North Sea

The strategy supports the Maximise Economic Recovery from UK Oil & Gas Strategy and Vision 2035, whose goal is to achieve £140 billion additional gross revenue from UKCS production by that time.

Lundin reports that the hookup and commissioning of installed facilities at the large North Sea field is progressing as planned. Phase 1 startup is still scheduled for November.

The Neptune-operated project is on track to start drilling later this year, with first oil scheduled for the end of 2020. The Norwegian North Sea field is expected to produce 30,000 BOE/D at its peak.

The $635-million deal sees Oman-based Petrogas and Norwegian private equity company HitecVision acquire a package of non-core North Sea assets, including 100% ownership stake in four fields.

Norwegian authorities approved development plans for Duva and Gjøa P1, both of which are expected to produce first oil in late 2020. The fields will each tie back to the Gjøa platform on the Norwegian Continental Shelf.

Bravo is the second of four platforms to be decommissioned and removed from the Brent field, following Brent Delta in 2017. The field has produced approximately 3 billion boe since 1976.

This new development is the first to recover commercial quantities of oil in the UK from reservoirs that are generally considered non-productive.

The company evacuated 276 people on board Statfjord A after the collision, which happened in connection with loading operations. No injuries were reported, and the total extent of the damage on the platform is being investigated.

The field startup is Hurricane’s first step to actualizing its potentially considerable resources in the UK North Sea. Lancaster is expected to produce an average of 17,000 BOPD by the end of the year.

One of the largest pre-sanction fields on the UK Continental Shelf, Rosebank, could significantly bolster the company’s UK portfolio. However, the field’s water depth and harsh environment may run development costs into the multibillion-dollar range.