Discoveries News

Canada-based oil company CGX Energy OYL.V will begin dredging and building the docks of a key deepwater port at Berbice, in eastern Guyana, planned to serve the South American nation's oil and agriculture sectors, the firm's chairman said on Wednesday.CGX Energy unit Grand Canal Industrial Estates in 2010 acquired a 50-year lease for a 55-acre parcel strategically located near the Berbice River for the project. When complete, it would become Guyana's third oil port and its only deepwater facility."The construction of docks and dredging will begin very shortly…

The drilling of Beacon Offshore Energy's Winterfell-2 appraisal well on Block 943 in the Green Canyon area of the U.S. Gulf of Mexico has been completed with the well showing encouraging results, Kosmos Energy, a partner in the project said Tuesday.The Winterfell-2 well, where Kosmos' working interest is ~16.4%, was drilled to evaluate the adjacent fault block to the northwest of the original Winterfell discovery and was designed to test two horizons that were oil bearing in the Winterfell-1 well…

Oil and gas major ExxonMobil on Wednesday announced two new oil discoveries offshore Guyana, at Fangtooth and Lau Lau wells, adding to previous recoverable resource estimate of 10 billion oil-equivalent barrels.The Fangtooth-1 well, drilled with the Stena DrillMAX drillship, encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field. The Lau Lau-1 well, drilled by the Noble Don Taylor drillship, hit around 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs.

Iran has discovered a new oil field in the country’s south with an estimated 50 billion barrels of crude oil in the oil-rich Khuzestan province, its president Hassan Rouhani said.However, the US  sanctions against Iranian oil could make it difficult for the oil to find its way to international markets.Rouhani made the announcement in a speech in the desert city of Yazd. Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.He said the oilfield is located in the southwestern province of Khuzestan in a land stretching 2,400 square kilometers between Bostan and Omidiyeh.The president said exploration activities for the oilfield had begun in 2016…

Egyptian General Petroleum Corporation (EGPC) led globally among companies in the third quarter (Q3) 2019 in terms of the highest number of oil and gas discoveries, said GlobalData.Of the total 38 discoveries made worldwide, EGPC had four, all being onshore discoveries. Of these, three were conventional oil discoveries while the remaining was a conventional gas discovery, said a report from GlobalData.Soorya Tejomoortula, Oil and Gas Analyst at GlobalData, explained: “Of the three conventional oil discoveries made by EGPC in Q3 2019, two are in the Western Desert Basin and the remaining is in the Gulf of Suez Basin. This lone conventional gas discovery was made in the Nile Delta Basin.”“Aker BP…

On 28 October 2019 oil giant BP announced a major gas discovery, Orca-1, exploration well in the BirAllah area off the coast of Mauritania.“The deepest and largest discovery so far this year, Rystad Energy estimates Orca-1 holds around 1.3 billion barrels of oil equivalent (boe) of recoverable resources,” says Palzor Shenga, a senior analyst on Rystad Energy’s upstream team.Offshore continues to dominate exploration in 2019, both in terms of the number of discoveries and the volume of resources unearthed. Boosted by the find, Mauritania now ties Guyana for the second most discovered volumes this year, trailing closely behind Russia with 1.5 billion boe.“This type of significant discovery…

Oil and gas exploration is off to a flying start in 2019, with majors taking a bigger bite of the conventional resources discovered in the first quarter, according to Rystad Energy.Global discoveries of conventional resources in the first quarter reached a robust 3.2 billion barrels of oil equivalent (boe). Most of the gains were recorded in February, posting 2.2 billion barrels of discovered resources – the best monthly tally on record since August 2015.“If the rest of 2019 continues at a similar pace, this year will be on track to exceed last year’s discovered resources by 30%,” says Taiyab Zain Shariff, Upstream Analyst at Rystad Energy.ExxonMobil was the most successful, with three significant offshore discoveries accounting for a whopping 38% of total discovered volumes.