Exploration ///
The OIl & Gas Authority believes that maximizing the economic recovery of the UK’s remaining oil and gas need not be in conflict with the energy transition, and that the industry has the skills, technology and capital to help unlock the solutions required to help the UK achieve net zero.
In this week's podcast, World Oil editors discuss how legislative activities, a smaller labor pool, and harsh economic realities are impacting options for oil and gas sector growth in North America's post-coronavirus economy.
Turkey is in talks over oil and gas exploration in Libya, as President Recep Tayyip Erdogan’s administration seeks business opportunities in the conflict-ridden North African country.
The monthly Oilfield Services and Equipment Employment Report, compiled and published by the Petroleum Equipment & Services Association, shows total job losses due to pandemic-related demand destruction reached 103,420 in August. OFS employment is down more than 121,000 jobs since August 2019 and is at its lowest point since March 2017.
President Donald Trump endorsed an extended ban on offshore oil development on Florida’s western coast as he courts voters worried that drilling imperils the state’s beaches and tourism-based economy.
Hess Corporation announced another oil discovery offshore Guyana at the Redtail-1 well, the 18th discovery on the Stabroek Block, which will add to the previously announced gross discovered recoverable resource estimate for the block of more than 8 billion barrels of oil equivalent.
The leading representative body for the UK’s offshore oil and gas industry has embraced a UK government review into future licensing rounds as an opportunity to shine a light on how the sector is changing to support the country’s climate ambitions while still ensuring it contributes to the UK’s ongoing security of energy supply.
Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman.
“Turkey is a premium gas market, which has never been significant on a global scale. The discovery really reinforces the country’s potential role as an energy producer in the region,” said Ashley Sherman, principal analyst on Caspian and Europe upstream at Wood Mackenzie.
Turkey bought three drilling ships in recent years as it dramatically expanded energy exploration in the Black Sea and contested waters of the eastern Mediterranean. It’s keen to find sizable energy reserves to ease its heavy reliance on imports from Iran, Iraq and Russia, and support one of the biggest economies in the Middle East.
With the first of two party conventions underway this week, API Pennsylvania released new polling conducted by Morning Consult showing voters value American energy security and affordability and believe it is important for the U.S. not to rely on foreign energy sources.
Firms including Transocean, Seadrill and Pacific Drilling are exploring strategic options as they seek to stave off default, leaving more than $30 billion of debt at risk. The industry’s turmoil has sparked the biggest wave of restructurings since 2017, when the effects of the last oil price downturn reverberated through the industry.
Ankara resumed its search of the contested waters last week after German-mediated negotiations with Greece collapsed when Athens announced a maritime delimitation agreement with Egypt on Aug. 6 in retaliation to a similar deal between Turkey and Libya.
While any production would likely be years away, the California-based oil major is looking to use this year’s crude price crash to gain access to quality reserves cheaply, while European rivals are focusing on a transition to low-carbon energy sources and Exxon Mobil Corp. is reining in spending.
“Today’s announcement brings us one step closer to unlocking Alaska’s energy potential, which will create good-paying jobs and provide a new revenue stream for the state,” API senior vice president of policy, economics and regulatory affairs Frank Macchiarola said.
The Trump administration on Monday authorized a sweeping plan to sell drilling rights and spur oil development in Alaska’s rugged Arctic refuge, setting up a possible auction by the end of 2020 and a political clash if the president loses the November election.
As forecasts show no near-term end in sight for depressed oil demand, operators are making dramatic adjustments to meet the new oil and gas industry reality.
As the coronavirus ravages economies and cripples demand, European oil majors have made some uncomfortable admissions in recent months: oil and gas worth billions of dollars might never be pumped out of the ground.
Less than two hours after Kamala Harris was named Joe Biden’s running mate, President Donald Trump had cast the California Democrat as an oil industry and fracing foe.
Turkish President Recep Tayyip Erdogan on Friday announced the decision to dispatch a seismic research vessel, after Greece signed a deal with Egypt to draw maritime boundaries between the two countries.