Spending on conventional oil and gas exploration is on the rise and is set to top $50 billion this year, led by offshore investments, however, discovery volumes are falling to new lows, despite the rising investments. This is according to Rystad Energy, a Norway-based energy industry intelligence group.
The 92km Hoima-Kaiso-Tonya road straightens, then snakes around the escarpments of the great Albertine rift valley before halting at the onshore Kingfisher oil field at the parallels of Lake Albert in mid-western Uganda.
From 2022 to 2030, Offshore Drilling Rigs Market is anticipated to expand at a CAGR of 6.63%. Within the projection period, the Offshore Drilling Rigs Industry Revenue is anticipated to increase to USD 147.7 Billion.
The company estimates reserves of 70.8 bcm (2.5 tcf) of gas in place, with significant upside through further exploration.
Companies plan to drill 33 high-impact wells in 2022, the largest annual number since Rystad Energy started tracking the sector in 2015
Crude oil production in the United States stayed the same at 12.1 million bpd in the week ending July 29, according to the latest EIA data.
The number of total active drilling rigs in the United States rose by 6 this week, after drilling increases stalled out in the week prior, according to new data from Baker Hughes published on Friday.
U.S. offshore oil production is booming as operators are bringing new platforms online.
Years of underinvestment in drilling activity have taken their toll on the offshore industry.
Exxon is making significant investments in offshore Guyana and expanding its drilling efforts in a big way.