A high-volume Woodford discovery in Squaw Creek Field was announced by Continental Resources Inc. in Grady County, Okla. The 1-27-22XH Wald Ranch-Federal well in Section 27-14n-13w was tested on a 40/64-in. choke flowing 639,961 cu. m/d (22.6 MMcf/d) of gas and 3,493 bbl/d of water. It was tested after acidizing and fracturing between 4,368 m and 7,152 m (14,330 ft and 23,463 ft). The Stack play well was drilled north to 7,209 m (23,650 ft), with a true vertical depth of 4,190 m (13,747 ft), and bottomed in Section 22-14n-13w.
GeoPark has announced results from exploration well Jauke 1 in the Fell Block in Chile. It was drilled to 2,924 m (9,592 ft) and was tested flowing 164,238 cu. m (5.8 MMcf) of gas from Springhill with a wellhead pressure of 2,738 psi. According to the company, additional production history is necessary to determine stabilized flow rates. The Jauke gas field is part of the Dicky geological structure in the block and has the potential for multiple development drilling opportunities in the Magallanes Basin. The Fell Block produced approximately 2,900 boe/d (66% gas).
Petrobras has begun exploratory drilling on its operated Peroba Block in the presalt region of the Santos Basin offshore Brazil. Petrobras added 21 new blocks to its portfolio in 2017 to 2018 in the offshore Santos, Campos, Paraná and Potiguar basins. The Peroba Block is south of the Lula Field and east of Sapinhoá Field. According to Petrobras, surveying indicates the high potential of the area. The water depth is between 2,100 m and 2,600 m (6,890 ft and 8,530 ft).
An oil discovery was announced by Azinor Catalyst at its Agar-Plantain exploration well in the U.K. sector of the North Sea, Block 9/14a in license P1763. The 9/14a-17B well and sidetrack hit a 20-m (66-ft) interval of excellent quality oil- and water-bearing sands with no water/oil contact. This venture delineated the eastern extent of the hydrocarbon discovery, and additional appraisal drilling is planned. The current estimate of recoverable resources is 15 MMboe to 50 MMboe. The 9/14a-17B well will be plugged and abandoned.
According to TransGlobe Energy, the company completed exploration well SGZ 6X in the South Ghazalat in the Abu Gharadig Basin in Egypt. It was tested flowing 2,437 bbl/d of oil, 39,644 cu. m/d (1.4 MMcf/d) of gas and 21 bbl/d of water from a 13-m (42-ft) interval in Lower Bahariya and 1,403 bbl/d of oil, 28,317 cm/d (1 MMcf/d) of gas and 210 bbl/d of water from a 7-m (23-ft) zone in Upper Bahariya. The well was drilled to 1,583 m (5,195 ft) and cased. The Middle Bahariya produced a small amount of formation water using nitrogen to lift the fluid to the surface from a 2-m (8-ft) perforated interval.
According to Invictus Energy Ltd., the company has confirmed oil and gas in Block SG4571 in Zimbabwe. The apparently viable oil and gas reserves are in a 200-sq-km (77-sq-mile) area in the Cabora Bassa Basin in the Muzarabani district in an underexplored interior rift basin. The original data were gathered in the 1990s and the oil and gas deposits are in a 200-sq-km area. Drilling and exploration are planned for 2020.
Condor Petroleum is underway at a two-well infill program at its Zharkamys Concession onshore Kazakhstan in the Pre-Caspian Basin. According to the company, the first unnamed horizontal well has been completed and is being tied into the production facility. A 500-m (1,640-ft) lateral section was drilled, and oil production was expected to commence later in 2018. Intermediate casing has been set on the second horizontal well, and the lateral section drilling is underway. The second well is planned, and a two-well workover program also is underway.
Pan Orient Energy has reported that its onshore Thailand exploration well, L53-DD1, encountered an interpreted, combined 26 m (85 ft) of net oil pay within three separate sandstone reservoirs between 960 m and 1,125 m (3,149 ft and 3,691 ft) true vertical depth. The interpretation was based on conventional openhole wireline logs and hydrocarbon indications observed during drilling and confirmed with postdrill pressure data and oil samples brought to surface. Appraisal well L53-DD1 will target two of the three reservoirs substantially updip of the discovery well. The discovery is in northern part of Concession L53.
Cue Energy Resources Ltd. reported elevated gas readings at exploration well Paus Biru-1 in offshore Indonesia’s Sampang production-sharing contract. The well was drilled to 710 m (2,319 ft), and gas readings were encountered in the targeted Mundu. Additional testing, including pressure and fl uid sampling, are planned to establish the fl uid content, hydrocarbon columns and saturation of possible reservoir intervals encountered.
Buru Energy Ltd. is drilling a sidetrack well at Ungani 4 in Western Australia’s onshore Ungani Field in the Canning Basin in production licenses L20 and L21. The planned bottomhole location of the well is about 60 m (197 ft) to the southwest of the current bottomhole location. The objective of the sidetrack is to test and improve the productivity of the well. After drilling and testing, the rig will be moved to drill exploration well Ungani 1 West. Also, the company is performing a production test at Ungani 1 Far West, which is producing at fl uid rates up to 1,000 bbl/d (with a 50% oil cut).
Cooper Energy has completed its prospective resource assessment technical assessment unrisked best estimate (P50) of the Annie and Elanora prospects in VIC/P44 and VIC/L24 in the offshore portion of South Australia’s Otway Basin. The Annie prospect (VIC/P44) is estimated at 2.01 Bcm (71 Bcf) of gas, and the Elanora prospect (VIC/L24) is estimated at 2.83 Bcm (100 Bcf) of gas. The primary reservoir targets are Waarre A and Waarre C, which are the productive reservoirs in the Casino and Minerva gas fields. Area water depth at the two prospects is 70 m to 80 m (230 ft to 262 ft). Elanora straddles VIC/L24, VIC/L30 and VIC/P44. Additional exploration, appraisal and evaluation are required to determine potentially moveable hydrocarbons.
Papua New Guinea
Oil Search Ltd. has spud appraisal well Muruk 2 in the Highlands province in Papua New Guinea. The company is drilling the appraisal well on behalf of operator Exxon Mobil Corp. in Juha Block petroleum development license (PDL) 9. It is approximately 11 km (7 miles) northwest of the discovery at Muruk 1 where the venture hit high-quality sandstone reservoirs similar to those found in Hides Field. The exploratory well has a planned depth of 3,500 m (11,483 ft) and will test a Cretaceous Toro Sandstone reservoir.
The deal adheres to a plan W&T Offshore outlined earlier this year as necessary to drive increased shareholder value from acquisitions, says CEO Tracy W. Krohn.
M&A and capital raising value in the upstream fell by 50% from the previous quarter’s $126.8 billion, totaling $63.4 billion, according to a recent report.
Aramco's IPO is the centerpiece of the Saudi crown prince's vision for diversifying the kingdom away from its oil dependence by using the $25.6 billion raised to develop other industries.