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Satelytics, a US-based geospatial analytics software startup, will receive $5 million from BP Ventures to develop its methane-detection technology and then scale its applications across the oil and gas sector.

This section lists with regret SPE members who recently passed away.

Despite the global downturn, the long-term transition to net zero presents a major opportunity to create new multibillion industries based around the North Sea. Cross-sector collaboration and major state/private sector intervention, together with strong leadership, will be key.

A lot about the blowout preventers used for offshore drilling has changed since Macondo in 2010, but the essentials remain. This evolution serves as a case study on why some oilfield technology is hard to change.

Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets.

Hit by the pandemic, the oil market crash, and the transition to a low-carbon energy future, exploration companies are spending bare budgets on near-term production and high-impact exploration.

The Oil & Natural Gas Corporation (ONGC) has invited bids for partnership to raise production from 64 marginal fields that were given to the company by the government without bidding. As they are small in size, these fields are uneconomical for a larger company.

Petrobras has taken a 65.3-billion Brazilian real ($11.2-billion) impairment on its exploration and production (E&P) assets, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent.

In its May 2020 Short-Term Energy Outlook, the US Energy Information Administration (EIA) forecast US-marketed natural gas production to decrease by 5% in 2020. Production is expected to average 94.3 Bcf/D in 2020, down from 99.2 Bcf/D in 2019.

National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, said Wood Mackenzie.