S02 ORME 5 2020 News 01_Layout 1 24/07/2020 07:37 Page 6
News
Global discoveries plunge in H1 2020
GLOBAL DISCOVERIES Of conventional resource volumes reached just 4.9 billion barrels of oil equivalent (boe) in the first half of 2020, Rystad Energy estimates, representing a 42 per cent drop in resource volumes and 31 per cent drop in the the number of discoveries compared to the same period in 2019. There were a total of 49 conventional oil and gas discoveries during the first half of 2020, and it is noteworthy that almost 70 per cent of the resources were discovered offshore and 55 per cent are categorised as gas. Russia, South America and the Middle East account for around 73 per cent of the total discovered resources so far in 2020. Significant discoveries include Jebel Ali in the UAE, Maka Central in Suriname, Uaru in Guyana and 75 Let Pobedy in Russia. “Last year we saw the highest volumes of discovered resources since the last downturn. Based on the large number of high-impact exploration wells planned for this year, 2020 was meant to follow the same path. But then COVID-19 struck and the oil market crashed in 1Q20, resulting in delays and cancellations as operators cut budgets,“ said Rystad Energy’s upstream analyst Taiyab Zain Shariff. Travel bans and associated logistical issues caused delays for projects in the initial and ongoing drilling phase that required crew changes, Rystad adds. Delays may also arise in the second half of the year as a result of COVID-19 related logistical issues resulting from an expected second wave of the pandemic. It is estimated that the global offshore exploration activity this year might reach its lowest point in 20 years, with discovered volumes falling even lower than they were in 2016, comments Rystad.
Phaze Ventures collaborates with OQ on disruptive energy technologies
Image credit: Phaze Ventures
PHAZE VENTURES, AN Oman-based venture capital firm, and OQ, Oman’s global integrated energy services company, have signed a Memorandum of Understanding whereby the organisations will work closely together to develop, deploy and invest in disruptive energy technologies from across the globe. The agreement incorporates several areas of collaboration in support of the two organisations’ core missions and brings together Phaze Ventures technology and investment ecosystem with OQ’s global operating platform and industry-leading expertise. The agreement will see the two companies work together in a number of areas including talent development and technology incubation and piloting. Abdullah Al-Shaksy, CEO and co-founder at Phaze Ventures, said, “We are on a mission to provide disruptive technology companies with the early-stage investments and strategic support they need to transform traditional industries such as the global energy and logistics sectors. “This agreement marks an important step on that journey. Strategic partnerships with forward thinking global players such as OQ allow us to provide innovators with the unique opportunity to develop and deploy their offering and, ultimately, supercharge their growth.” The agreement follows Phaze Ventures’ partnership with Petroleum Abdullah Al-Shaksy, CEO and coDevelopment Oman in 2018 and the launch of the region’s founder, Phaze Ventures. first energy-focused startup accelerator programme.
6
oilreview.me
Issue 5 2020
OIL MAJOR ENI has made a new gas discovery in the Mediterranean Sea offshore Egypt. The discovery is located at a water depth of 22 metres, 11km from the coast and 12km north-west from the Nooros field and around one km west from the Baltim South West field, both already in production. The well discovered a single column of 152 metres thick gas with excellent petrophysical properties within the Messinian age sandstones of the Abu Madi formation. The well will be put to production test. In this sector of the Egyptian offshore shallow waters, the discovery of Bashrush demonstrates the significant gas and condensate potential of Messinian formation. Bashrush’s discovery further extends the gas potential of the Abu Madi formation reservoirs that were discovered and produced from the so-called ‘Great Image credit: J. Stephen Conn/Flickr
Image credit: Rystad Energy research & analysis, ECube.
Eni makes new gas discovery
Eni and its partners have successfully drilled the first exploration well in the North El Hammad license.
Nooros Area’ to the west. Eni, along with its partners BP and Total, will begin screening the development options for this new discovery in coordination with the Egyptian petroleum sector, with the aim of ‘fast tracking’ production through synergies with existing infrastructures in the area. In parallel with the development activities associated with this new discovery, Eni will continue to explore the ‘Great Nooros Area’ with this year's drilling of another wellknown Nidoco NW-1 DIR exploration located in the Abu Madi West concession. Eni says the Bashrush discovery is further proof of the effectiveness of its ‘incremental’ exploration strategy, aimed at selecting high-value opportunities and ensuring the rapid development of new discoveries through existing infrastructures. In the North El Hammad concession, which is in participation with the Egyptian Natural Gas Holding Company (EGAS), Eni through its affiliate IEOC holds 37.5 per cent interest, BP 37.5 per cent, and Total 25 per cent.
