Verbier appraisal points to lower than expected resources
UK independent Jersey Oil and Gas (JOG) has announced that the Verbier appraisal well, 20/05b-14, has not encountered the targeted Upper Jurassic sands as expected, resulting in a likely downward revision of resources to the low end of pre-drill estimates. The objective of the Equinor operated appraisal well was to refine the estimated resource volume range of 25 – 130mmboe, with a mid case of 69mmboe. Verbier sits 8km to the north west of the Buchan field (now decommissioned), and was discovered on pre-broadband 3D seismic.
Read more...Tullow’s Araku result completes our 2017 wells to watch list
At the start of this year, we highlighted seven exploration wells due to be drilled in 2017, all involving independent companies and targeting resources over 100mmboe. The results from the last of these wells, Tullow’s Araku, were announced last week, with the offshore Suriname well proving the presence of gas condensate but with no significant reservoir quality rocks.
Read more...Verbier delivers after sidetrack
Statoil’s sidetracked Verbier well has discovered oil after the main wellbore found water filled sand. The company was targeting oil in an updip location on the structure together with joint venture partner Jersey Oil & Gas (JOG). Statoil believes that the 20/05b-13z well has proven a minimum recoverable resource of 25mmbbls, and that the upside could be as much as 130mmbbls. The JV has not at this stage provided details of the discovery such as sand quality and thickness, or of the location of the sidetrack. Appraisal wells will now be planned to assess the commerciality of Verbier, and to mature further prospectivity in the P2170 licence including the Cortina prospect and Meribel lead.
Read more...Wells to watch in 2017
Since the oil price crash of 2014, exploration has been particularly badly hit as companies looked to trim expenditure. Wood Mackenzie estimates that 2017 exploration will account for 8% of upstream expenditure, down from historic norms of 14%. In this more difficult environment, any surviving exploration has tended to be led by majors, for example ExxonMobil’s giant Liza discovery offshore Guyana in 2015. In our most recent Exploration Watch, we highlight wells due to spud in 2017 that involve independent companies, with resources estimates greater than 100mmboe. Our exception is the much anticipated multi-billion barrel potential Korpfjell prospect in the Barents Sea offshore Norway, which is operated by Statoil and partnered by major companies.
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