Oil & Gas Exploration in 2013

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Norwegian Exploration Wells Graph

Against a backdrop of global recession, oil and gas companies anticipate growth in 2013 with more exploration wells being drilled and planned for the future.

Statoils president announced last week that they will complete around 50 exploration wells in 2013 with a total exploration activity level at around USD 3.5 billion.

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2012 was a year of strong strategic and operational progress for Statoil. We grew our production by 8% in 2012, in line with the target we announced in 2011, and we deliver strong earnings growth. We are well underway to deliver profitably on our ambition of producing more than 2.5 million barrels of oil equivalents per day in 2020,” says Helge Lund, Statoil’s president and CEO.

Tullow Oil announced in January

2013 will be our biggest exploration year,” Chief Financial Officer Ian Springett said in a phone interview. “There are some important, potentially basin-opening wells.”

Tullow, based in London, has secured exploration projects in Uruguay, Mozambique, Greenland and Guinea as it expands into new frontiers. In December, it agreed to buy Spring Energy AS to boost its exploration portfolio in Norway. Tullow also decided to exit the U.K. and Netherlands by selling its southern North Sea gas production assets.

The Oil & gas industry is seeing huge growth worldwide. Because of this growth and the retirement of many of its most experienced engineers the oil and gas jobs market is now flooded with oil and gas jobs.

Faroe Petroleum has announced plans to invest £50 million drilling five new wells in 2013. Faroe sunk six wells in 2012, with the highlight being the Butch discovery in Norwegian waters described as having a “very high net to gross ratio”. The Aberdeen-based exploration firm said its 2012 year-end cash position will be in the region of £75 million which, along with undrawn debt, will go towards financing the 2013 drilling programme. Faroe said one well in particular in the 2013 drilling programme in North Uist – operated by BP and in which Faroe holds a 6.25 per cent stake –

“offers significant resource potential and is located in the same area as a number of important discoveries on the Atlantic margin’s Corona Ridge, including Rosebank and Cambo”.

 

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