Page 16: of Offshore Engineer Magazine (Nov/Dec 2022)

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Market Forecast 2023

Ofshore exploration drilling forecast by peer group

Atlantic Basin exploration – will Argentina mirror Namibia’s success?

Both sides of the basin will host much of the action. The world-class success achieved by Shell (Graff) and TotalE- nergies (Venus) earlier this year has unlocked Namibia’s

Orange Basin, and it will see multiple wells in 2023, in- cluding an effort (the 5/6/7-1x well) by the French Major to extend the play into South Africa.

Equinor is looking to replicate the success on the conjugate margin in Argentina – all eyes will be on its

US$100 million Argerich-1 well in the Argentina Basin, whose geology is considered analogous to the Orange Ba- sin; success would open a new production frontier for the country.

The Equatorial Margin off South America’s northeast coast will continue to attract signi?cant exploration dollars.

The highest risk effort will be undertaken by Petrobras, which plans to spend US$3 billion over the next ?ve years in an effort to prove up Brazil’s Equatorial Margin basins.

The spud of its Morpho well in the Foz do Amazonas Ba- sin is imminent, with three additional targets to follow.

Te Eastern Mediterranean gas province

In Guyana, expect to see ExxonMobil add more re- continues to heat up source to the 11 bnboe+ already found at the Stabroek Welligence’s second exploration hotspot is the Eastern block, while TotalEnergies continues to try to prove up the Mediterranean, which has already yielded multi-Tcf gas commerciality of Block 58 in Suriname. The big question, discoveries and is producing signi?cant volumes. however, is whether anyone else can make meaningful With existing infrastructure in place or planned, and a ?nds in the Guyana Basin. ready market in Europe, this is one region where gas de?- nitely works.

Ten ofshore exploration wells to watch

Top explorer Eni will be highly active – it just spudded

Moving further up the coast to eastern Canada, bp is the Thuraya-1 well offshore Egypt, and is drilling ahead at preparing to spud the Ephesus prospect in the under-ex- the Zeus prospect in Cyprus. plored Orphan Basin. This is a giant, billion-barrel target. In Egypt, BP has secured a rig to kick off a four-well 16 OFFSHORE ENGINEER OEDIGITAL.COM