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The discovery will be developed in two phases by using subsea templates tied back to the Skarv FPSO vessel. Current estimates are 6 billion crowns for the first phase and 4 billion crowns for the second phase, a company spokesman said.
Total plans to make a final investment decision on a $2 billion gas project in Iran by the summer, but the decision hinges on the renewal of U.S. sanctions waivers, CEO Patrick Pouyanne said earlier this month.
The partners, led by ConocoPhillips (NYSE: COP), plan to start initial engineering and design work in late 2017 and to reach a final investment decision in late 2018 or early 2019, Santos Managing Director Kevin Gallagher told analysts at a results briefing.
The company forecasts economic growth in developing countries to lead the way for energy consumption while oil and natural gas become the dominant resource by 2040.
Spending in the Eastern Mediterranean, including development costs for Leviathan offshore Israel, makes up more than 20% of Noble Energy’s 2017 capital program.
The operator said proceeds from Kerogen’s investment will finance the acquisition and key work streams to investment sanction, including FEED studies and the field development plan being prepared with TechnipFMC.
Iran’s oil minister has criticized French oil company Total for its decision to delay signing a contract to develop a gas field in southern Iran, saying that the reasons given by Total’s CEO were “unacceptable” to Tehran.
With Shell U.K. Ltd. submitting a decommissioning program for the Brent Field to the U.K. government, three concrete gravity-based platforms create major logistics problems.
The company has initiated cost-saving measures and tackled drilling efficiency among other areas while working toward its goal of developing a remotely operated factory.
"The production of Block 15/06 will reach this year approximately 150,000 barrels of oil per day," Sonangol said in a statement, Reuters reported.
Mad Dog Phase 2, located in the Green Canyon area in the deepwater GoM, is a southern and southwestern extension of the existing Mad Dog Field, BHP Billiton said in the release.
Production is taking place through the Armada Olombendo FPSO vessel, which can generate up to 80,000 barrels of oil per day (bbl/d) and compress up to 3.4 million cubic meters of gas per day.