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Analysts consider Marathon Oil’s Libya sale a positive with proceeds possibly being used for bolt-on acquisitions in the Delaware Basin.
Jasper Peijs, vice president of exploration in Africa for BP, shared insight on the company’s operations across the continent.
Discovering new resources is essential for oil firms to grow and to offset natural decline of fields. But deepwater exploration requires money, time, expertise and luck.
The partnership was formed as the oil and gas industry works to keep exploration efforts alive following spending cuts caused by lower commodity prices.
Egypt is speeding up negotiations with neighboring countries to finalize the demarcation of borders in the Mediterranean, which proved to hold huge reserve of natural gas compared to the Red Sea.
Libya had not given the required formal approval to the Total-Marathon deal, meaning it could be blocked, the source added.
Development on the blocks offshore Angola had been complicated by a dispute between Sonangol and Cobalt, which until recently was the operator of the blocks and owned a 40% stake in them.
Ghana will launch its first exploration licensing round in the last quarter of this year offering about six offshore blocks, deputy energy minister Mohamed Amin Adam said.
Erin Energy Corp. (NYSE: ERN) said Feb. 26 its joint venture partner, FAR Ltd. has signed a farm-out agreement with a subsidiary of Malaysia’s Petronas .
Aker Energy said the proposed transaction, which is subject to approval from Ghanaian authorities, gives it a 50% stake in the ultradeepwater Tano Cape Three Points block which holds an estimated 550 million barrels of oil equivalent and has the potential for a further 400 million barrels.
Drilled to a total depth of 2,837 m (9,308 ft), the well hit a 24-m (79-ft) gross hydrocarbon column across three intervals, about 11 m (36 ft) net of condensate and gas in the primary objective and about 4 m (13 ft) net of oil in the deeper secondary objective, the company said.
Located in a water depth of about 2,175 m (7,136 ft) in the Sangomar Deep Offshore Block, the well was drilled by the Stena DrillMAX drillship about 30 km (19 miles) southwest of the FAN-1 exploration well.
The gas find, located west of the Teranga discovery and south of Tortue, is estimated to hold 15 trillion cubic feet of natural gas.
The Snoek well, southeast of the Liza discovery, hit high-quality oil-bearing sandstone reservoirs, the company said.
To better gauge resource potential, ExxonMobil said the discovery is being evaluated with two sidetracks drilled. A well test is underway.
The company said May 3 that exploratory well SWM A-2X, located in the South West Meleiha license, encountered 18 m (59 ft) of light oil in the Paleozoic sandstones of Dessouky Formation of Carboniferous age.
The Timimoun production complex has a capacity at plateau of around 5 MMcf/d of natural gas, or around 30,000 boe/d, the French oil major says.
Drilled to a total depth of 1,304 m (4,278 ft), the well encountered 5.2 m (17 ft) of net conventional natural gas pay across two zones in the Guebbas and Hoot formations with an average porosity in the pay section of 33%.
Located on the Sebou permit, the well hit 5 m (16 ft) of net conventional natural gas pay in the Hoot Formation, with reservoir quality exceeding initial expectations, the company said.
SDX Energy’s KSR-16 development well has encountered gas on the Sebou permit in Morocco, the company said Dec. 11.