STATOIL BEGIN TO QUICKLY
Statoil ASA reported production startups for two "fast-track" fields in the Norwegian North Sea.
Fram H North is in the Troll area and contains about 10 million recoverable boe. Svalin C is in the Grane area and contains about 30 million recoverable boe.
Fram H North is a standard subsea template that can accommodate four wells. It is connected by a 5-km pipeline and umbilicals to the subsea template on Fram West A2. Svalin C is a subsea facility with 2 wells about 6 km southwest of the Grane platform.
Statoil and partners made the Fram H North investment decision in summer 2012. The project was exempt from having to submit a plan for development and operation (PDO). The PDO for Svalin C was submitted in June 2012 and approved by the Norwegian Ministry of Petroleum and Energy in November 2012.
Statoil said fast-track developments combine standardized subsea solutions and use of infrastructure in a manner that helps extend the lifetime of existing fields. Fram H North and Svalin C are the company's eighth and ninth fast-track development projects.
"We are on the right track with our mindset regarding standardized technical solutions, early maturing of design basis to avoid late changes and last, but not least, use of the same teams from project to project, where people know each other well and share the same philosophy," said Anders Opedal, senior vice-president for projects.
In Fram H North, Statoil has 49.2%; Idemitsu, 28.8%; GDF Suez 10.8%; and Petoro 11.2%. Statoil has 57% interest in Svalin C; Petoro 30%; and ExxonMobil Corp. 13%.
|September, 20, 09:05:00|
|September, 20, 09:00:00|
|September, 20, 08:55:00|
|September, 20, 08:50:00|
|September, 20, 08:45:00|
|September, 20, 08:40:00|
BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.
The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.
“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.