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The expected investment and output growth are part of a trend of new Mexican oil companies looking to exploit the energy reforms the country finalized in 2014.
The investment plans include drilling more wells in Colombia, where the company recently made a commercial discovery, and exploration activities in Kazakhstan and Bangladesh.
Nabors’ roughly $216 million acquisition of Tesco is ‘rare win-win in oil patch consolidation,’ analyst says.
Several provisions of the sanctions law signed by U.S. President Donald Trump earlier this month target Russia’s energy sector, which produces much of its foreign income, with new limits on U.S. investment in Russian companies.
The deal, which would be mostly paid for in shares and convertible bonds, would strengthen Transocean's position in offshore drilling as Songa is Statoil's largest drilling service provider.
On Aug. 12 Kuwait said various services were investigating the incident but did not give the magnitude of the spill near Kuwait's southern Ras al-Zour area nor its cause.
Tullow Executive Vice President Ian Cloke said in a speech during the launch in northern Zambia that exploration would take between two and 10 years, development three to 10 years and production 20 to 50 years.
The company sees investment in oil projects overseas as a way to compensate for lower domestic output by adding reserves and external production to its portfolio while gaining know-how, Pemex exploration chief Jose Antonio Escalera said.
Yelkhovneft has also started drilling more smaller-scale wells, allowing it to halve drilling-related spending. It has begun to use lighter or fewer metal parts in equipment, cutting costs further, said Azat Khabibrakhmanov, head of the Tatneft unit.
Cobalt hopes to finalize the bidding process for its GoM assets in September as it continues to resolve concerns with its Angola assets sale.
Oil producers are slowly starting to reinvest in deepwater projects as the market downturn has forced project developers to cut costs.
Benchmark Brent crude was unchanged at $52.37 a barrel by 1215 GMT. U.S. light crude was 5 cents higher at $49.44.