E&P companies are spending about 80% of their capital to keep the proved and developed reserve share flat, according to Deloitte.
The U.S. is forecast to drive growth, producing more than 7 MMbbl/d in 2040, the EIA says.
TEN is one of the main developments offshore Ghana that the company is depending on to help it sustain and grow cash flow as it also moves forward on exploration.
Enhanced completions onshore and subsea tiebacks offshore are contributing to production gains, but low commodity prices are taking away profit potential.
The company is focusing on selling Angola assets, addressing liquidity and moving discovered resources into production by 2021.
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.
Prices have risen by nearly 20% in just two weeks to their highest since early July, after speculation surfaced that top producers within and outside of OPEC could finally reach a deal on freezing output.
Chevron had disclosed in October last year plans to sell about $10 billion of assets by 2017. The company's stake in an offshore oil field venture with China's state-owned oil company CNOOC Ltd. could fetch as much as $1 billion.
The outlook for lower demand is coupled with record-high crude production expected from OPEC members this month as top exporter Saudi Arabia pumps close to its highest level.
Mature basins continue to represent a vital source of fresh reserves in a cautious climate.
Slower economic growth and high inventories of crude and refined oil products have driven Brent and WTI crude futures to bear market territory, 20% below their 2016 highs.
On Aug. 15, Russian Energy Minister Alexander Novak bolstered hopes that oil producing nations could take action to stabilize prices, telling a Saudi newspaper that his country was consulting with Saudi Arabia and other producers to achieve market stability.
OPEC said in its monthly oil report citing secondary sources its crude output, including Gabon, rose to 46,000 bbl/d in July to 33.11 MMbbl/d compared with June.
Apache, which reported a bigger-than-expected loss Aug. 4, said it expected to spend at the high end of its 2016 capital forecast of $1.4 billion-$1.8 billion.
ExxonMobil saw its earnings fall in the second quarter to $1.7 billion, a nearly 60% drop from the same period in 2015.
The company lost $1.47 billion, or $1.07 per share, in the quarter, compared with a net profit of $571 million, or 30 cents per share, in the year-ago period.
OPEC members will meet on the sidelines of the International Energy Forum in Algeria on Sept. 26-28, Reuters reported.
Total U.S. crude inventories wer expected to fall by 1 million barrels in weekly reports, although market intelligence firm Genscape has reported a rise of more than 307,000 barrels at the Cushing, Okla., U.S. crude delivery hub, traders said.
The decision on Aug. 8 is unlikely to end the legal war against San Ramon, Calif.-based Chevron, which has been waged in several countries and was documented in "Crude," a 2009 film.
The Marine engineering company saw first-half core earnings tumble by 49%, though CEO Paul van Riel said he hoped conditions would improve next year.
Diamond Offshore took a $612 million write-down for eight offshore rigs in the second quarter, Reuters reported.