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South Pars is the world’s largest gas field and CNPC’s investment freeze is a blow to Tehran’s efforts to maintain financing for energy projects amid the re-imposition U.S. sanctions on its energy sector earlier this year.
The companies were also awarded a contract to support the planning phases of the project.
Eni (NYSE: E) discovered oil at the Afoxé exploration prospect located in Block 15/06 offshore Angola, the company said Dec. 10.
NOC said in a statement the shutdown of its biggest oil field would result in a production loss of 315,000 barrels per day (bbl/d) at the site, and an additional loss of 73,000 bbl/d at the El Feel oil field.
Tailwind Energy Ltd. announced first oil from the 100% owned Gannet E redevelopment to the Triton FPSO, the company said on Dec. 9.
Called BlueVault, the solution consists of four converter-battery systems for a total maximum power of 6 megawatts, Siemens said in a news release.
U.K. oil explorer Tullow Oil is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the company’s managing director Kweku Awotwi said on Dec. 6.
The field accounts for about 40% of the natural gas reserves on the Norwegian Continental Shelf (NCS) and meets about 7% to 8% of Europe’s consumption. Norway is Europe’s second largest gas supplier after Russia.
The plan, if sanctioned, is to tie the discovery back to the nearby Gjoea field platform via a subsea production system.
The recoverable resource from the field, which is tied back to the Beryl Alpha platform, is expected to exceed 10 million barrels of light oil plus associated natural gas, Apache said in the release.
The company said on Dec. 5 it expected to produce between 63,000 and 70,000 barrels of oil equivalent per day (boe/d) in 2019, compared with a forecast 54,000-56,000 boe/d this year.
Tanzanian President John Magufuli has asked his government to proceed with negotiations to set out the commercial and fiscal framework for the LNG project, said Equinor, a majority state-owned energy company formerly known as Statoil.