Levels of international exploration by mid and large cap companies during the first half of this year fell 28%, according to new industry analysis.
Examining the activities of 40 mid and large cap E&P companies, a report by Richmond Energy Partners asserts that drilling was down 28% in the first half of 2014, and that discovered volumes are down 43% on the same period last year.
“Success rates are being maintained but the average discovery size fell in 1H 2014 to less than 50% of that recorded in 2012, largely due to the maturing offshore gas provinces in East Africa and the Mediterranean,” says the REP study.
While frontier drilling success continues to be “elusive,” REP adds: “The emerging pre-salt play in Angola is currently the hottest emerging play globally.”
Recommended Reading
Braya Renewable Fuels Begins Commercial Operations at Revamped Refinery
2024-02-23 - The Come By Chance refinery in Newfoundland and Labrador produces renewable diesel instead of petroleum diesel.
Energy Transition in Motion (Week of March 1, 2024)
2024-03-01 - Here is a look at some of this week’s renewable energy news, including Chevron’s plans for a solar-to-hydrogen facility in California.
Energy Transition in Motion (Week of Feb. 9, 2024)
2024-02-09 - Here is a look at some of this week’s renewable energy news, including the latest on a direct lithium extraction technology test involving one of the world’s biggest lithium producers and the company behind the technology.
Baker Hughes Marks Hydrogen Milestones
2024-01-29 - The energy technology company is involved with several hydrogen projects as it works to accelerate the hydrogen economy.
Shell Taps Bloom Energy’s SOEC Technology for Clean Hydrogen Projects
2024-03-07 - Shell and Bloom Energy’s partnership will investigate decarbonization solutions with the goal of developing large-scale, solid oxide electrolyzer systems for use at Shell’s assets.