BP has made significant cuts to its oil exploration team, reduced to less than 100 people compared to a peak of over 700 before Bernard Looney's tenure, according to a news report.
Independent Oil and Gas (IOG) boss said 2021 would be a breakthrough year for the firm as it heads towards first production and maiden revenues.
Westwood Global Energy reports that as of December 28 there was one exploration well and one appraisal well active in the UK.
Faroese Government signals support for oil and gas exploration, says there are no plans to copy Denmark
The Faroe Islands Government has said it has no plans to follow Denmark’s decision to wind down oil and gas exploration.
OMV has booked Maersk Drilling's Integrator rig to drill its Ommadawn exploration well off Norway for $14.3 million.
Denmark will stop offering new oil and gas licenses in the North Sea and will phase out production all together in 2050 as part of the country’s goal to become fossil free.
Chrysaor is looking to book two more drilling rigs to support its North Sea operations next year, according to the firm’s executive vice president of operations.
Energy giant Shell and offshore robotic ship operator Ocean Infinity have made a pact to execute multiclient "seep hunter" projects together.
Trade body Oil and Gas UK (OGUK) says its autumn “snapshot” reinforces the case for a North Sea transition deal to ensure the industry can “build back better” from Covid-19.
What the future might hold for exploration geology in the oil and gas industry is as unclear as it is for the majority of other professions in the energy sector.
The Philippines said oil exploration in the disputed South China Sea can proceed without China, in what could be a further sign of the Southeast Asian nation’s tougher stance against Beijing.
The Oil and Gas Authority (OGA) has given Shell extra time to carry out more “intensive” seismic processing on a southern North Sea exploration target, the major’s project partner said today.
Total has chosen a Maersk Drilling vessel for a three-well campaign in Angola's block 17, handing the Danish firm a $30 million deal.
Norwegian energy giant Equinor will reduce the size of its UK exploration team in an effort to “increase efficiency and reduce cost”, a spokesperson said.
Companies working in Nigeria’s energy sector have called for a faster rate of change from the government.
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.