Exploration

Exploration

High performance from Guyana as 2020 half-year discoveries hit lowest in 100 years

OilNOW -
Global discoveries of conventional resource volumes reached just 4.9 billion barrels of oil equivalent (boe) in the first half of 2020 with Guyana among just a few countries that recorded success during the period. Rystad Energy says this represents the...
Exploration

Norway tax relief to cut breakevens by 40%, boosting the country’s rig demand while the UK’s plunges

OilNOW -
A Rystad Energy assessment of the temporary tax relief package for the petroleum industry that Norway recently approved reveals that the move will improve exploration and production companies’ short-term liquidity and reduce breakeven prices for future development projects by...
Exploration

World oil resources take 282 billion barrels hit

OilNOW -
The 2020 release of Rystad Energy’s annual global energy outlook reveals that the COVID-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil...
Exploration

Explorers forging ahead in one corner of South America deepwater

OilNOW -
Oil majors and National Oil Companies have been left with no choice but to re-assess exploration spend in 2020 as the price of oil plummeted forcing shut-ins and lay-offs across the industry where conventional exploration spend had been set...
Exploration

ExxonMobil back to full drill capacity at Guyana’s Stabroek Block

OilNOW -
Following a slowdown in drill operations offshore Guyana due to COVID-19 related measures, ExxonMobil is now back to full drill capacity at the 6.6 million acres Stabroek Block where it has so far discovered more than 8 billion barrels...
Exploration

Supercomputers, high-speed internet key to operating oil fields

OilNOW -
Developing energy requires a big toolbox. It relies on detailed geological surveys to find the oil and gas, high-performance drilling platforms to access the reservoirs and, finally, the ability to transport the crude or natural gas responsibly. US oil...
Exploration

Exploration acreage totalling almost 4 times the size of Stabroek Block up for grabs

OilNOW -
Oil and gas companies currently have assets for sale around the world with recoverable reserves of more than 5 billion barrels of liquids and 7.5 billion barrels of oil equivalent (boe) of natural gas, Rystad Energy estimates.  While some...
Exploration

Tullow says 57 workers test positive for COVID-19 on Ghana support vessel

OilNOW -
(Reuters) - Tullow Oil said in a statement on Friday that 57 workers tested positive for COVID-19 onboard a support vessel at its production facilities offshore Ghana. One other worker tested positive on another storage and production vessel. Production was unaffected,...
Exploration

Why is Exxon finding oil faster in Guyana than companies anywhere else in the world?

OilNOW -
Several high impact discoveries which have been made offshore Guyana by US oil major ExxonMobil are a direct result of the company’s research and development of new technologies which have provided geoscientists with unparalleled insights into subsurface geologic structures...
Exploration

U.S. grants royalty relief to hard-hit oil and gas drillers

OilNOW -
(Reuters) The Trump administration has granted royalty relief to several drilling companies producing oil and gas on federal lands in recent weeks, according to a government database, as the industry seeks help weathering low energy prices. The move shows drillers...
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