EXPLORATION NEWS

29 October – The Latest on the Resurgence of Libya’s Oil Secto

r Libya’s energy industry reached a milestone over the past week with the reopening of the last of its oil fields and ports following a truce in a years-long civil war. The OPEC nation’s daily crude output has surged from less than 100,000 barrels in early September to above 700,000 as of Tuesday, according to Read more

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29 October – More reforms in offing to raise private participation in oil, gas fields, says Oil Secy

  Oil Secretary Tarun Kapoor on Wednesday hinted at more reforms to raise the level of private participation in upstream oil and gas exploration and production, but remained non-committal on the industry”s demand for cutting levies to make the business attractive during a low price regime. Talking to reporters at the end of the India Read more

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28 October -ONGC is open to partner for exploration acreages under Acreage Licensing Policy

New Delhi- Oil and Natural Gas Corporation Limited (ONGC) the biggest public sector commercial organization in India with a current market capitalization of about USD 60 billion is open to partnerships for exploration acreages under the new Open Acreage Licensing Policy to monetize Oil & Gas assets quickly with the latest technology. ‘One of our Read more

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28 October – Petrobangla’s offshore exploration deal with ONGC renewed again

  The state-run Petrobangla has extended the tenure of contract with India’s oil and gas exploration company — ONGC Videsh Ltd — by two more years until February 2023.The deal with the Indian firm was set to expire in February 2021 after an initial two-year extension. Earlier, the Petrobangla signed two production sharing contracts (PSCs) Read more

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BP evacuating staff from offshore Gulf of Mexico oil platforms as Tropical Storm brews

    HOUSTON: BP on Sunday said it has begun to evacuate four offshore U.S. Gulf of Mexico oil platforms and secure facilities as Tropical Storm Zeta sprang up in the Caribbean Sea.   The 27th named storm of this year’s Atlantic Hurricane season, Zeta strengthened on Sunday and is forecast to become a hurricane Read more

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Equinor plans $2 billion Breidablikk oilfield development

OSLO: Equinor and its partners in Norway’s Breidablikk oil discovery have agreed on an 18.6 billion Norwegian crowns ($1.95 billion) development plan for the North Sea field, the state-controlled company said on Monday. Partners in the field are ConocoPhillips, Petoro and Vaar Energi, a unit of Eni.”The Breidablikk field is one of the largest undeveloped Read more

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Libya’s Oil Production Soars After Blockade Ends

Crude oil production in Libya jumped nearly threefold from below 100,000 barrels per day last week to around 250,000 bpd now – a week after the blockade on Libya’s oil ports was lifted. While the restart of Libya’s oil industry and exports are welcome news for the country, which has lost more than US$10 billion Read more

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U.S. shale producers Devon Energy , WPX Energy in merger talks

NEW YORK: U.S. shale producer Devon Energy Corp is in talks to acquire rival WPX Energy Inc in an all-stock transaction that would create a combined company worth around $6 billion, people familiar with the matter said on Saturday. The deal, which would value Tulsa, Oklahoma-based WPX at a small premium to its current share Read more

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Canadian government commits C$320 million to aid offshore oil industry

WINNIPEG, Manitoba: Canada will spend C$320 million ($238.56 million) to support its offshore oil industry, which has struggled as coronavirus pandemic travel restrictions reduced demand, Natural Resources Minister Seamus O’Regan said on Friday. O’Regan said in St. John’s, Newfoundland and Labrador, that the funds are intended to support jobs, and could be used for maintenance, Read more

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U.S. drillers add rigs for second week, still down for seventh quarter -Baker Hughes

U.S. energy firms this week added oil and natural gas rigs for a second week in a row as some drillers return to the wellpad now that crude prices have held gains made since recovering from coronavirus-linked lows in the spring. The oil and gas rig count, an early indicator of future output, rose six Read more

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Russia plans to kick-start unfinished oil wells programme this year: RIA

MOSCOW: Russia plans to launch a programme to part build oil wells this year so it can quickly ramp up production when the global deal on output curbs expires in 2022, RIA news agency quoted senior officials as saying on Thursday. To ensure Russia does not lose market share when the production cut agreement ends, Read more

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Weatherford and Safe Influx sign pact to boost Oil & Gas well integrity

New Delhi: Oil & Gas drilling company Weatherford International plc announced it has signed a Memorandum of Understanding (MoU) with Safe Influx, that provides automated well control technology, to boost well integrity in the construction phase of projects. The pact aims at integrating Managed Pressure Drilling (MPD) solutions with Automated Well Control technology. The joint Read more

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Licensing rounds: No takers for hydrocarbon exploration permit

NEW DELHI: No company has expressed interest for a hydrocarbon exploration permit in the latest licensing rounds in the country.The sixth and seventh licensing rounds, which ran between December and July, attracted no explorer as the pandemic clouded prospects for the oil sector, restricted mobility, and kept oil company executives busy with their operational challenges. Read more

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Africa Is The Undeniable Final Frontier For Oil

24 Sept. 2020-The pandemic has been devastating for the oil industry globally. Explorers suspended drilling, producers idled wells, Big Oil majors put up assets for sale. But the world continues to need oil, albeit lower amounts of it than a year ago, and it will continue to need it. Exploration is not dead. It is Read more

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Newbies bid for small oil fields only to get bogged down in red-tape

24 Sept. 2020-When the first round of auctions for discovered small fields (DSF-I) took place in 2016, the event was described as the entry point for India’s future oil and gas barons. Indeed, promoters and executives from companies in sectors as diverse as steel, power, software, iron ore, textile and education turned up to bid. Read more

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