But that can't happen as long as the moratorium bars drilling exploration wells.
Seismic testing has already been done on the acreage, and Chevron says it plans to start drilling exploration wells by the end of the year.
Incidentally, inflation in drilling and exploration is running in the double digits--maybe as high as 15%.
Investors in drilling and exploration companies got the bragging rights for recent gains.
Oil majors like ExxonMobil and Shell Petroleum come up with little incremental reserve despite escalating spending for drilling and exploration.
The search for additional resource additions is expected leading to further drilling and exploration, which is expected to continue into 2012.
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It will require renewed deep sea drilling and exploration though.
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Among these goodies is a 40% state refund on money spent for drilling and exploration costs paid in cash to the operator.
The boom in natural gas development should also stimulate the local economies and employment incomes of counties and states where drilling, exploration and transportation are centered.
These scapegoats rightly pointed out that oil and gas supplies would be meaningfully boosted if restrictions on drilling and exploration in the Outer Continental Shelf and in Alaska were lifted.
Overall, the big picture looks bright, but it should keep in mind that holding a drilling and exploration license in a particular geography does not automatically spell big bucks for an energy company.
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It is no wonder that BP are acting out this exercise in a public way as US lawmakers threatened to block any application BP would make to be party to drilling and exploration activity involving new US offshore leases because of its past safety record.
California (and the federal government) also pushed the use of natural gas, ignoring the fact that, because everyone had assumed natural gas would remain in a glut, the state and other political entities had been doing everything possible to block drilling, exploration and transportation for new supplies.
The moratorium would stop any new permits from being issued for deepwater drilling in federal waters for the time being, and halt exploration drilling at 33 sites (many of which have already begun shutting down their activities).
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Additionally, the firm said is looking to possibly expand the Rimpi zone after successful exploration drilling.
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Oil and gas group Bowleven has started drilling at its exploration well off the coast of Cameroon.
Depending on the results, exploration drilling could start as early as 2014 in the Black Sea and 2015 in the Kara Sea.
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It is accelerating the ramp development and exploration drilling at the zone and is incorporating the results into a study on future phased expansion.
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It turns out that when oil prices are high, companies do more exploration and drilling.
Removing barriers to exploration and drilling would create tens of thousands of new jobs.
Brazil is positioning itself as one of the world's premier locations for deepwater exploration and drilling.
Alan Garcia, as president from 2006-2011, opened up the Amazon to mining and oil exploration and drilling.
It refuses to open up the vast oil- and natural gas-rich Outer Continental Shelf (OCS) for exploration and drilling.
"This is an exciting period for Faroe Petroleum with three high-impact exploration wells drilling at the same time, " he said.
Oil and gas companies think it will facilitate offshore exploration and drilling.
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His Vanco Energy, in Houston, Texas, has 11 million hectares of exploration and drilling rights in the area--more deepwater rights than Shell, ExxonMobil and BP combined.
Edinburgh-based Cairn said the move would add drilling to its 2012 exploration programme, with up to nine Agora wells scheduled to be drilled off the UK and Norway.
This means that the oil companies will cover more of the up-front costs of exploration and drilling, and will in return receive a greater share of the profits.
The Norwegian Petroleum Directorate expects investments exploration and production costs to keep increasing through 2013, which will directly result in higher revenues for providers of offshore exploration and drilling services.
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There are tens of billions of barrels of oil--not to mention gobs of natural gas--off the U.S.' coasts, yet Congress has declared 85% of the U.S. Outer Continental Shelf off-limits to exploration and drilling.
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