Full cost (FC) accounting allows companies to capitalize all operating expenses related to locating new oil and gas reserves, regardless of the outcome.

Environmental and Native organizations on Thursday sued the Trump administration to try to overturn last month’s approval of an expansive oil-exploration program on the North Slope. The lawsuit, filed ...

Dec. 2 (UPI) --Uruguay's government has approved seismic studies in deep waters of the South Atlantic to determine whether the country has offshore oil reserves -- a decision moving forward with ...

The project from ConocoPhillips will include exploratory drilling and a seismic survey in the vast National Petroleum Reserve-Alaska. The Bureau of Land Management last week approved exploratory ...

Pakistan Petroleum Ltd., a state-owned energy company, is reclaiming land from the sea to create a launchpad to ramp up oil and gas exploration. The artificial island will come up 300km (190 miles) ...

Following signing of a production sharing contract for Block S4 with Guyana’s Ministry of National Resoruces, TotalEnergies will hold 40% operated interest in the shallow-water block. TotalEnergies ...

Pakistan has awarded 23 offshore oil exploration blocks, marking a significant increase in investor interest and a move to boost domestic oil and gas production. Consortiums led by major local and ...

Vienna-based OMV has made an oil discovery onshore Libya, according to the country's state oil company. Libya's National Oil Corporation (NOC) reported late last week that OMV's B-1 exploration well ...

Oct. 28 (UPI) --Brazil's bid to turn the mouth of the Amazon River into a new oil frontier is facing institutional pushback. While the national oil regulator recently awarded dozens of offshore blocks ...

Brazil sold five of the seven blocks offered in an oil auction on Wednesday to majors including Petrobras and Equinor ASA in a sign of renewed interest to explore in deep waters off the country’s ...

The contracts, which include the world's first competitively awarded native hydrogen exploration licenses, went to companies from Australia, Israel, the Philippines, Singapore, the UK and the USA, ...