Under the PSC, the JV partners have agreed to undertake an 18-month environmental and social impact assessment and study period, followed by an option to proceed to a three-year commitment exploration work program, Tap Oil said in a news release.
Maersk Oil has asked for permission to shut its Janice installation, which produces around 7,000 barrels per day from three U.K. North Sea oil fields.
Iran and Qatar share the field, which Iran calls South Pars and Qatar calls the North Field. It straddles their offshore Gulf border and accounts for nearly all of Qatar's gas production and about 35 percent of Iran's.
"For Gullfaks, this gas compression means extended lifetime and an increase in the gas recovery rate from Gullfaks Sør Brent from 62 to 74 percent,” said Astri Fritsen, principal engineer for the NPD.
A consortium headed by ONGC Videsh in 2008 discovered the gas field in the Farsi offshore block but could not obtain the permission to develop it due to Western sanctions against Iran’s nuclear program.
The largest field found in the North Sea in three decades could hold as much as 2.9 billion barrels of oil and has an estimated cost of up to $26.8 billion, of which the first phase is budgeted at $14.2 billion.
Production from Goliat Field, which could hold 174MMbbl of oil, was originally scheduled to start in 2013, and the latest deadline was the end of this summer, Reuters said.
Warro Field is 200 kilometers north of Perth and 30 kilometers from the Dampier Bunbury Natural Gas and Parmelia pipelines. Wells could cost $30 million to $40 million.
Brazil’s National Petroleum Agency previously made a similar decision with Lula and Cernambi fields and seven other fields in the Parque das Baleias area, all operated by state-owned Petrobras.
As a wave of decommissioning projects approaches, an energy institute says E&Ps have choices on how to approach the task.
Production, which started Aug. 15, is expected to reach a peak rate of about 10,000 barrels of oil per day by year-end, KrisEnergy said in the release.
The H5-WHP is TGT’s third platform to be brought on production, SOCO said in a news release.