Page 15 - Euroil Week 32 2019

EurOil
NEWS IN BRIEF
EurOil
re nery in Romania and one of the most modern and complex in the Black Sea region, a smaller re nery in central Romania (Vega Ploiesti) and the only domestic bitumen
and hexane producer, plus a petrochemicals division operating beside the Petromidia Navodari re nery.
bne IntelliNews, August 13 2019
Sweden’s Tethys sees profits rise
Sweden’s Tethys Oil saw pro ts climb in the second quarter of 2019 on the back of higher revenues and production.
e company posted a pro t of $17.3mn for the three months to 30 June, up from $15mn in the second quarter last year. Quarterly revenue rose from $41.3mn a year ago to $36.4mn in the recent quarter as net output, prior to the government’s stake, rose from 11,733 barrels per day to 12,881 bpd
“ ese gures demonstrate the robustness of our core Omani asset, Blocks 3 and 4, and shows that our prior investment in the asset is bearing fruit,” Tethys managing director Magnus Nordin commented on August 13.
e company is continuing to high- grade its lead inventory in blocks 3 and 4, he said, and is awaiting results of the Yusr-1 exploration well. It aims to sink two more wells by the end of the year.
August 13 2019
Norwayapproveslaunchof Utgard field
e Norwegian Petroleum Directorate has granted its consent to start-up of the Utgard eld in the North Sea.
Operator Equinor is planning start-up during the course of September 2019.
e eld is located on the border with the UK, and the Norwegian share is 62 per cent. Consent for start-up of Utgard is granted to the licensees in production licences 046E and 046F on the Norwegian shelf and in production licence 312 on the UK shelf.
e production will take place from two wells from a subsea template linked to the Sleipner T process platform with a pipeline and a communications cable. Modi cations have also been made on Sleipner T in order to process the wellstream from Utgard.
Investments in the eld development total approximately NOK 2.7 billion.
“Utgard contributes to utilise available capacity on Sleipner, which is positive. e project ensures good and cost-e ective utilisation of the facilities and the process capacity on Sleipner,” says Tove Francke, Assistant director for development and operations, North Sea south.
“We expect Utgard will create value both for the Norwegian society and for the Utgard and Sleipner licensees,” Francke adds.
Equinor estimates the expected total sales volume at 1.71 million Sm3 condensate, 2.73 billion Sm3 gas and 0.56 million tonnes NGL.
e Utgard eld was proven in 1982 and the PDO was approved in early 2017.
NPD, August 14 2019
Dolphin rig ready to move to i3 Energy field
i3 Energy, an independent oil and gas company with assets and operations in
the UK, is pleased to announce that the Borgland Dolphin semi-submersible drilling rig has completed its acceptance testing.
e Borgland, which i3 has contracted for a 94-day drilling programme, is commencing move preparations today and is expected to begin transit shortly therea er towards the Liberator eld where it will initiate drilling operations.
i3’s 2019 drilling campaign is expected
to include the block13/23d LPt-02 pilot
well which will optimise the placement of the rst Liberator Phase I production well, LP-02, planned to be drilled in 2020, as wellastheblock13/23c(“LiberatorWest”) LA-03 appraisal well (70% commercial chance of success, expected to partially convert Liberator West resources into reserves. It will also drill the SA-01 well (72% geological CoS)2 into the Serenity prospect that i3 expects will prove a material extension of the neighbouring Tain discovery.
As previously announced, following
the 2019 drilling campaign referred to above, in 2020 the Company expects to undertake further development drilling and to secure delivery of rst oil from Liberator at approximately 20,000 barrels of oil per day. With the successful appraisal and development of Liberator and Serenity, i3 could potentially produce more than 200mn barrels from its current licences.
“We are delighted to announce today
the successful deployment of the Borgland Dolphin to the Liberator area. If successful, each of the wells in the drilling campaign are of signi cant value to i3 and our shareholders and could add signi cant production volumes to the North Sea, Majid Sha q, CEO of i3 Energy commented.
“I would like to thank both Dolphin Drilling and Petrofac for their e orts in readying the Borgland Dolphin rig for safe deployment to the Liberator area and, with drilling now set to take place soon, we look forward to updating the market on the results of each well shortly.”
i3 Energy, August 14 2019
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