Oil Resources News

Sri Lanka Signs Deal for $50 Mln Offshore Seismic Study

Sri Lanka on Wednesday signed an agreement with a subsidiary of U.S. firm Schlumberger for a $50 million seismic study off the country's east coast to evaluate any prospective oil resources, a senior government official said.Sri Lanka signed the agreement with Eastern Echo DMCC, a subsidiary of Schlumberger, to carry out seismic data acquisition surveys, advance data processing and interpretation work or modelling of petroleum systems."The main objective of entering into this agreement is to acquire more petroleum data using modern acquisition and processing techniques," Arjuna Ranatunga

File photo: Jamie Baikie / Statoil

Statoil Set to Drill Its Biggest Arctic Hope

its Arctic waters to make up for declining North Sea output.   The Norwegian Petroleum Directorate said on Monday Statoil's latest well in the Barents Sea, Gemini North, had found only minor volumes of gas and oil.   "The well was drilled with the ambition of proving up additional oil resources in the vicinity of the Wisting discovery, but like the previous Blaamann well, we discovered gas," said Jez Averty, senior vice president for exploration in Norway and the UK.   The Kayak well drilled in June proved to have between 25 and 50 million barrels of oil, too small for a

Saudis to Launch $30-50 billion Renewable Energy Program

2.8 gigawatts, he said.   "There will be significant investment in nuclear energy," Falih said.   Under an economic reform program launched last year, Saudi Arabia is seeking to use non-oil means to generate much of its additional future energy needs, to avoid running down oil resources which are required to generate foreign exchange through exports.   Falih said Saudi Arabia was working on ways to connect its renewable energy projects with Yemen, Jordan and Egypt. "We will connect to Africa to exchange non-fossil sources of energy," he said, without elaborating

Update: Statoil Follows Shell out of Alaska

work.   The latest pullback comes as oil companies slash spending on expensive offshore projects during the worst price crash in six years. Businesses, politicians and environmental groups have squared off over drilling in the Arctic, which is widely believed to have large undiscovered oil resources.   Statoil said it will exit 16 leases it operates and its stake in 50 leases operated by ConocoPhillips.   "Since 2008, we have worked to progress our options in Alaska. Solid work has been carried out, but, given the current outlook, we could not support continued efforts

Large Oil Discovery Confirmed in Brazil

and Barra owns 10 percent.   Discovered in 2012, Carcará was found to have up to 400 meters of continuous and connected oil reserves with excellent porosity and permeability. At the time it was the biggest oil column ever found in Brazil's so-called subsalt region, an area where large oil resources are trapped deep beneath the seabed by a layer of mineral salts.   The Carcará N well confirmed the size of the column discovered at Carcará and show similar porosity and permeability, suggesting that the area, if and when it is declared commercial, will be able to produce

Seismos Secures $4m Funding for Flow Monitoring

where producers have no practical or cost-effective method to track underground CO2 flows during production operations. This results in the loss of up to half of injected CO2, the single largest operating cost component during production and a contributor to the huge opportunity cost of unrecovered oil resources.   “The intersection of innovative approaches and large business problems, led by inspiring, committed teams is exactly what we love to get behind,” said Noah Doyle, general partner of Javelin Venture Partners. “We believe Seismos provides a powerful and needed solution

The Snorre A platform in the North Sea. (Photos Harald Pettersen)

New Timeline for Johan Castberg, Snorre 2040

fields in the Barents Sea Major investments in Snorre 2040 The Snorre partnership has decided to extend the progress plan for Snorre 2040. The new schedule for the preliminary decision to implement (DG2) is the fourth quarter of 2016. Snorre is one of the fields with the largest remaining oil resources on the Norwegian continental shelf. The subsurface is complex, and major investments will be required to produce the resources. High investments in combination with challenging profitability characterise the Snorre field’s further development leading up to 2040. Systematic work has

(Image: Statoil)

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 m in the Heimdal Formation. The estimated volume of the discovery is in the range of 30-80 million barrels of recoverable oil.   "We are pleased with having proved new oil resources in the Grane area," said May-Liss Hauknes, Statoil vice president for exploration in the North Sea. "Near-field exploration is an important part of Statoil’s exploration

US Approves Plan to Open Atlantic to Oil Reserve Surveys

The Obama administration on Friday approved a plan that would allow companies to assess oil resources off the Atlantic Coast, angering environmental groups that worried the plan will harm marine life and open the door to offshore drilling. First outlined by the Bureau of Ocean Energy Management in February, the plan lays out the mitigation measures companies would be required to undertake before conducting seismic testing to gauge the oil reserves in the Atlantic Ocean. "We are taking every step we think is reasonable to take to try and put those protections in place, while still allowing

Mexico Puts Gulf Deepwater Oil Treaty with US into Effect

Mexico on Friday put into effect an agreement signed in 2012 with the United States to allow companies to exploit deep water oil resources in the Gulf of Mexico that straddle the countries' maritime boundaries. The deal, published in the government's gazette, lifts a moratorium on oil and gas exploration and production along the countries' maritime border in the Gulf and sets up a framework for companies to jointly develop any trans-boundary reservoirs. State-run energy company Pemex has lagged far behind the United States in developing deep water oil reserves, but an opening of the oil and gas

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