Posts in exploration
- Although the oil price has now dipped significantly from its highs of the summer, its relatively high price is having an effect on both oil consumption and production. Take the UK: The rising cost of running a car has caused traffic on Britain’s major roads to drop for the first time since congestion was measured,...
Continue reading 'A Nodding Donkey in your Back-Yard'.
- Happy Environment Day, story number three. The record oil price could cause a second oil boom in the North Sea. The popular view is that the UK’s share of the North Sea is in decline, with energy reserves diminishing rapidly about 35 years after the oilfields were first exploited. However, there is a growing body...
Continue reading 'The Second North Sea Oil Boom'.
- We just don’t know when to stop. It looks like we are going to chase every drop of oil under every remote sea-bed, no matter the consequences. A fevered scramble for control of the world’s seabed is going on – mostly in secret – at a little known office of the United Nations in New...
Continue reading 'The Seabed Scramble'.
- There is something absurdly ironic when climate change caused by the oil industry leads to the melting of ice, which in turn leads to more land or sea being available to explore for oil and gas. The latest country to be affected is Greenland, where oil companies have begun looking for crude deposits off the...
Continue reading 'Greenland Joins the Oil Rush'.
- After 10 years of delays since oil was discovered off the Falkland islands, oil companies are planning to start drilling within the next 12 months. The move follows the conclusion of lengthy, but successful, tests by geologists and significant cash injections by two major oil companies which plan to bring rigs to the islands by...
Continue reading 'Drilling for Oil to Start Off Falkland Islands'.
- Statoil, the Norwegian national oil company, has begun a two-year drilling programme in Arctic waters to determine the potential of Norway’s share of one of the world’s few remaining unexplored oil prospects. It also hopes to co-operate with Russian companies such as Gazprom to find oil and gas further into the Arctic, including areas disputed...
Continue reading 'Statoil Begins Arctic Drilling'.
- Australian mining giant, BHP Billiton says it has acquired a 40% interest in 14 offshore exploration and production licenses in the Falkland Islands in the South Atlantic. The 14 production licenses cover approximately 18 million acres located in water depths ranging from approximately 200 to 2,000 meters. BHP Billiton is the designated operator, starting in...
Continue reading 'Argentina Annoyed at Falklands Oil Deal'.
- The Arctic rush is well and truly on. Hot on the heels of Russia and Canada, Denmark has now started a new polar expedition to explore the region. The aim is to gather data showing whether there is a basis for a possible future Danish claim to parts of the Arctic. If evidence is found...
Continue reading 'Now Denmark Eyes North Pole'.
- China’s oil giant, PetroChina is planning to raise $6 billion in a listing of new shares in Shanghai, to finance oil exploration and overseas acquisitions. The company has also recently announced a couple of significant discoveries. Last month PetroChina, which invested $19 billion in 2006, announced a big discovery in Bohai Bay, an oilfield with...
Continue reading 'PetroChina Poised for $6bn Listing'.
- The head of US oil giant ConocoPhillips has said that “vast new areas” will have to be opened up to meet a projected 40 per cent growth in demand for oil in just over two decades. Chairman and chief executive James Mulva said: ‘By 2030 we would have to bring on line 105 million barrels...
Continue reading 'Oil Baron: Vast New Oil Areas Needed'.
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