Exploration/discoveries
GranTierra will refocus its investment strategy to strengthen its portfolio in Canada and Azerbaijan while Maurel&Prom, majority owned by Pertamina’s international upstream arm, grows its South American footprint in Colombia and Ecuador.
After acquiring the block more than a decade ago, Petrobras has finally found oil in the deepwater area of the Equatorial Margin with the Morpho-1 exploration well.
Sixteen companies submitted 69 bids worth $99.5 million in the Big Beautiful Gulf 3 sale.
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Egypt has completed 12 petroleum agreements worth at least $1 billion in addition to a $19-million signature bonus for drilling 21 wells, said Tarek E-Molla, Egypt’s Minister of Petroleum and Mineral Resources. -
CNOOC Ltd., a branch of the China National Offshore Oil Corp., said in late June it had made a discovery at Huizhou 26-6 in the eastern South China Sea.
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Exploration is widely perceived as discretionary, even unwarranted. A report from Wood Mackenzie, however, presented a different scene. Only about half the supply needed to reach 2040 is guaranteed from fields already on stream, it said. The rest requires new capital investment and is up for grabs.
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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.
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National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, said Wood Mackenzie.
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Qatar Petroleum entered into a farm-in agreement with Total E&P to acquire a 45% participating interest in two blocks located in the Ivorian-Tano basin, offshore the Republic of Côte d’Ivoire.
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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.
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A new licensing round will open up 136 blocks in the Arctic Barents Sea.
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Mississippi land no longer up for grabs, as the fed continues to postpone or cancel the sale of public parcels.
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TGS, with the support of TGS’ Russian partner DMNG, has completed its second phase of processing in the Russian Sea of Okhotsk.
