By Dave Moseley, senior analyst at Westwood Global Energy
Westwood Global Energy reports that there were two exploration and one appraisal wells active as of July 28. Key wells in July include frontier play tests at Stovegolvet and Stangnestind, both of which completed. A total of 17 exploration wells have completed to date in 2021, from which seven commercial discoveries have been made giving a 41% commercial success rate to date.
Climate activists that failed in their attempt to stop oil and gas drilling in Norway’s Arctic are taking the case to the European Court of Human Rights.
Westwood Global Energy reports that there were five exploration well programmes active on the Norwegian Continental Shelf as of February 24. A total of three exploration wells have completed to date in 2021, from which one commercial discovery was made with total resources of c. 57 mmboe, giving a 33% commercial success rate.
Westwood Global Energy reports that there were four exploration well programmes active as of December 28. Three exploration well programmes were spudded in December and two exploration programmes completed.
In the age of the Great Energy Transition, oil and gas companies face a dual challenge; to reduce operational emissions whilst keeping up with growing energy demand they will need to increase both asset performance and lifetime. With increasing numbers of incumbent O&G players making net-zero commitments, the sector will increasingly be judged both by their cost per barrel / cubic feet AND their carbon footprint per barrel.
Africa Oil will go it alone in the acquisition of stakes in major fields offshore Nigeria after its partners, Delonex Energy and Vitol Investment Partnership, both withdrew.
Swedish exploration and production firm Lundin Petroleum has announced it will start paying dividends after reporting record cash flows in 2017 due to a recovery in the price of oil.
Lundin Petroleum this morning confirmed it had kick-started drilling of exploration well 7219/12-3 on the Hurri prospect in PL533 in the southern Barents Sea.
Norway has given Swedish firm Lundin permission to drill a wildcat well in the Barents Sea. The Leiv Eiriksson rig will carry out the drilling campaign on licence area 533. Lundin operates the licence and holds a 35% stake. Aker BP also has 35% while DEA has 30%.
Norway has granted Lundin a drilling permit for another well on the Alta discovery in the Barents Sea. The Leiv Eiriksson rig will drill the well. Lundin Norway operates the licence with a 40% stake. Idemitsu Petroleum and Dea Norge each hold 30%.