Total field expenditures in the North Sea could amount to US$378 billion (£268 billion) over the next three decades, according to Alex Kemp, professor of petroleum economics and director of Aberdeen centre for research in energy economics and finance at the University of Aberdeen. …
ADNOC has awarded two contracts to South Korea’s Samsung Engineering with a total value of US$3.5 billion, which will allow an ADNOC-owned refinery to process crude oil from the Upper Zakum offshore oil field. ADNOC said that the contracts were signed between its subsidiary…
TAG Oil, reports that the Pukatea-1 well was completed at the Mt Messenger formation, where 12.9 metres of oil-and-gas bearing sands were perforated. Following perforation, a flow test was completed during which the well flowed naturally at a rate of up to 600 b/d…
Apache Corporation has discovered oil at the Garten prospect in block 9/18a Area-W in the UK North Sea. Garten is six kilometres (four miles) south of the Beryl Alpha platform. The Garten discovery well targeted a downthrown structural closure and encountered more than…
The technology group Wärtsilä has announced that it has delivered the world’s largest solar hybrid power plant. Wärtsilä will provide a reliable and sustainable supply of round-the-clock energy which is essential in operating the off-grid gold mine and demonstrate the enormous potential of integrating…
A meeting in Varna, Bulgaria, between Turkish President Recep Tayyip Erdogan and leaders of the European Union ended with repeated EU condemnation of Turkey’s recent interference with oil and gas exploration off Cyprus. “The European Union stands united behind the Republic of Cyprus,” declared…
The Brent crude oil benchmark climbed more than US$1.50 to close above US$70/bbl on the 23rd March, marking the front-month’s highest level since late January while the US light, sweet crude oil benchmark for May also climbed more than US$1.50 to approach US$65.90/bbl. “Geopolitics…
The governments of China and the Philippines say they are moving towards cooperative offshore oil and gas exploration. The countries have been locked in a territorial dispute over parts of the South China Sea. The island nation won an arbitration challenge to China’s…
Sweden’s Lundin Petroleum said it has found more oil at its Luno II discovery off Norway and aims to submit a development plan for the field towards the end of this year. The company has been drilling an appraisal well at the North Sea field and…
Malaysia’s Sapura Energy has entered into the New Zealand oil and gas market by farming into five offshore exploration permits within the Taranaki Basin. The farm-in agreements are with Austria’s OMV and Japan’s Mitsui. “We are excited about our entry into New Zealand which may…
