A new independent estimate of world oil reserves has been released by Rystad Energy, showing that the US now holds more recoverable oil reserves than both Saudi Arabia and Russia. For US, more than 50% of remaining oil reserves is unconventional shale oil…
Former BP and Shell geologist Mike Shepherd says the North Sea demonstrates top in class oil recovery factors compared to the rest of the world, but could do better. BP’s Magnus platform.Photo from BP…
New drilling results at ExxonMobil’s Liza discovery offshore Guyana are revealing the potential of recoverable resources to be up to 1.4 billion boe. Image from Exxon Twitter. The…
Santos has achieved an averaged stabilized flow rate of 828 bo/d, revealed in a drill stem test (DST) conducted on the G Sand reservoir at the AAL-4XST1 appraisal well in the Northwest Natuna permit area offshore Indonesia. Joint venture…
Finder Exploration has added a new exploration permit to the portfolio – AC/P 61. The permit, which Finder has 100% interest, is located in the Vulcan Sub-basin, western Bonaparte Basin in the Timor Sea, approximately 250km offshore and 650km…
The British public has spoken - as have the oil, money and stock markets. With a narrow margin, the leave campaign in the UK's referendum to stay in or leave the EU won by 52% to 48%, ending the UK's 43-long membership in the EU. Shares on the FTSE 250 index dropped 11…
Faroe Petroleum hit an oil discovery at its Brasse exploration well in the Norwegian North Sea, with plans for a sidetrack to follow. The Transocean Arctic, from Transocean. The company encountered oil at the Brasse well 31/7-1…
The embattled crude oil and natural gas industry worldwide has slashed capital spending to a point below the minimum required levels to replace reserves — replacement of proved reserves in the past constituted about 80% of the industry's spending…
Statoil made two oil discoveries in the Bay du Nord area during its 19-month exploration drilling program offshore Newfoundland, which the company is estimating the finds to possibly be in the lower end of the anticipated volume range. Map…
BP’s compiled data from last year has revealed that global energy consumption has slowed further, with the mix of energy sources shifting towards lower-carbon fuels. Image from BP. In…
Mubadala Petroleum has failed to find commercial quantities of oil at its Sri Trang-1 exploration well in the northern Gulf of Thailand. Sri Trang-1 is located in the G1/48 concession, approximately 18km north-northeast of the Manora oil development…
BP has commenced a water injection project at its Thunder Horse platform in the Gulf of Mexico that will extend the production life of one of its biggest fields in the area, and recover an additional 65 MMboe. Thunder Horse…
An independent reserves report has estimated the Falklands Greater Sea Lion Complex operated by Premier Oil to contain more than half a billion, or more than 500 MMbbl, of 2C or contingent resources. When gas is added to the total, the estimate rises to 747 MMboe…
The source of a leak that spilled 2100 bbl (88,200 gallons) of crude oil into the US Gulf of Mexico around Shell's Glider field has been identified, the US Bureau of Safety and Environmental Enforcement announced on 13 May. On-site investigators…
India will auction 67 small oil and gas fields on 25 May that will test some of the key policy changes introduced by the government in the upstream sector, local media The Economic Times reported. The fields previously held by ONGC and…
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