November 07, 2017

GUPA Monthly Updates Summary in October 2017

Stratas Advisors

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New Discoveries

In the month of October 2017, oil and gas operators reported four major upstream oil and gas discoveries globally (see Table 1):

  • On Oct. 5, ExxonMobil announced it made a fifth oil discovery in offshore Guyana after completing Turbot-1 well that encountered high-quality, 75-ft oil-bearing sandstone.
  • On Oct. 18, Russia’s Gazpromneft discovered the Neptune field on the Ayashsky block, with preliminary estimates of 510-585 million barrels of recoverable reserves.
  • On Oct. 25, Bangladesh’s authorities announced that Shahbazpur East 1 is a new onshore gas field discovery with a potential 700 billion cubic feet of gas reserves. Shahbazpur East 1 was 3 km from the Shahbazpur gas field, and tests are determining if these are separate fields or an extension of the Shahbazpur.
  • SDX Energy made a Rabul-2 heavy-oil discovery at the West Gharib concession in Egypt in October. It follows a Rabul-1 heavy-oil discovery drilled earlier this year.

    Table 1 Global New Oil and Gas Discoveries Reported in October 2017

    Discovery Date New Discovery Region Country Primary Hydrocarbon Operator Water Depth (ft) Location Basin Block Well Depth (ft) Estimated Recoverable Reserves API
    10/5/2017 Turbot Latin America Guyana Oil ExxonMobil 5912 Ultra Deep Guyana-Suriname Stabroek 18445 250-750 MMBOE  
    10/18/2017 Neptune Russia & CIS Russia Oil Gazprom 182 Shallow Okhotsk Sea Ayashsky   510-585 MMBbls  
    10/25/2017 Shahbazpur East 1 Asia Pacific Bangladesh Gas Bapex Onshore Onshore Bengal Bhola 9580 700 BCF  
    10/5/2017 Rabul-2 Africa Egypt Oil SDX Onshore Onshore Rharb West Gharib 7777 1-2 MMBbls 20°

    Upstream Projects

    In the Global Upstream Projects Analytics Service (GUPA), we are tracking and updating timely global upstream oil and gas projects’ development trends and changes. We have summarized important projects updates that occurred in October 2017 (see Table 2):

    • Pan America Energy is moving ahead with the Hokchi project from positive appraisal results to early conceptual work. EPC and installation tender is expected to emerge during first half of 2018.
    • On Oct. 31, Castex started the Hummer project following the completion of the platform deck in the Gulf of Mexico.
    • Chevron announced it has started producing liquefied natural gas (LNG) at its Wheatstone Project, which processes natural gas found in the Wheatstone and Iago fields in Australia.
    • Reliance is expecting a tender process within a month or two for the MJ-1 deep-water development project with more than $2 billion investment. The FEED study is expected to be completed this year.
    • On Oct. 25, 2017, KrisEnergy has made a final investment decision for the Apsara the oilfield development in Block A off Cambodia.
    • Early this month, Statoil received the Petroleum & Energy Ministry’s approval to develop its Snefrid Nord gas discovery as a subsea tieback to the Aasta Hansteen field in the Norwegian Sea.
    • Shell picked selected the Shearwater platform as a subsea tieback to develop the Fram field over FPSO in the central UK North Sea.
    • Independent Oil & Gas (IOG)’s Vulcan Satellites and the Blythe and Elgwood fields have boosted reserves from 34 Bcf to 303 Bcf of gas-fields development. Plans for the Blythe and Vulcan Satellites were submitted before the end of October. All five fields are expected to start production by 2020.
    • Canadian Overseas Petroleum plans to move forward with the Noa oil and gas field in shallow water Block OPL 226 offshore Nigeria, selecting an early production scheme (EPS) to produce the first well later this year.
    • The Touat gas field development will delay its first production to 1Q 2018, almost a year later than previously scheduled.

    Table 2 Global Upstream Projects Monthly Updates in October 2017

    Projects Name Region Country Primary Hydrocarbon Location Operator Block Oil Capacity mb/d Gas Capacity mmcf/d Status First Production Changes
    Hokchi GOM Mexico Oil Shallow Pan American Energy Contractual Area 2 100 0 Conceptual 2025 Appraisal to Conceptual
    Hummer GOM USA Gas Shallow Castex MP270,MP273 and MP274 0 50 Producing 2017 EPC to Producing
    Wheatstone And Iago Asia Pacific Australia Gas Shallow Chevron WA 047L and WA 046L 0 1500 Producing 2017 EPC to Producing
    MJ-1 Asia Pacific India Gas Deep Reliance KG-D6 0 0 FEED 2022 Expecting Tender process
    Apsara Asia Pacific Cambodia Oil Shallow Krisenergy A 25 50 FID 2020 FEED to FID
    Snefrid North Europe Norway Gas Deep Statoil 1561-L 0 75 Conceptual 2019 Discovery to Conceptual
    Fram Europe UK Gas Shallow Shell 29/3a, 29/4c, 29/8a and 29/9c 0 200 Conceptual 2020 FPSO to Tieback
    Blythe Europe UK Gas Shallow IOG 48/22b and 48/23a 0 50 Conceptual 2019 Reserves boosted
    Elgwood Europe UK Gas Shallow IOG 48/22c 0 50 Conceptual 2020 Reserves boosted
    Vulcan satellite Europe UK Gas Shallow IOG P130/P2342, P039/P2122 and P1915 0 150 Conceptual 2019 Reserves boosted
    Noa Africa Nigeria Oil Shallow ExxonMobil OPL 226 0 0 Conceptual 2020 Discovery to Conceptual
    Touat Africa Algeria Gas Onshore GDF 352a and 353a 20 450 EPC 2018 First Production Delayed from 2017

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