Statoil has made a gas discovery in the Julius prospect in the North Sea alongside its partner Total of between 15 and 75 million barrels of recoverable oil. Well 2/4-23S was drilled by the Maersk Gallant in the King Lear area and proved gas and condensate in the Ula formation. The Norwegian operator said the well was aimed at appraising the King Lear gas and condensate discovery made by the PL146/PL333 partnership in 2012.
GDF Suez said a gas discovery has been made in Algeria. The discovery was made alongside partners including Repsol, Enel and Sonatrach in the Illizi basin. The French company currently holds a 20% licence in the development.
Early figures from research company IHS have shown discoveries of oil and gas reserves dropped to their lowest level in at least two decades in 2014. The preliminary numbers suggest the volume of oil and gas found was the lowest since around 1995, not including shale and other reserves onshore in North America. It has been estimated that new finds of oil and gas will have been around 16billion barrels of oil equivalent last year.
Statoil has completed its exploration programme in the Barents Sea, completing 10% of all exploration wells drilled in the Barents Sea. The exploration well, between 2013 and 2014, started with five wells in the vicinity of Johan Castberg. These wells were critical, Statoil said, in clarifying the oil potential in the area in order to plans for the Johan Castberg field.
Oil major Chevron has made a new oil discovery in the Gulf of Mexico. The company said a significant oil pay had been made at the Keathley Canyon Block 10 in the Guadalupe prospect.
President Energy has made it first oil discovery in the Lapacho well at the Pirity Concession in Paraguay. The company, which has a 65% interest in the asset, said tests will now be carried out to confirm the discovery of the conventional light oil.
Scottish oil firm Cairn Energy has discovered oil and its FAN-1 exploration well in Senegal, the company has announced. The well, which is 100 kilmoetres offshore in the Sangomar Deep block and was targeting multiple stacked deepwater fans.