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...Turkey has also been launching its own exploration and production operations, including a large gas site in the Black Sea and oil drilling in the country’s south-east....
...China’s production of refined copper has surged in recent years, but given the huge global demand, the commodity superpower cannot be relied upon to plug the production gap....
...Moving from exploration to production has required an average of 16 years in the past two decades, according to S&P Global Market Intelligence....
...What is striking is that shares in US-listed gas-focused exploration and production companies have performed surprisingly well year to date....
...The midstream company was spun off from EQT in 2018 after activist pressure, with EQT retaining its upstream business, focusing on natural gas exploration and production, and Equitrans Midstream on storage...
...exploration and production....
...Its find proves that despite rumours to the contrary, oil exploration is not dead yet. Other Big Oil names will be interested in sharing in that success....
...It is unpopular with environmentalists who argue that CCS enables oil companies to keep drilling....
...Brazil must consider capping oil production and exploration, the country’s environment minister has said, casting her in opposition to the government’s own plans of turning the nation into one of the biggest...
...Building mines from scratch, always risky, gets ever harder: the time from exploration to cash flows from production has averaged 16 years of late....
...Exploration companies, meanwhile, were struggling to raise capital because of interest rate hikes, he added. “Exploration is where babies come from....
...That left the former with the upstream business focused on gas exploration and production and the latter on storage and transport....
...Companies also remain steadfast in terms of exploration. GEM tracked 50 new project discoveries between 2022-2023, totalling about 20bn boe....
...High production could also make the Biden administration more focused on promoting other forms of greener energy. Independent exploration and production companies (E&Ps) have changed radically....
...“The customers have to trust you because it’s basically a mission-critical part of the production line....
...A handful of exploration companies are searching for new deposits of uranium, which has tripled in price since the start of 2021 because of a resurgence in interest in nuclear energy....
...Shares in US-listed gas-focused exploration and production companies have performed well in the year to date, helped partly by timely gas price hedging....
...Almost all international exploration licences are in the Clarion-Clipperton Fracture Zone, in the Pacific Ocean near Hawaii....
...Oil production in the delta has since generated billions of dollars in revenues for the companies and the government but become increasingly costly for international operators....
...The largest US oil company by sales said it expected annual capital and exploration expenditure of $23bn-$25bn in 2024, rising to $22bn-$27bn from 2025 to 2027....
...Antero Resources has cut rig numbers from three to two and slashed its exploration budget....
...But they also provide access to sophisticated technologies that are vital to support exploration and development of complex drilling operations....
...Among companies, electric-vehicle maker Tesla on Tuesday is set to report record production in 2023. Rival Rivian is also due to announce quarterly deliveries....
...“The private [exploration and production groups] were the last remaining vectors of that era of very price-cyclical boom and bust growth cycles,” said Matthew Bernstein, senior analyst at consultancy Rystad...
...Zimbabwean pension funds are among the investors in Invictus and the company and the project will eventually need a production-sharing deal with the Zimbabwean state....
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