Faroe Petroleum said yesterday it was spending about £170million this year, which is £20million more than the company had indicated previously.
Energy firm BG Group said yesterday it expected the restart of production at the Elgin-Franklin field to contribute to a stronger 2013 in the North Sea.
The Hebron field development offshore Newfoundland and Labrador in the Canadian North Atlantic has been sanctioned by operator ExxonMobil and co-venturers in the project.
Total has found an estimated 25-75million barrels of oil on a Norwegian exploration well, a firm with a stake in the discovery said today.
If new technology is not developed fast enough the life of the North Sea oil and gas industry could be shortened, a leading boss warned yesterday.
Oil giant BP said yesterday it had indefinitely suspended its £968million Liberty offshore oil project in Alaska because of cost overruns and technical setbacks.
Oil explorer Providence Resources said today it expected the Barryroe well off the Irish coast would be commercially viable.
Argentina's energy fortunes appear to have taken a turn for the better, with Repsol YPF claiming that 23billion barrels oil equivalent of shale-based hydrocarbons exist in the Vaca Muerta Basin.
There were positive updates yesterday on the development of two significant North Sea finds - Golden Eagle and Catcher.
BOUTIQUE upstream venture capital fund Epi-V is moving into hydrocarbons exploration and production after committing to invest £10million to appraise two existing onshore gas discoveries in northern England.
ROCKHOPPER Exploration, the South Atlantic oil and gas explorer, said yesterday it had increased its estimates of recoverable reserves in two licences in the North Falklands Basin from 1.2billion to 1.8billion barrels of oil.
Vast petroleum reserves lie north of the Arctic Circle, according to the US Geological Survey - more than 400billion barrels oil equivalent of potentially recoverable oil, natural gas and liquids. And most of it seems to lie offshore.
AROUND 90billion barrels of oil and a third of the world's undiscovered natural gas lie beneath an area north of the Arctic Circle, according to a new survey.