by Daniel J. Graeber
Washington (UPI) Sep 29, 2017
For the second time this week, the Norwegian government said efforts to find new reserves close to existing production areas in the Barents Sea came up empty.
The Norwegian Petroleum Directorate, the nation's energy regulator, published results Friday from a campaign about 20 miles northeast of the producing Johan Castberg field in the Barents Sea. The Norwegian subsidiary of Lundin Petroleum was drilling a wildcat well, one drilled into an area not previously known to hold reserves.
There were only traces of oil found and the well was "classified as dry," the NPD said in its results statement.
Norwegian energy company Statoil had success with a wildcat well near Johan Castberg in July. Dubbed Kayak, the July discovery was estimated by the NPD to hold between 25 million and 50 million barrels of recoverable oil equivalents.
At least three new developments are planned for the Barents Sea, with the Johan Castberg highlighted as one of the more significant. Johan Castberg has estimated proven reserves of between 400 million and 600 million barrels of oil, and the NPD said a recent upward revision for the Barents Sea reserve estimate is roughly equivalent to 14 Johan Castberg fields.
A wildcat well drilled by the regional subsidiary of Italian energy company ENI near the proven Goliat field in the Barents Sea was classified as dry earlier this week. ENI previously estimated total reserves in Goliat at 179 million barrels and a peak rate of 100,000 barrels of oil per day is expected from field.
Norway is one of the leading energy suppliers to the European economy, designating nearly all of its offshore production for exports. The government reported preliminary figures for August at 1.55 million barrels of oil per day on average, slightly lower than it expected.
Washington (UPI) Sep 27, 2017
Respondents to a survey from the Federal Reserve Bank of Dallas said Hurricane Harvey should have only a modest, but lingering, impact on the energy sector. Hurricane Harvey hit the southern coast of Texas and the largest density of refineries on the southern Gulf Coast in late August. By now, all of the refineries are back in service, though eight are still operating at reduced capacit ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|