Light, sweet crude oil for April delivery declined slightly but settled above $59/bbl on Mar. 19 for a second consecutive day. Some suggested market participants awaited the weekly US oil and products inventory to be released on Mar. 20. Source: News
EIA: US crude inventories down 9.6 million bbl
US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed. At 439.5 million bbl, US crude oil inventories are about 2% below the 5-year average for this time of year, the report indicated. […]
Eni evaluating gas discovery off Egypt
Eni SPA is evaluating a natural gas discovery in the Nour North Sinai Concession offshore Egypt. The Nour-1 New Field Wildcat cut 33 m of gross sandstone pay with a 90-m gas column in the Oligocene Tineh formation. Source: News
Irkutsk Oil lets another contract for East Siberian ethylene project
Irkutsk Polymer Plant, a subsidiary of Irkutsk Oil Co., has let a contract to McDermott International Inc. to provide basic engineering and technology licensing for a grassroots ethylene plant in Ust-Kut, in East Siberia’s Irkutsk region. Source: News
CERAWeek: Technology expected to counter productivity declines of low-permeability formations
Shale and other low-permeability formations have reversed a 40-year decline in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston. Source: News
Aker BP makes North Sea oil, gas discovery
Aker BP confirmed an oil and gas discovery with a gross resource estimate of 60-130 million boe from the Froskelar Main exploration well in license 869 in the North Sea’s Alvheim area. The nearby 24/9-3 (Gamma) oil discovery can be viewed as being part of this discovery, and part of the discovery may extend over […]
Spirit starts production from Oda field in North Sea
Spirit Energy Ltd. and its partners started oil production from Oda field, which lies in 65 m of water 13 km east of Ula in production license 405 in the North Sea, on Mar. 16, about 5 months ahead of schedule. Source: News
Siccar Point spuds Blackrock well off UK
Siccar Point Energy has spudded an exploratory well on its Blackrock prospect 140 km northwest of the Shetland Islands between undeveloped Cambo and Rosebank oil fields. Main reservoir targets are Tertiary Colsay and Upper Jurassic sands on the Corona Ridge intrabasinal high shared by Cambo and Rosebank. Siccar Point describes the structural feature as surrounded […]
Rystad: Oil service market to remain depressed until 2025
It won’t be until 2025—11 years after the last peak—that global service market revenues again will make it back to the $920-billion mark seen in 2014, according to a recent report from Rystad Energy. “This will be the longest slump faced by the oil field services industry since the 1980s, with about $2.3 trillion in […]
Imperial’s Aspen oil sands project delayed by year or longer
Imperial Oil Ltd. said its recent decision to slow development of its Aspen in situ oil sands project will delay the project’s expected production start by at least a year given the limited winter drilling and site preparation season. The decision to slow activity was made given market uncertainty stemming from Alberta government intervention and […]