Elaine Reynolds
28 March 2018

UK independents pick up blocks in Mexico’s Round 3.1

Premier Oil was awarded three blocks, while Cairn Energy has picked up one block in the latest shallow water round offshore Mexico. Premier beat off bids from five other consortia for Block 30,  which was the most hotly contested of the round. The company holds a 30% WI in the Sureste basin block, which will be operated by DEA and partnered by new entrant Sapura.

Read more...
Elaine Reynolds
7 November 2017

Tullow’s Araku result completes our 2017 wells to watch list

At the start of this year, we highlighted seven exploration wells due to be drilled in 2017, all involving independent companies and targeting resources over 100mmboe. The results from the last of these wells, Tullow’s Araku, were announced last week, with the offshore Suriname well proving the presence of gas condensate but with no significant reservoir quality rocks.

Read more...
Elaine Reynolds
12 July 2017

Significant discovery for Premier offshore Mexico

Premier’s discovery in Zama-1, offshore Mexico, demonstrates why international companies have been lining up to secure positions in the region. The well encountered net oil bearing reservoir in the Upper Miocene that the company estimates contains over 1 bn bbls gross oil in place (while partner and operator Talos Energy gives a range of 1.4 to 2bnbbls).

Read more...
Elaine Reynolds
20 June 2017

South east basin most popular in latest Mexico round

Following on from our recent Offshore Mexico ‘Exploration Watch’ (Click here for report), bidding in Round 2.1 was concentrated on the south east basins and saw the first entry to the basin of supermajor Shell as well as UK independent Cairn Energy. Ten of the fifteen shallow water blocks on offer were awarded, with nine of these located in the Sureste Basin. Only one block, Block 2, was awarded (to Dea Deutsche and Pemex) in the five blocks on offer in the Tampico-Misantla and Veracruz basins.

Read more...
Elaine Reynolds
23 May 2017

Premier spuds Zama-1 offshore Mexico

The spudding of Zama-1 marks the first offshore exploration well to be drilled in Mexico by an international company in over 80 years. The Talos Energy operated well, partnered by Premier Oil and private Mexican company Sierra Oil and Gas was on our list of wells to watch in 2017. Click here for report.

Read more...
Elaine Reynolds
21 March 2017

Wells to watch in 2017

Since the oil price crash of 2014, exploration has been particularly badly hit as companies looked to trim expenditure. Wood Mackenzie estimates that 2017 exploration will account for 8% of upstream expenditure, down from historic norms of 14%. In this more difficult environment, any surviving exploration has tended to be led by majors, for example ExxonMobil’s giant Liza discovery offshore Guyana in 2015. In our most recent Exploration Watch, we highlight wells due to spud in 2017 that involve independent companies, with resources estimates greater than 100mmboe. Our exception is the much anticipated multi-billion barrel potential Korpfjell prospect in the Barents Sea offshore Norway, which is operated by Statoil and partnered by major companies.

Read more...