Exploration ///

Neptune Energy confirms hydrocarbon discovery at Dugong well

Neptune Energy and its partners announced the discovery of hydrocarbons at the Dugong well (PL 882) in the Norwegian sector of the North Sea.

CNOOC announces significant South China Sea discovery

CNOOC Limited has made a significant discovery of Huizhou 26-6 in Eastern South China Sea. It is expected to become the first mid-to-large sized condensate oil and gas field in the shallow water area of Pearl River Mouth Basin.

Chesapeake files for Chapter 11 bankruptcy, eliminating $7 billion of debt

Chesapeake Energy Corporation announced that the company has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate a comprehensive balance sheet restructuring.

Potential offshore discovery off Canada’s eastern coast fuels optimism

Per Canada’s CBC News, a report this week has stoked some optimism in the Newfoundland and Labrador oil and gas sector, with a description of another “potentially commercial discovery” in the Flemish Pass Basin.

Chesapeake’s fate marks the end of an era in U.S. shale

As the remnants of shale’s turn-of-the-century heyday turn to dust, it’s unclear who will step into the void.

Tullow Oil suspends Kenyan oil-export program

Tullow Oil’s export and testing of Kenya’s crude under a pilot plan ended June 2, as timelines for development in the East African nation slowed.

Turkey accelerates plans to drill in disputed Mediterranean waters

The eastern Mediterranean has become an energy hot spot with big finds for EU member Cyprus, Israel and Egypt in recent years, and Turkey’s push to secure a share of the resources in those waters has exacerbated strains in an already tumultuous region.

Ghana reconsiders oil’s role in its economy as prices fall

The global slump in crude prices is giving Ghana a chance to rethink its dependence on a sector that was its key driver of economic growth in recent years.

Senior Canadian officials unite to support offshore industry

Newfoundland and Labrador Premier Dwight Ball, along with provincial Minister of Natural Resources Siobhan Coady, expressed support for a focused initiative to persuade the federal government to provide immediate assistance to East Canada’s offshore industry, which has been hit hard by Covid-19 and the collapse of oil prices.

Daily Brief podcast: A look ahead at the coming week in oil and gas, May 25-29

Key trends for the coming week, including how industry groups' response to low oil prices differ dramatically in the U.S. versus other producing nations, China's big plans for its economy, and investment analysts turning their backs on key sectors of the industry.

U.S. projects falling rig counts, crude production through 2021

Based on capex cuts, falling drilling rig counts, and voluntary production curtailments, the U.S. Energy Information Administration projects domestic crude production to decline through 2021.

Interior chief predicts interest in Alaska National Wildlife Reserve leases despite oil price crash

Bleak crude prices and fuel demand forecasts won’t blunt oil company bidding for Arctic drilling rights, Interior Secretary David Bernhardt said Monday.

China’s state producers slash $19 billion from 2020 capex budgets

Despite marching orders from China’s top leader Xi Jinping to maximize oil and gas production, the energy sector is bending to the reality of the pandemic-fueled market collapse.

Neptune Energy makes gas and oil discoveries in Germany

Neptune Energy announced two important hydrocarbon discoveries have been made in northwestern Germany.

Total divests of $400 million in exploration, production and distribution assets

In line with its strategy of actively managing its asset portfolio and its objective to divest $5 billion in assets in 2019-2020, Total is pursuing the divestments of several non-core assets in both Exploration-Production and Marketing & Services. These divestments represent a global value of more than $400 million.

Oil crash kills Vaca Muerta’s potential as the next shale hotspot

The Argentine region is often compared with the Permian basin in the U.S., with the promise to push out a million barrels of oil a day and turn around an economy on course for a third straight contraction this year.

Experts see a future for shale: ‘Rocks don’t go bankrupt’

The American shale industry shocked the world with its rebound after the 2014-2016 bust, setting records for output that pushed the U.S. to the top spot among oil-producing countries. A handful of experts is saying that will happen again.

Talos reduces costs, expects positive free cash flow in 2020

Talos Energy announced updated full year 2020 financial guidance, inclusive of $170.0 million of reductions in capital, operating and G&A expenses.

Hess cuts CAPEX and exploration budget by $800 million, focuses on Guyana

The reductions to the company’s 2020 capital budget will be primarily achieved by shifting from a six-rig program to one rig in the Bakken, which is expected to be completed by the end of May. Most discretionary exploration and offshore drilling activities, excluding Guyana, will also be deferred.

Total tallies new gas, condensates discovery in UK North Sea

Total and its partners have made an encouraging discovery with the Isabella 30/12d-11 well on the license P1820, located in the Central North Sea offshore U.K., about 40 kilometers south of the Elgin-Franklin Field and 170 kilometers east of Aberdeen.