Cuts in the industry's investment budgets will leave only US$60 billion worth of greenfield tenders for contractors to compete for, the lowest in two decades, according to Rystad Energy.
The Norwegian oil and gas operator has announced completion of testing and appraisal of the Baeshiqa-2 exploration well in the Kurdistan Region of Iraq and the imminent spud of an exploration well on a separate prospect.
The survey in the North Sea is expected to commence later in 2Q20 and will have a duration of approximately 30 days.
The country's Ministry of Mines and Hydrocarbons has signed a Ministerial Order granting oil and gas companies a two-year extension on their exploration programmes.
The Ehecatl-1 exploration well on Block 7, located in the Sureste Basin offshore Mexico, did not find reservoired hydrocarbons.
The project's crew is now demobilising to the North Sea for work in late 2Q20.
A joint venture, including PTTEP, Petronas, Repsol and Wintershall Dea, made the discoveries in the Salina Basin.
Ascent Resources is currently the only London-listed company to venture into the Cuban oil and gas market.
The survey has gathered over 6100 km2 of seismic data from the Papuan Basin.
The two wells drilled and completed in Block B-80 are expected to have an average production of 8000 bpd.
Wildcat well 30/6-31 S encountered poorly developed sandstones in the Intra Heather Formation with poor reservoir quality and no traces of petroleum.
Fenja is Neptune’s first operated development project on the Norwegian Shelf and is estimated to contain 97 million boe.
The decision document, received on 24 April from the UK Environment Agency, grants a variation to the permit for the West Newton A site and associated WNA-2 testing operations.
The government has proposed an extension of the so-called ice edge boundary to the constantly changing southern fringe of the permanent ice sheet.
The company is reducing its 2020 CAPEX and cold-stacking two vessels in 2Q20.