Oil Discovery

Statoil: N. Sea Discovery Larger than Expected

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.

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

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

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.

Husky Energy, Norsk Hydro Canada Announce Oil Discovery

Husky Energy Inc. Norsk Hydro Canada Oil & Gas say they have found new energy deposits near the Terra Nova oilfield off the East Coast. Calgary-based Husky and Norwegian-owned Norsk Hydro said late Tuesday that offshore drilling in the Jeanne d'Arc Basin off the coast of Newfoundland and Labrador had found hydrocarbons near Terra Nova, Canada's second major offshore field after Hibernia. The companies said the West Bonne Bay F-12 well is about 320 kilometres southeast of St. John's

Shell Confirms Deepwater Oil Find Off French Guiana

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.

New Appointments Bolster EPC ’s North Sea Capabilities

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

Dyneema for Modu Mooring Lines In Brazil

The Netherlands, April 27, 2011 - Brazilian oil giant Petrobras has specified ultra strong, lightweight Dyneema® fibers for a complete set of mooring ropes for a semi-submersible mobile offshore drilling unit (MODU). Headquartered in Rio de Janeiro, Petrobras has substantial interests in deepwater exploration. Petrobras specifically asked for the ropes to be made with SK78 grade of UHMWPE (ultra high molecular weight polyethylene) fibers from DSM Dyneema for its high strength at low

CNOOC Discovers New Bohai Bay Oil Reserves

The China National Offshore Oil Corporation (CNOOC) announced the discovery of 200 million cubic meters of oil in Bohai Bay this year, China View reports. CNOOC made the announcement after the discovery of the Jinxian (JX) 1-1 high yield oil-bearing structure while drilling the JX1-1-2D well in Liaodong Bay, in the eastern part of Bohai Bay. So far, CNOOC has made eight new discoveries in Bohai Bay with an estimated oil reserve of 200 million cubic meters and gas reserve of 1