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Oil Discovery

Statoil: N. Sea Discovery Larger than Expected

Statoil’s executive VP for Exploration, Tim Dodson, shows off oil samples from the Aldous discovery during an August 16 press conference. (Photo: Ole Jørgen Bratland/Courtesy Statoil.com)

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.


Norway Confirms Small Arctic Oil Find

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 Participates in Significant Deepwater Discovery

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


BP Makes Makes New 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 Posts 2013 Third Quarter Results

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


Gas and Oil Discoveries in the Askja Prospects

02Jan_AskjaWest_eng_map_225.gif

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 Delays Thunder Horse Again

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.


New Ultra-Deep Find in Angola's Block 31

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


LR Awarded O&G Consulting Contract

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


North Sea Accommodation Module Sealed with Roxtec

Photo courtesy of Rotex

Global safety seal manufacturer Roxtec has completed a project supplying cable and pipe seals to a six level accommodation module on the Golden Eagle development. The living quarters houses 70 self-contained cabins for up to 140 people. It also includes a gymnasium, dining room, offices and a medical suite. The Nexen-operated Golden Eagle development lies about 70km northeast of Aberdeen. The oilfield is due to become operational later this year.


YPF Makes Gas Discovery In Western Argentina

  Argentina state oil producer YPF said on Sunday it had made a discovery of 'tight gas' in the western Argentine province of Mendoza. The find by the Paso de las Bardas Norte xp-37 exploration well has a potential 25 million barrels equivalent of recoverable resources


Repsol Makes Russia’s Largest Hydrocarbons Discovery in 2 yrs

Repsol Logo

Repsol has made two new discoveries in the Russia’s Karabashsky blocks, in the West-Siberian Ouriyinskoye field. The recoverable resources from the Gabi-1 and Gabi-3 wells are estimated by the Ministry of Natural Resources and Environment of the Russian Federation at 240 million barrels of


Greece Promises Tax Cut to Attract O&G Majors

Ionnis Maniatis

Greece is planning to cut tax rates for oil and gas companies as it wants to attract them to help exploit its untapped offshore hydrocarbon resources, its energy minister said on Tuesday. Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently


Lundin Petroleum Finds Arctic Oil

Arctic scene: File photo

Swedish oil firm Lundin Petroleum has confirmed the size of a significant oil discovery in the Arctic, the company said on Monday after completing a second well. The Gohta discovery in the Norwegian section of the Barents Sea is now estimated to contain between 111 and 232 million barrels Of oil


Petrobras Finds New Oil in Offshore Florim, Lara Fields

Reuters - Brazil's state-run oil company, Petroleo Brasileiro SA, said on Friday that it had discovered new, good-quality oil deposits in the so-called sub-salt region. Petrobras, said the discovery was made in the Florim and Iara fields in the offshore Santos basin


Statoil Presents 2013 Performance Reports

Chief executive Helge Lund

Statoil presented on its website the company’s annual and sustainability reports for 2013, along with the US Form 20-F report. “Our 2013 operational performance was good; with safety improvements, production as expected and strong project execution


U.S. oil reserves highest since 1970s

Source: U.S. Energy Information Administration

U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013.


Oil Marketer Says Africa Needs to Refine its Oil

Ethiopia's leading private oil marketer plans to expand into neighboring east African economies and is interested in part financing a refinery after commercial discoveries in the region.   Tadesse Tilahun, CEO of National Oil Ethiopia


Inside Paraguay’s Oil Boom

President Energy Drilling at Puerto Guardian in Argentina and near the Paraguay border.

The Republic of Paraguay is a landlocked country in South America bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. The Paraguay River runs through the center of the country from north to south


Offshore Oil & Gas: Brazil’s Northern Frontier

Seismic Streamer MV Oceanic Endeavour. Photo: Michel Floch

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon exploration along its northeastern and northern coasts. These are some of the poorest regions in the country and infrastructure for oil


TGS Announces 2 projects in the Norwegian Barents Sea

TGS

  TGS commences new 2D and 3D multi-client projects in the Norwegian Barents Sea. Both surveys will provide customers with high quality data prior to the closing of the 23rd Norwegian Licensing round. The HFCE14 is a 3,100 km2 3D multi-client survey


Hurricane spuds Lancaster well

Drilling Operation

  Hurricane Energy plc announced that the Lancaster horizontal appraisal well was spudded at 10:30 hours BST on 26 April 2014. The Company is using the Transocean Sedco 712 semi-submersible drilling rig for the operation which is intended to drill and test the Lancaster basement oil


Offshore Energy Timeline:1806-2014

  1806  - Spring pole cable drilling developed in US. 1844  - Fluid circulating rotary well drilling patented in England. 1845  - Circulated fluid used to remove drill cuttings for first time. 1860  - Fluid circulation rotary diamond coring drill developed in France.


EMGS - agreement with Nalcor Energy for 3D multi-client EM survey

EMGS Galatea

  EMGS has signed a multi-client license agreement with Nalcor Energy, the Provincial Energy Corporation of Newfoundland and Labrador, for the acquisition of up to 13,500 square kilometers, in a multi-season campaign. The CSEM survey is expected to begin in June of this year and will


RWE Dea Norge completes Titan Appraisal Well

RWE Dea Norge AS, operator of production licence (PL)420

  RWE Dea Norge AS, operator of production licence (PL)420, is completing drilling operations on appraisal well 35/9-11-S and sidetrack 35/9-11-A on the Titan discovery, 16 kilometres west of the Gjøa Field in the North Sea. (RWE Dea Norge is operator in production licence (PL)420






 
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