Exploration

Factbox: Oil and gas industry delays repairs amid virus lockdown

(Reuters) - The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Below is a...

NOCs slashing exploration budgets by over 25% this year

National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie. The analysis is based on announcements and tracking well plans of 11 top spending NOC explorers, including three...

Stabroek Block: Discovery Highlights

ExxonMobil initiated oil and gas exploration activities in Guyana in 2008, collecting and evaluating 3-D seismic data that led to the company safely drilling its first exploration well in 2015. The 6.6 million acres (26,800 square kilometers) Stabroek Block is located...

ExxonMobil spent over US$35 million on Guyanese suppliers in Q1 2020

ExxonMobil Guyana has spent over US$35 million or approximately 7.1 billion Guyana dollars on more than 500 local suppliers in the first quarter of this year. The company said local suppliers remain important to the success of its operations...

Guyana in ‘Golden Triangle’ of mega oil reserves

Guyana falls within the Golden Triangle of mega oil reserves along with countries such as Brazil, Venezuela and Nigeria, and producers in the US Gulf of Mexico. Deepwater drilling used to be prohibitively expensive, but high oil prices in 2007...

Deepwater action remains in play offshore Guyana

Guyana topped the oil discovery charts again in 2019 with the Liza field coming onstream in December and another billion barrels added in the ExxonMobil operated Stabroek licence with some more gas also. The resource estimate for Stabroek was again...

Apache spuds 3rd Suriname well as search for more crude intensifies

Apache Corporation and Total S.A have spudded their third well offshore the South American country of Suriname. The two companies each hold 50% interest in Block 58 where they have made 2 discoveries to date. In the second half of...

Canada-based energy company inks deal to sell TT gas

Touchstone Exploration said on Monday after markets closed that it had inked a deal for the sale of natural gas and gas liquids produced from the Ortoire block in Trinidad and Tobago. The Canada-based oil and gas explorer said it had signed...

ExxonMobil sees future demand for oil and gas increasing by 20% – Darren Woods

As the global economy tightens under severe pressure brought on by the COVID-19 pandemic, demand for oil has plummeted to an all-time low creating a supply glut that has seen prices plummet as the world runs out of storage...

Global exploration & production revenues will fall by staggering 1 trillion dollars – Rystad Energy

The devastating effect of the COVID-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020. A Rystad Energy analysis shows that global E&P...

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Nine big companies vying for farm-in to Orinduik Block – Gil Holzman

Chief Executive Officer (CEO) at Eco (Atlantic) Oil & Gas, Gil Holzman said there are nine companies vying to...