An exploration well operated by a Spirit Energy subsidiary about 121 kilometers north of the Johan Castberg oilfield in the Barents Sea didn't find new reserves, Norway said today. The wildcat well was looking for hydrocarbons in the Kolje formation.
The Cascadia Earthquake Landslide Working Group has come up with a way to determine landslide chronology in the US Pacific Northwest, providing a potential time frame for megathrust earthquakes along the Cascadia subduction zone. Scientists dated the tree rings in drowned forests and compared that information with earthquake data to gain a better understanding of the possible hazards from powerful Northwest quakes.
Natural gas prices at the Permian Basin's Waha hub averaged $2.31 per million British thermal units to date this year, which could result in the lowest annual average in 19 years. Permian gas output climbed from 3.1 billion cubic feet per day in 2011 to 6.6 billion cubic feet per day in the first quarter of 2018, straining existing pipeline capacity and forcing producers to increase gas flaring and underground reinjections.
The European Union says it is determined to boost imports of US liquefied natural gas as it seeks to move away from Russian natural gas, but the US would first need to remove export regulations to make its LNG more competitive. About 10% of total US LNG exports headed to Europe last year, compared with 5% in 2016.
Energy Transfer Partners wants to add 100,000 barrels per day to the Dakota Access Pipeline, which serves producers in the Williston Basin's Bakken and Three Forks areas. The company may also expand its Permian Express pipeline system by 80,000 to 100,000 bpd.
Tellurian expects to start construction on its $27.5 billion Driftwood liquefied natural gas export project in Louisiana in the first half of next year and bring it online in 2023. The facility will have a production capacity of 4 billion cubic feet per day.
Diamondback Energy has agreed to acquire Ajax Resources' nearly 30,000 acres in the Permian Basin in a cash-and-stock deal worth $1.2 billion. "This transaction represents a logical transition for the Ajax asset base, as it complements Diamondback's acreage position very well and further consolidates the Northern Midland Basin," said Ajax CEO Rich Little.
India on Thursday introduced its second auction for small discovered oil and natural gas blocks. The country will accept bids from the first week of September through Dec. 18 before it awards contracts in January, oil minister Dharmendra Pradhan said.
The first multilateral well to be drilled in Romania has started production, providing 1,700 barrels of oil equivalent per day. OMV Petrom's well at the Black Sea's Lebada Vest field has two laterals, drilled to 3,200 and 2,200 meters respectively.