The field, Enping 18-1, is currently producing about 2,010 bbl/d of crude oil from three wells. It is located in the Pearl River Mouth Basin with an average water depth of about 90 m (292 ft).

Ghana could become the fourth biggest oil producer in sub-Saharan Africa by 2020 once two new offshore fields come onstream, to push total output above 240,000 barrels per day.

It will be the biggest pipeline project in the country and had won government approval in 2007 but could not move forward.

At Messoyakha, GazpromNeft is also using a network of complicated horizontal wells with a structure that resembles fish bones, Reuters reported.

Statoil said the first phase of Johan Sverdrup development will be completed in the period of 2018-2022. Continued low oil prices may affect these plans, the company added.

The London-listed company said it had reduced gross capex on itsKraken Field in the North Sea by $150 million to $2.6 billion, squeezing costs to contend with low crude prices. 

Production is expected to reach about 50,000 boe/d by year-end 2017. The field is in the Lower Tertiary geologic frontier of the GoM.

Egypt’s offshore sector is leading the way in attracting large investments and pioneering the use of high-end subsea production systems despite the depressed industry environment.

Statoil, Gullfaks Rimfaksdalen, start, North Sea, ONS, production, costs

The field in the Norwegian North Sea came online four months ahead of schedule with a lower development cost.

Statoil, Johan Sverdrup, Eldar Sætre, North Sea, ONS, oil, offshore, Norway, costs

Development costs for Phase 1 of the project offshore Norway have fallen by 21%.

Many eastern European countries and the U.S. have said the pipeline could limit supply routes and the energy security of the European Union, which gets a third of its gas from Russia.

U.S. firms across the value chain can take advantage of opportunities that will emerge from Mexico’s energy reform, say experts at EnerCom.