Exploration

Virus delays oil exploration offshore Bahamas

(Tribune Business) An oil explorer has delayed the drilling of its first well in Bahamian waters until late May/early June to ensure the coronavirus crisis does not cost it “millions of dollars”. Simon Potter, the Bahamas Petroleum Company’s (BPC) chief...

How will the oil price crash hit the upstream sector?

(Wood Mackenzie Analysis) The coronavirus outbreak has derailed OPEC+, thrown the oil market into turmoil and sent an already unloved sector into freefall, setting in motion a chain of events that led to the biggest fall in the oil price...

Tullow writes off Jamaican oil exploration licence

(The Gleaner) Tullow oil Plc has fully written off its oil exploration licence for the Walton-Morant Basin offshore Jamaica, on which it has taken a US$36-million hit. The write-off relates to what the company indicated in its most recent earnings report...

Guyana future uncertain as election woes deepen and coronavirus devastates global economy

Guyana ended 2019 on the high note of a new oil producer and with the 16th discovery announced at the Stabroek Block off the country’s coast in January, hope for the future has been at an all time high....

Stabroek co-venturer CNOOC makes ‘large-sized’ discovery in China

CNOOC Limited said on Monday that it has made a large-sized discovery Kenli 6-1 in Bohai Bay, which is expected to be the first large-sized oil filed in Laibei lower uplift. The Kenli 6-1 structure is located in Laibei lower...

Hess slashes US$800M off E&P budget…Guyana offshore drilling unaffected

Hess Corporation announced Tuesday a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three-year term loan agreement. These actions further strengthen the company’s cash position and financial...

Tullow to drill Suriname well in Q4 2020, remains hopeful of better-quality oil in Guyana

UK-based Tullow Oil has confirmed that it will drill the Goliathberg-Voltzberg North prospect at Suriname’s Block 47 this year. The prospect lies approximately 260 kilometres off the coast of the country in 1,900 metres of water and is one of...

Oil Field Service companies under threat as E&P budgets face massive cuts

The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad...

US drilled but uncompleted wells under threat from oil price collapse – Rystad Energy

In the wake of one of history’s largest oil price declines in a single day, a Rystad Energy impact analysis shows that US drilled but uncompleted wells (DUCs) will be the first assets to be threatened by the newly...

Exploration plans cover 31 wells offshore Guyana – region in need of jackups

South America is home to several regions of offshore expansion, with few basins currently displaying more growth potential than the Guyana Suriname Basin. Exploration in this area continues to impress and the list of oil and gas participants is...

Latest News

Saipem, TechnipFMC hired for subsea work on Block 58 development

Saipem and TechnipFMC said they were hired to undertake subsea work in support of the first oil development offshore...