Part of the company's 10-year plan includes a free cash flow of approximately US$50 billion based on a real WTI price of US$50/bbl and annual capital expenditures averaging less than US$7 billion over the decade.
Planned to start in early 2020, the survey has already received significant industry interest and is being prefunded in part by BP.
As much as 1.2 billion bbl of oil could be held within the deposit, with up to 35% recoverable according to Springfield Group.
The Stena Forth has been contracted to drill one well, being the Marina-1 exploration well, in Karoon’s 40% owned and operated Block Z-38 in the Tumbes Basin in Peru with drilling scheduled to commence early in 1Q20.
ION will deliver high-end time and depth imaging for ARGAS to facilitate exploration and production of the acquired area.
The exploration well in the Brulpadda prospects encountered 57 m of net gas condensate play in Lower Cretaceous reservoirs.
Since 2011, 47 exploration licences have been granted by Côte d'Ivoire including four blocks in water depths exceeding 3000 m.
It will be the first time in Abu Dhabi drone technology has been used to deploy seismic sensors in the search for new oil and gas resources.
The centre will provide geophysical, geological and reservoir technology and support to clients across the Middle East.
Will Scargill, Managing Analyst, Oil and Gas at GlobalData, a leading data and analytics company, offers his view on the effect this will have on the country’s oil sector.
The Aberdeen headquartered company’s ‘Active’ technology enhances its FiberLine Intervention (FLI) distributed sensing capability with an add-on package of electronic and optical sensors that capture single-point readings along the wellbore.
The Upside Case estimates are Liquids 283 million bbl and Gas 265.9 billion ft3.
Government representatives from Senegal, Angola, Uganda, Ghana, Equatorial Guinea, Mozambique and Somalia promoted their oil and gas sectors to a global audience of investors, suppliers and other key stakeholders.
No liquid hydrocarbons were recovered from the initial exploration well, and Hilcorp and Otto have agreed that the low flow rates observed are not sufficient to economically justify the future costs of a fracture stimulation, facility and pipeline connection.
The survey started in late 2018 and covered the Buzios field, lying in approximately 2000 m water depth.