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
As part of the Tullow-operated joint venture, Shell today confirms an oil discovery in the Guyane Maritime permit approximately 150-kilometers offshore French Guiana. The GM-ES-1 well is being drilled in a water depth of over 2,000 meters and to date has drilled to a depth of 5,711 meters. The well has encountered over 70-meters of net oil pay in two objectives. The joint venture plans to drill ahead to the planned target depth.
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
Sweden's Lundin Petroleum has found additional oil and gas near its Alta discovery in the Norwegian Arctic, the firm and the Norwegian Petroleum Directorate said on Tuesday. "The total gross resource estimate for the Neiden discovery is between 25 and 60 million barrels of oil
Statoil completes acquisition and takes over operatorship of Brazilian offshore licence BM-S-8 Statoil and Petrobras have completed their previously announced transaction, whereby Statoil has acquired Petrobras’ 66 percent operated interest of the BM-S-8 offshore license in
49 ultra-deepwater field discoveries have been made in the last decade in the US Gulf of Mexico (GoM), says Clarksons Research. Offshore E&P in the US GoM began in the 1930s, picking up pace in the 1950s. By the end of 1975
Oil pricing continues to hover in the mid-$50s, market confidence is slowly returning and the production floater fabrication market is stirring. A major order for a production semi was placed in early January -- with Samsung receiving a contract to build the production semi for BP's Mad Dog Phase
Cargo volumes at Dar es Salaam port are expected to rise as much as 25 percent this year, helped by expanded capacity and improved efficiency, Tanzanian president Jakaya Kikwete said in his last address to parliament before an election in October.
Statoil delivered Adjusted earnings of NOK 22.4 billion and adjusted earnings after tax of NOK 7.2 billion in the second quarter. Statoil reported Net income in accordance with IFRS of NOK 10.1 billion, including gains from divestments.
Thegrowth in oil and gas activity in Côte D’Ivoire has seen investment in standardized safety training in the region far outstrip that of other hydrocarbon-rich West African countries, according to international learning technologies company Atlas Knowledge.
Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean. Authorities have removed protesters dangling from a bridge and in kayaks in Oregon
Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 56 percent decline in profit for the first half of this year. Net income dropped to 14.73 billion yuan ($2.3 billion), or 0.33 yuan a share, from 33.59 billion yuan, or 0
The Italian energy major Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea. The Zohr gas field covers any area of 100 square kilometers and Eni said that "it could
Oil firm Statoil is looking to a rebound in exploration activity offshore Norway in the next few years with a focus on the Arctic, having curbed activity due to the oil price slump, the firm's exploration chief for Norway told Reuters.
Energy majors BP and Eni on Thursday announced a significant natural gas discovery off the Egyptian coast. The discovery is in the Baltim southwest exploration prospect in the East Nile Delta. It is 10 km north of the Nooros gas field which was discovered in July last year and
Kenya on Saturday inaugurated the first part of a new container terminal at Mombasa which is expected to boost by 50 percent the volume of cargo handled by East Africa's largest seaport. Construction of the 30 billion shilling ($296.74 million)terminal began in March 2012 and was completed in
Woodside completed the transaction to buy 100% of the shares in ConocoPhillips Senegal B.V. The total purchase price was US$350 million plus net customary adjustments of approximately US$90 million. Woodside CEO Peter Coleman said the acquisition was an exciting addition to Woodside’s
Statoil, on behalf of the license holders, has submitted a Plan for Development and Operation of the Trestakk discovery on the Halten Bank to the minister for petroleum and energy, Tord Lien, in Bodø. Capital expenditures are estimated at approximately 5.5 billion NOK.