Additionally, the firm said is looking to possibly expand the Rimpi zone after successful exploration drilling.
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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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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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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.
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.
There are tens of billions of barrels of oil--not to mention gobs of natural gas--off our own coasts, yet Congress has declared 85% of the U.S. Outer Continental Shelf off-limits to exploration and drilling.
As the amount of reserves oil companies hold starts to diminish, oil companies will need to increase oil exploration and drilling to replenish reserves, after all, they are in the business of selling oil.
Trying to stop the flow of an oil gusher 5000 feet below the surface in extremely cold water is a complex engineering challenge as was the original exploration, drilling, and construction of the oil rig in the first place.
House Democrats announced a plan of their own on Tuesday that calls for increasing oil production in areas that have already been roped off by the federal government for exploration and drilling -- lands that already account for some 89 percent of the nation's untapped reserves.
To help us reach that goal, we are working hard to maximize our opportunities related to shale exploration and drilling, electricity generation and distribution, continued development of renewable energy and alternative fuels as well as a continued support for coal, which will remain a vital source of energy for Ohio.
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.
However, they will no longer have the incentive to invest further in exploration and deep drilling, particularly in the technically more complex fields in the Amazon.
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The oil spill has also rejuvenated a campaign by environmental groups and native coastal villagers to reduce the area of the Arctic open to oil exploration and overhaul drilling regulations.
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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Oilfield services companies provide the tools and equipment required in the exploration of oil including drilling rigs, offshore rigs and transport equipment.
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