• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 15 mins U.S. Presidential Elections Status - Electoral Votes
  • 15 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days .
  • 15 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 20 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 1 day Сryptocurrency predictions
  • 19 hours Joe Biden's Presidency
Oil Markets Stable Despite Major Pipeline Outage

Oil Markets Stable Despite Major Pipeline Outage

While the Colonial pipeline outage…

U.S. Gasoline Shortages Persist Going Into The Weekend

U.S. Gasoline Shortages Persist Going Into The Weekend

Many eastern U.S. states continued…

Statoil Aims For Top Dog In Deepwater Drilling

Statoil has won 13 exploration licenses in the Gulf of Mexico, saying this marks a reset of its campaign in the area. The Norwegian company first entered the Gulf of Mexico in 2004 and to date, is the operator of six producing fields, two under development and one in exploration phase.

The combined value of Statoil’s bids in the latest Central Lease Sale stood at $44.5 million, beating bidders including Hess Corporation, Exxon, and Chevron, and coming second to Shell. The company plans to boost its Gulf of Mexico daily output from the 60,000 barrels it pumped last year to almost 120,000 bpd by 2020, which would rank it among the five biggest producers in the area.

Statoil has made deepwater developments a priority recently. In addition to the Gulf of Mexico, it is also actively working on projects in its native waters, in the North Sea with the giant Johan Sverdrup field, where commercial production is slated to begin in two years, and in the Barents Sea, where it is partnering with other energy majors on several discoveries, including a potentially massive Korpfjell field near the Norwegian-Russian maritime border.

The Norwegian state oil company is also active in Brazil’s deepwater exploration. Last year, amid the price crisis, it paid $2.5 billion for a 66-percent interest in the Carcara field, one of the biggest recent discoveries in the Brazilian shelf, and it is eyeing even more acquisitions in the country.

Related: Busting A Myth: U.S. Dollar Impact On WTI

At the same time, Statoil is working on cost reductions that will make future production from the new fields commercially viable even in a lower oil price environment. Earlier this year the company boasted that it had managed to bring the production costs at Johan Sverdrup to below $30 a barrel, aiming to lower this further to below $25 per barrel.

This cost-cutting has allowed it to revise its drilling plans for this year at lower levels of expenditure than last year.

By Irina Slav 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