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The decision is for a three-pad development instead of the originally sought five drill sites and is coupled with ConocoPhillips relinquishing 68 000 acres of existing leases.
Economic impact analysis by Oxford Economics, published in Neptune’s Annual Report and Accounts, revealed the company’s overall European economic impact increased significantly in 2022.
The volumes are estimated at between 24 and 84 million boe, with slightly more oil than gas.
The well was drilled 10 km northwest of the Fram field and about 140 km northwest of Bergen.
Official analysis has revealed that the accelerating decline of Scotland’s oil and gas production will increase Scotland’s emissions, threaten jobs and ultimately could make Scotland poorer.
The company has announced the signing of a frame agreement with Equinor ASA to provide DualLink™ powered and wired drill pipe for their operations, ahead of installing and operating the system at their Oseberg field.
The current value of the order is more than £5 million. Approximately £2.5 million of milestone payments will be received and accounted for as deferred revenue in the current financial year.
The latest analysis from McKinsey & Company reveals that oil and gas industry costs could increase between 6 – 10% in 2023 due to labour uncertainties and raw-materials inflation.
Shell Salym Development B.V. – a subsidiary of Shell plc – has completed the withdrawal from its 50% interest in the Salym project in Russia.
The Alkaid #2 well returned to production on 21 February, following the cleanout of the sand blockage in the final 1000 ft (c.20%) of the wellbore.
The use of hybrid power solutions is an essential element of the company’s decarbonisation strategy, as it contributes to ADNOC’s commitment to reduce greenhouse gas intensity by 25% by 2030.
The company has signed an agreement to acquire Suncor Energy UK Limited for a total consideration of US$850 million.