.S. E&P companies, revenues and capital expenditures dropped 41% during 2015—the first year since 2004 that EIA-posted monthly WTI spot prices averaged below $60/bbl for the entire 12 months.

Hunt Oil Co., TSSP to jointly develop Midland basin acreage

TSSP, a special situations investment platform, and Hunt Oil Company, a privately held oil and gas exploration and production company, today announced an agreement to develop certain of Hunt Oil's assets in the Midland basin in Texas.

Croatia approves the signing of six onshore production sharing agreements

The Croatian government approved production sharing agreements for the exploitation of hydrocarbons on six onshore acreage blocks in Drava, Sava and eastern Slavonia.

Austin Exploration offers securities to fund Colorado drilling program

Austin Exploration Limited announced that it will complete a two-tiered securities placement program targeted at raising US$1.26 million to fund its Pathfinder drilling program in the Colorado portion of the DJ basin.

Offshore in depth

Ron Bitto, Contributing Editor

Marine seismic suppliers leverage multi-client libraries to weather downturn

U.S. shale drillers restart oil rigs as market improves

Oil explorers put drilling rigs back to work in U.S. fields for only the second time this year as supply and demand come closer into balance.

Statoil drills minor discovery, dry appraisal well in North Sea

STAVANGER, Norway -- Statoil Petroleum AS, operator of production license 035, is in the process of concluding the drilling of wildcat well 30/11-12 S and appraisal well 30/11-12 A.

Sercel delivers two 508XT land acquisition systems to Russian service company

CGG announced that Sercel has delivered two of its new-generation 508XT land seismic acquisition systems, representing a total of 12,000 channels, to Bashneftegeofizika, one of the largest oil service companies in the Russian Federation.

Cyprus to receive new offshore natural-gas bids in July

The Cypriot government will receive bids on July 22, under the latest round of licensing for offshore oil and natural-gas exploration and expects any agreements with companies to be struck by early next year, Energy Minister Georgios Lakkotrypis said.