Norway's Statoil has made a gas condensate and oil discovery southwest of the Oseberg Sør facility in the North Sea, according to the Norwegian Petroleum Directorate (NPD). The discovery, in production license 035/272, was made through the wildcat wells 30/11-14 and 30/11-14 B…
Noble Energy started production at Gunflint in the deepwater Gulf of Mexico, the Houston-based explorer announced today (21 July). Map of Gunflint, from Noble Energy. The Gunflint oil development…
Following a mechanical error, Santos has completed drilling the AAL-4XST1 appraisal well in the Northwest Natuna permit area, offshore Indonesia. Map from AWE. The joint venture…
EnQuest’s Eagle oil discovery in the Greater Kittiwake area (GKA) in the North Sea is getting some heat from Dana Petroleum, after the company said that EnQuest did not have the authority to drill the well. Image from EnQuest…
While outages in Canada and Nigeria have helped a rally in oil prices, the outlook for 2017 isn't looking favorable as new projects come online, says Douglas Westwood. Matt Cook, who has authored the firm's World Drilling and Production…
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…
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