Wednesday, April 8, 2020

Oil Discovery News

Upland Relinquishes Moray Firth License

ENSCO-72 (Photo: Corallian Energy)

London-listed oil company Upland Resources has, with partners, relinquished an offshore license in the UK sector of the North Sea.Upland said Wednesday that it had relinquished Licence P2470 in the Inner Moray Firth. The license included blocks 11/23, 11/24c and 11/25b, surrounding the Wick Prospect in the Inner Moray Firth, on which Upland UK participated in the dry Wick Well (11/24b-4) at the beginning of 2019. The well was drilled using the Ensco-72 jack-up rig by the operator Corallian Energy"These blocks were applied for before the results of 11/24b-4 were known and…

Equinor Finds Oil at Monument Prospect in U.S. Gulf of Mexico

Pacific Khamsin drillship - Image credit: Equinor

Norwegian oil firm Equinor, with partners Progress Resources and Repsol, has made an oil discovery in the Monument exploration well in the US Gulf of Mexico.The Monument exploration well found approximately 200 feet (c. 60 meters) of net oil pay with good reservoir characteristics in Paleogene sandstone. This provides an early indication of the productive reservoir interval at the well location, Equinor said Monday.The offshore well was drilled to a total depth of 33,348 feet (10,164 meters) using the Pacific Khamsin drillship.“We are pleased to have proved an accumulation of movable hydrocarbons in the Monument exploration well.

Offshore Accounts for 60% of Oil Discoveries

Graph:  GlobalData

Offshore discoveries accounted for more than 60% of global discoveries in 2019, up significantly on previous years, according to a study by GlobalData.GlobalData report reveals that while Colombia and Norway saw the highest number of discoveries drilled in 2019, Guyana, Mauritania and Russia hosted the most significant finds.In Guyana, ExxonMobil drilled five discoveries in the deepwater Stabroek Block. Following the additional well drilled in January 2020 (Uaru-1), the company has increased its estimated gross recoverable resources for the block to more…

Apache Makes Major Discovery Offshore Suriname

Photo courtesy of Total

Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%.The discovery, dubbed "among the most anticipated in the world" by one brokerage, is seen as central to Apache's efforts to reduce its reliance on the Alpine High venture in Texas' Permian basin, which has suffered from a dive in natural gas prices.Analysts said it was impossible to ascertain as yet how much oil the well would generate but it is just over the border…

Kosmos Strikes Oil Off Equatorial Guinea

 Image: Kosmos Energy

American upstream oil company founded and based in Dallas Kosmos Energy made an offshore oil discovery in Equatorial Guinea, Reuters reported quoting the Ministry of Mines and Hydrocarbons.The S-5 well was drilled at a total depth of 4,400 meters and encountered 39 meters of net oil play in the Santonian reservoir, in the offshore Rio Muni Basin, it said. “The discovery is a strong validation of our strategy to replace oil reserves by exploring the highly prospective oil basins like Rio Muni,” the nation’s Minister of Mines, Industry and Energy Gabriel Obiang said in the statement.According to the report…

South Sudan to Offer Oil Blocks for 2020

© Wollwerth Imagery / Adobe Stock

South Sudan plans to offer 14 oil blocks to exploration companies in a licensing round by the first quarter 2020, its oil minister said on Tuesday, switching from its previous method of direct negotiations with explorers.The country gets almost all its revenue from oil and has boosted output, now at 180,000 barrels per day, as it struggles to rebuild its shattered economy after a five-year civil war."We are inviting all our investors that wanted to invest in South Sudan to come and move onto those blocks," Awow Daniel Chuang, told an Africa Oil and Power…

38 Oil and Gas Discoveries Made in Q3

Graph: GlobalData

GlobalData revealed that a total of 38 oil and gas discoveries were made globally in Q3 2019.South America and Europe led globally with the highest number of oil and gas discoveries during the third quarter (Q3) of 2019, with eight discoveries each during the quarter, according to GlobalData.Out of eight discoveries in South America, six are conventional oil discoveries, one is a conventional gas discovery and the remaining is a heavy oil discovery, said the report.Europe had five conventional oil discoveries and three conventional gas discoveries in the quarter.Adithya Rekha…

Aker Energy IPO May be in Late 2019 or 2020

Aker Chief Executive Oeyvind Eriksen (Photo: Aker)

Norwegian investment firm Aker could launch its planned initial public offering (IPO) of Aker Energy in late 2019 or in 2020, depending on when Ghana approves the development plan of its Pecan oilfield, the CEO said.The company, controlled by Norwegian billionaire Kjell Inge Roekke, has said it wants to make Aker Energy a leading exploration and production company on Ghana's continental shelf."My educated guess is a late 2019 or during the course of next year," Aker Chief Executive Oeyvind Eriksen told Reuters when asked about the IPO plans.Ghana's authorities are expected to approve Aker Energy's revised $4.4 billion development plan for its offshore Pecan field by late in the third qu

Aker BP Discovers Oil at Frosk

Image: Norwegian Petroleum Directorate (NPD)

Aker BP ASA, operator of production license 340, has finalized the results after drilling wildcat well 24/9-15 S (Froskelår Nordøst) and appraisal well 24/9-15 A.According to a press note from the Norwegian Petroleum Directorate (NPD), the wells, which are also pilot wells for test production, were drilled diagonally and horizontally, 2 and 3 kilometers northeast and north respectively, from the subsea template on the Bøyla field in the central part of the North Sea, and 225 kilometers west of Stavanger.The 24/9-12 S (Frosk) oil discovery was proven in reservoir rocks (injectites) in the Eocene (the Intra Hordaland group) in the winter of 2018.

Norway Wealth Fund to Drop ConocoPhillips, Hess

(Photo: ConocoPhillips)

Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil, the country's parliament on Wednesday adopted a plan to drop all dedicated oil and gas explorers and producers, as defined by stock market indices provider FTSE Russell, from the fund's benchmark index.ConocoPhillips and Hess were both added to the list of those classified as "exploration and production" this month…

Oxy Enters Four Blocks in Southern Colombia

 U.S.-based oil company Occidental Petroleum Corp has partnered with Amerisur Resources Plc on four exploration and production blocks in southern Colombia, near the border with Ecuador, the National Hydrocarbons Agency (ANH) said on Tuesday.The Tacacho, Terecay, PUT-9 and Mecaya blocks are in the jungle region of Putumayo, one of the provinces with the greatest potential for oil discovery.Amerisur, which will continue as operator of the blocks, ceded 50% of its participation in the blocks to Occidental, the ANH said."These are four very important blocks in Putumayo, a very prospective area of the country that's developing in leaps and bounds," ANH President Luis Miguel Morelli said in a

Shell Sees Significant Oil Discovery in Albania

Shell Upstream Albania B.V. said on Friday initial tests showed "a flow potential of several thousand barrels of oil per day" from its Shpirag 4 well in central Albania, and it needed more work to determine its commercial volume."We are pleased that these initial tests have confirmed the potential of this discovery and look forward to growing our business in Albania," Marc Gerrits, Shell's Executive Vice-President of Exploration, said.The Shpirag 4 well west of Berat had confirmed the flow potential of a significant light oil discovery, it added.More appraisal work was needed to assess commercial volumes in Shpirag…

Santos Posts Record Production in Q1

Santos in January announced first oil from the Van Gogh infill project, marking the completion of the two-well program that will increase production from the field. (Photo: Santos)

Australia's No.2 independent gas producer Santos Ltd on Wednesday posted record quarterly production, boosted by its acquisition of Quadrant Energy assets, while sales revenue jumped 28 percent.Santos said production for the quarter ended March 31 rose to a record 18.4 million barrels of oil equivalent (mmboe), up from 13.8 mmboe last year.Revenue came in at $1.02 billion, the second-highest quarterly revenue on record, it said.Santos acquired Quadrant Energy last year in a $2.15 billion deal, snapping up Quadrant's 80 percent stake in the promising Dorado oil find."In the second quarter, we look forward to continued drilling success, including commencing appraisal of the ...

Santos Finds Gas Off Western Australia

(Image: Santos)

Santos announced Tuesday it has confirmed significant gas resource in the Corvus-2 appraisal in the Carnarvon Basin, offshore Western Australia.Corvus-2 is located in 63 meters water depth, approximately 90 kilometers northwest of Dampier in Commonwealth waters within petroleum permit WA-45-R, in which Santos has a 100% interest.The well was drilled approximately 3 kilometers southwest of Corvus-1 (drilled in 2000) using the jack-up mobile offshore drilling unit Noble Tom Prosser and reached a total depth of 3,998 meters. According to Santos, the well intersected a gross interval of 638 meters…

Glengorm Discovery Highlights UKCS Potential

Topsides being installed in 2018 at the Culzean field (Photo: Total)

CNOOC announced Tuesday it has made a significant discovery on the Glengorm prospect, located in the Central North Sea of the U.K. continental shelf (UKCS), with recoverable resources estimated at close to 250 million barrels of oil equivalent.The exploration well was drilled in License P2215 in approximately 86 meters water depth to a total depth of 5,056 meters and encountered 37 meters net gas and condensate pay zones in an Upper Jurassic reservoir.Kevin Swann, a senior analyst with Wood Mackenzie’s North Sea upstream team, said Glengorm is the largest gas discovery in the U.K.

Lundin Buys Stakes in Rolvsnes, Goddo

 Image: Lundin Petroleum

Lundin Petroleum, Europe's independent oil and gas exploration and production company with operations focused on Norway, has increased its stake in the major Rolvsnes oil discovery in the Norwegian North Sea, flagging a potential tieback eventually to its operated Edvard Grieg oil field.A press statement from the Swedish oil and gas company said: "Lundin has entered into an agreement with Lime Petroleum, a subsidiary of Rex International Holding Limited, to acquire its entire Utsira High acreage position covering the Rolvsnes and Goddo basement area."The acquisition takes Lundin Norway’s working interest in the Rolvsnes oil discovery in PL338C and in the recently awarded…

Eni Makes New Oil Find Offshore Angola

(Photo: Eni)

Italy's Eni said it ha struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola.The discovery, estimated to contain between 170 and 200 million barrels of light oil in place, was made in the Afoxé-1 NFW well located in the southeast area of Block 15/06, approximately 120 kilometers off the coast, 50 kilometers southwest from the Olombendo floating production, storage and offloading unit (FPSO) and 20 kilometers west of the recent Kalimba-1 discovery.Afoxé-1 NFW was drilled in a water depth of 780 meters and reached a total depth of 1…

Eni Starts Production at Vandumbu Field

(Photo: SBM Offshore)

Italy's Eni said it has started production from the Vandumbu field in Block 15/06 through West Hub N’Goma floating production, storage and offloading unit (FPSO).Block 15/06 is located approximately 350 kilometers northwest of Luanda and 130 kilometers west of Soyo, Angola.Eni said first oil from the Vandumbu field was achieved in late November, three months ahead of schedule.This, along with the early December startup of a subsea multiphase boosting system (SMBS), is boosting the oil production from Block 15/06 by 20,000 barrels of oil per day via West Hub’s N’Goma FPSO.The Vandumbu ramp-up is expected to be completed in Q1 2019…

Big Oil Digs North Sea's 'Final Frontier'

Clair Ridge (Photo: BP)

"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.The giant bridge-linked Clair Ridge platforms are among the projects that have given new life to this area of the North Sea, one of the oldest offshore basins, which was once predicted to run dry by the 2020s.Consultancy Wood Mackenzie predicts West of Shetland will be the only North Sea zone with growing output between now and 2025.With its deep waters…

Norway Approves Chrysaor's North Sea Oil Stake

Norway has approved British oil firm Chrysaor's purchase of a 15 percent stake in the North Sea Grevling oil discovery, the Ministry of oil and energy said on Monday.It was Chrysaor's first stake in the Nordic country, and the company has said it eventually aims to become a field operator in Norway, according to the ministry.Norwegian oil firm OKEA has a 55-percent stake in Grevling, while state-owned Petoro holds 20 percent.Reporting by Terje Solsvik