No luck for Tullow south of Johan Sverdrup by Daniel J. Graeber Oslo, Norway (UPI) Jul 11, 2016
A well drilled about 20 miles from the Johan Sverdrup oil field, the fifth largest discovered off the Norwegian coast, came up empty, a regional authority said. A subsidiary of Tullow Oil, which lists its headquarters in London, drilled into a well about 18 miles south of the Johan Sverdrup oil field in the central waters of the North Sea. The Norwegian Petroleum Directorate, the nation's energy regulator, said this was the first well ever drilled into an area demarcated as license area 776. The NPD said the objective was to prove petroleum reserves, though it came up dry. "The well will now be permanently plugged and abandoned," the regulator said. Norwegian energy company Statoil and its developmental partners are looking to a 2019 start date for Johan Sverdrup, billed as one of the largest fields ever discovered in Norwegian waters. Once in full swing, the field should account for up to 25 percent of all Norwegian petroleum production. Tullow is not a party to the Johan Sverdrup project consortium. Tullow entered the year with an announcement to cut its spending plans from $1.7 billion to $1.1 billion in 2016 and was looking to scale back even further. In its latest update, it said it was reducing its capital spending forecast from $1.1 billion to $1 billion. In March, Moody's Investors Service said the company may recover on the back of the planned mid-2016 start up of it oil projects off the West African coast. There was no statement on the North Sea drilling campaign from the Tullow subsidiary.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |