For a troubled industry, the oil and gas industry is doing well on discoveries and final investment decisions. So far, 21 new beach projects have received final investment decisions this year, according to Westwood Global Energy Group. At the same time, many discoveries have been made, hitting billions of new oil reserves. Middle East and Latin America at $ 20 Billion, Beach Magazine Leading Final Investment Decisions Reports, Quoting Westwood analyst Joe Kilen.
One of the most notable areas in the Middle East is the Farzad B natural gas field off the coast of Iran. The US-based OGC Vedesh, the first country in India, is now being built by Iran’s Petropars, as US sanctions are internationally involved in Iran’s oil and gas industry.
Farzad B It is estimated that 22 trillion cubic feet of natural gas contains 16 trillion cubic feet of renewable gas. According to the developer, after five years, it will produce about 1 billion cubic feet per day. The Iranian government has signed a $ 1.78 billion deal with PetroPars.
Another major project in the Middle East this year has also received FID: Karish North In the waters of Israel. Earlier this month, developer Energan planned to drill five more wells in the Karish field, with the aim of hitting an additional 1 billion barrels of oil reserves. Karish North contains approximately 1.2 trillion cubic feet of natural gas and 31 million barrels of natural gas.
Related – ll l $ 5.5 billion net profit and Hex Divisions reports In Latin America, Brazil buys the new stage of the oil project. Despite the power outage and the devastating effects of the epidemic on the industry, Brazil’s pre-salt zone remains an attractive investment destination.
Of Bakalhaw The project has received the final investment decision this year. The $ 8 billion project in the Santos Basin has made Norway Equanor the leader. When Ekonor made his final investment decision in June this year, executive VN Arne Sigv Nilund told the media that Bakalhaw had just broken $ 35 per barrel and had an estimated reserve of more than 1 billion barrels. Commercial production must begin in 2024.
Another pre-salt project, which received the final investment decision this year, is being shifted to fossil oil development in the Mero field, as well as in the Santos Basin in Brazil.
Of Mero Field It is run by a local Petrobras and co-operative with LL, Total Energy, CNCC and CNOCIN. The association is already building a Libra field in the Santos Basin. In Mero, Association It already has three floating production, storage and cargo ships in the field, each with a capacity of 180,000 BPD per day.
Meanwhile, to the north, the BHP will soon Announced It plans to spend $ 544 million on oil exploration in the Gulf of Mexico. The company says it will move forward with the design and engineering phase of the trio project, and Mexico’s waters. Ripsol, a BHP partner in North Africa, is set to make a final investment decision on the project later this year.
It has doubled in size in the Gulf of Mexico. The Anglo-Dutch supermarket made its final investment decision in July Whale Deep water project. Called a simple, cost-effective host design, the company is proud to say that it has returned more than 25 percent of its internal rates.
The 12th Deep Water Project in the Gulf of Mexico has a reservoir of 490 million barrels of oil. High production is seen at 100,000 bpd, business will start in 2024.
Related: Why big oil and environmentalists should support this climate technology
When companies FID after FID on new oil and gas projects, citing their low carbon footprint and low cost, Exxon Continued Getting oil from Guyana and the coast. Wipelgel-1 produced good oil last month, and a second well is currently being drilled in the area. Exxon By 2027, it is expected to have at least six operating wells in the Stroke block, with four more capacity.
In Africa, it has Namibia Appeared As a new hot spot in oil, it was discovered earlier this year by a small power company. Shortly after exploration began, the company, Recon Africa, Announced The discovery holds up to 31 billion barrels of crude oil. He is still in his early days, but he is already talking about a new country to join the oil club.
Namibia’s location on the coast is also unusual. Most of the new oil has been found or built around the world and is lying in the water, and it seems that the coast is now being bought. According to Westwood, offshore activity increased by 60 percent in the first half of the year – despite the fact that clouds were hovering over the horizon, a clear sign that oil and gas were undergoing a major overhaul.
By Irina Slav for Oilprice.com
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