Graham Goffey, Exploration Task Force/Soliton Resources Ltd, and Nick Terrell, Exploration Task Force/ Carbon Catalyst Limited
In the UK’s ambitious net zero regulatory context, exploration can make a positive contribution to energy security, emissions reduction, local employment and revenue and tax generation to facilitate and subsidise future renewables growth.
The region of South America and the Caribbean has had a mixed bag of results in oil and gas in the last 12 months or so. We have seen more world class oil discoveries being made, play openers, a return of bid rounds, and slow progress with deal flow.
South America and the Caribbean is currently seeing less licensing activity, at least partially because of the impact of the Covid-19 pandemic on frontier exploration, which has prompted international oil companies to focus on ILX and advantaged oil.
The extended impact of uncertain oil prices, combined with the Covid-19 pandemic and dwindling investor sentiment for hydrocarbons, have resulted in further delays, and in some cases cancellations, of already delayed wildcat wells.