• 5 hours Conflicting News Spurs Doubt On Aramco IPO
  • 6 hours Exxon Starts Production At New Refinery In Texas
  • 8 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 1 day Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 1 day Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 day China To Take 5% Of Rosneft’s Output In New Deal
  • 1 day UAE Oil Giant Seeks Partnership For Possible IPO
  • 1 day Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 1 day VW Fails To Secure Critical Commodity For EVs
  • 1 day Enbridge Pipeline Expansion Finally Approved
  • 1 day Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 1 day OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
Alt Text

Is South America Set For A Gold Rush?

A Chinese gold miner is…

Alt Text

Copper Prices Ignited By Chinese Demand Growth

Copper prices saw some gains…

Alt Text

Will Ecuador’s Mining Sector Return To Its Golden Days?

Despite the recent political problems…

21 Billion Barrels of Oil Up For Grabs Here

It's always interesting when big developments start happening in clusters. Suggesting that things are moving faster in a certain space.

That seems to be the case the last few weeks in one resource destination: the European North Sea.

As we've discussed, the last two weeks have seen not one, but two large investment deals in this space. With private equity giants Riverstone Holdings and Blackstone Energy Partners leading separate consortiums that are placing over $1 billion in new capital with North Sea-focused E&P ventures.

And a couple of news items the last week may help to explain why these big investors are so enthused.

First, a report last week from Scottish think tank N-56. Suggesting that the discovery potential in the North Sea is still massive.

To arrive at this conclusion, N-56 hired a team of renowned geological staff. And focused them on evaluating the unconventional production potential of the Kimmeridgian shale--a formation that's long been suspected to contain huge possible reserves beneath North Sea waters.

The professionals concluded there is a substantial bounty here. Amounting to 21 billion barrels of oil, possibly recoverable through the use of advanced drilling techniques.

That's a big prize for whoever unlocks it--although it will likely take some time to figure out the best unconventional completions for targeting these undersea shales.

But other analysts see potential in this region that is much closer at hand.

Like global energy specialists Wood Mackenzie. Who said this week they believe one single part of the North Sea may hold 10 billion barrels of oil equivalent--in resources that have already been discovered and simply not developed.

The group focused on Norway, looking at 206 fields where oil and gas accumulations are known but not being produced. Aggregating these resources, they arrived at the 10 billion boe figure--which they estimate could be worth over $100 billion.

That could add up to a substantial reward for developers here. Especially smaller ones, of the kind that private equity groups have been backing.

Look for more such activity in this quietly surging space.

Here's to the next billions,

Dave Forest




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News