Drilling & production

Independent petroleum engineers, DeGolyer & MacNaughton, have completed their comprehensive reserve appraisal of the Company’s hydrocarbon reserves as of 31 December 2017.

Rising oil prices have drawn more eyes to the offshore markets. There are signs of green shoots after a period of depressed sentiment that started in late 2014, pushing asset values downwards through 2016.

Petrofac’s Engineering and Production Services (EPS) division has been awarded a new Offshore Manning Services contract by Chevron North Sea Limited (Chevron).

The Belgravia prospect lies within the north westerly graticular block of the WA-155-P(1) permit, adjacent to the Swell-1 exploration well.

The mobilisation of this drilling rig is in order to further energy development in Colombia.

Wintershall's investments in new wells help to secure supplies in Germany.

GlobalData forecasts that over US$39.2 billion in Capex will be spent by ExxonMobil on oil projects over the next four years, with onshore fields accounting for over half of the company’s crude production in this period.

Frontera Resources Corporation has provided an update regarding interim results on testing of the Ud-2 well, situated inside the 950 km2 Mtsare Khevi Gas Complex area, located in onshore Block 12, Georgia.

The launch, in parallel with engineering, procurement and construction (EPC) work for the conversion of the tanker, was marked with a two-day safety-engagement event.

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an update on agreements in Ecuador for the use of the OBA/RODA pipeline systems for transport of Amerisur crude oil.

Global holds an 85% participating interest in the licence, which was originally issued on 3 December 2010, located offshore Namibia in water depths ranging from 1300 m to 3000 m.

The new contract will have a duration of 25 years and is the first contract under the hydrocarbon law 05-07 for an oilfield in production.

Strong gas flows on test have confirmed a significant commercial discovery for Australia’s Po Valley Energy Limited at its new Selva gas field in northern Italy.

18 delayed projects reached final investment decisions in 2017, compared to two in 2015 and five in 2016.

The SM 71 F3 well is currently rilling ahead at 4969 ft MD in 9 7/8 in. hole. It is anticipated that the well will be drilled to total depth and evaluated by early February.