While global offshore exploration activity has been flat year-to-date, the situation has been far more buoyant on the Norwegian Continental Shelf (NCS), where the number of wells drilled could challenge all-time high levels by the end of the year.
ConocoPhillips has entered into an agreement to sell the subsidiaries that hold its Australia-West assets and operations to Santos for $1.39 billion, plus customary closing adjustments.
As investments in tight oil increased from 2016 to 2018 and offshore investments decreased, tight oil investments almost reached the same level as offshore in 2018. However, in 2019 the table has turned. Now offshore investments are on the rise again, while tight oil has started to decline.
The oil & gas industry is one of the main economic drivers for both developed and developing economies.
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