1. Shell will write down up to $5 billion in assets to exit Russia
Shell announced on Thursday that it would write down assets worth $4 billion to $5 billion after exiting Russia. Shell said it would no longer buy Russian crude oil and would close gas stations, aviation fuel and lubricants in Russia.
2. Santos made the final investment decision on the Dorado oilfield project
Santos, an Australian energy company, has made a final investment decision (FID) on the Dorado oil field project off the coast of Australia, which is expected to take place in mid-2022.
3. ExxonMobil promotes Guyana’s $10 billion offshore oil project
This week, Exxon Mobil announced its final investment decision in its yellow tail development in Guyana. Yellowtail will be ExxonMobil’s fourth and largest project in the Stabroek block. It is expected to produce about 250000 barrels of oil per day from 2025.
The $10 billion project will include six drilling centers, up to 26 production wells and 25 injection wells connected to a Guyana FPSO. It is reported that the oil field holds a total of about 925 million barrels of oil. At present, ExxonMobil’s exploration activities in Guyana have found more than 10 billion barrels of oil equivalent recoverable resources. The company expects up to 10 projects in the Stabroek block.
4. Equinor Canada Bay du Nord project approved
On April 6 local time, Canadian environment minister Steven Gilbo announced in a statement that he had officially approved the North Bay offshore oil exploration project. Equinor and its partners will be responsible for the development of the project.
The oil field is located in the deep-water Flemish Pass Basin, about 500 kilometers east of St. Johns in Newfoundland and Labrador, with a water depth of about 3861 feet (1200 meters). Bay du Nord was the world’s largest oil discovery in 2013, with an estimated 480 million barrels of light crude oil recoverable. Oil development will involve drilling about 40 wells, including a floating production, storage and offloading (FPSO) vessel capable of producing up to 200000 barrels of oil per day.
Post time: Apr-09-2022