The sources said Petronas has been considering a sale for months, after it became apparent that a Canadian approval was possible, but had yet to take a final decision.

BP signed amendments to the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt, allowing for the development of the Nooros Field, Reuters reported. 

Statoil, Johan Sverdrup, cost, Norway, North Sea

Evidence is increasingly emerging in Norway that its recent lean-and-mean approach is paying dividends, reducing previously prohibitive costs to economically viable levels.

The 15-year deal for Leviathan, which holds an estimated 22 Tcf of gas, should help the U.S.-Israeli group secure funds to bring it online.

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.

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