United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Nov. 23 the latest oil discoveries are part of state-owned Abu Dhabi National Oil Co.'s efforts to increase production capacity to 5 million barrels per day (MMbbl/d) by 2030.
The approach leverages sound waves to give operators eyes inside their wellbores.
Oil firms Equinor and Rosneft expect to extract some 250 million barrels of oil and 23 billion cubic meters of gas during the first part of the development of the Severo-Komsomolskoye oilfield in Russia, Equinor said on Dec. 23.
Recent IHS Markit report says a significant rebound in discoveries may not happen because since 2014 there has been an increased emphasis on exploring less risky maturing basins and short cycle-time unconventional projects.
Oil and gas producer Canadian Natural Resources Ltd. said on Friday it would temporarily shut-in about 65,000 barrels per day (bbl/d) of crude oil production due to forest fires in Alberta.
Geologist provides food for thought as companies target the Guyana-Suriname Basin following the Exxon Mobil-led winning streak.
Uganda launched its first oil block auction in 2015, covering six exploration areas measuring 2,674 sq km.