Subscribe free to our newsletters via your
. Space Travel News .




OIL AND GAS
Statoil comes up dry in Norwegian Sea
by Daniel J. Graeber
Oslo, Norway (UPI) May 22, 2015


disclaimer: image is for illustration purposes only

The Norwegian government said Friday energy company Statoil came up empty-handed when drilling in a frontier prospect near the Helm field in the Norwegian Sea.

The Norwegian Petroleum Directorate said Statoil is finishing drilling operations at wildcat wells, those drilled in an area not previously known to contain oil or gas reserves, about three miles north of the Hyme field.

"The well is classified as dry," the NPD said in a data review.

The company spent more than $790 million on developing the Hyme prospect, getting the project into production ahead of schedule in early 2013.

Statoil estimates the field holds as much as 30 million barrels of oil equivalent. Most of the recoverable reserves exist as oil deposits. The company said the field, discovered in 2009, should be able to produce oil and natural gas past 2020.

NPD said preliminary data from April show an average daily production rate of about 1.9 million barrels of oil, natural gas liquids and condensate.

The oil production is about 5.6 percent above the NPD's prognosis for the month. Natural gas sales were lower because of maintenance work at onshore processing facilities.

Statoil said it spent $355 million on exploration, down from the $433 million spent during the first quarter of 2014. Its equity production increased 4 percent from first quarter 2014 to 2.05 million barrels of oil equivalent per day.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
Are US Drillers Actually Making A Comeback?
Washington DC (SPX) May 22, 2015
Is US shale about to make a comeback? Oil prices have rebounded strongly since March. The benchmark WTI prices soared by more than 36 percent in two months, and Brent has jumped by more than 25 percent. There is a newfound bullishness in the oil markets - net long positions on Brent crude have hit multi-year highs in recent weeks on a belief that US supply is on its way down. That was back ... read more


OIL AND GAS
DirecTV-15 and SKY Mexico-1 integrated for Ariane 5 heavy-lift mission

Russia to Launch US Comms Satellite Into Space

Report: SpaceX Falcon 9 rocket certified to fly NASA missions

Fifth Vega takes shape for its flight with Sentinel-2A

OIL AND GAS
Exploring the 'Spirit of St. Louis' Crater

The First Martian Marathon

Technique for finding signs of life on the Red Planet

Quick Detour by NASA Mars Rover Checks Ancient Valley

OIL AND GAS
NASA's LRO Moves Closer to the Lunar Surface

European Space Agency Director Wants to Set Up a Moon Base

Russia Invites China to Join in Creating Lunar Station

Japan to land first unmanned spacecraft on moon in 2018

OIL AND GAS
NASA's New Horizons Spots Pluto's Faintest Known Moons

Possible Polar Cap on Pluto Detected

Capstone: 2015

NASA's New Horizons Nears Historic Encounter with Pluto

OIL AND GAS
Weather forecasts for planets beyond our solar system

Astrophysicists offer proof that famous image shows forming planets

Astronomers detect drastic atmospheric change in super Earth

New exoplanet too big for its star

OIL AND GAS
Journey to Space in a Vacuum Chamber

Milestone Work Under Way on B-2 Test Stand

QM-1 Static Test - One Step Closer to Flight

Performance degradation mechanism of a helicon plasma thruster

OIL AND GAS
3D printer making Chinese space suit parts

Xinhua Insight: How China joins space club?

Chinese scientists mull power station in space

China completes second test on new carrier rocket's power system

OIL AND GAS
NASA Seeks Additional Information for Asteroid Redirect Mission Spacecraft

Rosetta spots balancing rock on Comet 67P

NASA asks for new ideas to bolster asteroid redirect mission

NASA Awards Study Contract To Deep Space Industries




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.