Upstream news

At least one well will be drilled to follow-up and appraise the Verbier oil discovery this year.

The well reached a total depth of 7717 ft MD in 22 days and ahead of schedule. First production from all three wells is expected March 2018.

Jersey Oil & Gas has announced that the co-venturers in respect of UKCS Licence P.2170, which contains the Verbier oil discovery and the Cortina prospect, have approved a work programme and budget for 2018.

Serica Energy plc, an independent oil and gas company with production, development and exploration licence interests in the UK North Sea and exploration interests in Ireland and Namibia, have provided an operations update.

The AWE Board will evaluate the proposal and provide a recommendation for shareholders in due course. Meanwhile, the Board advises shareholders to take no action regarding the proposal.

A global oil producer has kicked off initial five well campaign.

NEL, the flow measurement R&D specialist, is the first laboratory in the world to invest in 2D flow visualisation technology, as part of its continual programme to deliver industry-leading test facilities.

Subsea services company, Rovco has appointed Liam Warren as operations manager to support the delivery of complex ROV and survey projects across the globe.

Sec PV-10 value more than doubled to US$22.5 million while forward strip based PV-10 value was US$39.93

Iraq’s oil minister said that the country would follow the rest of OPEC in reducing output despite Baghdad’s attempts to increase oil export capacity.