Oil Finds News

FPSO specialist SBM Offshore has shared a video showing the lifting and installation of the first topside module batch for the Prosperity FPSO at the Keppel O&M yard in Singapore. The hull of the FPSO Prosperity, which will be Guyana's third offshore production unit after the Liza Destiny and Liza Unity, has recently left the dry dock in preparation for topside installation works, which have now started.The Prosperity FPSO hull arrived in Singapore last year from China where it was built.

The hull of the FPSO Prosperity, which will be Guyana's third offshore production unit after the Liza Destiny and Liza Unity, has recently left the dry dock in Singapore, in preparation for topside installation works.The hull arrived in Singapore last year from China where it was built. In Singapore, Keppel will install the topside modules and all other major structures, after which the vessel will set sail for Guyana, to be deployed at ExxonMobil's giant Stabroek Block.When the hull arrived in Singapore in August 2021…

Exxon Mobil Corp said on Wednesday its oil drilling and development activities offshore Guyana were unaffected despite neighboring Venezuela's navy stopping two seismic survey vessels the company had hired.The closest of 10 oil finds Exxon has made off Guyana's coast is 110 kilometers (68 miles) away from the northwest part of the Stabroek block, where the navy halted seismic data collection on Saturday, the company said. Each country's government says the incident took place in its territorial waters."Exploration and development drilling is continuing in the southeast area of the Stabroek Block," the company said in a statement. Exxon did not say whether the two vessels…

Norwegian oil major Statoil plans to develop its Arctic Johan Castberg oilfield after having cut costs by half, with a decision on investments in 2017, its chief executive said on Tuesday. Worried by high costs of operating in the remote Arctic Barents Sea, the Norwegian oil major last year delayed a final investment decision for Castberg, one of the world's northernmost oil finds. "The investment estimate is almost halved from around 100 billion crowns ($11.29 billion) to between 50 and 60 billion crowns," Chief Executive Eldar Saetre told an industry conference on Tuesday.

Brazil's Subsalt Polygon, an offshore area that has already yielded some of the world's largest recent oil finds, may hold enough undiscovered petroleum and gas to supply the world's current oil needs for more than five years, researchers said. The Polygon, which covers most of Brazil's Santos and Campos offshore sedimentary basins, contains at least 176 billion barrels of undiscovered, recoverable resources of oil and natural gas (barrels of oil equivalent), according to study released last week by Cleveland Jones and Hernane Chaves of the National Institute of Oil and Gas (INOG) at Rio de Janeiro-State University. That is more than four times the 30 billion to 40 billion boe already discovered in the area.

Kenya will start construction work next month on a long-delayed new port to be built on its northern coast, next to the historic trading town of Lamu, the presidency announced on Monday. The Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) project is intended to include a port, new roads, a railway and a pipeline by 2030 that will give landlocked South Sudan and Ethiopia access to the Indian Ocean. The overall price of the project, first proposed in the 1970s, has been put at $25.5 billion. Among the reasons for the delay are demands from landowners for greater compensation. "Construction of the Lamu port begins next month, President Uhuru Kenyatta has announced," the presidency said in a statement, without specifying the scope of the work.

Mitch Hausman, President & CEO of Delta Rigging & Tools, Inc., discusses his company’s strategy to expand its core business through acquisition, including insights on its largest ever: the purchase this summer of Morgan City Rentals. Delta Rigging & Tools is a provider of a wide range of Industrial lifting, rigging and associated products, serving diverse markets from energy to transportation, maritime and offshore to name but a few. The company is on a mission to grow both organically and through acquisitions…

Mainboard-listed RH Petrogas Limited (RHP), engaged in the business of exploration, development and production of oil and gas resources, is pleased to announce that its wholly owned subsidiary, RHP (Mukah) Pte Ltd,has completed the acquisition of 12,414.2 line kilometers of Full Tensor Gradiometry (FTG) survey on August 9, 2013. Acquired from a light aircraft flown at low altitudes, the FTG survey measures the small variation of gravity of the Earth which is caused by change of subsurface rocks. FTG surveys have much higher resolution than conventional gravity survey and can aid significantly in identifying prospective hydrocarbon basins.

Local equipment suppliers reap dividends, but there’s room for foreign businesses – if they know how to play. After huge oil finds in recent years, Brazil's need for offshore vessels continues to expand and could double between now and the end of the decade. Brazil's state-run oil company Petrobras wants to extract billions of barrels of oil while also developing its shipbuilding and service industries to create jobs. Meanwhile, Brazil is trying to use locally made vessels and equipment, but foreign companies are benefiting from the nation's oil bonanza too.

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.

Nigeria's deep offshore fields showed more promise for oil finds than fields closer to shore, a senior Nigerian official said. Of the 18 wells drilled recently in Nigerian waters less than 1,000 m deep, 11 were dry. Of the 11 drilled in water over that depth, only two were dry, Funsho Kupolokun, special adviser on oil to Nigerian President Olusegun Obasanjo, said. Kupolokun said Nigeria expects to extract up to 850 trillion barrels from only four of its deep offshore fields. This included 250 trillion barrels from Bongo, Agbami and Erha and a further 50 trillion barrels from the Abo field, he said. Most seismic testing was still being carried out in the Niger Delta but there was "immense potential" in turbidites and deep sea sand, he said.

Deepwater is one of the few areas where good prospects of major oil finds still remain, and these are mainly outside the control of OPEC. In a note to clients today, John Westwood, MD of international energy analysts Douglas-Westwood said “over the past year the stock prices of a grouping of 10 companies with significant exposure to the sector (the Douglas-Westwood Deepwater Index) has risen by an average of 79% and one, Wellstream, by 157%”. Deepwater now accounts for almost 15% of total offshore oil and gas production, but over the next few years its total share relative to shallow-water output will grow, to around 20% of offshore production by 2011.

Brazil's state oil giant Petrobras said on Thursday that it had made four "important" new oil finds that should boost its oil reserves by about 1.4 percent. Petrobras said the discoveries in Brazil's northeast region would eventually increase reserves by more than 130 million barrels, or 1.4 percent. Brazil's current reserves are 9.278 billion barrels. The finds were made in four mature fields where production was thought to be declining. "In these basins, with infrastructure already installed and paid off, the costs are low and the deposits are quickly developed," Petrobras said in a statement. The finds were made in one offshore block in the Sergipe-Alagoas basin and three onshore blocks in the Espirito Santos, Reconcavo Baiano and Potiguar basins.