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Tullow Oil expects to report a $1.5 billion writedown after lowering its long-term oil price assumptions by $10 to $65 a barrel, an announced reduction in reserves in Ghana and disappointing exploration wells, it said on Wednesday. "Tullow expects to report pretax impairments and exploration write-offs of (around) $1.5 billion (c. $1.3 billion post-tax)," it... Continue Reading →
A strong 2019 provided telltale signs that the industry was entering a new offshore investment cycle, Espen Erlingsen, head of upstream research at Rystad Energy has said. Erlingsen said on Tuesday that this trend was perhaps illustrated most profoundly by the rising swell of offshore project approval activity by operators in 2019. Globally, the amount... Continue Reading →
Dutch FPSO provider SBM Offshore has informed that its first completed Fast4Ward FPSO hull has arrived from China to Singapore. After a journey of 2,300 nautical miles, the Fast4Ward hull has arrived at a Keppel yard in Singapore from China, SBM Offshore informed on Monday, January 13. This is SBM Offshore’s first generic hull, the... Continue Reading →
Chinese oil company CNOOC plans to drill 227 exploration wells in 2020 and has set aside up to around $13,8 billion for capital expenditures, CNOOC's highest annual Capex since 2014, according to Reuters. CNOOC said Monday that its targeted net production for 2020 is 520 million to 530 million barrels of oil equivalent (BOE). Around... Continue Reading →
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... Continue Reading →
The world’s oil and gas explorers have discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates by energy intelligence firm Rystad Energy. Guyana’s success story from 2018 continued in 2019, with ExxonMobil adding four new discoveries within its offshore Stabroek block, with the last one coming in... Continue Reading →
Repsol is the operator of the Kanuku block with a 37.5% stake. Tullow also holds a 37.5% stake with Total holding the remaining 25%. Tullow Oil said on Thursday that the Carapa-1 exploration well had encountered approximately four meters of net oil pay based on preliminary interpretation, and has extended the prolific Cretaceous oil play... Continue Reading →
In surfing, reading the environment and anticipating a wave from a small lump on the horizon can be difficult, but rewarding. This is what SBM Offshore, a Dutch-based FPSO industry specialist which has been building floating production units for 60 years, had done when after a rather dry period for FPSO orders it ordered an... Continue Reading →
Hess rose above the carnage in shale stocks with a more traditional approach to oil exploration – partnering in a massive offshore discovery in a frontier nation. Investors flocked to New York-based Hess in 2019 to participate in Exxon Mobil Corp.’s gigantic Guyana oil find, and avoid cash-burning shale specialists. Hess, which holds a 30%... Continue Reading →
Shares of Tullow Oil dropped by nearly a fifth on Thursday as the oil producer's update on the commercial viability of its new well offshore Guyana disappointed investors. Tullow said the Carapa well in the Kanuku offshore block contains oil with less than 1% sulphur content and is indicated to be 27 degrees API, a... Continue Reading →
Brazil Energy Insight 