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Category Archives: Exploration

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ISA, UKSRL Ink Second Mining Deal

April 2, 2016

International Seabed Authority (ISA) and the UK Seabed Resources Limited (UKSRL) have signed a 15-year contract for exploration for polymetallic nodules in the eastern part of the Clarion-Clipperton Fracture Zone. The contract was signed on March 29, 2016, in New York, by the secretary-general of ISA, Nii Allotey Odunton, and Linda Reiners, UKSRL managing director. The area allocated to the contractor covers… Continue Reading »

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Mexico Sets Low Local Content Rule For Deep Water Oil Projects

April 1, 2016

Oil companies operating in Mexico’s deep waters must use national suppliers for 8 percent of the projects by 2025, the government said on Tuesday, a relatively low rate meant to encourage foreign and private firms to bid on contracts. Mexico’s oil regulator has scheduled its first-ever deep water auction in early December for 10 blocks… Continue Reading »

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Crude At $40 Isn’t The Only Problem Facing Norway’s Oil Industry

March 31, 2016

The collapse of crude prices isn’t the only problem facing energy companies in Norway: Explorers in western Europe’s biggest oil-producing nation also have had their leanest drilling spell in almost a decade. Companies searching off Norway found less than 5 million barrels of oil and gas for every exploration well drilled last year, the lowest… Continue Reading »

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ONGC Board Approves $5B Investment In East Coast Oil And Gas Asset

March 30, 2016

India’s Oil and Natural Gas Corporation has approved an investment of 340 billion rupees (about $5 billion) over the next few years in its east coast oil and gas asset, in a bid to boost production and benefit from a change in government policy. Earlier this month, a top company official said ONGC would unveil… Continue Reading »

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Eni-Led Consortium Awarded Offshore Ghana License

March 30, 2016

A consortium comprising GNPC, Explorco, Vitol, Eni and Woodfields has been awarded a new exploration license in Cape Three Points Block 4, located in the Tano Basin offshore Ghana. The license, which was awarded following the ratification of the Parliament of the Republic of Ghana, covers an area of 435 square miles in water depths… Continue Reading »

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Exploration Spending Cutbacks Reflected in Lease Sale Results

March 27, 2016

The slowdown in oil and gas industry investment due to low oil prices was reflected in the results for Central Gulf of Mexico Lease Sale 241 and Eastern Gulf of Mexico Lease Sale 226. The Bureau of Ocean Energy Management (BOEM) received 148 bids from 30 companies for 128 blocks covering 693,962 acres in the… Continue Reading »

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NZOG Submits Application to Exit Kaheru PEP 52181

March 24, 2016

New Zealand Oil & Gas announced Wednesday that the joint venture partners in PEP 52181, offshore South Taranaki, have submitted an application to exit the permit. Operator New Zealand Oil & Gas announced in February that economic conditions could not support drilling the prospect before the commitment date of May 2016. After exploring options to defer… Continue Reading »

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Gabon Extends Bid Deadline for Deep Water Acreage

March 24, 2016

Gabon has extended bid submission deadline for participation in the new 11th licensing round which will focus on five blocks covering the country’s deep water acreage in the South Gabon Salt Basin.  The round was formally opened on October 27, 2015 by Minister for Petroleum, Etienne Dieudonné Ngoubou at the 22nd Africa Oil Week conference in… Continue Reading »

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OMV, ADNOC and Occidental Join Forces Off Abu Dhabi

March 22, 2016

The Abu Dhabi National Oil Company (ADNOC), OMV, and Occidental Petroleum have signed a contract over several undeveloped oil and gas fields in North-West Offshore Abu Dhabi including the Ghasha and Hail areas. An agreement was reached for conducting a four-year seismic, drilling and engineering work program for exploration, appraisal and potential field developments. OMV… Continue Reading »

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Norway Launches APA 2016 Licensing Round

March 19, 2016

The Norwegian Ministry of Petroleum and Energy launched the APA (Awards in Predefined Areas) 2016 licensing round Thursday, comprising predefined areas with blocks in the North, Norwegian and Barents Seas. Norway’s latest licensing round has been extended by 24 blocks in the Norwegian Sea and 32 blocks in the Barents Sea since APA 2015. The… Continue Reading »

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