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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

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    Fri, 9 Dec 2016

  2. Lilis Energy appoints Short as COO

    San Antonio, TX-based Lilis Energy Inc. has appointed Brennan Short as COO.

    Online Articles

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    Tue, 31 Jan 2017

  3. Lilis Energy appoints Daches as EVP, CFO, treasurer

    Lilis Energy Inc. has appointed Joseph C. Daches, CPA, as its new executive vice president, CFO, and treasurer.

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    Wed, 25 Jan 2017

  4. TAEP: Texas upstream economy expanded in December for first time in 2 years

    Two consecutive years of economic contraction in the Texas upstream industry ended as 2016 drew to a close, the Texas Alliance of Energy Producers (TAEP) says.

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    Wed, 25 Jan 2017

  1. Eco pushes for AIM listing to further offshore license ambitions

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    Tue, 10 Jan 2017

  2. Coral Reef Capital invests in Krewe Energy

    Krewe Energy LLC has received a new investment from Coral Reef Capital to recapitalize the company and further support its growth.

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    Thu, 19 Jan 2017

  3. Oil and Gas: Study: Idaho natural gas and oil tax rates below many states

    Idaho's effective tax rate on natural gas and oil production is less than half the average when compared with eight other producing states, according to a tax-comparison study released Thursday.

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    Sat, 21 Jan 2017

  4. DONG to sell oil, gas business by yearend

    DONG Energy, Fredericia, Denmark, expects to sell its oil and gas exploration and production business by yearend.

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    Thu, 19 Jan 2017

  5. Oil and Gas News: Genie Energy launches drilling services company in Israel

    Genie Energy Ltd. is establishing Atid Drilling Ltd., an onshore drilling services venture based in Israel. Atid will pursue drilling opportunities for clients in a variety of fields including oil and gas exploration , water resource development and mineral exploration.

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    Fri, 13 Jan 2017

  6. Kosmos prices secondary public offering of common shares

    Kosmos Energy has priced its previously announced underwritten public offering of 30,000,000 of its common shares, all of which were offered by funds affiliated with Warburg Pincus LLC and The Blackstone Group LP.

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    Thu, 12 Jan 2017

  7. Egypt offers auction of oil and gas exploration concessions

    Reuters reports that Egyptian General Petroleum Corp. (EGPC) and Egyptian Natural Gas Holding Co. (EGAS) announced Dec. 30 an international auction for 22 concessions for oil and gas exploration in accordance with production-sharing agreements.

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    Tue, 31 Dec 2013

  8. TGS, BGP partner for oil and gas exploration seismic surveys offshore Madagascar

    Two firms have started 2-D seismic, gravity and magnetic surveys offshore Madagascar to gather data for oil and gas exploration companies interested in drilling in the region.

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    Mon, 11 Nov 2013

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