Much of the focus remains on oil companies pushing ahead with exploration projects in new frontiers.
In the Atlantic, off the coast of French Guiana, a Shell led consortium this week kicked off the fourth and final well of a closely followed, but so far unsuccessful, campaign.
The programme aimed to follow up the deep water Zaedyus oil discovery, made by a single wildcat well in 2011.
The three previous wells have been unsuccessful. Those wells were exploratory, testing separate new prospects in the area with similarities to Zaedyus. The final well will, however, go back to assess the Zaedyus discovery itself.
Meanwhile, Genel Energy (LON:GENL) further expanded its African acreage. The Anglo-Turkish oil firm, which has so far focussed primarily on its assets in Kurdistan, acquired a 40% stake in the Adigala block in Ethiopia.
This adds to the group’s other African projects, in Ivory Coast, Somaliland and in Morocco. Later this year work will start on Genel’s first well offshore Morocco.
In recent weeks Cairn Energy, another E&P with a Morocco well slated for 2013, reaffirmed its ambitions in West Africa, with moves into Senegal and Namibia.
Africa is unsurprisingly becoming an increasingly attractive destination for major exploration companies, which have particular interest in high-risk, high-reward deepwater projects – where one well can lock huge resources.
Many of these ventures are, however, very much early stage and explorers require patience.
In West Africa, Namibia and Liberia, both of which have yet to unearth their first commercial discoveries, are clear examples.
Liberia has undoubted potential. Maps of the licence blocks offshore Liberia read like a who’s who of the major international oil industry – aside from Chevron, the names include Exxon, ENI, Repsol Anadarko and Tullow Oil.
Meanwhile smaller exploration firms Africa Petroleum and Canadian Overseas Petroleum also have interests in key projects.
The enthusiasm in the industry is underlined by the fact that Chevron has set up its own operating base, onshore Liberia, where it is storing a vast horde of drill-pipes and equipment that will be used for exploration drilling.
The facility will support Chevron’s operations and may reduce drilling costs over the long term.
The site has just been established in Grand Bassa County and, coming after last year’s wells, the results of which are still be analysed, it is a reassuring sign of commitment to the oil frontier.