• 1 hour Keystone Pipeline Restart Still Unknown
  • 5 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 7 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 9 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 11 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 12 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 14 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 1 day Oil Prices Rise After API Reports Major Crude Draw
  • 1 day Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 1 day Gazprom Speaks Out Against OPEC Production Cut Extension
  • 1 day Statoil Looks To Lighter Oil To Boost Profitability
  • 1 day Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 day Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry

Breaking News:

Keystone Pipeline Restart Still Unknown

Alt Text

Oil Drillers Reopen The Fracking Debate

The debate surrounding fracking’s environmental…

Alt Text

Chinese Crude Inventories Fall For First Time In 12 Months

Chinese crude oil inventories have…

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

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:




Back to homepage


Leave a comment

Leave a comment




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