Exploration

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.

The leases are located on the eastern North Slope, with multiple prospects in the late Cretaceous Brookian and Schrader Bluff formations.

Hydrocarbon resources in the Remanso area are estimated at 0.7 Tcfg and 52 MMbbl of liquids.

Force Majeure, declared in 2014, was revoked following the completion by Eni of a Security Risk Assessment to assess the security conditions in the areas where the exploration program will be carried out. This study yielded positive results. 

A preliminary evaluation indicates potential recoverable resources of approximately 28 MMboe. After full development of the discovery, OMV expects its natural gas production in Austria to increase by 50%.

(WO) — Following the completion of testing, Parex Resources Inc. has announced the abandonment of its wholly-owned Chirimoya exploration well at VIM-431 in Colombia.

The aim is to advance the Vranino 1-11 exploration block in Bulgaria, which has coal bed methane natural gas exploration potential, as well as opportunities in Turkey.

Cumulatively, the discovered deposits hold over 30 MMboe of recoverable resources, equivalent to around three quarters of OMV Petrom’s 2022 production.

Ikon’s Time-Lapse Ji-Fi app offers complete 4D fluid tracking capabilities for production and injection scenarios and is applicable in most hydrocarbon production campaigns.

Colombia needs to consider the importance that oil and gas still have for the balance of payments and the fiscal accounts, Trade Minister German Umaña said.

STRYDE’s seismic sensor technology will be utilized on an upcoming 3D seismic survey conducted by Nigerian geoscience solutions provider, ATO Geophysical Limited, as part of an onshore oil and gas exploration project in the region.

Chief Executive Officer Ricardo Roa told investors that he hoped more oil contracts and bidding rounds for exploration blocks would be forthcoming.

Natural gas remains a readily available, low-carbon feedstock, providing a 20% reduction in CO2 emissions vs. traditional liquid hydrocarbons. However, it’s critical to optimize operations across your assets’ lifecycle to offset threats of sustainability and energy security. Join World Oil and AspenTech experts as they discuss how innovative digital solutions support end-to-end gas exploration and production, enabling your teams to: • Efficiently delineate and find economical natural gas producing opportunities • Accelerate time to first gas • Lower the environmental footprint of development • Maximize asset utilization by optimizing production Register now to join the conversation! Learn how you can leverage digital solutions to meet the increased demand for natural gas.

In an exclusive interview with the African Energy Chamber, Foday B. L. Mansaray, Director General of Sierra Leone’s Petroleum Directorate, spoke on the country’s exploration agenda to develop its hydrocarbon-rich, ultra-deep basins

Seismic surveys use sound waves to help oil and gas companies build an image of hydrocarbon deposits buried deep underground. They are considered a fast and efficient way to map out new reserves, which is essential given that the world’s oil and gas supplies are dwindling even as energy demand is soaring, and renewables aren’t ready to do the heavy lifting of keeping the lights on around the globe.

ANPG, Exxon and state-owned Sonangol signed an addendum to blocks 30, 44, and 45 in the Namibe Basin to make exploration in the area more competitive. Exxon will pursue a potential exploration well in 2024 as a result of improved fiscal terms.

As part of the sales process, OMV will invite potentially interested parties to submit expressions of interest and binding offers. The sales process is expected to take place over the next few months.

The government expects oil output to increase by 250,000 bpd once the blocks covered by the agreements start producing, Oil Minister Hayyan Abdul Ghani said on local television on Tuesday.

To fend off climate change, the world’s biggest energy consumers are trying to reduce their consumption of fossil fuels as they transition to renewable sources. That could turn Suriname’s oil fields into stranded assets if they aren’t developed fast enough.

The company is on track to achieve a production rate of over 350 Kboed by the end of 2025 based on 17 sanctioned projects with the majority well into execution with committed investments, including the key projects Balder X, Johan Castberg and Breidablikk.