Exploration

The company expects that the Sobhi well, onshore Nile Delta in Egypt, will be tied in during 2021.

Rystad is estimating that the industry's revenues will fall this year by 51% in a US$30 Brent scenario and by 77% if the Brent falls to US$20, compared to levels seen in 2019.

The contract is expected to start in 3Q20, with a duration of about 30 – 45 days.

First data from the 21 631 km2 regional 2D seismic survey offshore Sakhalin Island has been sent out to pre-funding customers and is now available to all industry customers.

The project will cover both frontier and mature areas where new broadband seismic is needed to enable the interpretation of the internal reflectors of the main Brent Group reservoir level.

New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.

The 4770 km2 Gambito 2020 3D survey will cover open acreage in deep and ultra-deep waters.

The contracts were with Woodside in Australia and Reliance in India.

SpotLight has received investment from Phaze Ventures, an Oman-based venture capital firm.

The company has also suspended its full year 2020 financial guidance.

The work commitment on Licence P2470 consisted of a small volume of 3D seismic reprocessing.

In January 2020 there were plans for approximately 50 exploration wells, but this has been reduced to 40 by the effects of the Covid-19 pandemic and low oil prices.

At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war.

Drilling at the Sobhi well encountered 108 ft net of high-quality gas-bearing sands, with an average porosity of 20%, near the base of the Kafr El Sheikh formation.

The oil was discovered in the exploratory Natator well in the Sudoeste de Tartaruga Verde block.