“But most of the cash flow increase is coming from improvements in the quality of the portfolio. We're shifting from mature legacy assets to next generation assets.”
An Equinor representative confirmed to Energy Voice the company was “now in the market again with concept and feasibility studies related to the Bay du Nord development project”.
“The first target has an NPV of $4bn, for a $30mn well. We know it’s frontier exploration and the chance of success is maybe 20%, but it stands up.”
Molecular has repeatedly pushed back drilling on the Paraguay well. It was nearly ready to begin in September but ran into problems with its blow out preventer (BOP).
Adnoc Drilling and Alpha Dhabi set out their plans for the joint venture in November 2023. The company will acquire and invest in “tech-enabled oilfield services”. It aims to spend $1.5 billion.
Wood (LON: WG) will design the topsides for Trion, a new oil project in the Gulf of Mexico from Australian energy giant Woodside.
Citing its analysis, the letter said it was “highly unlikely” that Diversified would "have adequate funds to clean up all of its marginal wells when they should be retired”. Failing to account for costs on these wells could lead to thousands of orphaned wells.
Shell said the investment demonstrated its long-term commitment to the Gulf of Mexico.
With many of the best production sites already tapped, companies flush with cash from the post-pandemic run-up in oil prices are increasingly buying rivals to secure new places to drill.
“Each new project supports economic development and access to resources that will benefit Guyanese communities while also helping to meet the world’s energy demand.”
Vice president of exploration Mohd Redhani Abdul Rahman said the success would “drive further exploration for commercially viable hydrocarbon resources in the surrounding areas”.
These low-liquid yield finds trap a “large proportion” of the discovered oil. These resources “will not be able to be developed and monetised unless infrastructure solutions for the evacuation of gas are put in place in tandem with the associated gas that is being recycled today in the current production operations”.
Lancetfish-2 found around 20 metres of net oil pay in a new interval, the government said.
Conoco is not alone in its pursuit of CrownRock, though.
The company had made a commitment to spend $31mn on the Chiapas blocks by February 2024.
“As political and policy volatility becomes a feature of the operating landscape, even private companies with a high risk appetite could be facing binding constraints when seeking to invest in Vaca Muerta and offshore plays,” the analyst said.
The deal is apt to face tough antitrust scrutiny from the Federal Trade Commission.
There is scope for further finds in the Llanos Basin licence. Arrow acquired 3D seismic with some “very exciting” results. The company now plans to drill some low-risk exploration wells in 2024 with a second rig, just north of the Carrizales Norte field.
The $9 billion project would aim to produce these fields, through subsea wells, to an FPSO. The facility would be around 150 km off the Suriname coast, with the reserves in water depths ranging from 100 to 1,000 metres.
Alaska’s congressional delegation cast the moves as irresponsible, with Republican Senator Lisa Murkowski saying they represented “incoherent energy policy.”
Molecular said Argentina is “economically and politically volatile and unstable and has degraded materially” since it invested.
The FPU would follow the same model as the Vito and Whale facilities, with Seatrium involved in both.
“We are looking forward to leveraging Simon’s experience in respect of our ongoing arbitration regarding Ombrina Mare, and Paul’s expertise in securing FID for offshore energy projects.”
The company has signed up the Noble Discoverer to carry out the work. The Noble-owned rig will come from Suriname, where it will be under contract with Petronas between August and November.
Denbury’s Rocky Mountain assets are connected to Exxon’s Shute Creek gas facility near LaBarge, Wyoming, which has captured more carbon than any other asset in the US.