Energy Cos Close Out 2022 With New Gas Finds

Var Energi ASA and PTT Exploration and Production Public Company Limited are celebrating new gas finds.


Var Energi ASA and PTT Exploration and Production Public Company Limited (PTTEP) are celebrating new gas finds as the year draws to a close.

On December 23, Var Energi confirmed the discovery of gas in its operated 7122/9-1 T2 (Lupa) well in the Goliat area in the Barents Sea. Preliminary estimates of the size of the discovery are between 57-132 million barrels of recoverable oil equivalent, according to the company.

The primary exploration target for Lupa was to prove hydrocarbons in the Havert formation of Triassic age and the well encountered a gas column of 55 meters in sandstones with moderate to good reservoir quality, Var Energi revealed. Extensive data acquisition took place, including sampling, and the discovery will now be further assessed and matured, the company noted.

“This is the largest discovery on the shelf this year and comes as a Christmas gift,” Alessandro Barberis, Var Energi’s VP of Exploration, said in a company statement.

“I want to give credit to our highly skilled and dedicated exploration professionals, continuing to perform, placing Var Energi amongst the top explorers on the Norwegian shelf,” he added in the statement.

Also commenting on the find, Rune Oldervoll, Var Energi’s EVP of Exploration and Production, said, “the Lupa discovery further strengthens our foothold in the north”.

“The discovery could serve as another step towards realizing additional gas infrastructure in the Barents Sea in the future. We have a long-term growth strategy for the Barents Sea and will continue to chase new opportunities for value creation,” Oldervoll added.

On December 22, PTTEP announced a gas discovery in Malaysia from exploration well Paprika-1 in Block SK410B. The discovery provides PTTEP with a further development opportunity in Northern Sarawak and supports the company’s long-term growth, PTTEP said in a company statement.

The well was drilled to a total depth of 3,348 meters and encountered gas pay in clastic reservoirs, PTTEP highlighted, adding that the company and partners KUFPEC and Petronas Carigali Sdn Bhd, previously made a “major” gas discovery at Lang Lebah structure within the same block.

“Paprika-1 is PTTEP’s first exploration well in Malaysia this year and is successfully completed with a sweet gas discovery, which enables the company to move toward further assessment for the development of the field,” Montri Rawanchaikul, the Chief Executive Officer of PTTEP, said in the statement.

“This discovery presents an important opportunity for PTTEP to strategically establish the Northern Sarawak Clastic Hub. The success also highlights the strong partnership of all joint venture partners and the expertise in applying intensive subsurface evaluation to identify opportunities in mature area,” Rawanchaikul added.

Several other companies also made finds near the end of the year, including Eni, Petronas and Saudi Aramco. Eni announced a new gas discovery offshore Cyprus via the Zeus-1 well, which was drilled in Block 6, 100 miles off the coastline, while Petronas Carigali Sdn Bhd announced an oil and gas find at the Nahara-1 well in Block SK306, off the coast of Sarawak, Malaysia.

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, announced that Saudi Aramco had discovered two new unconventional natural gas fields in the eastern region, the Saudi Press Agency (SPA) reported recently.

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