Exploration ///

Oil discoveries seen recovering after crashing to 65-year low, Wood Mac says

The amount of oil discovered last year was the lowest since the 1950s as explorers slashed spending amid the worst downturn in a generation, according to Wood Mackenzie. The good news: It can probably only get better from here.

Gazprom Neft discovers new field in Orenburg Oblast

Gazprom Neft subsidiary Gazpromneft Orenburg, has discovered a new field in the Sorochinsky district of Orenburg Oblast. Reservoir engineers have estimated the new discovery, called Novosamarskoye field, has oil-in-place reserves of more than eight million tonnes. This is the first discovery in the area under investigation, which company specialists believe contains a series of smaller deposits.

W&T Offshore discovers new and deeper productive reservoirs at GOM Ship Shoal 349, Mahogany field

HOUSTON -- W&T Offshore announced that its Ship Shoal 359 A-18 well has logged 149 ft of net oil pay in five zones and extended the size and depth of the Mahogany field. The SS 349 A-18 well was drilled on the western side of the Mahogany field to extend the productive limit of the 'T' sand, which was discovered in mid-2013 by the A-14 well.

Lebanon set to join Eastern Mediterranean oil and gas race

Lebanon approved two measures allowing it to auction its first offshore oil and natural gas rights, ending three years of delays that kept the tiny country from joining a regional race to tap energy wealth in the eastern Mediterranean.

Gulf energy companies reduce borrowing 26% as oil prices surge

Energy companies in the Middle East reduced their borrowing by 26% in 2016 as an increase in oil prices late in the year provided revenue needed for exploration and production.

Ophir Energy concludes drilling offshore Tanzania

Ophir and its JV partners, BG Tanzania (Shell) and Pavilion Energy, have concluded the drilling of two exploration wells offshore Tanzania, safely and on time.

Gazprom Neft opens new field in Serbia

Gazprom Neft has opened up a new field in Serbia with recoverable reserves in the order of 432,000 tonnes.

Algeria’s Sonatrach to boost output 20% with new projects

Algeria’s state energy producer Sonatrach Group plans to increase output of natural gas and crude oil by 20% in the next four years as new projects start up, Salah Mekmouche, the company’s V.P. of exploration and production, said.

Good show of oil reported at wildcat wells drilled east of Frigg field, North Sea

Aker BP ASA has concluded the drilling of wildcat well 18S and appraisal wells 18A, 18B and 18C, in the Norwegian North Sea, without establishing commercial production. The wells were drilled in 121 m of water, with the Maersk Interceptor drilling facility, 4 km south of the Frigg Gamma Delta oil discovery.

NRC announces new Tier 2 oil spill response base servicing Mexico's Bay of Campeche

NRC announces the establishment of its strategic Tier 2 oil spill response base in the Bay of Campeche region of Mexico. Driven by new shallow and deepwater drilling developments in Mexico, NRC’s robust Tier 2 base will support NRC E&P clients now operating in Mexico’s Bay of Campeche.

Obama bans new oil drilling on millions of acres of U.S. waters

President Barack Obama banned new offshore oil and gas development in more than 100 million acres of the U.S. Arctic and undersea canyons in the Atlantic Ocean, an announcement certain to provoke a fight with the Republican-led Congress and his successor in the White House.

KLR Energy Acquisition and Tema Oil & Gas Co. to form Rosehill Resources in the Delaware basin

KLR Energy Acquisition Corp., an oil and gas E&P focused special purpose acquisition entity, has announced that it has entered into a Business Combination Agreement with Tema Oil & Gas Company, a private company with assets in the core of the Delaware basin, in Loving County, Texas.

Total awarded exploration blocks offshore Mexico

Total has been awarded exploration licenses on three blocks in offshore Mexico, following the country’s first competitive deep water bid round.

OGA offers additional blocks offshore the UK

Companies can now apply for new licences to drill for offshore oil and gas in a number of blocks in the Offshore 2016 Supplementary Round.

BP commences drilling activity on new Carboniferous prospect, southern North Sea

BP has started drilling on a potential gas play in southern North Sea block 43/26a that, if successful, could open up a new phase of development in the region. The well, being drilled with partners Perenco and Premier, will test the potential of a deep Carboniferous age horizon several hundred meters beneath the mature reservoirs produced by the Ravenspurn ST2 platform.

GeoPark awarded final approval for Morona Block acquisition in Peru

GeoPark Limited--an independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina and Peru--today announced that it has obtained final regulatory approval for its acquisition of the Morona Block in Peru.

Apex International Energy awarded first blocks in Egypt

Apex International Energy, an independent oil and gas exploration and production company focused on Egypt, is pleased to announce that it has been awarded Blocks 8 and 9 by the Egyptian General Petroleum Company (EGPC) from their 2016 Bid Round.

Zion Oil & Gas receives approval to drill in Israel

While Israel is not able to currently meet their energy needs domestically, few companies are well positioned to take advantage of the demand for energy. One such company is Zion Oil & Gas.

CGG delivers final preSDM data sets for Gabon south basin multi-client survey

CGG announced that the final processed depth volumes (Kirchhoff and RTM PreSDM) from the company's recent 3D BroadSeis multi-client survey in the highly prospective Gabon South Basin are now available for license.

Energean secures exploitation license for West Katakolon, offshore Western Greece

The Greek Ministry of Energy and Energean Oil & Gas, an independent oil and gas E&P company in the Eastern Mediterranean, have agreed the conversion of the exploration license for the proven West Katakolon offshore field to a 25-year exploitation license with immediate effect.