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An oil discovery was announced by ConocoPhillips in offshore Norway PL 891 at wildcat well #6507/5-10 S. The discovery is north of Heidrun Field in the Norwegian North Sea. The well encountered a total oil column of 270 m in Are and Grey Beds formation, with 90 m of sandstone layers with very good reservoir properties. The preliminary calculation of the size of the discovery is about 4.1 MMbbl to 11.3 MMbbl of recoverable oil equivalent. The objective of the well was to prove petroleum in reservoir rocks from the Early Jurassic Age (Are) and Triassic Age (Grey Beds). No formation tests were conducted and additional testing, sampling and assessment are planned. This is the first exploration well in PL 891. The venture was drilled to 2,179 m (true vertical depth is 2,214 m). Area water depth is 355 m, and the well will be permanently plugged and abandoned.
In the Western Desert of Egypt in the Meleiha Concession, an oil discovery was reported by Eni. The well, #9-Arcadia, was drilled on the Arcadia South structure just south of Arcadia Field. It encountered an 85-ft oil column in the Cretaceous sandstones of Alam El Bueib 3G. During a 24-hour test, it flowed approximately 5,500 bbl/d of oil. Two development wells, #10-Arcadia and #11-Arcadia, were recently completed. The #10-Arcadia hit a 25-ft oil column in Alam El Bueib 3G and 20 ft of oil pay in the overlying Alam El Bueib 3D. The #11-Arcadia encountered an 80-ft oil column in Alam El Bueib 3G. Eni holds a 38% interest in the Meleiha concession with partners Lukoil (12%) and Egyptian General Petroleum Corp. (50%).
Tethys Oil is drilling an onshore Oman exploration well in Block 49 in the Governorates of Dhofar in the Wilayat Province of Muqhsin. The #1-Thameen has a planned depth of 4,000 m. It will be targeting Late Ordovician Hasirah Sandstone at approximately 3,500 m with a secondary target in the mid-Ordovician Saih Nihayda Sandstone at approximately 3,700 m (true vertical). The venture will also test the shallower Gharif Sandstone. Nine exploration wells have been drilled in the block by several operators and many have encountered oil shows. Tethys holds a 50% interest in the license.
Daniel Rice, former CEO of Rice Energy who now sits on the EQT board, addressed the elephant in the room earlier this month at Hart Energy’s Energy Capital Conference.
There goes the neighborhood? In early spring 2019, Exxon Mobil announced it would turn its Permian Basin position into a kind of dreadnought, raising questions about how it will coexist with its neighbors.
Anadarko Petroleum was the only corporate deal Occidental Petroleum considered since the company’s current leadership has been in place, says CFO Cedric Burgher.