BP targets 4 million bopd by 2020

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BP Chairman Carl-Henric Svanberg is confident that within a few years, BP’s recent investments will recover to the same output as before the supermajor had to sell one third of its assets to cover billions of dollars in claims and penalties arising from the Macondo well disaster in the Gulf of Mexico. “We must never forget the events of 2010,” Svanberg said at BP’s annual general meeting in reference to the Deepwater Horizon rig explosion that claimed 11 lives. “They are part of us, they are who we are and they will help shape our future. And our future lies…

SNE-6 DST is a success in Senegal

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Cairn Energy has completed drilling operations at the SNE-6 appraisal well offshore Senegal. The company informed said rig performance was excellent and operations were completed ahead of schedule and under budget following drilling, logging and drill stem testing (DST). The SNE-6 well, in conjunction with the previous successful SNE-5 well, was to flow oil from one of the principal units in the upper (400 series) reservoirs and demonstrate connectivity between the two wells. Cairn said pressure data from SNE-6 immediately confirmed good connectivity with SNE-5 and accordingly a short DST was performed, with initial results showing: • Main reservoir units,…

Exploration age of enlightenment is urgent

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Why did the lights have to go off before a light switched on? But now that the path to Australia’s future gas production has been illuminated, why are state governments not moving with immediate urgency to avert an energy crisis? This was the question pondered at the culmination of the Australian Petroleum Production & Exploration Association Ltd. (APPEA) Conference in Perth on the subject of blackouts in South Australia last year that first alerted state and federal government to a crippling east coast gas shortage. Despite this, onshore drilling, exploration and hydraulic stimulation bans remain in force in New South…

Australia releases 21 new offshore petroleum exploration areas

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Australia’s Minister for Resources, Senator Matt Canavan, has announced 21 new offshore petroleum exploration areas at the 2017 APPEA Conference in Perth. Most of the release areas are in the North West Shelf, spanning the Westralian Superbasin from the Bonaparte Basin in the northeast to the Northern Carnarvon Basin in the southwest. There are also five release areas in basins close to the Bass Strait and two offshore frontier areas in the Houtman Sub-basin of the northern Perth Basin. In the 2016 release, one cash bid was awarded. This year one new area has been offered for cash-biding in the…

United farms-in to Po Valley field in Italy

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Australian gas producer Po Valley said it has advanced funding for a key Northern Italy gas field with a farm-in by Ireland-based explorer United Oil and Gas. Po Valley Energy said it had reached a conditional agreement for United Oil & Gas to earn a 20% stake through a two for one farm into its Podere Gallina licence, which contains the Selva gas field The agreement allows United to earn a 20% interest for a share in the drilling costs of the exploration well Podere Maiar-1, planned for October 2017. Conditions for full commitment by United to the farm in…

Woodside reveals thinking for Browse Project

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Woodside has flagged potential first Browse basin gas from the mid-2020s. However, it remains unlikely that the Perth-headquartered oil and gas producer intends to deploy floating LNG or construct a new onshore plant, as was the initial plan near Broome, if and once the suspended project does receive FID. At Woodside’s annual general meeting on Friday, CEO Peter Coleman gave a hint of where Woodside was heading with Browse, saying: “As you know, we have worked for some years to find the right development concept for the world class Browse resources. I’m very excited about where we are headed.” Woodside…

Prelude on course for 2018 startup

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SHELL’S watershed Prelude FLNG facility remains on scheduled for a 2018 startup, despite six worker fatalities and 20 injuries at Samsung Heavy Industries shipyard last week. This occurred when a crane collapsed at the shipyard in Geoje, South Korea, during construction of Total’s Martin Linge topsides. Work was suspended at the yard after the incident. Shell CFO Jessica Uhl said, however, that the incident was not related to construction of Prelude, which is being built to produce 3.6 million tons of LNG per annum from the offshore Prelude and Concerto gas fields about 480km north-east of Broome. Uhl said construction…

Arrow enters FEED for Surat expansion

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Arrow Energy has announced that it will undertake the front-end engineering design (FEED) phase for a proposed major expansion of its Tipton gas project 30km west of Dalby in Queensland’s Surat Basin. Arrow Energy CEO Qian Mingyang said the project involved a significant upgrade of existing facilities, and would more than double production capacity from Tipton to more than 80 TJ/d. “This project continues the development of the Arrow resource which will see more gas in the market,” Mr Qian said. The project followed a recent $600 million investment by Arrow in its Surat Basin infrastructure, comprising the $500 million…

Oil feels the squeeze

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Oil discoveries declined to 2.4 billion barrels in 2016, compared with an average of nine billion barrels per year over the past 15 years, the International Energy Association (IEA) has reported. The IEA added that the volume of conventional resources sanctioned for development last year fell to 4.7 billion barrels, 30% lower than the previous year as the number of projects that received final investment decisions dropped to the lowest level since the 1940s. The slowdown was the result of reduced investment driven by low oil prices The slump in the conventional oil sector, however, was in sharp contrast to…

Gargantuan CPF starts sail away to Ichthys

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The Ichthys Explorer, the world’s largest semi-submersible platform, has sailed from its construction site in Goeje, South Korea for the six-week journey to the Ichthys Field offshore Western Australia. This follows completion of shipyard commissioning and preparation work on the 120,000 tonne central processing facility which boasts topsides measuring 130 * 120 metres and living quarters for up to 200 people. The Ichthys Explorer will be towed to the Ichthys Field, located 200km off the northwest coast of Australia, and on arrival is scheduled to undergo hook-up. The facility will be permanently moored in 250m deep water by 28 anchor…

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