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Saudi Arabia May Push For Higher OPEC Production

Saudi Arabia May Push For Higher OPEC Production

Saudi Arabia is reportedly planning…

Total Boosts North Sea Oil Output With New Startup

Total SA will be adding production capacity of up to 56,000 barrels of oil equivalent a day (boed) to its North Sea production after it started up production from the Edradour & Glenlivet gas and condensate fields in the West of Shetland area, the French oil and gas giant said on Wednesday.

The new start-up fields are located close to the Laggan-Tormore fields that came online in February 2016.

“We have completed this project ahead of schedule and 30% under the initial budget”, Arnaud Breuillac, President Exploration & Production, said, commenting on the Edradour & Glenlivet start-up.

“This development will contribute to our production growth in the North Sea,” Breuillac noted.

Total E&P UK operates Edradour & Glenlivet with a 60-percent interest alongside partners DONG E&P (UK) Limited with a 20-percent stake and SSE E&P UK Limited with another 20 percent.

Total’s equity production in the UK was 158,000 boed last year, coming from several operated fields located offshore in three major zones: the Alwyn/Dunbar area in the Northern North Sea, the Elgin/Franklin area in the Central North Sea, and the new Laggan-Tormore hub in the West of Shetland area.

Last week, Total took a big step towards boosting its presence in the North Sea by announcing the acquisition of Maersk Oil in a stock and debt transaction worth US$7.45 billion. The Danish business will bring in some 1 billion barrels of oil equivalent in proven and probable reserves—the bulk of which is in the North Sea.

Related: Is Trump Holding Back On Venezuela Sanctions?

According to Wood Mackenzie, the Maersk Oil deal will raise Total’s output by 6 percent, and the French group will become the second-biggest oil operator in the North Sea behind Norway’s Statoil.

Via Maersk Oil, Total is gaining access to the prized Johan Sverdrup development, with an 8.44-percent stake, and to the UK’s largest gas development, Culzean (49.99 percent), plus legacy, mature assets in Denmark and the UK, WoodMac said.  

By Tsvetana Paraskova for Oilprice.com

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