Exploration ///

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.

Shale insiders snapping up stock as prices hit record lows

Shale insiders are swooping in to buy stock in their ailing firms this week after an oil price war erupted between Saudi Arabia and Russia late Sunday.

TGS completes carbon capture storage assessment in Canada

The objective of the study was to provide the most up-to-date understanding of geological carbon storage locations, onshore and offshore, throughout the province of British Columbia.

Apache takes $3B writedown as it quits West Texas shale project

Apache is officially calling it quits on a highly publicized but disappointing shale discovery in West Texas after vehemently defending the play’s prospects for about three years.

EU sanctions Turkey over drilling in Cyprus’ economic zone

The EU asset freezes and travel bans on two people, whom the bloc plans to identify later on Thursday, make good on its months-long vow to counter Turkey’s oil and natural-gas exploration in waters that are part of the exclusive economic zone of member country Cyprus.

Activist investor to stake $1B on changing shale operations

The energy-focused private equity firm Kimmeridge Energy Management is looking for a U.S. shale producer to target for an overhaul, saying the sector has become “uninvestable.”

Shell moving ahead in Mexico deepwater, with production to wait for a new government

Shell is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government.

Exxon hits 15-year low prior to new strategy rollout

Exxon Mobil fell to a 15-year low on Monday just over a week before CEO Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts.

Equinor decides against Great Australian Bight exploration

Equinor ASA has dropped plans for oil drilling deep in the ocean off Australia’s south coast following a sustained campaign from environmentalists who said the project posed too big a risk to the marine ecosystem.