EXPLORATION NEWS

17 DEC – Fuel for Thought: An overenthusiastic market may be detrimental to oil’s recovery

  Oil market optimism risks derailing its own recovery, with the recent rise in crude prices above $50/b possibly harming demand and incentivizing additional supply. Hopes that vaccines will revive the global economy, coupled with the OPEC+ decision to delay bringing back much of the extra 2 million b/d of oil planned for January, are Read more

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17 DEC – U.S. shale oil output to drop in Jan.

  U.S. oil output from shale formations is expected to decline by about 136,000 barrels per day (bpd) in January to 7.44 million bpd, the lowest since June, the U.S. Energy Information Administration (EIA) said in a monthly forecast on Monday, as reported by Reuters. Refinery File..png Output at nearly all seven major formations is Read more

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17 DEC – Permitting begins for Peru upstream exploration project

  PetroTal has submitted reference terms to Peru’s environmental certification service for sustainable investments (Senace) to conduct exploration at Amazon block 95. The work entails the acquisition of 2D seismic covering 1,200km across 94 seismic lines on the acreage in the northeast region of Loreto. The project will take an estimated 200 days. Once approved, Read more

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15 DEC – America’s last wilderness is about to go to the highest bidder for oil drilling

  ‘The refuge includes the birthing grounds of the Porcupine caribou herd, as well as the prime denning area for the Beaufort Sea polar bears (a threatened species, numbering only 900).’ Photograph: AP Language is everything. Those who argue for oil drilling in the Arctic national wildlife refuge, a place of stunning wild beauty in Read more

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15 DEC – Emerging Global Offshore Oil And OPEC+

Emerging Global Offshore Oil And OPEC+ Prior to OPEC+, a coalition of 23 countries, agreeing to continue with production cuts on December 3, 2020—Libya’s oil production shifted market dynamics in 2020—as the OPEC member swiftly ramped its oil output above 1 million barrels per day (MBPD). In parallel with Libya’s output, global offshore production is Read more

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15 DEC – Condensate production at Baghjan to impact ecosystem

  It has been stated by Oil India Limited (OIL) that diversion of the well at the nearby early production setup (EPS) had been attempted on September 13 and a cumulative production of 6,960 kilo litres (KL) of high-quality condensate along with 49.01 million metric standard cubic metre (MMSCM) of natural gas has been achieved Read more

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14 DEC – Total US shale production projected to fall in January as DUCs decline: EIA

  Houston — US shale volumes and new well productivity per rig are both expected to fall month-over-month in January as the industry enters the winter season and the number of drilled, but uncompleted wells continues to decline, the US Energy Information Administration said in its Dec. 14 drilling productivity report.   US unconventional oil Read more

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14 DEC – ONGC Videsh lines up Bangladesh offshore exploration wells

  India’s state-owned ONGC Videsh has plans to drill two wildcats off Bangladesh after the host government recently further extended the exploration term for production sharing contracts at blocks SS-04 and SS-09.   The two shallow-water wells are scheduled to be drilled from October 2021 after next year’s monsoon season.The probes, targeting the Titly and Read more

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14 DEC – HOEC to begin oil from production from B-80 field in April

    State-owned ONGC thought the discovery is too small to make economic sense. But Hindustan Oil Exploration Company (HOEC) in two years of taking over the B-18 block has not just discovered more resources but has invested enough to start oil and gas output from April next year. In an interview to PTI, HOEC Read more

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14 DEC – Vedanta arm set to begin oil, natural gas exploration in Krishna district

    Vijayawada: The Cairn Oil & Gas, a division of Vedanta Limited, is all set to begin oil and natural gas exploration in Krishna district. The Oil and Natural Gas Corporation (ONGC) has already completed the ground work and identified the drilling area for the purpose. The ONGC had drilled three exploratory wells back Read more

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12 DEC – Exclusive: Russia’s Lukoil to sell stake in oldest Kazakh asset

  MOSCOW  – Lukoil plans to sell its 50% stake in Turgai Petroleum, its oldest oil asset in Kazakhstan, as Russia’s No 2 producer seeks to boost its revenues by focusing on more profitable fields, four industry sources told Reuters on Friday.   Lukoil, Russia’s top private oil company, entered neighbouring Kazakhstan in 1995, but Read more

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12 DEC – Hindustan Oil Exploration hikes participating interest to 60% in B-80 field

  Hindustan Oil Exploration Company Limited (HOEC) on Friday increased its participating interest in Block-80 field to 60% from 50% and has also secured a medium-term loan facility of Rs150cr.   In its regulatory filing, HOEC informed that a Deed of Assignment and Assumption is executed with Adbhoot Estates Private Limited (Adbhoot) for assigning 10% Read more

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12 DEC – Vedanta arm set to begin oil, natural gas exploration in Krishna district

    Vijayawada: The Cairn Oil & Gas, a division of Vedanta Limited, is all set to begin oil and natural gas exploration in Krishna district. The Oil and Natural Gas Corporation (ONGC) has already completed the ground work and identified the drilling area for the purpose. The ONGC had drilled three exploratory wells back Read more

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11 DEC – EU to approve sanctions over Turkish gas drilling – draft statement

    BRUSSELS, European Union leaders are set to agree sanctions on Turkish individuals on Thursday over a energy exploration dispute with Greece and Cyprus, but will postpone any harsher steps until March, according to a new draft summit statement.   Shying away from a threat made in October to consider wider economic measures, EU Read more

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11 DEC – Trump admin revives oil leasing in California despite opposition

    The Trump administration on Thursday will hold a sale of oil and gas leases on federal land in California for the first time in eight years despite widespread opposition to the auction in the Democratic state, including from its governor.   The U.S. Bureau of Land Management will offer seven parcels covering 4,100 Read more

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