by Daniel J. Graeber
(UPI) Jul 26, 2017
A new oil and natural gas discovery in the Norwegian waters of the North Sea holds an estimated 30 percent more reserves than expected, the government said.
The regional subsidiary of Faroe Petroleum completed drilling two appraisal wells in the Brasse discovery, located about 8 miles east of the Oseberg field, parts of which have been in production since the 1980s.
Faroe declared a series of successes last year at its Brasse prospect. The presence of oil and gas was confirmed during earlier drilling campaigns and reservoirs near the vicinity of the Brasse prospect were producing around 20,000 barrels of oil equivalent per day last year.
Faroe pegged the initial reserve estimate at between 57 million and 106 million barrels of oil equivalents prior to drilling. The Norwegian Petroleum Directorate, the nation's energy regulator, said now that drilling has been completed, the reserve estimate is likely in the range of 74 million and 122 million barrels of oil equivalent.
"We are very pleased to announce the completion of this successful, Faroe-operated, appraisal program of the Brasse field, which considerably exceeded expectations and further confirms the commerciality of this discovery," CEO Graham Stewart said in a statement. "The Brasse field is clearly a very significant and valuable asset, with very attractive economics even at long term low commodity prices."
Faroe reported net average production of 17,395 barrels of oil equivalent per day last year, a gain of nearly 7,000 barrels from the previous year. Total revenue of $122.6 million was down 16 percent. The company received drilling permission for the Brasse prospect in May.
Norway is one of the leading oil and natural gas exporters to the European market, apart from Russia, and most of what the country produces offshore is designated for exports. Norway in June produced 1.5 million barrels of oil per day and 307,000 barrels of oil equivalent per day in natural gas liquids.
Washington (UPI) Jul 25, 2017
Low imports of crude oil from Saudi Arabia, coupled with firm domestic petroleum demand, will likely reduce U.S. oil inventories, analysts said Tuesday. U.S. commercial oil inventories are expected to fall in the week ending July 21, analysts surveyed by S&P Global Platts said in a report. U.S. crude oil stock has fallen nearly 19 million barrels in the past three weeks, as excess surpl ... 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|