• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 50 mins Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 35 mins Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 10 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 3 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 10 mins CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 3 days Modest drop in oil price: SPRs vs US crude inventory build
  • 3 days 2019 - Attack on Saudi Oil Facilities.
  • 8 hours NordStream2
  • 4 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 days Ukrainian Maidan after 8 years
  • 5 days Peak oil - demand vs production
  • 6 days "How the CO2 shortage is impacting the food and drink sector" - Specialty Food Magazine
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

The U.K. Is About To Boost Oil Exploration With An Old Trick

In 2000, Canadian miner Goldcorp changed its fortunes through a unique strategy: giving away its proprietary technical data.

Dubbed the “Goldcorp Challenge”, the firm made all of its geological information available to the public. And offered $575,000 in prize money to geologists who could use the data to tell the company where to find the next big discovery on the company’s gold property in Ontario — a move that ultimately led to $6 billion in new gold resources being discovered.

And this week, one of the world’s go-to oil and gas nations said it is trying something similar to reboot exploration.

That’s the U.K. Where the country’s Oil and Gas Authority said yesterday it will make all data on the North Sea freely available for the first time ever. Related: Oil Fundamentals Could Cause Oil Prices To Fall, Fast.

The Authority said that as of the end of March, it will post its complete data set online. With the package consisting of 40,000 kilometers of new and reprocessed seismic, as well as gravity and magnetic data — and all government-held well information.

The stated aim of this move is to generate new play ideas across this mature area — with officials saying they hope the open data will serve in “revitalizing exploration of the basin”.

And data isn’t the only thing the U.K. is offering. Like Goldcorp, the country is also putting up cash rewards. Related: Contraction In U.S. Shale Pushes Oil To $40

The Oil and Gas Authority said it will offer 500,000 pounds ($715,000) in prize money to individuals who come up with “innovative interpretations and products” based on the technical data. With officials saying they hope the competition will particularly increase understanding of plays in frontier areas of the offshore.

All of which is intended to generate buzz ahead of the country’s 29th Seaward Licensing Round. And hopefully lead to increased bidding on license areas as part of that event. Keep an eye out for announcements from the Oil and Gas Authority on the results.

Here’s to giving it away.

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News