Explorers are looking closely at regions above the Arctic Circle these days. Breakthroughs have been made in a couple of huge Arctic developments: Norway’s Snohvit Field has begun deliveries of LNG, and Russia’s Shtokman Field, which is estimated to contain 130 Tcf of gas and 220 million barrels of condensate, just kicked off its first phase of development. On the drilling front, StatoilHydro has launched a two-year drilling campaign around Snohvit. And Russia is refitting an atomic-powered icebreaker that should be ready to drill Arctic wells in early 2009. Lease positions are being secured as well. In January, Greenland awarded oil and gas leases off its west coast, which is ice-free for nearly half of every year. Companies with acreage offshore west Greenland now include ExxonMobil, Chevron, EnCana, Husky and Cairn. Furthermore, Greenland is planning future land offerings for its northeast and northwest coasts. --Peggy Williams, Senior Exploration Editor, Oil and Gas Investor, firstname.lastname@example.org
2023-12-08 - California major Chevron Corp. is setting aside $6.5 billion to develop its U.S. shale portfolio next year, with the bulk of the spend allocated in the Permian Basin.
2023-12-07 - Talos Energy’s appointment of Spath succeeds Bob Abendschein as executive vice president.
2023-12-05 - Alexander J. Reyes, CNX Resources Corp.'s former executive vice president of general counsel and corporate secretary, is leaving CNX after 16 years.
2023-12-01 - COP28 gives the private sector—including those from the oil and gas industry—and other delegates an opportunity to chime in on the global climate agenda set by world leaders.
2023-12-01 - Advisers need to sharpen their pencils at the negotiation table, E&P operator Bryan Sheffield said — because “all you're going to do is upset your seller by promising a market that isn't there. No one's going to pay you.”