The preliminary calculation of the size of the discovery is between 0.9 and 1.5 million m3 of recoverable oil.
Because of the new market reality, Rystad Energy now estimates that instead of rebuilding Angola’s lost output by 2029, the country will likely never manage to produce at current levels again.
Preliminary estimates place the size of the discovery between 3 and 10 million m3 of recoverable oil equivalents. The licensees will consider following up the discovery in an overall assessment of the area.
The survey extends Hammerfest Basin coverage further west and north into the southern Loppa High, with first data available in 4Q20.
Wildcat well 7321/8-2 S was drilled about 110 km north of the Johan Castberg field and about 310 km north of Hammerfest.
The partners will be sharing operational and technological competencies for developing hard-to-recover oil reserves in the Orenburg Oblast region of Russia.
Global discoveries of conventional resource volumes reached just 4.9 billion boe in the first half of 2020, Rystad Energy estimates – the weakest-performing first half of the 21st century.