The supermajor says it has discovered between 500 million and 1 billion barrels of potential recoverable resources in the Owowo Field offshore Nigeria.
The well is the final well in the first stage of Origin’s Beetaloo Basin joint venture with Falcon Oil & Gas Ltd.
The discovery located in state waters offshore Alaska could hold as much as 10 billion barrels of oil in place.
In 2015, the U.S. restricted exports, reexports and transfers of technology and equipment to the Yuzhno-Kirinskoye Field, which is part of the wider Kirinskoye deposit, Reuters reported.
Pemex estimates its average production will be 1.9 MMbbl/d in 2017, its lowest level since 1980, as a result of the spending cuts, Reuters reported.
The initial quantities discovered were estimated at about half a trillion cubic feet of gas with more possible reserves, Shell CEO Eden Murphy said in a statement.
A stabilized gas flow rate of 17 MMscf/d was reached on Aug. 7, the company said, noting the results “represents a highly commercial rate.”
News of a deepwater Gulf of Mexico discovery is made as the company reports falling profits and growth priorities.
A sidetrack appraisal well on the Brasse discovery in the Norwegian North Sea has encountered a 25-meter (m) gross oil column and a 6-m gross gas column, Faroe Petroleum said in a news release.
Drilled to 5,475 m in 1,692 m of water, the Liza-2 well encountered more than 58 m of oil-bearing sandstone reservoirs in Upper Cretaceous formations.