Oil Major Total Plans Biggest Exploration Drive in Years

By Bate Felix and Wendell Roelf PARIS/CAPE TOWN, Jan 29 (Reuters) - Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company's focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas. The French major aims to drill 23 wells this year, its senior vice president for … [Read more...]

Pemex Invites Partners Offshore

  by Marianna Parraga (Reuters) - Mexico’s state-run Pemex [PEMX.UL] might bring partners into two heavy crude oilfields in the Gulf’s shallow waters, the company’s chief said on Tuesday, move that could help ease a lack of heavy barrels in the Atlantic basin. After nine bidding rounds in just three years and a presidential election scheduled in July, Mexico’s … [Read more...]

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...]

Statoil’s Two-Well Exploratory Drilling Campaign Offshore Newfoundland Comes Up Empty

Norwegian oil company Statoil announced Monday that its two-well exploration drilling program in the Flemish Pass Basin offshore Newfoundland did not result in the discovery of any hydrocarbons. Both wells were drilled by the Seadrill West Aquarius in the Flemish Pass Basin, located approximately 500 kilometers east of St. John’s, Newfoundland and Labrador. The two wells, … [Read more...]

Egypt signs $2B offshore exploration deal with Italy’s Eni

by Ehab Farouk and Ahmed Aboulenein (Reuters) - Egypt's oil ministry said on Monday it had signed an energy exploration deal with Italy's Eni worth $2 billion following an MOU signed in March during an investment conference. The deal paves the way for the modification of some previous deals between the ministry and Eni that include gas price adjustments, the ministry said in … [Read more...]