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Eni announces oil discovery in North Sea

- Preliminary estimates place size of discovery between 35 and 65 million barrels of oil equivalent

home > Oil, News from companies, World, Europe 14.06.2021 15:20 Sibel Morrow

Eni announces oil discovery in North Sea

Italian Eni announced on Monday a new oil discovery in production license 554 located in the Garantiana West exploration prospect in the North Sea.

The discovery was made through Var Energi, a joint venture between Eni and HitecVision.

Var Energi and Aker BP each hold a 30% stake in the license, while Equinor holds 40% interest as the operator.

The well is located 30 km north of the Snorre Field, at a water depth of 385 meters.

Preliminary estimates place the size of the discovery between 35 and 65 million barrels of oil equivalent hydrocarbons in place with a total column of approximately 86 meters.

The encountered Cook FM sands were of medium to good reservoir quality, Eni reported.

Var Energi has ownership in more than 137 licenses and oil and gas production from 35 fields in Norway. It operates over the whole Norwegian continental shelf: the Goliat field in the Barents Sea, the Marulk field in the Norwegian Sea and the Balder and Ringhorne fields in the North Sea.

The company’s current production stands at approximately 300,000 barrels per day.

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr


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30.05.2022 Oil , World

Oil slightly falls despite weaker US dollar and upcoming US driving season

- Upcoming driving season starting in June will see some 39 million Americans travel, pushing demand and prices up
28.05.2022 Oil , World

Top Biden officials in Saudi Arabia for talks on oil ahead of planned visit

- White House Middle East coordinator and State Department’s energy envoy arrived in Saudi Arabia on Tuesday to meet with senior Saudi officials
27.05.2022 Oil , World , Americas , Middle East-Africa

UK introduces tax on oil and gas companies

- Tax, also referred to as windfall tax, is to retrieve some profits of oil and gas producers made as a result of high energy prices
27.05.2022 Natural Gas , Oil , Finance , Europe

US sanctions Russia-backed Iranian oil smuggling, money laundering network

- Network led by officials of Iran's Revolutionary Guards, backed by senior levels of Russian government, says US Treasury
27.05.2022 Oil , Americas

US crude oil inventories down 0.2% for week ending May 20

- Commercial crude oil stocks fall by 1 million barrels, against market expectation of 690,000 barrel draw
26.05.2022 Oil , Americas

Oil prices up with tight global supply

- EU agreement on Russian crude ban could be finalized by May 30, European Council President Charles Michel says
27.05.2022 Oil , International Relations , Eurasia , Americas

Rising energy prices could prompt demand for coal: Int. Energy Agency head

- Coal-related investments could also affect climate targets, warns Fatih Birol
26.05.2022 Oil , Coal , International Organization , World

Oil up over hopes of stronger demand, concerns over tighter supply

- Price upticks limited as American Petroleum Institute predicts rise in US crude oil stockpiles
26.05.2022 Oil , World

Oil down with stalled EU ban on Russian oil

- Prices see further downward support with likelihood that China will continue pandemic measures
25.05.2022 Oil , World

Wintershall Dea divests shares in Norwegian oil fields

- Company opts to divest shares in efforts to strengthen its position in gas and carbon management
23.05.2022 Oil , Europe , General

bp, mining company Rio Tinto ink deal for one-year trial of marine biofuels

- Companies say bp-manufactured B30 biofuel blend can reduce lifecycle carbon dioxide emissions by up to 26% compared to standard marine fuel oil
24.05.2022 Oil , Geothermal/Biomass , World

Oil up with rising hopes of stronger demand in US, China

-China, strictly clinging to zero-COVID policy, is due to ease some restrictions in Shanghai while rising cases in Beijing cast doubts over demand rebound
24.05.2022 Oil , World

US oil rig count up by 13 for week ending May 20

- Number of US oil rigs rises by 220 compared to one year ago
23.05.2022 Oil

Oil prices steady amid prospect of increase in Chinese demand in week ending May 20

- Oil edges higher as EU focuses on finalizing proposed ban on Russian crude
20.05.2022 Oil , Finance , General

Brent oil prices slightly up on hopes of higher demand due to peak season

- Currently declining cases in Shanghai prompted hopes for better oil demand in China
20.05.2022 Oil , Asia , Americas , General

Brent oil prices up on hope of stronger Chinese demand

- Declining Omicron cases in Shanghai boosts hopes for rising oil demand
19.05.2022 Oil , Finance , Asia , Americas

US crude oil inventories down 0.8% for week ending May 13

- Commercial crude oil stocks fall by 3.4 million barrels, against market expectation of 1.5 million-barrel draw
20.05.2022 Oil , Finance

Oil prices up as improving COVID situation in China boosts demand hopes

- Prices see more support as American Petroleum Institute predicts drop in US crude oil stockpiles
18.05.2022 Oil , World

Italy’s ENI opens rubles bank account for Russian gas payments

- New payment procedure ‘not incompatible’ with EU sanctions
18.05.2022 Oil , News from companies , Europe

Russia to shift energy resources to non-European regions: Putin

- Europe's sanctions will harm European economy and increase Russia's oil and natural gas revenues, Putin says
18.05.2022 Natural Gas , Oil , Europe , Eurasia

Brent oil prices rise despite surging dollar value

- Unusual upward movement of Brent and US dollar in tandem as investors see latter as safer investment, says Energy Info. Admin.
18.05.2022 Oil , World

Oil down as EU fails to agree on banning Russian oil exports

- Weak Chinese economic data also exerts downward pressure on prices
17.05.2022 Oil , World

Saudi Arabia plans to boost output by 1 million barrels per day: Energy minister

- Abdulaziz bin Salman says his country could maintain production at over 13 million barrels per day should global oil market require it
17.05.2022 Oil , World , Middle East-Africa

Turkiye's fourth drilling ship to arrive at Tasucu Port in Mersin on May 19

- After two-month stint in Mersin, the ship will be put to work in Eastern Mediterranean Sea
17.05.2022 Natural Gas , Oil , Renewable , Turkey

Oil down over lagging EU ban on Russian oil exports

- Demand concerns in China, as country tightens its zero-COVID policy are putting downward pressure on prices
17.05.2022 Oil , World

Saudi oil giant Aramco reports over 80% profit rise in 1Q22

- Aramco's first quarter 2022 profits hit $39.5 billion compared to $21.7 billion in same period of last year
16.05.2022 Oil , World , Middle East-Africa

US oil rig count up by 6 for week ending May 13

- Number of US oil rigs rises by 211 compared to one year ago
15.05.2022 Oil , Americas , General

Oil prices battle supply concerns, recession fears in week ending May 13

- Oil starts week low as China fights COVID-19 leading to lower demand but ends higher as EU focuses on finalizing proposed ban on Russian crude
13.05.2022 Oil , Europe

Supply fears from pending EU crude ban push oil prices higher

- Drop in global oil supply fuels concerns of scarce production, driving prices higher
14.05.2022 Oil , International Relations , Europe , Eurasia

EU ban on Russia could affect 3M barrels crude per day: Fitch

- Russia’s total production projected to decline by 2-3M barrels per day by end-2022, says global rating agency
13.05.2022 Oil , International Organization , World

OPEC revises down oil demand forecast for 2022

- Downward demand growth revisions take account of economic forecasts and other developments that could impact oil requirements, OPEC says
14.05.2022 Oil , World

Lukoil buys Shell’s retail and lubricants businesses in Russia

-Move is in line with Shell’s earlier announcement to withdraw from all businesses in Russia
12.05.2022 Oil , News from companies , World

Global oil supply down in April with Russian supplies shut-in

- Demand to reach around 99.4 million barrels per day in 2022, marking year-on-year rise of 1.8 million barrels per day
13.05.2022 Oil , World

US crude oil inventories up 2% for week ending May 6

- Commercial crude oil stocks increase by 8.5 million barrels, against market expectation of 457,000-barrel draw
12.05.2022 Oil , Americas

Oil and gas companies gamble on emission mitigation technologies

- Net zero targets are not enough for companies to be aligned with Paris, report warns
12.05.2022 Natural Gas , Oil , International Relations , Europe , Asia , Americas

Oil prices fall as global inflation rates solicit concern

- Ongoing Covid-19 lockdowns in China, world's top crude importer, continue to weigh on oil prices as demand for fuel drops
12.05.2022 Oil , Europe , Asia , Americas

Oil up over supply uncertainties due to EU ban on Russian oil

- Limiting further upticks, US crude oil inventories are estimated to rise, signaling weak demand in world’s top consuming country
11.05.2022 Oil , World

Japan announces phased-out exit from Russian oil

- Japan is fully dependent on imports for all energy sources, importing around 3% of its oil needs from Russia
11.05.2022 Oil , World , Asia

Oil prices fall with demand fears in China, strong dollar

- Stalled sanctions from objections of EU members who seek exemptions to ban on Russian oil exports limits upward price movement
11.05.2022 Oil , World

Oil settles lower on blurry supply outlook ahead of plan to ban Russian oil

-China's pandemic restrictions, Saudi Arabia's decision to sell oil prices lower for Asian and European clients contribute to demand woes
10.05.2022 Oil , World , Europe

Turkiye's oil imports up 31.1% in February 2022

- Crude oil imports jump 46.9% to 2.34 million tons, latest data shows
09.05.2022 Oil , Turkey

US oil rig count up by 5 for week ending May 6

- Number of US oil rigs rises by 213 compared to one year ago
09.05.2022 Oil , Americas

Oil gains around 6% during week ending May 6 on supply fears

- European Commission proposal to ban Russian oil, reluctance of OPEC+ producers to add stock to market supports prices
08.05.2022 Oil , World
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