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Norwegian oil giant, Equinor has entered into an agreement with Canadian provinces for $5.2b to carry out a deepwater oil project offshore Canada’s east coast. The provinces of Newfoundland and Labrador are acquiring a 10% equity stake in the Bay du Nord project, expected to possess over 300 million barrels of high-quality crude oil. The project is estimated to generate $10.7b in economic activity and $2.7b in government revenues.
Shell Offshore has reported a huge deepwater revelation in the Norphlet geological play in the U.S. Gulf of Mexico with its Dover well, which represents their expertise in discovering new, commercial resources in a heartland with the focus on deepwater growth. This discovery is viewed as an alluring potential tie-back. The company anticipates its worldwide deepwater production to surpass 900,000 boed by 2020, from established areas.
French energy giant Total SA intends to bolster oil exploration and open more fuel stations in Africa’s most industrialized country, consequently enhancing its footprint in the region. In South Africa, the company plans to expand its network of more than 500 fuel stations and finish a deepwater exploration well commenced in 2014.
Even as the continuing burden of oil-spill payments pushed debt higher, BP reported the highest profit in years. The effects of two life altering events can be felt- BP is still paying its way through the fatal Deepwater Horizon catastrophe in 2010 and yet some benefits are beng observed from rising oil prices after a three-year industry downturn.
BP and RIL announced the sanctioning of the second of the three projects- Satellite cluster project- in Block KG D6. A total of about 3 Tcf discovered gas resources with a total investment of $6 billion is expected to develop out of these three projects phased over 2020-2022. Mukesh Ambani, chairman and managing director of RIL expressed his delight on the on-schedule progress of the project.
Total, the French oil major, is all set to begin drilling its first deep-water exploration well in a Gulf of Mexico block in October. Mexico’s National Hydrocarbons Commission has approved the plan. According to the energy ministry data, the 1,149 square mile block is believed to contain some 1,440 billion barrels of oil equivalent (boe). The reserve is composed of mostly light and extra light crude and natural gas.