Subscribe free to our newsletters via your
  Oil and Gas News from OilGasDaily.Com  




Subscribe free to our newsletters via your




















OIL AND GAS
Norway's Statoil moves closer to South American oil prize
by Daniel J. Graeber
Washington (UPI) Jul 14, 2017


Norwegian energy company Statoil said Friday it extended its reach beyond Norway to acquire stakes in what could be one of South America's biggest prizes.

Statoil took a 33.3 percent interest in so-called Block 59 off the coast of Suriname in a consortium that includes U.S. counterparts Exxon Mobil and Hess Corp. It was awarded the role of operator after taking a 100 percent interest in so-called Block 60.

"Block 59 is a potential extension of the trend on which the Liza discovery was made in neighboring Guyana," the Norwegian company explained.

Exxon Mobil and Hess made a final investment decision for offshore Guyana in the Liza discovery, one of the largest oil finds in years, in June. The companies put the reserve estimate for the broader area offshore Guyana at between 2 billion and 2.5 billion barrels of oil equivalent.

Hess Corp. said the development cost of $3.2 billion was considered relatively low for a field that could yield 450 million barrels of oil after first oil is on stream by 2020.

Liza has "attractive" economics, according to Hess, with oil prices as low as $40 per barrel. Brent crude oil was trading at about $48 per barrel early Friday.

The first phase of development will utilize a floating production, storage and offloading vessel with the capacity to process as much as 120,000 barrels of oil per day from four drilling centers.

The broader Guyana−Suriname basin is estimated to hold around 12 billion barrels of oil.

"These awards build further materiality to Statoil's exploration position offshore Suriname," Nick Maden, a vice president for exploration at Statoil, said. "This is frontier acreage with high potential, sitting on a trend of recent discoveries."

The move followed a Statoil decision to take a 10 percent stake in a license area in the lucrative Santos basin offshore Brazil, bringing the hold for the Norwegian energy major up to 76 percent in the $379 million deal.

OIL AND GAS
Libya trains regular army to 'do away with militias'
Gharyan, Libya (AFP) July 14, 2017
Under a blazing sun at a military centre in western Libya, dozens of young recruits learn to march in formation, as authorities train the country's first regular force since its 2011 revolution. Another makeshift camp has been set up nearby to train future soldiers. On the menu: jumping, climbing, crawling and scaling ropes. "This basic training marks our passage from civilian life to mi ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Cutting the cost of ethanol, other biofuels and gasoline

Solving a sweet problem for renewable biofuels and chemicals

A whole-genome sequenced rice mutant resource for the study of biofuel feedstocks

New biofuel technology significantly cuts production time

OIL AND GAS
There Will Always be Sun on this Horizon

SolarEdge Launching First PV Inverter-Integrated Electric Vehicle Charger

Investors Generate 174,000,000 kWh of Renewable Electricity

Solar cell design using diverse plant pigments

OIL AND GAS
Algeria seen as African leader for renewable energy

Owls' wings could hold the key to beating wind turbine noise

Thrive Renewables delivers mezzanine funded wind farms in Scotland

It's a breeze: How to harness the power of the wind

OIL AND GAS
France could close a third of nuclear reactors: minister

Mitsubishi, Assystem take stakes in France's nuclear reactors firm

Britain must leave EU nuclear body: Verhofstadt

Sixth MOX nuclear shipment leaves France for Japan

OIL AND GAS
G20: Compromise on climate change, but at what cost?

US isolated over climate: G20 host Merkel

Erdogan threatens not to ratify Paris climate accord

G20 draft statement shows 19-against-US split on climate

OIL AND GAS
Daimler manipulated emissions in one million cars: report

Forget defrosting your car at a glacial pace

German 'dieselgate' investigators target Porsche employees

France 'to end sales of petrol, diesel vehicles by 2040'

OIL AND GAS
US eyes continued presence in Iraq after IS: general

Mosul's once-thriving Old City now a grey wasteland

Iraq's Mosul residents search for their Old City dead

Iraqi PM hails victory over 'brutality and terrorism' in Mosul

OIL AND GAS
Israeli nuclear whistleblower spared jail over 2013 meeting

US vows to press China to enforce NKorea sanctions

N. Korea warns of nuclear 'tipping point' over US bomber drill

UN set to adopt treaty outlawing nuclear weapons




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






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