Exclusives

Variety is the spice of life, or so they say, and that is an approach being adhered to by many of the world’s largest exploration companies.

oil, gas, technology, biology, exploration, Repsol

New biological methodologies are being tested to improve the success rate in challenging fields.

Check out the latest worldwide news highlights. 

Complete package offers operators an integrated solution set to meet water management needs.

Schlumberger, Cameron, earnings, oil, gas, revenue, Scott Rowe, Paal Kibsgaard

As market conditions improve, Schlumberger gears up to redeploy on paths to profitability.

Deepwater International

According to WoodMac, its analysis of 2,222 oil fields suggests that if Brent crude falls to US $40/barrel, which is entirely possible, 1.6% of global oil supply could turn cash negative on an operating cost basis. 

At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve. 

Exploration

KOGAS would be "interested" in participating in U.S. shale gas projects, with such investment curbing any potential trade pressure on South Korea from the U.S. government, CEO says.

In addition, BP raised the oil price at which it can balance its books this year to $60/bbl on Feb. 7 due to higher spending following a string of investments as annual earnings fell for a second consecutive year.

Dealmaking in the oil and gas sector has been muted for more than two years due to collapsing oil prices, but as crude prices recover buyers and sellers are starting to agree on price tags.

The deals bring Shell's disposals to $12.5 billion since mid-2015 as it aims for $30 billion in deals by 2018. The company is reducing debt accrued through its $54 billion acquisition of BG Group last year.

oil, gas, exploration, discovery, Rystad Energy, ExxonMobil, Guyana

A report shows that the number of oil and gas discoveries in 2016 plummeted to levels not seen since the Second World War.

Production

Supply from the 11 OPEC members with production targets under the deal fell last month, with reductions amounting to 93% compliance, according to a Reuters calculation based on the figures.

Oil prices fell on Feb. 13 but losses were capped by official OPEC production figures showing initial compliance with its landmark production reduction deal was as high as 93%.

Oil supplies fell by around 1.5 million barrels per day last month leading to record initial compliance of 90% with a six-month output-cut deal reached in December by big producers to boost prices.

Oil prices rose on Feb. 9, supported by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain under pressure.

Oil prices slid on Feb. 8, as a big increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output.

Technology

The company said it was able to increase pricing on the spot market for most of its fleet.

A World Bank panel has ordered Ecuador to pay $380 million in damages to a subsidiary of ConocoPhillips for unlawfully expropriating the company's oil investments.

Oil investors are again betting heavily on the price difference between two global benchmarks—Brent and WTI—due to a push in Washington to impose a controversial import tax.

Anadarko's oil and gas sales volumes averaged 774,000 barrels oil equivalent per day (boe/d), compared with 779,000 boe/d a year ago.

The higher spending is not due to rising prices for oilfield contract work or other services, Jeff Woodbury, Exxon’s vice president of investor relations, said on the conference call. It is a function of activity level increasing, Woodbury said.