Norway Energy Ministry Opens Johan Castberg
The Norway Energy Minister Terje Aasland officially opened the Johan Castberg oil field on 8 August. The field is located approximately 100 km north of the Snøhvit field in water depths of 360 to 390 m and produces 220,000 BOPD. The field comprises three discoveries including Skrugard, Havis, and Drivis and is developed with an FPSO and 30 wells with operations expected to continue through 2026.
Less than 3 months after coming onstream on 31 March, the Johan Castberg field was producing at peak capacity of 220,000 B/D.
Kjetil Hove, Equinor's executive vice president for exploration and production Norway, said the field is expected to produce for at least 30 more years, with new discoveries already being made in the area.
Equinor serves as the operator with 46.3% interest, with partners Vår Energi ASA (30%) and Petoro AS (23.7%).
ExxonMobil Returns to the Caribbean After 2 Decades
The government of Trinidad and Tobago announced it has signed a production-sharing contract with ExxonMobil for the Ultra Deepwater 1 (UD-1) block. UD-1 is a consolidation of seven separate blocks, TTDA 17 through 23, the supermajor secured from the Deep Water Competitive Bidding Round in February. “Consolidation of the blocks removes risk in both exploration and development of the block,” the Energy Chamber of Trinidad and Tobago said.
Located off the east coast of Trinidad and Tobago, the block spans 7100 km2 and is located northwest of ExxonMobil’s Stabroek block in Guyana. The area covers water depths of 2000 to 3000 m.
According to Reuters, the supermajor plans to invest as much as $21.7 billion if major reserves are found in the blocks. ExxonMobil’s VP of Global Exploration, John Ardill, said the first well could be drilled after completing seismic surveys which are set to begin in 6 months.
Securing the acreage marks the supermajor’s return to Trinidad and Tobago for the first time in more than 20 years.
Poland’s Baltic Sea Holds Significant Potential
Central European Petroleum announced it made a significant oil and gas discovery in the Wolin concession of Poland’s Baltic Sea. The Wolin East 1 well is estimated to hold 200 million BOE, making it Poland’s largest conventional hydrocarbon field and one of Europe’s biggest oil discoveries in the past decade. With additional exploration potential, total recoverable resources in the license may exceed 400 million BOE.
Drilled in 9.5-m waters located 6 km from the city of Świnoujście, the well confirmed a 62-m hydrocarbon column in the Main Dolomite formation with strong reservoir quality.
CEP is the sole owner of the Wolin license which it has held since 2017.
Aker BP Extends Saipem Contract
Aker BP will extend its contract with Saipem’s sixth-generation semisubmersible drilling unit Scarabeo 8 until 31 December 2027.
The unit has been operating in offshore Norway at the Hugin Field since the existing contract, valued at $325 million, was awarded in March 2022. The Hugin Field is located in the Yggdrasil area in the central North Sea 20 km east of the Frigg field in water depths of 120 m.
Aker BP and partners found previous success with Scarabeo 8 in July 2024 when exploration well 7324/8-4 (Hassel) in the Barents Sea, roughly 300 km off Norway’s northern coastline, revealed an estimated 3.23 to 4.42 million BOE.
Production in the field is expected to begin in 2027.
Chevron Partners for Exploration in Thailand
Chevron Offshore (Thailand) Ltd. (COTL), a Chevron subsidiary, announced it has partnered with an affiliate of Thai energy company Bangchak Group, BCPR, to collaborate on exploration and production in Block G2/65 of the Gulf of Thailand. A production-sharing contract (PSC) was signed in early August by Thailand’s Ministry of Energy, which marked BCPR’s entry as a partner with Chevron as the operator.
As part of the PSC, Chevron transferred 30% of its rights and obligations to BCPR.
Perenco Picks Up Petrobras Concessions
Perenco Brazil has finalized the acquisition of the Cherne and Bagre concessions from Petrobras, including two fixed platforms, PCH-1 and PCH-2, 73 km offshore Rio de Janeiro State and 27 km from the Perenco-operated Pargo Cluster. The platforms, located in water depths of 120–140 m, were previously decommissioned by Petrobras in 2020.
The Pargo Cluster, in the Santos Basin, comprises the Carapeba, Pargo, and Vermelho fields and is developed by eight fixed platforms.
The company is anticipating 15,000 BOPD from these fields, raising the combined output with the Pargo Cluster to 35,000 BOPD, up from 2,800 BOPD when Perenco Brazil took over operations.
In July, Perenco also finalized its $206 million acquisition of the Greater Angostura offshore oil and gas assets from Woodside Energy in Trinidad and Tobago.
Joint Venture Plans Exploration in India
Reliance Industries Ltd. (RIL) has signed a joint operating agreement with ONGC and BP Exploration (Alpha) Ltd. for exploration of Block GS-OSHP-2022 which spans an area of 5454 km2. Located in the Saurashtra Basin off India’s western coast, the block is classified as a Category II basin where discoveries have been made but commercial production has yet to begin.
The block was awarded to the companies under India’s hydrocarbon exploration and licensing policy. The three companies will conduct exploration activities in accordance with the terms of the award.
ONGC will serve as operator with 40% interest with RIL (30%) and BP (30%).
Black Sea To See Exploration
OMV Petrom and NewMed Energy Balkan, a subsidiary of NewMed Energy, have signed a contract with Noble Corporation to drill two offshore exploration wells in the Han-Asparuh Block, located in Bulgaria’s Black Sea waters.
The Globetrotter I, an ultradeepwater drillship, will carry out the operations, which are expected to start in Q4 2025 and last about 4 months. The rig contract is valued at approximately $80 million.
The Han-Asparuh Block covers 13712 km2 in the western Black Sea, with water depths of nearly 2000 m. Exploration began in 2012, including three wells, geological and geophysical surveys, and a 3D seismic campaign completed in May 2020.
