Investments in Exploration Drilling to Double

Laxman Pai
Monday, August 5, 2019

Rystad Energy sees investments both in offshore and onshore exploration drilling doubling in the next five years, compared to the last five years. Conventional onshore demand will be driven by Asia, Africa and South America.

Europe on the other hand, will be a hot spot for offshore exploration, led by investments on the Norwegian Continental Shelf, the energy research and business intelligence company said.

In the past few years conventional exploration drilling has been on a rocky road, dropping from 3000 exploration wells drilled in 2012 down to just 900 wells in 2016 – a whopping 70% decrease.

Exploration has been constrained not only by lower oil prices, but also other major shakeups in the hydrocarbon industry such as the shale revolution in the US.

As a consequence of low exploration activity, discovered resources have been insufficient to replace produced resources.

The past decade has seen an immense drop in discovered liquid volumes from 29 billion barrels discovered in 2010, bottoming out at 4 billion barrels discovered in 2016.

Categories: Drilling Exploration Investment

Related Stories

PTTEP Acquires Southeast Asia’s Offshore Block from Chevron’s Hess Unit for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

PTTEP Hires Energy Drilling’s Rig for Southeast Asia Offshore Job

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Turkey Discovers New Black Sea Gas Reserve

CNOOC Puts Into Production New Oil Field in South China Sea

Current News

PTTEP Acquires Southeast Asia’s Offshore Block from Chevron’s Hess Unit for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com