European explorers struggle to maintain momentum

摘要

Europe’s upstream independents are trying to reassure investors concerned about their recent exploration spending and drilling performance. London-listed Tullow Oil added 200mn bl of oil equiva-lent(boe)of potential resources last year,up from just 71mn boe in 2012.But its drilling success rate was lacklustre,and Tullow anticipates$405mn of exploration write-offs for 2013 and$325mn relating to earlier years.Tullow managed to keep its organic capital expenditure at$1.8bn,less than the$2bn for which it budgeted.And its$372mn purchase of Norwegian independent Spring Energy a year ago exposes it to Norway’s 78pc exploration spending rebate.