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Challenges include its rough seafloor topography, complicated geology under thick salt deposits and pristine ecosystem.
International exploration and technology remain crucial to filling future energy demand.
The Colombian government expects offshore discoveries to triple gas reserves.
Vast gas resources offshore Mauritania and Senegal will benefit the two African countries and spur exploration, the CEO of Kosmos said.
The Trion, Maximino and Exploratus area could produce at least 500,000 barrels of oil equivalent of 3P reserves through farm-outs, some of which Pemex has received and others which it has already applied for.
Global oil discoveries fell to a record low in 2016 as companies continued to cut spending; however, ONGC continued to spend to help achieve India’s targeted reduction on imports.
The gas find, located west of the Teranga discovery and south of Tortue, is estimated to hold 15 trillion cubic feet of natural gas.
Diverse players provide a wide range of services.
Secretary of the Interior Ryan Zinke, U.S. senators tout President Donald Trump’s executive order on offshore drilling while lawyers question his authority to withdrawal certain protections.
The technique involves matching seismic simulations with existing seismic data to produce subsurface images that are of better quality, BP says.
What will be the next big thing in the North American oil patch? Look to “some things old, something new.”
The head of the world’s largest oilfield service company says the world could face a medium-term supply deficit given today’s reserves depletion rate and falling exploration spending.