VNG FOUND OIL
REUTERS. German gas company VNG made a sizable oil discovery in the Norwegian Sea in the Pil prospect and there is potential for an even bigger resource in the licence, it said on Thursday.
VNG, a relative newcomer to Norway, found between 50 and 170 million barrels of recoverable oil equivalents, including up to 113 million barrels of oil near Statoil's Njord field, the firm said.
VNG, which operates 11 licences on the Norwegian Continental Shelf, said the discovery has considerable additional upside potential and it would now drill sidetracks and plans further exploration in the licence next year.
Tests on the well showed "excellent" flow properties and a continuous reservoir, capable of sustaining high flow rates, Rocksource, a partner in the find said.
Shares in Rocksource surged 40 percent on news of the discovery while Faroe Petroleum, another partner, rose 11 percent.
VNG and Spike Exploration each hold 30 percent of the licence, Faroe has 25 percent and Rocksource has 15 percent.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.