• 1 hour UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 5 hours LNG Glut To Continue Into 2020s, IEA Says
  • 7 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 10 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 12 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 14 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 7 days OPEC Oil Deal Compliance Falls To 86%
Alt Text

Is The War On Coal Really Over?

Even if the EPA manages…

Alt Text

Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

Kuwaiti Oil Minister Al-Marzouk has…

Alt Text

Rising OPEC Production Weighs On Oil Prices

After seeing a slight drop…

Oil Companies Bet Big On This Mature Oil Play

UK continental shelf rig

Historic week in the oil and gas industry. With one of the world’s most well-known exploration destinations unveiling a slate of next-generation projects.

The U.K. offshore.

Late last week, the U.K. Oil and Gas Authority announced the results of a unique bid round for exploration licenses in frontier ocean areas. Representing the first time the nation has carried out such a frontier round in 20 years.

The results were strong. With the authorities announcing offers of 25 licenses to 17 different companies, covering a full 111 oil and gas blocks.

Officials haven’t named the successful bidders yet. But did mention that the winners included “established firms” as well as “first-time entrants to the basin” — suggesting that we’ll see some new players in this part of the world soon.

The strong interest in this frontier round is an important point for the global industry. Showing that even mature play areas can still yield big leads — if advanced technical analysis and the right fiscal terms are applied.

In this case, technical work by the U.K. government played a major role. With authorities having funded $25 million to collect 40,000 square kilometers of new seismic over the frontier Rockall and Mid-North Sea High areas — all of which was made available to bidders, to look for new leads in these emerging plays.

The continuing prospectivity of the U.K. offshore was underscored by another piece of news yesterday. When junior developer Hurricane Energy unveiled a new oil find that it says is “the largest undeveloped discovery on the UK Continental Shelf.” Related: Shell’s New Permian Play Profitable At $20 A Barrel

Those claims were backed up by results from Hurricane’s recently-drilled offshore Halifax well. Which appears to have extended a major oil pool previously detected by the company — occurring in unconventional reservoir rock, namely fractured basement granites.

Hurricane estimates that this frontier discovery could hold over 3 billion barrels in oil resource.

Further demonstrating how big pools are still waiting to be found in this mature petroleum province.

All of which suggests interesting results could be ahead for this week’s bid round winners. Watch for the identities of the firms involved, and for more details on project plans — with at least three wells reportedly coming in the near to medium-term.

Here’s to stepping out.

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News