Westwood: Appetite for finding oil not diminishing despite energy transition talks

The energy transition and Extinction Rebellion led the energy news agenda and discussions in company boardrooms in 2019, but the impact on exploration drilling is not yet apparent, according to market research provider Westwood Global Energy Group.

Westwood is suggesting keeping an eye on Brazil in 2020 with one high impact well currently drilling and seven wells planned in recently awarded licenses testing 6 billion barrels of unrisked volume in pre-salt plays in the Santos and Campos basins, and the Ceara Basin.

Exxon will operate its first two wells since its re-entry and Premier will operate its first well in the Ceara Basin. The much anticipated Peroba well drilled in 2019 by BP, for which a $598 million signature bonus was paid in the 2017 bid round, is understood to have found high CO2 content gas and is considered non-commercial.

Continue reading

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.