Exploration ///

Saudis warn an oil price surge could follow reduced global crude exploration

A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Saudi Arabia’s energy minister said.

Norway’s energy minister sees both renewables and fossil fuels in the nation’s future

Norway, Western Europe’s biggest oil producing nation, plans to expand its green energy industry and strengthen its power grid, but isn’t willing to budge when it comes to exploiting its oil and gas resources.

Exxon and its partners log new discovery at Longtail-3 offshore Guyana

“Longtail-3, combined with our recent discovery at Uaru-2, has the potential to increase our resource estimate within the Stabroek block, demonstrating further growth of this world-class resource and our high-potential development opportunities offshore Guyana,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil.

Turkey announces significant new Black Sea natural gas discovery

Turkish President Recep Tayyip Erdogan announced that state energy company Tpao has found 135 billion cubic meters of gas at the Amasra-1 offshore well, bringing the total amount of deposits discovered in the Black Sea over the past year to 540 billion cubic meters.

Biden blocks Trump’s last-minute Arctic Refuge drilling permits

Under an Interior Department order issued Tuesday, the agency is temporarily halting action on nine leases spanning more than 400,000 acres (161,870 hectares) of the Arctic National Wildlife Refuge, while it conducts a fresh environmental analysis of the program.

Exxon walks away from stake in deepwater Ghana block

Exxon Mobil is pulling out of a deep-water oil prospect in Ghana just two years after the west African nation ratified an exploration and production agreement with the U.S. oil titan.

Angola’s petroleum agency hosting Q&A sessions for upcoming bid round

Angola’s National Oil, Gas and Biofuel’s Agency (ANPG) is organizing two question and answer sessions, aimed at investors globally to clarify information on its ongoing bid round for onshore oil and gas blocks in the Congo and Namibe basins.

Chesapeake seeks to sell south Texas shale assets for $2 billion

Chesapeake Energy Corp., the once mighty shale explorer that exited bankruptcy earlier this year, is seeking to sell oil-producing assets in South Texas for as much as $2 billion, according people familiar with the plan.

Maersk Drilling awarded one-well exploration contract for Maersk Discoverer

Maersk Drilling has been awarded a one-well contract by CGX Resources Inc., operator and joint venture partner with Frontera Energy Guyana Corp, for the semi-submersible rig Maersk Discoverer to perform exploration drilling in the Corentyne Block offshore Guyana.

Talos Energy announces successful deepwater Gulf of Mexico exploration results

Talos Energy, along with affiliates of BP and Chevron U.S.A. announced successful drilling results from the Puma West exploration project located in the U.S. Gulf of Mexico Green Canyon Block 821.

TGS to reprocess 9,024 km2 cross-border survey for offshore Timor-Leste and Australia license rounds

TGS anticipates significant uplift in quality beyond the original PSTM data which was acquired in 2012. Utilization of modern imaging techniques, including full waveform inversion, will enable a significantly enhanced evaluation of the prospectivity of the area.

Shell reports first profit from upstream operations since pandemic began

Shell’s upstream unit was able to capture “the upside from the current commodity price environment” in the first quarter, according to a statement April 7th.

U.S. Interior chief reviewing “fundamentally broken” oil rights system

One day after the U.S. energy secretary phoned Saudi Arabia on the "importance of affordable and reliable energy for consumers," Interior Secretary Deb Haaland called the domestic fossil fuel industry "fundamentally broken," suggesting that Biden's oil and gas leasing moratorium will be anything but temporary.

PetroChina’s $37B capex budget makes it the world’s most active oil company

China’s quick recovery from Covid-19 means that its demand for oil and gas has fully recovered from the pandemic-induced swoon of early 2020, and President Xi Jinping continues to make energy security a top priority.

Lackluster results diminish interest in Norway’s latest Arctic oil lease round

The Nordic country’s oil and gas industry has been keen for new acreage to offset an expected decline in production toward the middle of the decade. The Barents is estimated to hold more than 60% of the undiscovered resources off Norway, according to the nation’s petroleum directorate.

Native Alaskan landowners demand reconciliation for U.S. government’s ANWR statements

Kaktovik Iñupiat Corporation strongly disputed the U.S. Fish and Wildlife Service announcement that it failed with respect to its permit application to conduct seismic studies in the Arctic National Wildlife Refuge, the company said in a statement.

Energean takes on $170M offshore Israel gas exploration plan

Energean sees potential to find about 110 billion cubic meters of gas that it could sell over the next 10-20 years, doubling the company's current reserves in Israel.

Biden prepares to end new oil and coal leases on federal land

Biden's move would block the sale of new mining and drilling rights across some 700 million acres of federal land. It could also block offshore oil and gas leasing, though details are still being developed.

Outgoing Interior chief says Arctic oil leases will survive Biden

“You can write a lot of executive orders, but an executive order doesn’t get you past go,” Interior Secretary David Bernhardt said on his last full day leading the Interior Department. “They still have to run through the gauntlet of the law.”

Norway grants 61 new offshore oil and gas exploration licenses

“This year’s award of 61 new production licenses to as many as 30 companies shows that the petroleum industry still has significant expectations of making profitable discoveries on the Norwegian Shelf,” said Kalmar Ildstad, director of license management in the Norwegian Petroleum Directorate.