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The Key Wells to Watch 2023 Report by Westwood Indicated That South America Is Expected to Remain a Key Region for High-Impact Exploration, Primarily in the Suriname-Guiana Basin and Brazil. On the Other Hand, the Report States That Argentina Will Have Its First Deepwater Well Drilled.
The Report Also Foresees a Recovery in North America Following an Intense Year When Nine High-Impact Wells Were Completed. Additionally, There Are Five More High-Impact Wells in the US Gulf of Mexico, Not Counting Other Commitment Wells on the Coast of Mexico and a Frontier Basin Test to Be Conducted in the Orphan Basin off the Coast of Canada.
On the Other Hand, Africa Will Also Have Wells in the Orange Basin off the Coast of Namibia, as Well as Frontier Tests off the Coasts of Mozambique, Morocco, and Gabon. In 2022, There Was High-Impact Exploration in the Eastern Mediterranean, Which Is Expected to Continue in 2023, with Five More High-Impact Wells Anticipated.
However, Westwood Indicates That High-Impact Drilling Is Expected to Drop Significantly in Europe, the Middle East, and Asia-Pacific This Year Compared to 2022 Results.
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Russia and China advance on a gas pipeline of more than 2,500 kilometers that will carry gas from Siberia to northern China; Putin’s visit to Beijing is also expected to result in an agreement to facilitate payments in ruble and yuan between the two countries.
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End of the dream of home ownership: construction companies defrauded Brazilian families with Caixa’s money, received more than 80% of financing up to R$ 500,000, abandoned projects, left debts over R$ 200,000, and properties threatened with auction after suspicious reports.
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Government puts R$ 2 billion on the table for highway construction connecting two states in Brazil, but report reveals risk of losses of R$ 1.9 billion and economic viability considered “statistically null”
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Oil market could enter a real panic as early as the beginning of June if the Strait of Hormuz remains closed and stocks reach their limit, warns research company.
In the Report, Westwood States That “The Conflict in Ukraine and High and Volatile Oil and Gas Prices Have Caused Energy Policy to Shift in the Short Term, from Environmental and Energy Transition Focus to Accessibility and Security. Meanwhile, Global Explorers Are Taking a Measured Approach and Maintaining Stable Budgets and Activities While Trying to Improve Overall Exploration Efficiency.”
High-Impact Exploration Was One of the Hallmarks of 2022
In 2022, High-Impact Exploration Drilling Was Stable in the Industry, with Results Similar to 2021. Thus, Even Though 2022 Was a Tumultuous Year, with 81 High-Impact Wells Completed, the Report Indicates That the Outlook Is Favorable.
The Sector’s Performance Was Positively Impacted by a Resource Increase from 7.4 Bnboe in 2022 to 9.2 Bnboa in 2022. Additionally, There Was an Increase in the Commercial Success Rate from 29% to 36% in 2022.
According to the Report, Discoveries in the Orange Basin in Namibia Brought New Oil Finds, with Preliminary Estimates of Potentially Over 3.5 Bnboe of Discovered Oil and Gas Resources.
Furthermore, the Second Largest Discovery of 2022 Also Brought Positive Impacts. This Discovery Was Made in Uchuva, in the Guajira Basin, off the Coast of Colombia, Which Found 3-5 Tcf of Recoverable Gas. On the Other Hand, Nine More Commercial Discoveries Were Made in Guyana and One in Suriname, Representing 21% of Total Discovered Resources.
On the Other Hand, the Report Shows That High-Impact Frontier Exploration Drilling Remained Low, with 19 Frontier Wells Completed in 2022, Despite the Excellent Commercial Rate of 26% with Five Open Discoveries in Uchuva in Colombia, Venus and Graff in Namibia, Anchois-2 in Morocco, and Timpan in Indonesia.
Finally, the Report Indicates a High Commercial Success Rate, Rising from 28% in 2021 to 46% in 2022. This Occurred Due to Improved Performance in the Suriname-Guiana Region, as the Stabroek JV Focused on High-Impact Drilling in the Core of the Proven Play.
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