• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 15 hours OPEC will consider all options. What options do they have ?
  • 9 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours What to tell my students
  • 3 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 11 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 9 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 22 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 18 hours With Global Warming Greenland is Prime Real Estate
  • 16 hours China Threatens to Withhold Rare Earth Metals
  • 1 day TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 1 day Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 1 day CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
Australia Considers Lifting Its Nuclear Energy Ban

Australia Considers Lifting Its Nuclear Energy Ban

Australia has never been particularly…

A Very Fragile Balance In Oil Markets

A Very Fragile Balance In Oil Markets

Intra-day volatility spiked in August…

New Oil & Gas Discovery In Mature Area Of Norway’s North Sea

Norway Rig

The partners of a license in a mature area in Norway’s North Sea have struck oil and gas close to the Gjoa field, the operator of the license, French company Engie, said on Friday, noting that the area still holds development potential.

Engie’s Norwegian unit, Engie E&P Norge AS, estimates that the discovery holds between 25 million barrels of oil equivalent (boe) and 70 million boe. Engie E&P Norge holds a 30 percent share in the license, and its partners are Tullow Oil Norge AS with 20 percent, Idemitsu Petroleum Norge with a 30-percent stake, and Wellesley Petroleum AS with a 20-percent share.

The partners will explore the possibility of linking the discovery to existing infrastructure at the nearby Gjoa field, which is expected to reduce both timing and costs of a future development, Engie Norge’s managing director Cedric Osterrieth said in the company statement.

The North Sea, however, remains an expensive venture in the current ‘lower-for-longer’ crude price environment. Even if Statoil (NYSE:STO) has recently said that its giant Johan Sverdrup oil field will now have a break-even price of US$25 per barrel, analysts reckon that this is an atypical field and therefore not indicative of either the Norwegian or the UK average development costs.

The announcement of the latest discovery in Norwegian waters in the North Sea came a day after the country’s statistics office said that Norway is poised for an economic shift following the oil industry slump.

Investments in the petroleum industry have dropped by 34 percent so far this year from the 2013 peak, the office said. Investments fell by 3.7 percent in the second quarter of 2016; still, this was a lower decline than in the previous four quarters, in which investments had dropped by more than 5 percent on average. As far as oil prices are concerned, they are expected to gradually rise from under US$50 in the first half of this month to US$60 by the end of 2019.

The office said that it expects the decline in oil investments to considerably slow down next year, and to slightly grow in 2018 and 2019.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play