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Apache Corp and Total’s major oil discovery on Tuesday in Suriname sent Apache’s shares soaring to nearly 27%. Apache said the discovery conformed to a geologic model with 73 meters of oil pay and 50 meters of light oil and gas condensate pay, with more appraisal planning underway. Apache’s contract with Total included $100 million upfront payment and expenditures sustained in exploration.
British E&P major, Tullow Oil has made another discovery on the Orinduik license, offshore Guyana. This marks the second in the line of discoveries for Tullow Oil in its Jethro-1 exploration well, the first discovery made back in August 2019. The exploration well was drilled to a final depth of 2,175m using Stena Forthdrillship. The Orinduik Block is operated by Tullow, where Total and Eco (Atlantic) Oil & Gas are partners.
Guinean Minister of Hydrocarbon and Mines yesterday informed that Noble Energy has discovered oil in Block 1 offshore Equatorial Guinea. The US oil firm is looking to produce new oil from the block by October. Noble Energy encountered oil by drilling the Aseng 6P well for more than 4,000 meters. Noble operates the Aseng field with a 40% stake, where Glencore, Gunvor and Atlas Petroleum are partners.
Central African country, South Sudan has discovered oil in the Adar area of the state, its first-ever since independence in 2011. Informing about discovery, the oil minister of the country said that the field contains 5.3 million barrels of recoverable oil. The field will be connected to the nearby Paloch oilfields, operated by Dar Petroleum Operating Company.
British oil firm, Tullow Oil has reported a major oil discovery in the Orinduik block in Guyana. The discovery has given hopes that the firm will move to develop a field in the oil-rich country. The Orinduik block is operated by Tullow with a 60% stake, where Total and Eco Atlantic are partners with 15% stakes each and Qatar Petroleum owns the remaining 10%.
Initial tests on Shpirag 4 well of Shell in central Albania showed "a flow potential of several thousand barrels of oil per day". Shell has informed that it is yet to determine the commercial volume of the well. Shell's Executive VP of exploration said, "We are pleased that these initial tests have confirmed the potential of this discovery and look forward to growing our business in Albania".
Italian oil major, Eni has informed about discovering oil offshore Angola. Eni discovered hydrocarbons while drilling on the Ndungu-1 new field wildcat (NFW) well. The discovery is estimated to contain up to 250 million barrels of light oil. Eni operates Block 15/06 with an interest of 36.8421%, with partners Sonangol (36.8421%) and SSI Fifteen (26.3158%).
Vedanta Ltd has reported oil discovery in the Krishna Godavari basin block in the Bay of Bengal. The Anil Agarwal-led firm said that "it has notified the Directorate General of Hydrocarbons and Ministry of Petroleum and Natural Gas of an oil discovery in the second exploratory well H2, located in the block KG-OSN-2009/3, Krishna-Godavari Basin, East Coast of India".
Norwegian oil major, Equinor has announced oil discovery from the Visund A Platform in the Telesto exploration well in the North Sea. The newly discovered reserve is estimated to contain approximately 12-28 million barrels of recoverable oil. Equinor operates the production license 120, where Petoro, ConocoPhillips and Repsol are partners. The Visund A platform will now proceed with drilling development wells on the Visund field.
Australia-based Otto Energy has discovered oil and gas in the Lightning prospect on the US Gulf Coast. In an announcement, Otto stated that the Green-1 well was drilled to its final total depth of 4,638 metres by its partner, Hilcorp Energy. Otto Energy entered a farm-in agreement with Hilcorp, last year. The Green-1 Well is second in line of a planned eight-well exploration program.
Italian oil major, Eni reported oil discovery in the Afoxé exploration prospect, offshore Angola. The new discovery is projected to possess around 170 MMbbl to 200 MMbbl of light oil. The Afoxé-1 NFW well was drilled in a water depth of 780 metres, reaching a total depth of 1,723 metres. Intensive data collection from the well is indicating a production capacity of more than 5,000 bpd of oil.
Indian oil major, ONGC made new oil discoveries in the states of West Bengal and Madhya Pradesh, which might pave path to two new sedimentary basins in India. The E&P giant discovered gas deposits in a block in Vindhyan basin in Madhya Pradesh. The second discovery has been made in Ashok Nagar of 24 Parganas district in West Bengal. The deposits are currently being tested.
Hess Corporation, yesterday, informed about its ninth oil discovery in Guyana. Oil was discovered in the Hammerhead-1 well, offshore Guyana. This is fifth in the line of oil discoveries made by Hess in the past year. High-quality, oil-bearing sandstone reservoir was encountered in the Hammerhead-1 well at 60 meters of drilling. The well was then carefully bored till 4,225 meters depth.
Italian oil firm, Eni yesterday announced the discovery of second light oil in the Egyptian Western Desert. The well has, until now, delivered 5,130 barrels of oil per day of light oil with low associated gas. Eni is now planning to drill other exploratory prospects located nearby which might lead to a new productive area for the oil major in Egypt.
In a recent Saudi geological study, the existence of the richest oil reserve in the world at a geographical spot in Saudi Arabia has been unveiled, according to Professor Abdul Aziz bin Laboun, a former oil adviser at Aramco. Oil reserves in this spot are estimated to be around 440 billion barrels. This is a tremendously high figure for a narrow geographical spot.
Italian oil major, Eni has reported new oil discovery in the Kalimba exploration prospect, offshore Angola. The new discovery is projected to contain somewhere around 230 and 300 MMbbl. This discovery in the Southern part of Block 15/06 has opened the portal to new opportunities for oil exploration in the area, which was, until now, though to be mainly gas prone.
Pakistan owns recoverable deposits of approximately 105 trillion cubic feet (TCF) of gas and 9.1 billion barrels of oil, as estimated by US Energy Information Administration (EIA). The third and fourth quarter of 2017 saw major oil and gas discoveries for this Asian country, placing it into the list of top 5 countries with most discoveries in the year. Russia led with 10 discoveries, followed by Australia and Colombia.
Eni, the Italian oil major has reported an oil discovery in the Faghur basin located in the Egyptian Western Desert. It will the first well drilled by Eni for exploring the deep geological sequences of the Faghur basin. The well has been opened to production and delivered 2,300 bpd of light oil (32° API) and 0.4 MMscfd of associated gas.