Exclusives

The total oil in place in the Upper Portland pay has increased from 7.7 MMbbl per square mile to 22.9 MMbbl per square mile.

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The final investment decision for the Tengiz expansion is the latest of several projects in recent weeks to receive financial commitments.

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Economists, businesses and analysts in oil markets sought to put the crisis in perspective even as some $2 trillion was wiped off the equity markets worldwide.

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The import-dependent nation is in the aftermath of its most successful licensing round, with attention on its Atlantic Margin emerging frontier area.

BP, production, oil, projects, upstream, gas, Brian Gilvary

The company expects startups of 2016 and 2017 projects to put in place 500,000 barrels per day of new net BP capacity by year-end 2017.

Deepwater International

Norway’s Polarcus has been hired to conduct a 3-D marine seismic survey offshore Egypt.

Various subsea equipment will be delivered throughout 2015 and 2016.

GE Oil & Gas has invested more than $20.5 million across its subsea manufacturing facilities in Montrose, Scotland, in a move to enhance its business’s test and assembly and manufacturing capabilities.

Ceona has successfully installed a 570-mt multiple pipelay vertical lay system (VLS) and twin 400-mt cranes onto its next-generation flagship asset, the Ceona Amazon.

Kosmos Energy is taking a fresh look at a handful of new and existing exploration prospects in frontier waters offshore Ireland, according to partner Europa Oil & Gas.

Exploration

The acquisition also includes a 50% operated interest in a 190-kilometer oil pipeline network and a 66.7% operated interest in the Bedekaspel exploration license located in the Permian Rotliegend gas fairway.

Statoil is the operator in PL046 with a 62% holding. A final investment decision for Utgard is planned before year-end 2016, with production start-up in 2020.

As the operating shareholder, MOL is currently responsible for more than 80 Mboe/d of gross production. Its partners in the joint venture consortium are OGDC, PPL, POL and GHPL. MOL holds equity stakes in five blocks in Pakistan.

Getech will acquire Exprodat from its existing shareholders, Gareth Smith, Nicholas Cribbens, Christopher Jepps, Julie Cullen and Ross Smail.

Oyster will hold 100% of Block 49/21a (License P039); 100% of Block 49/21d (License P2122); 100% of Block 48/25b (License P130); and 100% of Block 49/21c (License P1915), which are all in the U.K. Southern North Sea.

Production

Premier Oil also said it had agreed terms with a preferred bidder for its Pakistan operations, Reuters reported.

Economic Affairs Minister Henk Kamp said that 30 Bcm per year of production would occur only in "the coldest winter you would expect to see in 50 years," Reuters reported.

The presence of thermogenic gas in the Collyhurst section supports the original assessment of the existence of hydrocarbon source rock in the Carboniferous and a viable petroleum system, Petro River said.

Privately owned DEA, the field's operator, holds a 40% stake in the field, while OMV, Maersk Oil and Edison hold 20% each, Reuters reported.

In the autumn of 2015, the Aasta Hansteen Field’s startup was postponed one year, until the last half of 2018, effectively postponing the field’s drilling program. 

Subsea Engineering

Subsea technology provider Forum Energy Technologies (UK) Ltd. has unveiled a deepwater test facility and received industry accreditation for the calibration laboratory at its new European Operational Centre in Aberdeen. 

The Irish government has offered 14 new licensing options in the Irish offshore following the conclusion of the 2015 Atlantic Margin Licensing Round.

Hansa Hydrocarbons has taken its first steps into the Danish offshore sector with the provisional award of two new licences in the country’s seventh licensing round.

Statoil has been awarded six licensing options in Ireland’s 2015 Atlantic Margin Licensing Round. Statoil will operate four of the licensing options and partner in two operated by Exxon Mobil.

The Aberdeen region has been given a £504 million (US$727 million) boost as it faces up to the oil price crisis. The funding will be paid over the next five to 10 years to improve infrastructure and attract jobs. 

Technology

Shell said it was aware of the announcement and was monitoring the situation, Reuters reported. 

Greta Lydecker has been appointed managing director of the Aberdeen-based Chevron Upstream Europe, effective July 11, Chevron North Sea Ltd. said in a news release.

Britain needs to cut the amount of electricity it generates using fossil fuels, such as coal and gas, which provided around 50% of the country's electricity in 2015.

The Norwegian Oil and Gas Association on June 29 said eight fields in total would be affected, but output would only be affected at five of them. 

Reuters separately reported that if the planned strikes were to go ahead, France's Engie would have to shut down production at its Gjoea platform.