Deepwater Exploration

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  1. ConocoPhillips to reduce deepwater exploration spending

    ConocoPhillips (NYSE: COP) intends to reduce future deepwater exploration spending, with the most significant reductions coming from the operated Gulf of Mexico program. "Since the start of the oil and gas price downturn last year, we have moved decisively to position ConocoPhillips for lower, more volatile prices by exercising capital flexibility and reducing operating costs across our business," said Ryan Lance, chairman and CEO. "Our decision to reduce spending in deepwater will further increase our capital flexibility and reduce expenses without impacting our growth targets. This strengthens our ability to achieve cash flow neutrality in 2017 even if lower commodity prices persist. "We have achieved some notable success in our deepwater program, particularly in the Gulf of Mexico Lower Tertiary play and offshore Senegal. We are committed to delivering the value we have created from these discoveries, while reducing the number of deepwater exploratory prospects we drill in the future." In conjunction with its stated plan to reduce future capital expenditures in deepwater exploration, the company has provided notice that it will terminate its contract for the Ensco DS-9 deepwater drill ship. The DS-9 was scheduled for delivery to the Gulf of Mexico in late 2015 to begin drilling the company’s operated deepwater inventory on a three-year contract. Under the terms of the contract, the company is subject to a termination fee that represents up to two years of contract day rates. Details of the termination are under discussion, but the company expects to take a special item charge for termination in the third quarter. Lance further noted, "Our actions reflect a decision to reduce exposure to programs with greater resource risk and longer cycle times. However, we will continue to pursue organic growth through more focused exploration programs. Furthermore, with increased capital flexibility, we can direct more investment to our captured resource base of 44 billion barrels of oil equivalent, which includes significant identified inventory in the highest value areas of the Eagle Ford , Bakken , Permian , and Western Canada unconventional plays, as well as our legacy businesses around the world. We believe this will accelerate value for shareholders by shortening the cycle time on our overall investment program."  

    Online Articles

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    Fri, 17 Jul 2015

  2. Teachers bring deepwater exploration to classrooms through CITGO STEM Academy

    Houston-area educators were introduced to members of the Nautilus Corps of Exploration from the Ocean Exploration Trust for an opportunity to learn innovative ways to engage their students in science, technology, engineering and mathematics (STEM) concepts.

    Online Articles

    Online Articles

    Tue, 14 Jun 2016

  3. BHP Billiton names GoM as a deepwater exploration focus

    BHP Billiton provided an update on its exploratory program, outlining what it calls its “value-focused approach.”

    Online Articles

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    Mon, 27 Jun 2016

  4. Fifth deepwater exploration well under way offshore Romania in the Black Sea

    ExxonMobil and OMV’s deepwater exploration program continues in the Romanian sector of the Black Sea.

    Online Articles

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    Thu, 5 Nov 2015

  1. ConocoPhillips to cut deepwater exploration spending

    Online Articles

    Online Articles

    Fri, 17 Jul 2015

  2. Mexico’s Pemex will halt some deepwater exploration projects

    The head of Mexico’s state-run oil company said Feb. 18 that he will delay starting some much-anticipated deepwater exploration projects due to the decline in worldwide crude oil prices.

    Online Articles

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    Thu, 19 Feb 2015

  3. ConocoPhillips plans further capex reduction for deepwater exploration

    ConocoPhillips reported plans to further reduce its capital expenditures for deepwater exploration , with the “most significant reductions” coming from its operated program in the Gulf of Mexico. The company did not specify by how much capex would be decreased, however.

    Online Articles

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    Thu, 16 Jul 2015

  4. Anadarko Petroleum makes leadership changes

    Darrell Hollek has been named executive vice president, operations and Ernest Leyendecker has been named executive vice president, international and deepwater exploration .

    Online Articles

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    Tue, 23 Aug 2016

  5. Hollek, Leyendecker part of EVP reshuffle at Anadarko

    Anadarko Petroleum Corp., Houston, has appointed Darrell Hollek as executive vice-president, operations, and Ernie Leyendecker as executive vice-president, international and deepwater exploration .

    Online Articles

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    Tue, 23 Aug 2016

  6. Iran upbeat on latest deepwater exploration well in Caspian Sea

    Results from Iran’s latest deepwater exploration well in the Caspian Sea look positive, according to operator Khazar Exploration and Production Co.

    Online Articles

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    Tue, 8 Apr 2014

  7. Cairn Energy outlines deepwater exploration targets offshore Senegal

    Cairn Energy expects to start a two-well deepwater exploration program offshore Senegal next month.

    Online Articles

    Online Articles

    Tue, 18 Mar 2014

  8. Tullow Oil abandons offshore Mauritania deepwater exploration well as dry hole

    The drillship Stena DrillMax is P&A’ing Tullow Oil’s latest deepwater exploration well offshore Mauritania.

    Online Articles

    Online Articles

    Fri, 25 Apr 2014

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