Tullow Oil expects to report a $1.5 billion writedown after lowering its long-term oil price assumptions by $10 to $65 a barrel, an announced reduction in reserves in Ghana and disappointing exploration wells, it said on Wednesday.'Tullow expects…
Italian oilfield services firm Saipem said it has been awarded a subsea contract by ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) for the proposed Payara development project located in the Stabroek block offshore Guyana at a water depth of around 2…
The Energy Transition and Extinction Rebellion may have led the energy news agenda and stimulated reflection in many exploration and production (E&P) boardrooms in 2019, but the impact on exploration drilling is not yet apparent. The global high impact well[1] count in 2019 was 91 wells…
Chinese oil company CNOOC plans to drill 227 exploration wells in 2020 and has set aside up to around $13,8 billion for capital expenditures, CNOOC's highest annual Capex since 2014, according to Reuters.CNOOC said Monday that its targeted net…
U.S. energy major ExxonMobil confirmed late on Tuesday it is weighing an exit from a long-stalled Romanian natural gas venture and has begun providing information to potential buyers.The company holds a 50% stake in the Neptun Deep offshore project located in the Black Sea with Romanian OMV Petrom…
Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%.The discovery, dubbed 'among the most anticipated in the world' by one brokerage…
Exploration and production (E&P) companies are expected to enter 2020 with measured optimism for offshore exploration prospects, after 2019 delivered a moderate increase in exploration drilling and not-so-moderate rise in licensing activity…
Apache Corporation and French rival Total have formed a joint venture to develop a project off Suriname in a deal that gives the struggling U.S. oil and gas producer a cash injection for more exploration, the companies said.Apache's Suriname…
SBM Offshore announced on Thursday that ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) has awarded the company contracts to perform front end engineering and design (FEED) for a third floating production, storage and offloading vessel (FPSO) in Guyana…
Ratings agency S&P Global on Friday downgraded Tullow Oil's long-term credit rating to 'B' from 'B+', days after the Africa-focused company's Chief Executive Officer stepped down and it scrapped its dividend.The London-listed company, which…
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers…
Tullow Oil and its partners in the Orinduik block offshore Guyana are plotting their next steps following two discoveries on the closely watched hotspot earlier this year.The London-based operator, which owns 60% working interest in the 1,776-square-kilometer Orinduik block…
SBM Offshore announced it has signed contracts with Chinese shipyards for the construction of the company’s fourth and fifth hulls under its purchase program for Fast4Ward newbuild multipurpose floating production, storage and offloading unit (FPSO) hulls…
With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own…
Tullow Oil announced it has made a second oil discovery on the Orinduik block, opening a new Upper Tertiary oil play in the Guyana offshore basin.The Joe-1 exploration well was drilled by the Stena Forth drillship to a total depth of 2,175 meters in 780 meters water depth…
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