Offshore Oil Exploration Ramps Up – Just Not In Asia

by Henning Gloystein (Reuters) - Surveying the ocean floor for oil and natural gas reserves is gradually emerging from a multi-year slump, everywhere apart from Asia. That’s despite Asia being the world’s biggest consumer of oil, having by far the strongest demand growth while seeing its production fall faster than anywhere else. The reasons for Asia’s dearth in … [Read more...]

Rare run of oil finds offers little respite offshore

(Reuters) Exploration firms have made a rare run of oil and gas discoveries in recent weeks as more targeted search strategies bear fruit, but they offer little respite to a sector that remains severely bruised by the oil price slump. Global exploration and production (E&P) companies that scour frontier lands and seas in search of new energy reserves have had meagre … [Read more...]

New Seismic Surveys Likely Off U.S. East Coast

WASHINGTON, July 18 (Reuters) - The Obama administration on Friday approved a plan that would allow companies to assess oil resources off the Atlantic Coast, angering environmental groups that worried the plan will harm marine life and open the door to offshore drilling. First outlined by the Bureau of Ocean Energy Management in February, the plan lays out the mitigation … [Read more...]