JPT Global Oil and Gas Exploration, Project Sanctions Expected to Rise in 2019

Matt Zborowski, Technology Writer 

Exploration in 2018 got off to a strong start when the Chevron-operated Ballymore well encountered 205 m of net oil pay in the US Gulf of Mexico. Drilled by Pacific Drilling’s Sharav deepwater drillship, the well reached a total depth of 8,898 m. Global discovered oil and gas resources and big project sanctions are expected to remain on the upswing through next year, according to separate industry outlooks from Rystad Energy and Wood Mackenzie. Internalizing lessons from a difficult last few years, operators are choosing investments more wisely and now better prepared to deal with volatile oil markets, the consultancies concluded. "Portfolios are set to weather low prices, and the recent slide in prices justifies the sector’s conservative mindset."