Norway's biggest energy company, failed to make a commercial discovery in the third and final well in the country's northernmost exploration campaign, adding to other disappointing results in the Arctic Barents Sea.
The Stavanger-based company made a "minor gas discovery" of between 1 billion and 2 billion cubic meters at the Mercury prospect in the Hoop area, the Norwegian Petroleum Directorate said in a statement today.
"We are naturally disappointed," Irene Rummelhoff, Statoil's senior vice president for exploration in Norway, said in a separate statement. "Hoop is a frontier area of more than 15,000 square kilometres with only six wells completed to date, so we do not have all the answers about the subsurface yet. Non-commercial discoveries and dry wells are part of the game in frontier exploration."
Statoil has been struggling to match the success of its breakthrough Skrugard and Havis oil finds in 2011 and 2012, the first commercial discoveries in the Barents Sea in a decade. Those finds renewed the interest of explorers in the Arctic area, thought to contain more than 40 percent of Norway's undiscovered resources.
After having its rig occupied for two days by Greenpeace activists in May, Statoil drilled a dry well at Apollo and made another uncommercial gas find at Atlantis. The company was seeking to find oil in the same area as OMV AG's discovery at Wisting last year and last month at the nearby Hanssen prospect.
Statoil's exploration campaign in the Hoop area follows disappointing results from a five-well program seeking to boost oil volumes for the Johan Castberg project further south in the Barents Sea, which consists of the Skrugard and Havis deposits. Statoil decided in June to again postpone the Castberg development, which had already been put on hold last year amid higher costs, uncertainty about resources and a tax increase.
|January, 19, 12:45:00|
|January, 19, 12:40:00|
|January, 19, 12:35:00|
|January, 19, 12:30:00|
|January, 19, 12:25:00|
|January, 19, 12:20:00|
PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.