by Daniel J. Graeber
Washington (UPI) Oct 16, 2017
The Norwegian government said Monday it signed off on new plans for oil drilling and exploration work in the national waters of the North Sea.
The Norwegian Petroleum Directorate said it gave Statoil approval to drill an exploration well in the shallow waters of North Sea. Drilling starts in November and will run for about 99 days, depending on whether or not the company makes a discovery.
Elsewhere, Statoil secured approval to start drilling in the Troll field in the North Sea later this month.
"The Troll field is ... the largest gas discovery made in the North Sea," the NPD stated.
Statoil, which is co-owned by the Norwegian government, is one of the larger oil and gas producers in the world. When announcing results for the first half, the company said that it's posted nine discoveries so far this year and several of those could "quickly be put into profitable production."
The company said its equity production in the second quarter, not counting portfolio changes, was 3 percent higher than the same period last year. For the year, Statoil said production growth should be around 7 percent.
The maturation of some of the basins in the North Sea has prompted some companies to shift strategies. BP in April sold off some of its legacy holdings as it reconfigured its regional operations by parting ways with a pipeline system tied to Forties crude oil, a component of the Brent basket. Oil from the Troll field, meanwhile, will be added to the Brent crude oil basket, which serves as the benchmark for the price of crude oil.
A new discovery made by Statoil in August, made in the British waters of the North Sea, holds between 25 million and 130 million barrels of recoverable oil. The company said the discovery solidified the future for a maturing basin in the North Sea, where it believes significant potential remains.
Washington (UPI) Oct 11, 2017
The price for crude oil next year should be around the so-called Goldilocks number for shale oil drillers in the United States, OPEC economists said. The Goldilocks scenario refers to a price point that's not so high that it encourages a strong drive in crude oil exploration and production, but not low enough to curtail capital spending and operations. Economists with the Organiz ... 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|