Drilling & production - 08 February 2016

Texas Alliance has responded to President Obama's proposed US$10 per bbl tax on the sale of crude oil.

Rosneft and Statoil have announced the commencement of testing of two production wells of highly viscous oil of the PK1 layer of the North-Komsomolskoye field.

The new oilfield services company, Ardyne, has been launched with £50 million backing from Lime Rock Partners and has made its first acquisition.

SOCO has reported that the Baobab Marine-1 commitment well commenced drilling on 5 February 2016 in the Mer Profonde Sud Block, located in the Lower Congo Basin, offshore the Republic of Congo.

The Laggan and Tormore gas and condensate fields, located in the West of Shetland are expected to produce 90 000 boe/d.

Sound Energy has stated that it has signed a binding agreement with OGIF whereby OGIF has granted Sound Energy an option to acquire a 55% interest in the Meridja permit, onshore Morocco.

Taq Taq field partners have now received payment from the Kurdistan regional Government for oil exports.

A critical turning point – when a produced barrel no longer finds spare capacity within existing onshore storage – is approaching.

Current market trends suggest that widespread filling of offshore storage is likely before significant erosion of supply takes place, according to Douglas-Westwood.