Exclusives

Iran is seeking a final agreement with international powers by June that would curb its nuclear program in exchange for phasing out sanctions that have cut its crude exports, choked cash flow and halted most oil investment. 

BP, Thunder Horse, Gulf of Mexico, production, oil

Interested in learning more about the top 20 producing wells in the GoM, the top fields by reserves and getting details on recent GoM discoveries? Take a look this new monthly three-chart feature brought by E&P.

In a series of letters sent to companies such as Shell, BP and Exxon Mobil since January, seen by Reuters, Iraq's oil ministry set out the need for change in response to “the rapid drastic decrease in crude oil prices.”

Gulf of Mexico oil platform

Production in the Gulf could reach 1.52 MMbbl/d in 2015 and rise slightly in 2016 to 1.61 MMbbl/d, according to the EIA.

The availability of dual-fuel engines and dedicated natural gas engines has created more fuel options in the oil patch.

Completion

For the Netherlands, the EU's biggest gas producer, less gas could reduce national income by almost 2 billion euros ($2.1 billion), according to the Ministry of Economic Affairs, Bloomberg said.

Delta 2 is the 10th project in Statoil's fast-track portfolio to be completed.

The lawsuit, filed in Washington federal court, follows a petition by the groups to the regulator in 2012 seeking a rule that would require oil and gas companies to disclose such pollution to a government database.

The New York state Health Department said fracking for natural gas can’t be done safely, dooming prospects that Governor Andrew Cuomo will allow the extraction process after a six-year-moratorium.

Experts talk about the sector’s past, present and future.

Drilling

Statoil’s Yeti well in the U.S. GoM’s Walker Ridge area delivered good drilling results, Bloomberg said. The company acquired 14 more leases adjacent to Yeti in the recent GoM sale. 

The UK’s OGA will ensure North Sea producers extract Britain’s remaining 24 Bbbl of reserves, Reuters said. It will fine E&Ps that breach licenses. The OGA becomes a legislative body April 1. 

KrisEnergy Ltd. contracted Key Gibraltar for six months for its Thai drilling program, which includes the Rossukon-2 well and 15 development wells in the Wassana oil field.

The well in the Sergipe-Alagoas Basin reached 2,990 m. The 2012 drillstem test confirmed 41 degree API oil and good reservoir productivity.

Statoil believes the drilling proposals lie outside the scope of current international sanctions against Russia. The company plans to drill the wells with OAO Rosneft, Reuters said. 

Enhanced Oil Recovery

First oil is planned for late 2019.

Coreflooding measures the effectiveness of water or gas injected into an oil-bearing rock sample to displace oil. This can be used to assess the potential for water flooding in an oil field, BP said in a news release.

The NRG Energy and JX Nippon Oil & Gas project aims to turn waste into revenue using technology.

Better chemical formulations and lower cost, advances in laboratory analysis and higher oil prices are making chemical EOR more economically viable.

Field Development

Power loss at an offshore facility last week forced production to shut down, Reuters said. The force majeure on exports of Saturno-grade crude oil is still in place.

Woodside now holds interests in six different permits covering a combined area of 46,000 sq km, and is now the largest acreage holder in the emerging Rakhine Basin.

Rutil, near the major Gullfaks oil and gas field, will be tied in. It is estimated to hold 11.1 Bcm of gas and 0.8 MMcm of condensate, Reuters said.

Edvard Grieg will begin production offshore Norway in fourth-quarter 2015. Appraisal drilling will finish this summer, according to Lundin Petroleum's CEO, Reuters said.

The production of P-61 is transferred via flexible lines to FPSO P-63, which is capable of processing 140,000 bbl/d and 1 MMcm of gas, besides being able to inject 340,000 bbl of water, according to Petrobras.