This week, US major Exxon Mobil and India’s ONGC offshore inked a deal for deepwater exploration off India’s East and West coasts.
India, the world’s third largest oil importer, believes the partnership will bring “tangible benefits” to the entire energy value chain and open new opportunities for to the country’s E&P sector.
High impact drilling
Norwegian research firm Rystad Energy announced findings of its latest study that shows drilling of high-impact oil and gas prospects is set to bounce back this year.
According to the study, this year, global oil majors have drilled eight high-impact wells, of which four resulted in commercial discoveries including TotalEnergies’ Venus and Shell’s Graff oil discoveries in Namibia, Exxon Mobil’s Fangtooth oil find in Guyana, and Eni’s XG-002 gas discovery in the UAE.
Divesting too soon
Despite record growth in renewables, policies aimed at divesting from hydrocarbons too soon, without adequate viable alternatives, are “self-defeating,” Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, wrote in an article.
“The message for governments should be clear: Policies aimed at divesting from hydrocarbons too soon, without adequate viable alternatives, are self-defeating. They will undermine energy security, erode economic stability, and leave less income available to invest in the energy transition,” Al Jaber wrote.
