No magic at Presto as well comes up dry
The exploration well Presto in the Norwegian North Sea has encountered good reservoir quality rocks, but, according to the Norwegian Petroleum Directorate, hydrocarbons were not present. UK independent Cairn Energy holds a 30% stake in the Equinor operated PL885 licence. The well was targeting 160mmboe gross mean resources in the Lower Cretaceous Agat sandstones with a secondary objective in shallower stacked channelised turbidite fan complexes in the Upper Cretaceous
Read more...Norway awards 56 new licences
Norway has awarded 56 new production licences under the 2016 Norwegian APA (Awards in Pre-defined Areas) Licence Round, which covered the more explored areas of the Norwegian Continental Shelf . Interest was strongest in the North Sea area with 36 awards, while 17 were awarded in the Norwegian Sea. Only three awards went in the Barents Sea, reflecting the frontier nature of the basin. Link to awards maps
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