1. Britain plans to issue a new round of oil and gas licenses
The oil and Gas Authority plans to hold a round of oil and gas licensing negotiations for the North Sea this year for the first time since 2020. Just a few weeks ago, it was reported that the British authorities were considering banning the exploitation of new oil in the North Sea. The negotiations reportedly involved an immediate suspension of licensing and a ban on all licenses from 2040.
However, with the soaring oil and gas prices caused by the conflict between Russia and Ukraine, the general ledger of British households has increased by about $50 billion. The cost of living crisis triggered by rising energy prices has forced the British authorities to rush to find a quick solution.
2. Shell will invest $33 billion in the UK
Energy giant shell announced on Friday that it would inject up to $33 billion into the UK’s energy system after the company cut off all ties with Russia. More than 75% of this will be used for low-carbon and zero carbon products and services, including offshore wind energy, hydrogen energy and electric vehicles.
3. Neptune energy confirmed the discovery of hydrocarbons in the Hamlet oil well
Neptune energy and its partners announced the discovery of hydrocarbons in the Hamlet exploratory well in the Norwegian waters of the North Sea. After entering the reservoir located in GJ ø a license (pl153), the logging encountered hydrocarbons, so it was decided to start coring. The operation of the reservoir is still at an early stage, and the existence of commercial volume remains to be confirmed. One or more side rails may be drilled to further determine the extent of the discovery.
Hamlet is located 58 kilometers west of flo, Norway, with a water depth of 358 meters. It is located in a core area of Neptune and close to the existing infrastructure. The drilling plan includes a main borehole (35 / 9-16s) and an optional sidetrack (35 / 9-16a) based on the results of exploration wells.
4. Shale oil pushed Argentina’s oil production to an 11 year high
Argentina’s energy secretariat said on March 21 that driven by shale oil production, Argentina’s oil production increased to 571000 barrels / day in February, a year-on-year increase of 14%, the highest level since the end of 2011.
Among them, this South American country is the huge Waka The largest increase in production was in the VacA Muerta shale formation, with unconventional oil production increasing by 55%, accounting for 39% of the total production, i.e. 222000 barrels / day. Vaka VacA Muerta is the fourth largest shale oil reserve in the world.
5. Petronas won the bid for Indonesia oil and gas block
PC ketapang II, a subsidiary of Petronas, won the North ketapang block located on the land and offshore of East Java, Indonesia in the second round of Indonesian oil bidding in 2021.
The block covers an area of 3131.8 square kilometers and the water depth can reach 100 meters. According to the Indonesian authorities, the estimated recoverable resources of the block are 270 million barrels of oil and 1580.81 billion cubic feet of natural gas. The surrounding oil and gas fields include ketapang, Bukit TUA, jenggolo, poleng, sidayu, WMO and Dan camar. Petronas operates through its subsidiaries and holds 100% equity in the block.
Post time: Mar-28-2022