Exploration and Production NEWS

Shell Plc (SHEL.L) will use AI-based technology from big-data analytics firm SparkCognition in its deep sea exploration and production to boost offshore oil output, the companies said on Wednesday.

US Gulf of Mexico operators Kosmos Energy and Talos Energy are limbering up to drill significant exploration prospects that could, if successful, be tied into nearby offshore production facilities.

US Gulf of Mexico operators Kosmos Energy and Talos Energy are limbering up to drill significant exploration prospects that could, if successful, be tied into nearby offshore production facilities.

OMV has decided to explore the possibilities of selling the exploration and production (E&P) assets in the Asia-Pacific region. The oil and gas producer is considering initiating the related sales process for the potential divestment of its 50% stake in the issued share capital of SapuraOMV Upstream Sdn. Bhd. in Malaysia.

Block Energy, an exploration and production company focused on Georgia, announces initial results from the WR-B01Za well, part of the initial development phase of the West Rustavi/Krtsanisi Field, the Company’s Project I. The well was drilled into the Middle Eocene reservoir, targeting lineations interpreted on the 3D seismic survey to represent productive sweet spots with high density of oil-bearing natural fractures.

Amid a wall of screens in the control room of Equinor ASA’s Johan Sverdrup oil field in the North Sea ticks a tally of the day’s oil production — and a measure of Norway’s growing importance to Europe’s energy security.

ADNOC Drilling Company PJSC announced its financial results for the fourth quarter and full year ending December 31, 2022. ADNOC Drilling’s revenue for the year increased to $2.67 billion, up a robust 18% compared to 2021. Year-on-year revenue growth was led by the Onshore and Oilfield Services (OFS) segments, while all segments achieved positive year-on-year performance as the company enables ADNOC’s accelerated production capacity target of 5 MMbpd by 2027.

Schlumberger announced a collaboration with Amazon Web Services (AWS) to deploy domain centric digital solutions, enabled by the DELFI cognitive E&P environment, on the cloud with AWS. This collaboration will bring AWS customers to the DELFI Petrotechnical Suite, which provides access to AI-enhanced applications from Schlumberger and high-performance computing from AWS's secure, extensive, and reliable global infrastructure.

Ancient artefacts have been discovered on the seabed off Australia’s west coast. This discovery has opened up a new frontier for resource companies to look out for in conserving indigenous heritage. In July, archaeologists stumbled upon hundreds of stone tools submerged off the Dampier Archipelago in Western Australia, showing evidence of people living in the area when it was dry land more than 7,000 years ago.

Total has resigned from its role as operator of five exploration blocks in the Foz do Amazonas Basin, 120 kilometers offshore Brazil. The area may contain as many as 14 billion barrels of petroleum. Environmentalists, however, have tried to prevent oil exploration in the area, which is home to a sizeable reef. A new operator will be appointed for the job in a period of six months.

Santos Ltd paid out a weaker than expected half-year dividend amid uncertainty over recovery from the COVID-19 pandemic. Underlying profit slumped to $212 million for the six months to June 30 from $411 million a year earlier. Including $526 million in asset impairments due to weaker long term oil price assumptions, Santos had a first-half net loss of $289 million.

At least 31 employees of India’s state-controlled Oil & Natural Gas Corporation (ONGC) working at a key offshore facility off the country’s west coast have tested positive for Covid-19. These 31 employees had spent 15 days at the facility. They were found positive in the COVID-19 test conducted at a hospital in Mahim. G North ward has reported 6,613 COVID-19 cases so far, of which 1,908 patients are from Mahim.

Oil and Natural Gas Corporation Limited (ONGC) placed Notice of Award (NoA) for seven successful bidders in 13 contract areas comprising of 49 marginal on-land oil and gas fields. The bid process for seeking partners for enhancement of production from 64 marginal nomination fields was held recently. Interested companies participated in the International competitive bidding process for 17 onshore contract areas comprising of producing oil and gas fields.

Austrian energy major, OMV today registered a net loss for the first quarter, attributing the downfall to significant inventory costs and reduced its production target and crude price forecasts. OMV lost $74 million in the first quarter through March, corresponding to a profit of 496 million in the first quarter of 2019. The firm anticipated its 2020 output at 440,000 boed instead of previously estimated 500,000 boed.

Energy researcher, IHS Markit has forecasted a huge crude oil storage crunch in the coming time, with the situation close to becoming a reality in as little as three months. The consultant said that current rates of supply and demand indicate an increase in inventories by 1.8 billion barrels over the first half of 2020. There are only an estimated 1.6 billion barrels in storage capacity currently available.

A document from the Chinese Ministry of Natural Resources has revealed that in order to increase oil and gas development in the country, China will open its oil and gas exploration and production to foreign firms. However, only those foreign firms will be allowed who have registered in China with net assets no lower than 300 million yuan ($43.29 million) from May 1.

Iraq has decided to increase production from oil fields in Basra after the production from Nassiriya oil fields were stopped abruptly by protestors. The move aims at preventing the country's export and production from declining. Iraq can also increase the production from Majnoon oil fields to cope up with the situation. However, it is a tense situation as Nassiriya produces 80-85,000 BOPD and this is the first time when protestors have shut an entire oilfield.

Chevron, Royal Dutch Shell and Mubadala received concession for exploration over the Red Sea area in an international tender on Sunday. Egypt awarded the first block to Chevron, the second block to Shell and third to both Shell and Mubadala. The total exploration will cover an area of around 10,000 square kilometers which is approximately 3860 square miles. The ministry has required a minimum investment of $326 million in the project.