Home / Microsites / Global and Regional Markets (page 4)

Global and Regional Markets

Newfield’s oil well breaks record 24-hour peak, 20-day average oil production rates

default-img-featured-land

Newfield Exploration Company‘s STACK (Oklahoma’s Sooner Trend oilfield, Anadarko Basin, and Canadian and Kingfisher counties) well recently achieved record oil production, according to the company’s recently disclosed results. Newfield has also raised expectations for its Q1 2017 domestic production. The Burgess well (4,859-ft lateral length), located in Kingfisher County, Okla., and the heart of the company’s 300,000 net STACK acres, achieved a 24-hr flow rate of 2,931 bbl of oil equivalent per day (BOEPD) (69% oil) and a 20-day average rate of 2,492 BOEPD (70% oil). When compared against publicly available industry data, the Burgess achieved record 24-hr oil production per 1,000 ft of gross perforated interval (1,000 ft GPI), or 417 bbl of oil per 1,000 ft GPI. The well also had a record 20-day ...

Read More »

First oil flows from the Flyndre field

first-oil-flyndre

Production has begun from the Maersk Oil-operated Flyndre field in the UK and Norwegian North Sea. First oil began to flow on 26 March, traveling 25 km via pipeline to the Repsol Sinopec-operated Clyde platform. Production from the Flyndre field is expected to peak at 10,000 barrels of oil per day, with the field expected to produce until at least 2023. As well as today’s new production, Maersk Oil continues to focus on the North Sea region, where it is delivering value from a substantial producing asset base and major new developments such as the Maersk Oil-operated Culzean field on the UK Continental Shelf and the company’s stake in Norway’s Statoil-operated Johan Sverdrup field. Gretchen Watkins, Maersk Oil CEO, said, ...

Read More »

Maersk Drilling secures contract for jackup Maersk Gallant

maersk-gallant-jackup

Maersk Drilling has been awarded a contract for the harsh-environment jackup rig Mærsk Gallant, following a competitive tendering exercise by Nexen Petroleum UK, a wholly owned subsidiary of China National Offshore Oil Corporation. The contract covers the drilling of the High-pressure, High-temperature (HPHT) exploration Glengorm well, in the UK sector of the North Sea. The contract duration is estimated for 140 days and is expected to commence in the Q3 of 2017. “I am glad to announce that Maersk Drilling has been able to secure a new contract for the jackup rig, Mærsk Gallant. Despite the current market downturn, Maersk Drilling has secured three new contracts in the past four months,”said Michael Reimer Mortensen, Vice President and Head of Global Sales ...

Read More »

Gulf of Mexico lease sale yields $275 million in high bids on 913,542 acres in central planning area

default-img-featured-deepwater

US Secretary of the Interior Ryan Zinke has announced that Lease Sale 247 for oil and gas parcels in the Gulf of Mexico garnered $274,797,434 in high bids for 163 tracts covering 913,542 acres in the Central Planning Area of the Outer Continental Shelf (OCS) offshore Louisiana, Mississippi, and Alabama...

Read More »

Johan Sverdrup Phase 2 development decision agreed by partnership

johansverdrupphase2

Maersk Oil and partners in the Statoil-operated Johan Sverdrup development have agreed to proceed with the front end engineering design (FEED) for Phase 2 of the giant, world-class Norwegian project. The investment decision and submission of the plan for development and operation of Phase 2 is expected in the second half of 2018. Phase 2 is scheduled to come on stream in 2022. Phase 1 of Johan Sverdrup is under development, with first oil scheduled for late 2019. Phase 1 of the development establishes a field center consisting of four platforms on the field. Phase 2 builds on this infrastructure, adding another processing platform to the field center. Overall this will result in an increase in processing capacity from 440,000 ...

Read More »