The project is expected to produce enough LNG to load about 10 vessels a month by mid-2016, equivalent to exporting around eight million tonnes of LNG a year, Reuters reported.
A more complete report of the test results will be published by year-end 2015. Tests results have shown promise for best subsalt discoveries so far, CEO said, Reuters reported.
The prolonged downturn lingers as oil and gas companies prepare for what could be another round of capex cuts. But the global oversupply is falling and depleted assets are not being replaced, a speaker at Hart Energy’s Gulf of Mexico Offshore Executive Conference said.
Norges Bank currently estimates a drop in petroleum investment of 12.5 percent this year compared to last year and a further drop of 10 percent next year.
The takeover, which will involve FOGL's chief executive and chairman joining the Rockhopper board as non-executive directors, will merge the companies' exploration campaigns in the Falkland Islands.
Next year's capex budget would fall by 38% to US$650 million as North Sea Solan Field and other projects reach completion and exploration spending is minimal, Reuters said.
Combined, the company will operate 408,000 HHP, 23 coiled tubing units, 33 snubbing units, 24 cementing units, 23 nitrogen pumping units, 25 fluid pumping units, 86 wireline units, 120 directional kits and more than 825 mud motors.
Dire market conditions may have caused some to consider halting investment offshore, especially given a strong shale presence onshore. But Noble Energy sees opportunity.
The Ormen Lange gas field, which feeds the Langeled pipeline under the North Sea, is one of Britain's biggest sources of natural gas, Reuters said.
The acquisition will make Shell the world's top LNG trader, although it still needs approval from China and Australia's Foreign Investment Review Board to go ahead as planned in early 2016.
Husky said Rush Lake 2, a 10,000-bbl/d project, is expected to be the first of the projects in this phase to start production, in late 2018. The other three projects in this phase are expected to start between 2019 and 2021.
The $14.8 billion deal will expand Schlumberger into new territories in subsea and equipment manufacturing.