Communication between the Aldous and Avaldsnes oil discoveries in the North Sea has now been confirmed. In combination these discoveries may represent an oil structure of between 500 million and 1.2 billion barrels of recoverable oil equivalent. If the upper part of the interval strikes pay dirt, the discovery will be one of the ten largest oil finds ever on the Norwegian continental shelf (NCS). Statoil (OSE: STL, NYSE: STO) has a 40% stake both in licence PL 265, where Aldous was discovered, and in PL 501, where the Avaldsnes discovery was made. “Aldous/Avaldsnes is a giant oil discovery, and according to our estimates the combined discovery may make the top 10 list of NCS oil discoveries. Norway has not seen a similar oil discovery since the mid-eighties” says Tim Dodson, Statoil’s executive vice president for Exploration. This is the third “high-impact discovery” (*) for Statoil as an operator in 2011. In April of this year the 250 million barrel Skrugard oil discovery was made in the Barents Sea, and the 150-300 million barrel Peregrino South oil field was discovered offshore Brazil. “The discoveries are a result of Statoil’s exploration strategy of prioritising high-impact opportunities, while focusing on our established core areas,” says Dodson.
Norwegian oil explorer Det norske made a small oil discovery in the Arctic Barents Sea with a gross oil column of about 30 metres and much poorer reservoir quality than expected, the Norwegian Petroleum Directorate said on Monday. Det norske earlier said it found some oil in the prospect but initial volumes did not justify development. Det norske operates the licence and holds a 20 percent stake. Other shareholders include Sweden's Lundin Petroleum (20 percent), Tullow (15 percent)
Spirit Energy 76, Unocal Corporation's U.S. Lower 48 exploration and production unit, said the exploratory well drilling the Mirage prospect in the Gulf of Mexico deepwater is a significant oil discovery. Spirit Energy holds a 25-percent working interest. Vastar Resources, Inc. owns 75-percent working interest and is the operator. Vastar estimates the well encountered approximately 300 ft. of net pay. The company said it is too soon to estimate the extent of the discovery
Sociedade Nacional de Combustíveis de Angola (Sonangol) and BP Exploration (Angola) Limited announced the Terra oil discovery in ultra-deepwater Block 31, offshore Angola. Terra is the twelfth discovery that BP has drilled in Block 31. The well is located approximately 30 km NW of the recently announced Titania discovery. Terra was drilled by the Jack Ryan drill ship, in a water depth of 2,328 metres, some 411 kilometres northwest of Luanda and reached a total depth of 6
Statoil's third quarter 2013 net operating income was NOK 39.3 billion. Adjusted earnings were NOK 40.4 billion. "Statoil delivered strong strategic progress in the third quarter. We added high-value barrels through the Bay du Nord discovery offshore Canada, the world's largest oil discovery this year. We also announced a major divestment to capture value created through asset development and unlock capital for investment in high return projects
Operator Statoil has together with PL272 partners made a gas discovery in the Askja West prospect and an oil discovery in the Askja East prospect in the North Sea. The exploration wells 30/11-9 S and 30/11-9 A, drilled by the drilling rig Ocean Vanguard, are located between the Oseberg and Frigg fields and about 13 km southeast of the Statoil-operated Krafla/Krafla West discoveries. Main wellbore 30/11-9 S tested the Askja West prospect and proved a net gas column of 90
BP PLC (BP) reported that its Thunder Horse Gulf of Mexico project faces another setback, as a metallurgical failure will delay first production for at least 18 months pending the rebuilding of all production equipment on the sea bed, according to a Dow Jones Newswire report. The offshore oil and gas platform's new startup date will be mid-2008, a year and a half later than the previous estimate of early 2007, the London-based energy major said.
Angolan national oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) and BP announced an oil discovery in ultra-deepwater block 31, offshore Angola. This is the nineteenth find made in this block. StatoilHydro holds a 13.33% stake in block 31. The discovery, called Tebe, is located in the southern portion of block 31 about 12 kilometres south-east of the Hebe discovery and some 350 kilometres northwest of Luanda
Specialist project management company EPC Offshore has announced the appointment of new managers to work on two of the North Sea’s biggest developments, as the company continues to increase growth in 2012. Project manager Euan Sellar will focus on the final phases of the Rochelle field development for Endeavour Energy in the Central North Sea. Aberdeen-based EPC has provided project management services for the pre-sanction and execution phases of this large subsea project
The deal will support Aker Solution’s commitment to meet safe and sustainable offshore operations in the most important new development in the North Sea. It is a significant win for Lloyd’s Register Consulting as Aker Solutions is one of the world’s largest providers of products, systems and services to the oil and gas industry. In combination with risk analysis expertise from Lloyd’s Register Consulting
Petróleo Brasileiro S.A. – Petrobras announces the discovery of new gas accumulation at Espírito Santo Basin post-salt. The discovery took place during drilling of well 3-BRSA-1259-ESS (ANP nomenclature) / 3-ESS-222 (Petrobras nomenclature), informally known as Tanganika
Norwegian oil firm Statoil has made a small gas discovery in the Arctic, near its Johan Castberg oil discovery, the Norwegian Petroleum Directorate said on Friday. The find contains between 1 and 2 billion standard cubic metres of recoverable gas, it said
Norwegian Arctic discovery could be game changer; Lundin Petroleum shares rise 7 percent. Noreco, Det Norske shares also rise on news. Swedish oil firm Lundin Petroleum has made a big oil and gas discovery in the Norwegian Arctic, sending its shares more than 7 percent higher and raising hopes
Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea. Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 m in the Heimdal Formation
Philippine President Benigno Aquino said two Chinese survey vessels had been sighted in a gas-rich area of its exclusive economic zone, raising concerns of heightened tensions in the disputed South China Sea. China claims almost the entire South China Sea
Apache Corporation today announced an oil discovery at the Phoenix South-1 well - the company's first discovery in Australia's offshore Canning Basin. Wireline and formation pressure tools have confirmed at least four discrete oil columns ranging in thickness between 85 and 151
China rejected Philippine complaints on Wednesday about Chinese survey vessels operating in a gas-rich area of Manila's exclusive economic zone, and has lodged a separate complaint about the detention of Chinese workers, as tensions persist.
The Remora HiLoad DP BR unit design approved by ABS will have advanced capabilities for offloading operations in Brazil's Santos Basin. ABS, a provider of classification services to the global offshore industry, has been selected to class the Remora HiLoad dynamic positioning (DP) BR loading
Tullow Oil plc announces the successful results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya. Etom-1 exploration well The Etom-1 well in Block 13T is the most northerly well drilled to date in the South Lokichar basin, 6
Statoil has completed the Martin well in US Gulf of Mexico and the Dilolo well in the Kwanza basin in Angola. US Gulf of Mexico Statoil announces a small discovery in its Martin prospect located in the Gulf of Mexico (GoM). Statoil does not consider this to be a commercial
Hurricane Energy plc, the UK-based oil and gas company, announced having substantially completed post-well data analysis following the successful testing of the 1km horizontal appraisal well 205/21a-6 in Q2 2014 at the Company's Lancaster oil discovery West of Shetland.
Ophir Energy plc announced that the Silenus East-1 well in Block R, Equatorial Guinea has resulted in a new gas discovery. The Silenus East-1 well was drilled by the Vantage Titanium Explorer drillship within the thrust belt area of Block R
Sound Oil, the European / Mediterranean focused upstream oil and gas company, announced its unaudited interim results for the six months ended 30 June 2014. Highlights * Introduction of cornerstone institutional investor following the year-end at a
Operator Statoil has together with PL713 partners made a gas discovery in the Pingvin prospect in the Barents Sea. The discovery is a play opener in a frontier unexplored area of the Barents Sea northwest of Johan Castberg. The discovery well 7319/12-1
No Alaskan crude oil has been exported outside of the United States since 2004. Genscape Vesseltracker monitoring data showed that a cargo of Alaskan North Slope crude was loaded Sept. 26 at the Alaskan port of Valdez for delivery into the South Korean refining center of Yeosu