Exploration

Set to deliver first LNG cargo this quarter, the Republic of Congo is transforming its industry through gas-focused investments and new E&P programs.

During a meeting with Indonesian President Joko Widod, Eni CEO Claudio Descalzi disclosed plans following significant milestones in 2023, notably the discovery of 5 Tcf of natural gas with the Geng North-1 well in the North Ganal PSC, the acquisition of the Indonesia Deepwater Development assets from Chevron, and the further consolidation of Eni’s position in most of the key exploration and production blocks of the Kutei basin following the acquisition of Neptune Energy.

On Friday, Jan. 26, 2024, World Oil hosted its 56th annual Forecast Breakfast at the Norris Conference Center in Houston, Texas. In an event described as a “first look” at upcoming upstream oil and gas trends, approximately 340 professionals from across the sector gathered for an early-morning meal to hear projections, data and analysis on global E&P from industry experts.

2024: The two lies of exploration

While there was little change in activity from the third quarter of 2023 to the fourth quarter, there are some negative trends developing that have operators concerned. Yet, there is hope that 2024 can be a marginally better year.

In 2024, net production target is 700 MMboe to 720 MMboe, of which production from China and overseas accounts for approximately 69% and 31%, respectively. The net production target is 780 MMboe to 800 MMboe in 2025, and 810 MMboe to 830 MMboe in 2026.

In an exclusive interview with Energy Capital & Power, Maggy Shino, Petroleum Commissioner of Namibia’s Ministry of Mines and Energy, discusses the country’s efforts to fast-track development of breakthrough discoveries in the Orange basin.

Reservoir Xaminer service is designed to provide fast, high-quality, and customized data, even in the toughest conditions.

This extension, effective from December 2023, allows Oranto to continue its oil exploration and appraisal drilling activities in these promising blocks.

Harbour Energy has agreed to acquire Wintershall Dea's exploration and production business, including its producing and development assets, exploration rights, and carbon capture and storage licenses in various countries, for $11.2 billion.

Invictus Energy Ltd. has made a second gas discovery in the Mukuyu-2 well at its 80% owned Cabora Bassa project in Zimbabwe. The findings in both the Upper and Lower Angwa reservoirs substantially increase the resource potential in the Mukuyu gas field.

TotalEnergies, in partnership with QatarEnergy and Petronas, have signed a production sharing contract for Block 64 with Staatsolie Maatschappij Suriname (Staatsolie), the State-owned oil company of Suriname.

Traders are more jittery than ever about the outcome of Chevron Corp.’s proposed $53-billion takeover of Hess Corp. as Venezuela threatens to seize mineral-rich regions in neighboring Guyana.

(WO) — Pakistan Petroleum Limited (PPL) has made a gas condensate discovery with its Jhim East X-1 exploration well on Block 2467-16 (Shah Bandar), located in Sujawal district in Pakistan’s Sindh province.

(WO) — Invictus Energy Ltd. has reported significant progress in the drilling of the Mukuyu-2 well at its 80% owned and operated Cabora Bassa project in Zimbabwe.

(WO) — Ukraine's state-owned Naftogaz’s subsidiary Ukrgasvydobuvannya has uncovered a highly promising gas deposit in the Carpathians, previously believed to be exhausted, the company announced on Nov. 20.

The African Energy Chamber, therefore, strongly calls for an end to the demonization of oil and gas, encouraging African and Caribbean nations to collaborate towards a common and fair energy agenda.

In today’s volatile environment, there is a pressing global need for secure, sustainable and affordable energy. Oil and gas exploration and production companies must optimize performance to remain profitable, while also reducing geological risks—especially for structurally and lithologically complex reservoirs. The future of the upstream industry lies in the adoption of innovative geoscience digitalization solutions to optimize operations. Machine learning applications for geoscience data have been in use for more than 25 years but have become critical in recent years due to the massive growth in the amount of petrotechnical data being acquired. As machine learning evolves and gains acceptance, it will play an increasingly visible role in analyzing surface and subsurface data. Join World Oil and AspenTech for this webinar to learn how to: • Improve digital representations of the subsurface, such as rock prediction volumes, using machine learning and AI • Leverage, QC and de-risk existing data from the subsurface, and display them in a comprehensive manner • Make faster, more educated business decisions at lower cost Register now to join the conversation and hear how you can leverage digital solutions to increase exploration success.

The legislation will ensure the orderly and sustainable development of petroleum resources, the increased participation of Black South Africans in the industry and integrated production and exploration rights, according to its preamble.

Exploration ≥ Drill, Pump, Sell