by Daniel J. Graeber
Washington (UPI) Jul 24, 2017
Most of the oil production gains from Western Europe from 2020 will come from the Johan Sverdrup oil field offshore Norway, an industry report found.
Sector consultant group Rystad Energy, which has headquarters in Oslo, said total production from Western Europe should start to decline starting next year and flatten out at around 6 million barrels of oil equivalent per day by 2021. After that, new gains come mostly from offshore Norway.
"The contribution of Johan Sverdrup, the largest discovery of the last decade, is visible from 2020, when the field is expected to start producing," the report read. "From 2020 and going forward, Johan Sverdrup is estimated to be the field with the second most significant contribution to production, after the giant Norwegian field, Troll."
Johan Sverdrup is one of Norway's five largest offshore oil fields, and contains an estimated 3 billion barrels of oil. Phase 1 of the field's development is currently underway, with the first deliveries expected to begin in 2020. The estimated capital cost for Phase 2 is between $4.75 billion and $5.9 billion. Phase 1 is expected to cost industrial partners $11.5 billion.
For spending on exploration and production, Rystad Energy said it expects a steady decline for the region over the next two years, when expenditures bottom out at $26 billion.
"More than 50 percent of the current spending is contributed by Norwegian fields, with nearly half of it being spent on projects under development, Johan Sverdrup in particular," its report read.
Some recovery is expected beyond 2019, but it will be at least 2025 before the level matches spending from 2014, when crude oil prices were above $100 per barrel.
The price for Brent crude oil, the global benchmark, was around $48 per barrel early Monday. Oil from the Troll field in Norway will be added to the basket of crude oils that make up Brent starting next year.
Washington DC (SPX) Jul 18, 2017
Spilt crude oil has repeatedly polluted and even destroyed marine ecosystems. An effective measure would be to remove spilt oil slicks by absorption into a separable solid phase. As Indian scientists now report in the journal Angewandte Chemie, congelation of the oil to a rigid gel within impregnated cellulose and scooping the particles out is possible. Marine oil spills are disasters that ... read more
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