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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°|
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|
|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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