The well is the final well in the first stage of Origin’s Beetaloo Basin joint venture with Falcon Oil & Gas Ltd.

Caelus Energy, Smith Bay, oil, North Slope, Alaska, discovery

The discovery located in state waters offshore Alaska could hold as much as 10 billion barrels of oil in place.

In 2015, the U.S. restricted exports, reexports and transfers of technology and equipment to the Yuzhno-Kirinskoye Field, which is part of the wider Kirinskoye deposit, Reuters reported.

Pemex estimates its average production will be 1.9 MMbbl/d in 2017, its lowest level since 1980, as a result of the spending cuts, Reuters reported.

The initial quantities discovered were estimated at about half a trillion cubic feet of gas with more possible reserves, Shell CEO Eden Murphy said in a statement.

A stabilized gas flow rate of 17 MMscf/d was reached on Aug. 7, the company said, noting the results “represents a highly commercial rate.”

Shell, Gulf of Mexico, deepwater, divestment, Ben van Beurden, Fort Sumter

News of a deepwater Gulf of Mexico discovery is made as the company reports falling profits and growth priorities.

A sidetrack appraisal well on the Brasse discovery in the Norwegian North Sea has encountered a 25-meter (m) gross oil column and a 6-m gross gas column, Faroe Petroleum said in a news release.

ExxonMobil, Hess, Liza, oil, discovery, offshore, Guyana

Drilled to 5,475 m in 1,692 m of water, the Liza-2 well encountered more than 58 m of oil-bearing sandstone reservoirs in Upper Cretaceous formations.

Sonangol said Block 20/11 held an estimated 313 MMbbl  of condensate and 2.8 trillion cubic feet of gas, Reuters reported.

During testing, the well flowed oil and gas in Lockhart-1 formation at a rate of 2,020 barrels of oil per day and 5.4 million standard cubic feet per day, respectively.

The well encountered about 18 m of gross gas-bearing and about 21 m of gross oil-bearing Jurassic reservoir, Faroe Petroleum said in a news release.