BLACK SEA: NEW OIL
South eastern Europe's largest oil and gas producer OMV Petrom encountered a new oil reservoir when drilling the Marina 1 well located in the Istria XVIII offshore Perimeter in the Black Sea, according to a company statement.
Initial production tests anticipate the production potential to be 1,500 barrels of oil per day to 2,000 bpd. If OMV Petrom determines the reservoir is commercially viable, it will develop the necessary infrastructure to drill production wells. Production could begin within the next three to four years.
The Marina 1 well was drilled 196,850 feet from the shore where the water is approximately 164 feet deep. The company drilled to a depth of about 7,050 feet at a cost of more than $25 million.
The area is important to OMV Petrom - 18 percent of its hydrocarbon production comes from shallow water wells in the Black Sea like the Marina 1 well. The company is currently exploring and producing oil from five areas: the Pescarus, Lebada East, Lebada West, Sinoe and Delta reservoirs, which have a production of approximately 31,000 boe/day, according to The Diplomat Bucharest.
OMV Petrom is also working with ExxonMobil to explore the Neptun Deep Perimeter, The Diplomat Bucharest reported.
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.