Libra, a giant oil field located in Brazil’s presalt area, will boost many business opportunities over the next years.

Development Briefs For July 13

Statoil is looking to make a decision this year on developing the Kayak oil discovery it made last week in the Barents Sea offshore Norway.

Business Briefs For July 13

France's Total will invest $3.5 billion over five years in Qatar's offshore Al Shaheen Field and expects to keep production running at 300,000 bbl/d in future, French and Qatari executives said July 11.

The two companies recently signed a memorandum of understanding confirming their interest in further developing Evrotek-Yugra, a joint enterprise between Gazprom Neft and Repsol, according to a news release.

The company said the start of production had now been pushed back to the first half of 2019 from later this year.

The Sankofa Field forms the first phase of the $7.9 billion Offshore Cape Three Points project (OCTP), which is expected to also deliver up to 180 million cubic feet of natural gas per day by the end of next year, more than doubling domestic gas supply.

International Highlights

Minimum-facility CSP combines the advantages of a platform with the rig-run benefit of a subsea development to achieve lower capital and installation/intervention costs.

Gina Krog, oil and gas, Statoil, North Sea, production, Sleipner

Located about 30 km northwest of Sleipner, the field was developed with a production facility on the seabed and an oil storage ship at a water depth of between 110 m and 120 m.

Hurricane Energy plans to raise $520 million for test drilling at its Lancaster oil field in the North Sea, a major milestone for the project that could breathe new life into the aging offshore basin.