Offshore & subsea - 17 July 2017

Providence Resources has provided an update on Licencing Option 16/27 in the Porcupine Basin, offshore Ireland.

The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/11-4 A, cf. Section 8 of the Resource Management Regulations.

The discovery was made in the Blåmann well, between the Snøhvit and Goliat fields in the Barents Sea. Recoverable volumes are estimated at 2 - 3 billion standard m3, approximately 10 - 20 million boe.

Westwood Global Energy Group, the energy market research consultancy, has released new statistics for exploration in the Asia-Pacific region which show that green shoots of recovery are starting to appear.