Exploration

The APA is one of two equal licensing rounds on the Norwegian Continental Shelf. The scheme was introduced in 2003 to facilitate exploration in geologically well known parts of the Shelf.

Global CAPEX for exploration and production firms (E&Ps) is expected to drop by up to US$100 billion this year, according to Rystad Energy.

The mean prospective resources associated with the Westphalian target area are estimated to be 3.95 million bbl, with an upside case of 6.69 million bbl.

The project in the Mexican sector of the Gulf of Mexico is scheduled to commence in 3Q20 and will take approximately 60 days.

Planned 2020 CAPEX on the company's UK producing assets is expected to be below US$45 million, reduced from the original forecast of US$65 million.

Origin Energy has temporarily paused shale exploration drilling activities at its Kyalla well site in Australia's Northern Territory in response to the Covid-19 pandemic.

The contract revenue was estimated at US$1 million, and AGS will receive a cancelation fee of 25% of the estimated revenue amount.

Searcher, in collaboration with Discover Geoscience, is offering an open-file seismic package to assist in the evaluation of the country’s second petroleum licensing round.

The drilling of Perseverance #1, the company's first exploration well in The Bahamas, has been suspended by the Covid-19 pandemic.

US onshore drilling and completion activities are being halted by Equinor.

Erlend Wild West is a 3900 km2 survey consisting of 1900 km2 of data acquired from the west of Shetland region, offshore the UK.

The new seismic datasets from Indonesia will be used to support the country's upcoming 2020 licensing round.

The company is to reduce CAPEX and exploration spending by 20% each for 2020.

The company is to sell its 49% equity stake in INOVA Geophysical Equipment Ltd. for US$12 million.

The additional work is estimated to be totalling 7 vessel months and will continue into 2Q20.