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New North drilling commenced in the UK sector at Viola North, there was confirmation of the size of the UK Catcher discovery, and pre-drill estimates suggest the Norwegian Ronaldo prospect could contain up to 100 m boe. And Cairn Energy resumed drilling offshore Greenland after intervention by Greenpeace protesters.
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There was plenty of positive news flow last week with discoveries at Blakeney offshore the UK revealed by Wintershall and at Zidane offshore Norway by Noreco, at the ONS exhibition and conference took place in Stavanger. Amid the briefings, business talks, discussions and debates, Hollywood hunk Kevin Costner brought the taint of tinsel town to the oil show as he sought to find Norwegian business partners for his company's oil spill clean up equipment.
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The well on the Oates prospect was disappointing, whilst Statoil's Brynhild discovery was successful. Further Ormen Lange drilling got a go-ahead, and Interoil discovered oil in Peru. On the field development front, Talisman Energy sold Stirby interest to North Energy, whilst Faroe Petroleum took over an interest from Det norske at the Clapton field. The Claymore FEED went to Fabricom and the Bentley programme has been enhanced. The Huntington partners extended the Sevan FPSO Voyageur's lease, and Total extended FMC Technologies deal offshore Angola. Finally, KNOC presented an offer directly to Dana Petroleum shareholders, Staoil announced corporate changes and Senergy secured foothold in the US.
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BG was talking up its giant Tupi discovery offshore Brazil after a seventh appraisal well confirmed the 5 to 8 Billion barrels of oil there, but in the North Sea Dana Petroleum – linked with Austria's OMV in buyout talk after buying up SunCorp assets in The Netherlands – and said its important UK Monkwell exploration prospect was sub-commercial, while there as a dry hole south of Ekofisk for BG Norge. Companies considered the impact of the UK's emergency budget. And BP's Macondo well continued to gush oil.
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There was good news on the UK Tybalt prospect after a flow test confirmed light oil, and a second side-track is being considered to further appraise the Catcher prospect. Drilling kicked off on the Zidane prospect offshore Norway operated by RWE-Dea. BP revealed a US $20 Bn compensation fund it is to set up for the Gulf oil spill and the UK government announced plans to review oil spill response in the light of the disaster. Aker Stord saw sailout of the new Gjoa platform, and Aker Solutions secured a second deal for Noble Energy's Mediterranean Tamar deepwater gas development, while Lamprell clinched another to build a new wind farm installation ship for Seajacks.
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A highly successful well in the Falklands, a UK find at Catcher, another near Skarv plus positive news in the Jubilee field area offshore Ghana with the Mahogany 5 well spelled out an excellent week for exploration last week.
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While Friends of the Earth pleaded for a halt to deepwater drilling offshore Norway in the wake of the Gulf of Mexico oil spill, the Borgland Dolphin was set to drill the Zidane 1 prospect in the Halten Terrace offshore Norway. But there was exploration drilling disappointment too for Centrica near the Draugen field and for Det norske oljeselskap near Sleipner Øst.
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GoM oil spill can mean demands for new rigs. Norwegian rig owner and operator Seadrill says BP's Macondo well oil spill will have uncertain implications for the rest of the world's drilling industry but the company also believes it will underline the need for modern equipment in the US Gulf of Mexico in future. Aker Solutions wins USD 180 million contracts. The company has been awarded two contracts with Daewoo. The scope of work for Aker Solutions is to deliver complete drilling equipment packages consisting of equipment deliveries and commissioning services. Shtokman on the rise? A senior Total executive has signalled that he expects the first liquefied gas from the Shtokman field to be produced in 2017.
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It was a big week last week for renewable energy with a headline-grabbing report suggesting offshore wind wave and tidal power industries around the UK coast could be worth a huge £993 Bn by 2050. That was just one of the developments in the renewables sector during an exhibition and conference in Aberdeen. On the fossil fuels front, the Falklands Sea Lion oil discovery well was completed, and the rig which drilled it, the Ocean Guardian was mobilising to the East Falklands Basin to drill the next well in the current campaign on the Toroa prospect. New drilling commenced offshore Norway on the Maria prospect; Sevan Marine won another study contact for Chevron's UK Alder development and Wintershall was planning a new normally manned installation to tap the Wingate gas field in the UK's Southern Gas Basin.
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Exploration drilling brought the best news last week with a find in the UK on Tybalt, another near Frøy, more oil was found at Draupne and another tieback was identified near Åsgard offshore Norway. And Rockhopper Exploration produced more positive news about its Sea Lion oil discovery in the Falklands.
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Perhaps the best news last week was the confirmation of an oil discovery by Rockhopper Exploration in the North Falklands basin with its Sea Lion well which prompted favourable comment from one City observer in London. Ireland's Helvick oil field is to see a new feasibility study, a PDO for the Norwegian Pi field went to Norway's Ministry of Petroleum and Energy while BP continued to battle with the oil spill in the US Gulf of Mexico and the UK electorate waited to see which party would form a new government after a general election which left no party with an overall majority.
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It was a bad week for BP, but there was positive news on the North Sea field development front with a decision on the production platform for the Huntington development, for the Pi field, and Apache signalled a deal for a further platform for its Forties field.
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Good news came from Norway with discoveries at Fogelberg and successful appraisal at Draupne; but it was not a good week for for logistics with helicopter flights again hit by a ban due to the Icelandic volcano dust cloud and there was tragedy in the US Gulf of Mexico.
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Exploration drilling in the UK North Sea saw an big upturn with announcements on three major finds, Cygnus, Stella and Platypus, while a new well also kicked off on Tybalt. In Norway the NPD said the Lofoten, Vesterålen and Senja regions could contain oil worth a massive NKr 500 Bn, and volcanic ash from Iceland halted North Sea helicopter flights.
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There was finally some positive news about the Liz prospect after further drilling in the Nortth Falklands Basin, success for FMC related to Total's Laggan and Tormore project, more pay was found in the huge Tupi discovery offshore Brazil, another couple offshore Angola, and BP admitted its Valhall project was being affected after UK contractor SLP went into administration.
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From an exploration perspective the news on the Liz prospect drilled off the North of the Falkland Islands on which so much expectation has rested, was mixed, with operator Desire Petroleum reporting oil shows but a poor quality reservoir which sent its share price tumbling. Valiant Petroleum provided upbeat news about its North Sea projects, there was a dry hole on the Aubrey prospect drilled near Yme for Talisman Norge, and plans for a well test on the UK Stella prospect were disclosed by operator Ithaca Energy. Also there was a find on the Likonde 1 well onshore Tanzania for Tullow Oil.
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Fogelberg was the best news in the North Sea last week with news that a well on the prospect operated by Centrica was successful, near Åsgard.
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Major contracts were awarded by ConocoPhillips for further development of the Ekofisk field which went to Aker Solutions and Sembcorb, while Total and Dong signalled approval for the UK West of Shetland Laggan and Tormore gas project.
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Internationally BP struck a major deal with Devon Energy to enter Brazil's deepwater sector, there was a new oil find near the Snorre field offshore Norway on the Blåbaer prospect, and Talisman Energy received permits to drill two new Norway wells. In the UK, Endeavour Energy reported progress on four projects, and there was controversy over a contract win in Ghana by Aker, while Petrojack's future looked doubtful.
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We learned last week that the latest appraisal on the Greater Luno field drilled by Lundin Petroleum had failed to find to hydrocarbons, drilling is continuing on the Norwegian Blåbaer exploration well. In the UK, Petrofac and Lundin UK revealed a plan to combine their assets into a single company, EnQuest, while there were project updates on the Fyne and Causeway developments.
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Last week was a significant one for new Norway projects:: It emerged that Tommeliten Alpha has been delayed for some time to come, Aibel won a new modifications deal on Snorre; Statoil is to start low pressure oil production on Oseberg, while in the UK, Technip won deals to progress Talisman's Auk North and Burghley developments.
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Last week saw Nexen indicate forward planning for the UK Golden Eagle project in its results statement, and Aker secured a slice of the Gudrun project workscope after losing out on Goliat. Prosafe was upbeat about the North Sea in its results, and Acergy said there are more tenders coming forward now.
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Another deal for the Goliat project for topsides engineering went outside Norway to US-based Chicago Bridge and Iron; Norwegian contractors were warned by Statoil they would have to meet new quality and cost-efficiency targets and Xcite Energy revealed progress on the UK Bentley heavy oil project.
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Norway's Tyrihans field received an accolade at the Deep Offshore Technology conference in Houston, BP and Shell reported lower full year profit for 2009 and new North Sea wells were confirmed at Cladhan and Catcher in the UK sector, while there was a dry hole on the Agat prospect near Gjoa.
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Last week was dominated by positive new from British-based Tullow Oil with a successful deepwater well result on Tweneboa 2 offshore Ghana, then the company produced more positive results with its Kasamene 2 well onshore Uganda, and indicated plans for a raft of new exploration wells this year, and a new share-placing to fund further exploration. There was concern in Norway that a contract to build a new installation for Ekofisk could go to a foreign fabrication yard, and Statoil was urged to go it alone without partners to develop the Gudrun field. And the UK government launched a 26th Offshore Licensing Round, and at the same time announced new tax breaks to help development in the potentially significant West of Shetlands region.
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Tullow Oil had a good week exploration in Africa last week with its deepwater Tweneboa 2 well confirming a major find and onshore Uganda the Kasamene 2 well firmed a discovery also. Offshore Norway rigs, Aker Barents and Transocean Leader received new drilling consents, while the Bredford Dolphin has been hired for two new UK West of Shetlands wells by Hurricane Exploration. And a new tender was issued for the Wave Hub renewable energy test bed off the UK coast in Cornwall.
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British Prime Minister Gordon Brown launched a major new UK offshore bonanza with a third licensing round for wind farms around the UK coast in nine different zones with the aim of providing capacity to generate up to 25% of electricity demand from offshore wind by 2020. Drilling on the UK Metis prospected firmed up with a farm-in deal, Lundin gained consent for a new well offshore Norway and Daewoo appears to have won a US $2 Bn deal to build ships to carry liquefied Shtokman field gas.
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There was more good news for the UK sector with a sidetrack on the West of Shetland Tornado discovery encountering oil and gas; news of substantial projects ahead from the Pilot Share Fair in Aberdeen – including a replacement for the BP Schiehallion FPSO – and big deals were done in Iraq by European majors Shell and Eni
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Last week saw a succession of company results for the third quarter with all reporting falls in profit for the period: Shell's earnings were down 73% and ConocoPhillips reported a 71% earnings fall. On the plus side ExxonMobil and its partners drilled the Jetta discovery offshore Norway, and in the UK West of Shetlands region, the Lancaster exploration by Hurricane Hydrocarbons proved up a new basement oil discovery.
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A good week for exploration last week with new finds off Norway near Alvheim for Marathon, off Angola for Total and off Venezuela for Eni, while BG Norway got a green light for new exploration drilling near the Jordbaer (strawberry) discovery.
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