Timor Resource to Drill 5 Wells in Timor-Leste
Australian privately-owned oil and gas company Timor Resources said it has commissioned Eastern Drilling to commence drilling operations in the Southeast Asian country of Timor-Leste.One of the world’s last frontiers for oil and gas, Timor-Leste's most recent drilling undertaken onshore was nearly 50 years ago in 1972, when Timor-Leste (then East Timor) was under Indonesian rule.In 2017…
Aker BP Discovers Oil at Frosk
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…
ExxonMobil Makes Two Discoveries Offshore Guyana
ExxonMobil and its partners have made two additional discoveries offshore Guyana at the Tilapia-1 and Haimara-1 wells, bringing the total number of discoveries on the Stabroek Block to 12, the U.S. supermajor announced Wednesday. The discoveries build on the previously announced estimated recoverable resource of more than 5 billion oil-equivalent barrels on the Stabroek…
Gazprom Neft Expands to Siberia
Russian oil producer Gazprom Neft has secured hydrocarbon exploration, development and production rights to the Leninsky license block in the Gydan Peninsula.The Leninsky license block is located in the Gydan Peninsula in the Taymyrsky district of the Krasnoyarsky Krai, bordered on one side by the Tazovsky district of the Yamalo-Nenets Autonomous Okrug and on the other by the Kara Sea.The total size of the block is 3,650 square kilometres.
ExxonMobil, Hess Announce Oil Discovery Offshore Guyana
ExxonMobil and the Hess Corporation announced an eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The companies said approximately 78 meters of high-quality, oil-bearing sandstone reservoir was encountered. The well was drilled to 5,504 meters depth in 1,940 meters of water by the Stena Carron drillship on May 25, 2018.
ExxonMobil Announces Oil Discovery Offshore Guyana
Exxon Mobil Corporation announced its sixth oil discovery offshore Guyana since 2015, following positive results from its Ranger-1 exploration well. The Ranger-1 well discovery adds to previous discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels. ExxonMobil affiliate Esso Exploration and Production Guyana Ltd.
Maersk: 140,000 bpd Possible From South Pars
Denmark's Maersk Oil has estimated potential output for the second phase of Iran's South Pars oil deposit at 120,000-140,000 barrels of oil per day, Fars News Agency reported, citing an official at National Iranian Oil Company (NIOC). The estimate is part of Maersk Oil's development study for the second development phase of the offshore oilfield, NIOC's vice president for engineering and development Gholamreza Manouchehri said.
Hedge Funds Remain Cautious On Oil
Hedge funds remain cautious on the outlook for oil prices despite confident statements from Saudi Arabia that global oil inventories will decline substantially in the next few months. Asset managers cut their combined net long position in the three main futures and options contracts linked to Brent and WTI by 39 million barrels in the week ending June 6. The net…
U.S. Rig Count to Peak Unless WTI Rallies
U.S. exploration and production companies have hired an extra 400 rigs to target oil-bearing formations since the end of May 2016, according to oilfield services company Baker Hughes. The number of active oil-directed rigs has more than doubled over the last year, from 316 to 722, in one of the most remarkable recoveries on record, coming after one of the deepest slumps during the previous two years.
Saudi Aramco Examines Berri Oilfield Oil, Gas Expansion
State oil giant Saudi Aramco is considering expanding its oil and gas production from the Berri offshore oilfield, industry sources told Reuters. Aramco would over time add 250,000 barrels per day of crude oil from Berri, possibly by building drilling islands offshore in the Gulf, while also processing higher-pressure associated gas for sweetening in Khursaniyah, the sources said.
ExxonMobil Earns $7.8 Bi in 2016
Exxon Mobil Corporation today announced estimated 2016 earnings of $7.8 billion, or $1.88 per diluted share. An asset recoverability review was completed in the fourth quarter and resulted in a U.S. Upstream asset impairment charge of about $2 billion mainly related to dry gas operations with undeveloped acreage in the Rocky Mountains region of the U.S. Excluding the impairment charge…
U.S. Shale Sector Surges Back: Kemp
The number of rigs drilling for oil and gas in the United States has recorded the largest one-week increase for over five years, confirming a rapid upturn is now underway. The number of active oil and gas rigs jumped by 35 to 694 last week, according to oilfield services company Baker Hughes (http://tmsnrt.rs/2jSM39f). Some of the increase may have been due to catch-up effects since the rig count unexpectedly declined by six the previous week.
Saudi Arabia Carries on Drilling Despite Oil Slump: Kemp
Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number of rigs drilling for oil and gas around the world has fallen from a peak of 1,382 in July 2014 to just 920 in October 2016. The international rig count excludes North America, which has also experienced a slump in drilling, as well as onshore China, Russia and the Caspian region.
U.S. Gas Production May Stabilize: Kemp
U.S. natural gas production may be stabilising or even starting to rise as the boost to oil and gas prices in recent months stimulates an increase in new drilling. Marketed dry gas production amounted to 2,239 billion cubic feet in August, down from 2,302 bcf in August 2015, according to the U.S. Energy Information Administration (http://tmsnrt.rs/2e9e05u). Gas production…
ExxonMobil Announces Oil Discovery Offshore Nigeria
Exxon Mobil Corporation announced a discovery with a potential recoverable resource of between 500 million and 1 billion barrels of oil on the Owowo field offshore Nigeria. The Owowo-3 well, which was spud on September 23, encountered about 140 meters of oil-bearing sandstone reservoir. Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 157 meters of oil-bearing sandstone reservoir.
Cairn Success in offshore Senegal continues
Cairn announced the results of the SNE-4 appraisal well offshore Senegal where operations have been safely and successfully completed following drilling, coring and logging. The well is now being plugged and abandoned. The SNE-4 well was appraising the eastern extent of the SNE field discovered in 2014 and aiming to confirm the nature of the upper reservoirs in the oil zone.
Kemp: Arabia Sees Record O&G Drilling as Rest of World Slumps
A record number of rigs are drilling for oil and gas on the Arabian peninsula even as drilling in the rest of the world tumbles in response to low prices. There were almost 290 rigs active in Saudi Arabia and the neighbouring states of Kuwait, the United Arab Emirates and Oman in March, according to oilfield services company Baker Hughes. The rig count has increased…
Petrobras, Shell, Total, Partners Find More Oil in Libra Prospect
Brazil's state-led oil company Petroleo Brasileiro SA said on Wednesday that it and its partners found more oil in the Libra prospect in a well that helps confirm the extent of the giant offshore area. The well in the northeast section of the Libra area found a 270-meter column of oil-bearing rock that has high levels of connection with other wells drilled in the…
Beach Energy Update on Cooper, Eromanga Basins
Beach Energy has provided the following Update on the outcome of their efforts with regards exploration and Appraisal. A six‐well infill development drilling campaign was completed in the Moomba North Field, which aimed to develop booked reserves in the Toolachee, Daralingie and Patchawarra formations. A phased approach is being undertaken which may result in drilling up to 26 new wells in the area, six of which were drilled in 2014.
Troll Oil Celebrates 20 Years
This week it is 20 years since the start of oil production from the Troll field. 1.56 billion barrels have been produced so far and NOK 460 billion ($53.7 billion) in income realized. “Troll oil is the impossible made possible. Only a few believed in extracting the thin oil zone at Troll, and through a burning desire to make it happen, determination and innovation, Troll oil became reality,” says Øivind Dahl-Stamnes, head of Troll production.
