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  1. WoodMac: Global oil and gas exploration likely to return to profitability in 2017

    Global oil and gas exploration should return to profitability in 2017 after five years of only single-digit returns. This was the finding of a  new study by Wood Mackenzie on what to expect from global oil and gas exploration in the year ahead. Dr. Andrew Latham, vice president of exploration at Wood Mackenzie said: "The industry has a good chance of achieving double digit returns in 2017. Smarter portfolio choices and lower costs are already paying off." Wood Mackenzie's analysis of the 2017 global exploration outlook shows: Exploration in 2017 will continue its transformation to a smaller, more efficient industry; Overall investment will at best match 2016 year’s spend of around US$40 billion, and may yet fall further. On the bright side, lower costs mean well counts may hold up close to 2016 numbers. Flat budgets should mean exploration’s headcount cuts are now mainly in the past; The Majors and a handful of bolder Independents will drill most of the wells to watch, as in both 2015 and 2016. Wood Mackenzie expects the best discoveries to come from new plays and frontiers, despite greater emphasis on infrastructure-led drilling from many explorers. "More than half of the volumes are expected to be found in deep water. Here some well costs will fall to US$30 million or less, with full-cycle economics that are positive at less than US$50 per barrel," Dr. Latham said. According to Wood Mackenzie's report, the industry has cut exploration deeper than other upstream spending. Its share of upstream investment will dip to a new low of just 8% in 2017. An eventual return to historic norms – around one dollar in seven – depends on oil price recovery. Wood Mackenzie expects the Brent price to rise sharply from 2019, averaging US$77 per barrel in real terms for the year. If this happens, then recovery in exploration spend will follow a year or two later. "The industry is focusing on acreage capture and re-loading for the longer term. Companies willing to sign acreage with firm 2017 wells may be spoilt for choice. A spate of new licensing in outer slope plays will continue as explorers digest news of better-than-expected reservoir quality and source rock potential in these ultra-deepwater settings," said Dr. Latham. Emerging exploration themes in 2017 include: exploration for pipe gas opportunities near under-supplied markets such as parts of North Africa, Eastern Europe and Latin America; over-supplied LNG plays will be de-emphasized; high-cost frontiers, such as the ice-impacted offshore Arctic and extreme high pressure/high temperature plays, will be shunned. "After a decade in the doldrums, the Majors' returns from conventional exploration improved to nearly 10% in 2015. The rest of the industry is heading in the same direction. Fewer, better wells promise a brighter future for explorers," Dr. Latham added.

    Online Articles

    Online Articles

    Fri, 9 Dec 2016

  2. WoodMac: Global oil, gas exploration to return to profitability in 2017

    Global oil and gas exploration should return to profitability in 2017 after 5 years of only single-digit returns, research and consulting firm Wood Mackenzie Ltd. says in a report.

    Online Articles

    Online Articles

    Fri, 9 Dec 2016

  3. Lakes Oil to sue Victorian government

    Lakes Oil Ltd. of Melbourne is suing the government of Victoria for $2.7 billion (Aus.) in damages following the state’s ban on onshore gas exploration . The writ was filed in the Supreme Court.

    Online Articles

    Online Articles

    Fri, 9 Dec 2016

  4. Adams Resources & Energy names new CFO

    Adams Resources & Energy Inc. has elected Josh C. Anders as executive vice president, CFO, and treasurer effective December 15, 2016.

    Online Articles

    Online Articles

    Thu, 8 Dec 2016

  1. Newalta appoints Dietsche as CFO

    Online Articles

    Online Articles

    Thu, 8 Dec 2016

  2. Oil and Gas: Directional drilling, solids control and surface rental equipment up for immediate sale

    Tiger Liquidity Services Energy Partners (TLSEP), a strategic alliance between Tiger Group and Liquidity Services, Inc., will conduct an online auction on December 13 for assets that are no longer needed for the continuing operations of Aly Energy Services, Inc., a Houston-based oilfield ...

    Online Articles

    Online Articles

    Fri, 9 Dec 2016

  3. Gulfport Energy to acquire undeveloped dry gas Utica acres in Ohio

    Gulfport Energy has entered into a definitive agreement with a third-party to acquire undeveloped acreage in northern Monroe County, Ohio for $87 million.

    Online Articles

    Online Articles

    Wed, 7 Dec 2016

  4. Lundin makes oil, gas discovery in southern Barents Sea

    Lundin Norway AS has made an oil and natural gas discovery in the southern Barents Sea after deepening a well that had been plugged in November 2015.

    Online Articles

    Online Articles

    Tue, 22 Nov 2016

  5. Greece opens path to offshore West Katakolon development

    The Greek Ministry of Energy has agreed to convert Energean Oil & Gasexploration license for the offshore West Katakolon field into a 25-year exploitation license.

    Online Articles

    Online Articles

    Tue, 29 Nov 2016

  6. Oil and gas discovery east of Johan Castberg in the Barents Sea

    Lundin Norway AS, operator of production licence 609, has completed the drilling of wildcat well 7220/6-2 R. The well proved oil and gas.

    Online Articles

    Online Articles

    Wed, 23 Nov 2016

  7. EIA process under way for Teodorico gas field offshore Italy

    The Italian Ministry of Economic Development has awarded Po Valley Energy a preliminary production concession for the 47-bcf Teodorico gas field in the northern Adriatic Sea.

    Online Articles

    Online Articles

    Thu, 1 Dec 2016

  8. Honeyfield named PDC Energy chief financial officer

    David Honeyfield has been appointed chief financial officer of PDC Energy Inc., Denver, where he’ll oversee the firm’s financial, accounting, and treasury functions. The move is effective Dec. 19.

    Online Articles

    Online Articles

    Thu, 1 Dec 2016

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