The majority of the world’s top 30 high-impact oil wells will be drilled in North and South America and in Africa this year, according to Rystad Energy.
“These regions [the America and Africa] continue to be the hotspots for high-impact exploration, with 19 of the top 30 wells, seven in North America, six in South America and six in Africa,” the Oslo-based consultancy said in a new report.
Rystad classifies wells as high-impact after assessing a number of factors including the size of the prospects and their significance to the operator.
Major oil companies operate 46 per cent of the wells included in the list “showcasing their continued appetite to invest in high-risk, high-reward prospects”, it said. In total, 120 high-impact wells have been drilled globally over the past four years but only 50 have resulted in discoveries. The region with the highest concentration of high-impact wells since 2017 has been Northwest Europe with 22, of which 14 were drilled in Norway, six in the UK and two in Ireland.
The list includes ExxonMobil’s Opal prospect in Brazilian waters and Shell’s offshore drilling plans in Mexico. It also includes French oil company Total’s wells Ondjaba-1 in Angola and Venus in Namibia.
“A majority of this year’s expected high-impact wells are targeting large prospects which, if successful, could significantly increase the new recoverable volumes of 2021,” Rystad Energy said. “All in all, the pre-drill resource potential of this year’s top-30 line-up is estimated to surpass 13 billion barrels of oil equivalent.”
Drilling of high-impact oil and gas wells was affected last year due to the global pandemic, but “overall results were nevertheless positive”, according to Rystad. The success rate rose to 41 per cent in 2020 from 32 per cent the year before and pushed discovered volumes to 3.2 billion barrels of oil equivalent, a four-year high.
A total of 35 high-impact wells were originally planned for 2020. Out of these, 16 were delayed until 2021 or beyond and six were shelved, according to the report.
“With market conditions improving, we expect delayed wells to be moved through the pipeline along with new prospects,” Taiyab Zain Shariff, senior analyst at Rystad Energy, said.
“This means high-impact activity could rebound to 2019 levels this year. The Americas region is likely to almost match last year’s number of high-impact wells, with Mexico as the driving force with five prospects.”
Oil prices have recovered in the last few weeks, thanks to production curbs by Opec and its allies. Saudi Arabia also announced a surprise unilateral one million barrels per day production cut in February and March to support oil markets.
Brent, the international oil benchmark, was up 0.85 per cent per barrel at the end of the week on Friday to $59.34, while West Texas Intermediate (WTI), the gauge for US oil, closed up 1.1 per cent to $56.85 per barrel.
The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
UAE currency: the story behind the money in your pockets
Andor
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
MATCH INFO
RB Leipzig 2 (Klostermann 24', Schick 68')
Hertha Berlin 2 (Grujic 9', Piatek 82' pen)
Man of the match Matheus Cunha (Hertha Berlin
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
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