Exploration news
Covid-19 and low oil prices could cancel over half of 2020’s licensing rounds globally, predicts Rystad Energy
New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.
TGS begins 3D seismic survey offshore The Gambia
The 4770 km2 Gambito 2020 3D survey will cover open acreage in deep and ultra-deep waters.
Shearwater receives termination notices for two contracts
The contracts were with Woodside in Australia and Reliance in India.
IHS Markit predicts 36% spending cut for North American E&P Companies in 2020
The predicted spending reductions translate to a US$24.4 billion cut in 2020 compared to last year.
CGG provides 1Q20 financial update
The company has also suspended its full year 2020 financial guidance.
Upland Resources and Baron Oil relinquish interests in UK offshore licence
The work commitment on Licence P2470 consisted of a small volume of 3D seismic reprocessing.
10 exploration wells in Norwegian Continental Shelf expected to be postponed by Covid-19 and low oil price
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.
Risk of suspension looms for top planned exploration wells, says Rystad Energy
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.
SDX Energy makes onshore discovery in Egypt
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.
Petrobras finds oil in Campos Basin
The oil was discovered in the exploratory Natator well in the Sudoeste de Tartaruga Verde block.