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Oil & Gas

Statoil makes gas discovery off Norway

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.

Oil & Gas

GDF Suez and partners make gas discovery in Algeria

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.

Oil & Gas

Figures show oil discoveries drop to 20-year low

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.

Oil & Gas

Statoil completes exploration in the Barents Sea

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 & Gas

Cairn Energy makes new oil discovery

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.