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The Cayley gas field in the central North Sea will, with the adjoining Godwin and Shaw fields, will reach a peak production level of 40,000 boe/d, said the company, a joint venture between Spain’s Repsol and China’s Sinopec.
About $400 million of Pan American's investment plan is destined for oil and gas exploration in the sprawling Vaca Muerta shale formation in Argentina's southern Patagonia region.
The development is estimated to cost about $5.78 billion. Statoil said it plans to invest about $135.73 million per year to operate the field, which is scheduled to come onstream in 2022 and operate for about 30 years.
The field, some 125 km (80 miles) east of the Shetland Islands, delivered its first oil on June 23 and is expected to produce 50,000 bbl/d at its peak, the company said in a statement June 26.
The Brazilian state-owned company is working to increase the recovery factor at the Carmópolis oil field to 32%.
The plan includes using one FPSO unit, with a 400 MMscf/d capacity, for the two fields.
Libya's oil production has risen to 885,000 bbl/d after the state oil firm settled a dispute with Germany's Wintershall AG that had slashed production, a Libyan oil source told Reuters.
The combined gas reserves in the Gulf Cooperation Council (GCC) is about 1,500 Tcf, but much of the reserve is associated gas and expensive to extract.
Exxon Mobil Corp. said June 16 it would proceed with the development of the Liza oil field, located offshore Guyana.
Separately, Frontera Energy said it had reached an agreement with natives of Peru's Amazon region over the development of an oil field involved in a dispute over land-use.
BP and Reliance will invest a further $6.2 billion in their jointly owned KG D6 gas block off India's eastern coast, the heads of the two companies said June 15.
Fortuna FLNG will be Africa’s first deepwater floating liquefaction facility, with production capacity of 2.2 million tonnes per year and an estimated start-up in 2020.