UK offshore exploration drilling is on course to slump this year to its lowest level since companies starting scouring the North Sea for oil in the mid-1960s.
Reframing the debate: why we should be talking about how to improve exploration and production
Westwood Global Energy reports that as of July 1 there was one exploration and appraisal well active in the UK.
Stena Drilling has confirmed it is making redundancies on four of its offshore drilling vessels, along with cuts to a number of roles onshore.
North Sea operators still have the “appetite” for high impact exploration over the coming 12-18 months, according to Westwood Global Energy Group, despite low success rates.
Westwood Global Energy reports that as of May 27 there were no exploration and appraisal wells active in the UK. In light of the Covid-19 pandemic and oil price crash, there have been a large number of E&A wells deferred to 2021.
National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie.
Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays. The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices. Short term plans are in a state of flux and exploration strategy is being reset again.
Westwood Global Energy reports that as of April 28 there were no exploration and appraisal (E&A) wells active in the UK. In light of the Covid-19 pandemic and subsequent oil price crash, there has been a large number of E&A wells deferred from 2020 to 2021.
With the reality that Brent oil prices are scratching closer and closer to $20 per barrel, shut-ins are already happening around the world. Even if prices reach this threshold, the UK will avoid shut-ins and exploration is likely to continue in 2020, although cash flow and project sanctioning will suffer, a Rystad Energy impact analysis shows.
Oil and gas firm Neptune Energy will harness digital technology to drastically slash the length of time taken to discover hydrocarbons.
The move from “Big Oil to Big Energy” is under way as the energy transition puts extra pressure on explorers, an analyst has said.
Exxon Mobil led the way with new finds off the coasts of Guyana and Cyprus as global oil and gas discoveries in 2019 hit a four-year high, according to a new report.
The Energy Transition and Extinction Rebellion may have led the energy news agenda and stimulated reflection in many E&P boardrooms in 2019, but the impact on exploration drilling is not yet apparent.
Apache and partner Chrysaor have started drilling an exploration well in the UK North Sea.
The Oil and Gas Authority (OGA) has defended the need for more North Sea production amid “considerable interest” in its 32nd offshore licensing round.
Exploration activity in the UK North Sea has picked up substantially since last year, but the success rate has “fallen off a cliff”, an analyst has said.
Increasingly more recoverable barrels of oil and gas around the world are coming from corporate mergers and acquisitions, and not from traditional exploration.
Four exploration wells and one appraisal well were active in Norway at the end of September. Three wells were completed and one well spudded in September.
An exploration well is due to be drilled at the Total-operated Isabella well later this month.
Conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades, and aren't expected to recover, a new report said.
Europa Oil & Gas has signed up to explore Morocco’s Inezgane offshore permit, with the aim of hunting Lower Cretaceous fans.
The acquisition of Merlon Petroleum earlier this year has given Soco International a new focus, with new exploration planned in Egypt and neighbouring Israel. As such, the company is planning to change its name, to Pharos Energy.
Westwood Global Energy Group reports that as of June 30, one exploration well and three appraisal wells were in progress in the UK. Three wells were spudded and one well was completed in July.
Westwood Global Energy reports that there were six active exploration wells and one active appraisal well at the end of July. Since the last report, five exploration wells have spudded and six E&A wells have completed on the Norwegian Continental Shelf.