First Oil Produced from Eldfisk II Project
Posted on: 08/01/2015

Global exploration and Production Company ConocoPhillips (COP) (and their partners including France’s Total) have announced that oil has been produced for the first time from the Eldfisk II project in the Norwegian North Sea.

This comes as welcomed news after only weeks ago COP was considering a reduction in capital spending in 2015 due to the dramatic oil price fall towards the end of 2014. This project, alongside Ekofisk South and similar projects, will prioritise resource recovery and ensure that the life of this vital field is extended over the upcoming years.

Following this breakthrough the company’s production is expected to rocket by about 60,000 additional barrels of oil per day by 2017- with Ekofisk South and other Norwegian projects also contributing to this increase.

There is currently only one operational drill within the Eldfisk II project, which is why this first oil has received much celebration as it stands as solid encouragement for the further three proposed wells to be drilled towards the end of this month and over the next three years. The oil will be delivered through subsea pipelines to Teesside, North East England.

Encouraging signs and continued capital investment is what the oil sector needs right now as the dollar per barrel price has this week sunk to a new 5 year low to the sub $50 pb benchmark. Hopefully it will be a catalyst for the industry to make greater strives forward in efficiency and technology to make new exploration more cost effective and to amplify returns from ageing assets.

It is a challenging time for all involved within the sector, but to use an old adage, great generals are made in times of war, not peace. Current market unrest will drive innovation and enthuse the best talent to overcome these challenges to make a real difference.

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