Activity was low on the UKCS in 2016 as companies were in full survival mode during the oil price downturn and added Brexit uncertainty. However, there was a change of pace towards the end of the year, with the rise in oil price and larger deals signalling a return of confidence.
Today, Jan. 17, offers for 56 new production licences on the Norwegian continental shelf (NCS) will be sent to 29 companies.
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 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.
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 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.
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 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 has opened up a new field in Serbia with recoverable reserves in the order of 432,000 tonnes.
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.
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 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.
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 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 has been awarded exploration licenses on three blocks in offshore Mexico, following the country’s first competitive deep water bid round.
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 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 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, 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.
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.