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.
|June, 22, 13:40:00|
|June, 22, 13:35:00|
|June, 22, 13:30:00|
|June, 22, 13:25:00|
|June, 22, 13:20:00|
|June, 22, 13:15:00|
U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.
U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.
REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.