by Mikael Holter (Bloomberg) Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, spurring new fears about their ability to meet future demand. With oil prices down by more than half since the price collapse two years ago, drillers have cut their exploration … [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...]
Italy and Malta Sign Accord on Mediterranean Offshore Oil and Gas Exploration
By Alessandra Migliaccio and Karl Stagno Navarra July 15 (Bloomberg) -- Italy and Malta’s prime ministers reached an agreement today for joint oil and gas exploration in the Mediterranean Sea between the islands of Sicily and Malta. “We have made a political declaration, now it’s up to the technical people to iron out the details,” Malta Prime … [Read more...]
Miracle In Myanmar: Can Offshore Energy Bring A Miracle?
(Bloomberg) Myanmar’s opening to foreign investment has been compared to the fall of the Berlin Wall and the start of an economic growth story to emulate Vietnam. How those views pan out will be largely decided by natural gas. Exxon Mobil Corp. (XOM), Woodside Petroleum Ltd. (WPL) and Oil India Ltd. (OINL) are among 59 global energy companies lining up for a share of … [Read more...]
$5 Billion of Brazilian Seafloor Up for Auction, Offshore Drillers Flock to Brazil
(Bloomberg) -- More than 60 oil companies are set to bid on exploration permits offshore Brazil, taking on risks of drilling in virgin waters after similar geology across the Atlantic in Ghana and Ivory Coast yielded major discoveries. Contestants in Brazil’s first oil auction in five years range from Exxon Mobil Corp. and Chevron Corp., the largest U.S. producers by … [Read more...]