EXPLORATION NEWS
13 JAN – U.S. Oil Drillers To Face More Pain Despite Higher Prices
WTI is back above $50 a barrel, and things are looking up for the battered U.S. oil industry. Yet, although the worst may be behind drillers, they still face a lot of difficulties, including the danger of more loan defaults. Fitch Ratings warned about the continued threat of defaults in a recent update, Read more
12 JAN – Alaska Auction Shows Oil and Gas Are in Trouble
Wednesday’s auction of oil and gas drilling rights on the Alaskan Coastal Plain was worse than disappointing. The lease offering was a culmination of decades of work, opening to development 1.5 million acres that many considered the biggest single prospect in America. The high expectations fell embarrassingly flat when the bids were opened. Half Read more
12 JAN – Iran signs 8 more oil projects as part of plan to boost output by 355,000 b/d
Tehran — The National Iranian Oil Co. on Jan. 11 signed eight more oil projects as part of a $6.2 billion national program started in January 2019 to boost oil production by 355,000 b/d at 33 fields. Eight projects worth $1.2 billion were signed on Jan. 11, potentially boosting oil production by 95,000 Read more
11 JAN – BANGLADESH- BAPEX discovers 4-layer gas in new part of Haripur
Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) started extracting gas from a new part of the Haripur gas field located in Jaintapur upazila in Sylhet, reports UNB. Gas extraction from the deepest layer- at a depth of 1,998 meters- started on 4 January. Sources at BAPEX said even oil maybe found in Read more
11 JAN – NIGERIA – Oilfield bid round: FG to earn N7.9bn from 161 finalists
The Federal Government is estimated to generate a total revenue of N7.9bn from the 161 companies shortlisted to advance to the final stage of the marginal fields bid round launched seven months ago. The Department of Petroleum Resources had announced on June 1, 2020 the start of the 2020 Marginal Field Bid Round, Read more
09 JAN – Russia, Kazakhstan pushing for oil production increases
Russia and Kazakhstan have won a concession from OPEC to increase production in the coming months at the expense of the Kingdom of Saudi Arabia, which remains concerned that the second wave of the coronavirus (COVID-19) pandemic will depress demand in 2021. OPEC+ has agreed to modestly increase output in January, revising its Read more
09 JAN – ONGC likely to miss production target for FY21
NEW DELHI: State-run oil and gas explorer ONGC may miss its production targets for the current financial year as the pandemic impacted overall operations and resulted in force majeure declarations by suppliers. The oil major’s crude oil production for FY21 is likely undershoot the company’s targets by 4 per cent at 22.35 million Read more
08 JAN – Brazil’s CNPE approves 92 offshore blocks for 17th bid round: ANP
“There will be 92 blocks offered in the offshore sedimentary basins of Potiguar, Campos, Santos and Pelotas,” the ANP said in a statement. The blocks cover 53,900 square kilometers of area, according to the ANP. The ANP will hold a public audience to discuss the auction rules and concession contract Feb. 3, with the Read more
09 JAN – Egypt Witnesses 13 Percent Surge in Oil, Gas Discoveries
According to the country’s Ministry of Petroleum and Mineral Resources, 62 oil and gas reserves were found in 2020, a year in which the global economy struggled due to the coronavirus pandemic. Egypt has witnessed a 13 percent surge in the discovery of oil and gas reserves in 2020 compared with the previous year. Read more
07 JAN – Kuwait’s KUFPEC inks exploration, production agreement with EGAS
KUWAIT CITY – Kuwait Foreign Petroleum Exploration Company K.S.C.C. (“KUFPEC”) in partnership with Total 35% Operator, Shell 30%, and Tharwa 10% is pleased to announce that it has signed an Exploration and Production Agreement with the Egyptian Natural Gas Holding Company (“EGAS”) for the North Ras Kanayis Offshore block located in the Herodotus Read more
07 JAN – Big Oil Skips Trump’s Last-Minute Arctic Drilling-Rights Auction
The Trump administration’s unprecedented auction of Arctic drilling rights Wednesday netted just $14.4 million from three bidders, with major oil companies steering clear of the sale. Amid low crude prices, fears about a backlash from the public and the prospect of regulatory uncertainty, just two oil companies placed bids on leases in the Read more
07 JAN – Egypt sees 13 percent surge in oil, gas finds
CAIRO: Egypt has witnessed a 13 percent surge in the discovery of oil and gas reserves in 2020 compared with the previous year.According to the country’s Ministry of Petroleum and Mineral Resources, 62 oil and gas reserves were found in 2020, a year in which the global economy struggled due to the coronavirus pandemic. Read more
06 JAN – Arunachal Pradesh: Employees of oil company leave drilling site at Innao following abduction of 2 colleagues
Employees engaged in the drilling site at Innao in Arunachal Pradesh’s Changlang district of Quippo Oil and Gas Infrastructure Limited left the site following rise in fear and apprehensions after two of their colleagues by rebels on December 21. “Gripped by fear and uncertainty following the abduction of two of their colleagues from Read more
06 JAN – WB cabinet approves land for ONGC for further oil exploration
Kolkata, The West Bengal cabinet on Tuesday approved giving 13.49 acres at Ashoknagar to ONGC for further oil exploration, Chief Minister Mamata Banerjee said. Highlighting the advantages that the state will enjoy due to the oil exploration by the Maharatna company – from enhanced employment oppurtunities to improvement of its economy, Banerjee said the Read more
05 JAN – Interior finalizes plan to open 80 percent of Alaska petroleum reserve to drilling
The Trump administration on Monday finalized plans to open more than 80 percent of Alaska’s National Petroleum Reserve (NPRA) to oil drilling, pushing ahead over objections from environmentalists who have already challenged the plans in court. The decision from the Bureau of Land Management (BLM) opens more than 18 million acres Read more