Oil & gas news

Centrica plc and Stadtwerke München GmbH have reached an agreement to combine Centrica’s European oil and gas exploration and production business with Bayerngas Norge AS.

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.

Waitsia-4 was spudded on 10 July 2017 and is forecast to take approximately five weeks in total to complete.

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.

EIA now forecasts Brent crude oil spot prices to average US$51/bbl in 2017 and US$52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be US$2/bbl lower than Brent prices in 2017 and 2018.

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.

Exxon Mobil Corporation has signed a production-sharing contract for Block 59 in Suriname with Staatsolie Maatschappij Suriname N.V.

HIMA has recently announced Servelec Controls as its approved oil and gas-focused systems integration partner in the UK.

Aker BP has received consent to drill two exploration wells in the North Sea.