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Europe’s leading energy company, Carin Energy has reported £400 million loss in half-year. Admitting its mistakes, the company commented that regardless of its progress in North Sea this year, it has experienced heavy losses on “derecognition of financial assets”. Carin experienced pre-tax losses worth £383m in the first six month of 2018. CEO of the company has said that “Cairn has made strong progress across its balanced portfolio.”
German E&P giant, DEA Deutsche Erdoel has secured the contracts for three exploration blocks 16, 17 and 30, offshore Mexico granted by the National Hydrocarbons Commission CNH (Comisión Nacional de Hidrocarburos). The contracts were signed by DEA’s subsidiary, Deutsche Erdoel Mexico, and partners. Deutsche Erdoel Mexico will act as the operator in all three blocks.
While reports about Russian oil production recovering to 11.1 million barrels have flooded the media, Saudi Arabia is now being said to have pumped over 100,000 bpd of crude oil more in May, with daily production reaching 10 million bpd. The increase is already in progress while others speculate and at least Iraq is unhappy about it. The 22nd June meeting of OPEC+ is shaping up as a tough one.
US- based Halliburton has come up with a new logging-while-drilling technology- the ‘EarthStar Ultra-deep Resistivity Service’ that uses azimuthal electromagnetic measurements. The service will help achieve the depth of investigation of more than 200ft and will be used to map the geological structure around a wellbore; enhancing the operator’s knowledge of the reservoir for improvement of recovery potential. EarthStar has a number of applications including geomapping, geosteering and geostopping.
As reported by the AFP news agency, the government of Pakistan is planning to drill around 90 exploration and production (E&P) wells across the next fiscal year. This strategy is part of the government’s objective to make the country “self-sufficient in the energy sector”.
French energy giant Total SA intends to bolster oil exploration and open more fuel stations in Africa’s most industrialized country, consequently enhancing its footprint in the region. In South Africa, the company plans to expand its network of more than 500 fuel stations and finish a deepwater exploration well commenced in 2014.
Faroe Petroleum has announced that both new infill wells drilled by the oil and gas firm dealing principally in exploration this year on Tambar field in Norway (Faroe 45%), have now been brought successfully into production.
According to the daily National, Oman, the largest oil producer in the Middle East region, is looking forward to setting up deals with global oil giants like Shell, Total and Eni for hydrocarbon exploration in an attempt to raise production in the sultanate. The contracts would combine bilateral tie-ups, alongside awards offered last year in a licensing round.
BP and RIL announced the sanctioning of the second of the three projects- Satellite cluster project- in Block KG D6. A total of about 3 Tcf discovered gas resources with a total investment of $6 billion is expected to develop out of these three projects phased over 2020-2022. Mukesh Ambani, chairman and managing director of RIL expressed his delight on the on-schedule progress of the project.
SDX Energy Inc. announced natural gas discovery at its LNB-1 exploration well, drilled to a total depth of 1,861m. The well is now being completed as a conventional gas producer in the Upper Dlalha and the drilling rig will now move to the LMS-1 exploration well. Paul Welch, President and CEO of SDX, commented, “We are very excited about the results of this exploration well.”
With the objective of becoming carbon-neutral by 2050, New Zealand draws a line on the sand with a ban on offshore oil and gas exploration. Aligning with the Paris targets, this step is important to create a clean, green and sustainable future for the country. However, the opposition has termed it as “economic vandalism”.
Total, the French oil major, is all set to begin drilling its first deep-water exploration well in a Gulf of Mexico block in October. Mexico’s National Hydrocarbons Commission has approved the plan. According to the energy ministry data, the 1,149 square mile block is believed to contain some 1,440 billion barrels of oil equivalent (boe). The reserve is composed of mostly light and extra light crude and natural gas.
As a consequence of low investment in exploration by oil firms, Nigeria has recorded a fall of 961.47 million barrels in four years. This is in contradiction to the Federal Government’s target of increasing crude reserves. Considerable challenges and opportunities are surfacing for Nigeria as new oil from unconventional reserves is being explored. The emergence and rising significance of green energy is further adding to it.