Mon 28th Jan- Fri 1st Feb
Monday 28th January
Shale drilling in the US expands for the first time this year, as Oil recuperates
Oil explorers expanded drilling in U.S fields for the first time thus year as rising crude oil prices lifted optimism. The number of rigs targeting oil in the country rose by 10 this week to 862. Crude has been climbing since Christmas Eve, restoring confidence to manufacturers and investors.
Tuesday 29th January
Total makes Gas discovery at North Sea Glengorm Prospect
Total and Chinese partners, CNNOC, have made a significant discovery of the coast of Britain at the North Sea Glengorm Prospect, with recoverable resources amounted to around 250 million barrels of oil equivalent.
Kevin McLachlan, Totals Senior Vice-President for Exploration, said in a statement: “Glengorm is another great success for Total in the North Sea, with results at the top end of expectations and a high condensate yield in addition to the gas.”
Kevin Swann, a senior analyst at Wood Mackenzie, said that at 250 million boe, Glengorm was the largest gas discovery in the UK since Culzean in 2008.
Wednesday 30th January
Saudi Arabia pledges even deeper Oil cuts in February under OPEC deal
Saudi Arabia will pump oil for six months at levels ‘well below’ the voluntary production limit it accepted under OPEC’s oil-cuts accord. Saudi Arabia, the worlds biggest exporter, started off in January at a production level of 10.2MMbpd and is aiming to reduce this to 10.1 million in February. Saudi Arabia’s voluntary limits under the December cuts were 10.33MMbpd.
Thursday 31st January
Equinor gains approval from to extend life of Asgard A
Equinor will now start consider new drilling targets and wells linked to Asgard A in the Norwegian Sea, as well as measures to improve the recovery from existing sites to extend the technical lifetime of the facility until 2027, 12 years longer than originally planned.
Friday 1st February
Total operating on a drilling spree
Total has plans in 2019 to drill 23 wells, three times more than it drilled in 2016/2017. The focus of the drilling for Total will be in Africa and Brazil.The strategy is a marked departure from Total’s traditional prioritizing of high-risk but also high-return frontier areas and a turn to already producing regions where the chances of striking commercial quantities of oil and gas are higher.
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