Encountered Oil News

UK-based oil and gas company President Energy President Energy has encountered oil in the third and final well of its current drill programme at the Puesto Flores concession in Argentina.Well PF0 1005 has been drilled, logged, cased and cemented to 2,360 metres both on time and on budget, the company focusing primarily on high margin production opportunities in Latin America said.Both the Punta Rosada primary target and the Lotena formation secondary target resulted in good oil shows while drilling and are shown by electronic logs to be encouraging with 18 metres of net oil pay determined to be tested having good oil saturation and porosity.

Chevron Corporation announced an oil discovery at the Anchor prospect in the deepwater U.S. Gulf of Mexico. Anchor is Chevron’s second discovery in the deepwater Gulf in less than a year. “The Anchor discovery, along with the previously announced Guadalupe discovery, are significant finds for us in the deepwater Gulf of Mexico. We had one of our best years with the drill bit in 2014, reporting more than 30 discoveries worldwide and adding an estimated one billion barrels of new resources to our holdings,” said Jay Johnson, senior vice president, Upstream, Chevron Corporation.

Anadarko Petroleum Corp (APC.N) reports a quarterly profit compared with a year-earlier loss, as the U.S. oil and gas company's results were helped by higher natural gas prices, according to Reuters. Anadarko has big offshore oil and gas prospects, but like many other exploration and production companies, the Houston-based Anadarko is also working to increase output of crude from less expensive onshore shale wells in North America. The average sales price Anadarko received for natural gas in the quarter was $3.88 per thousand cubic feet equivalent, up 80 percent from a year ago, as inventories have fallen from record highs. Citing the company, Reuters add that Anarko had encountered oil at two of its Gulf of Mexico prospects, Raptor and Yucatan.

CNOOC Limited (NYSE: CEO, SEHK: 00883) announced that the Company has successfully appraised the Penglai(PL)9-1 hydrocarbon bearing structure following the discovery made in 2010. The appraisal confirmed that PL9-1 is a large oilfield. PL9-1 is located in the Miaoxibei uplift in the eastern part of Bohai, with an average water depth of 25 meters. One of the appraisal wells PL9-1-5 encountered oil pay zones in buried hill with total thickness of over 200 meters, and the well was tested to produce around 700 barrels of oil per day. PL9-1 is the largest oilfield among the recent years’ discoveries by scale in Bohai. Furthermore, the Company also made a successful discovery of PL15-2 structure…

Maersk Oil is participating in a new deepwater well in the U.S. Gulf of Mexico after operator Chevron received a drilling permit from the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE). The permit marks the restart of the drilling campaigns Maersk Oil has been a part of in the U.S. Gulf of Mexico after deepwater activities were suspended last year as a consequence of the Deepwater Horizon accident. “We are very pleased that this permit has been issued as it will allow us to move forward with appraisal activities on the exciting Buckskin prospect…

Oil has been discovered by StatoilHydro in the Frigg Delta prospect in the North Sea, with proven recoverable volumes put at 18-35 million barrels. This find is located about 21 kilometres east of the abandoned Frigg field and 12 kilometres north of Frøy. "It’s commercially interesting, and we’ve already started looking at prospects for a development linked to nearby oil resources," said Tom Dreyer, head of infrastructure-led exploration in the North Sea. The discovery well encountered oil in sandstone of good reservoir quality belonging to the Frigg formation. "Our starting point has been an old unclarified find in this formation," said Dreyer.

Conoco Inc. and Unocal Corp. discovered oil with their K2 exploration well in the Green Canyon Block 562 in deep water in the Gulf of Mexico, Conoco said. Work on the well, located about 180 miles (290 km) south of New Orleans, has been suspended to study the significance of the find, a company spokesperson said. The K2 well, started May 17 in 3,900 ft. of water, was suspended to "allow us to plan a safe and cost effective appraisal of the hydrocarbon zone we have encountered, as well as continue to explore the deeper objectives," said Conoco Executive Vice President Rob McKee. McKee also said the well had encountered oil in a high-quality reservoir and the company was encouraged by the results to date, although the commercial significance is yet to be determined.

R&B Falcon Drilling has received a letter of intent from for Petroleo Brasiliero S.A. (Petrobas) for a two-year contract for DP drillship Deepwater Frontier, for operations offshore Brazil in up to approximately 8,900 ft. of water. Deepwater Frontier, capable of drilling in up to 10,000 ft. of water, is owned 60 percent by R&B Falcon Corp. and 40 percent by Conoco. The vessel will sail to Brazil upon completion of its current one-well commitment in West Africa. Operations for Petrobras are expected to commence in November 1999. The current well underway in West Africa and the Petrobras work, will essentially complete all of the R&B Falcon's 2.5-year drilling contract obligation with respect to the rig sharing agreement with Conoco. Conoco Inc. and Unocal Corp.

Conoco and Unocal announced a discovery on their K2 exploration well in the Gulf of Mexico on Green Canyon Block 562, about 180 miles south of New Orleans. It is the second consecutive deepwater discovery made this year by the Deepwater Pathfinder drillship. "The sidetracked well has encountered oil in a high-quality reservoir," said Conoco executive vice-president Rob McKee. The well was spudded on May 17 and drilled in 3,900 ft. of water. "We also plan to penetrate some deeper objectives with a different well configuration," McKee said. "We have decided to temporarily suspend the well, which will allow us to plan a safe and cost effective appraisal of the hydrocarbon zone we have encountered, as well as continue to explore the deeper objectives.