MB Century sells Rig 32 to Webster Energy Services: what the move means for New Zealand geothermal drilling MB Century and Webster Energy Services have agreed the sale of MB Century’s Drillmec HH350 drilling rig, Rig 32, with completion slated for December 2026 after the rig finishes its current campaign for Tūaropaki Power Company. The transaction signals a strategic shift for MB Century,moving away from direct drilling ownership toward concentrating on engineering, reservoir and technical services,while Webster Energy uses the acquisition to deepen its footprint in the New Zealand geothermal market. This article summarises the deal, then drills into the operational, market and workforce implications for New Zealand’s geothermal sector, the strategic logic for both companies, and what the transaction suggests about capacity, competition and future drilling trends. Deal overview and timeline Parties: MB Century (seller) and Webster Energy Services (buyer). - Asset: Drillmec HH350 rig k...
Equinor Strikes Again! The energy giant has made a remarkable discovery in the North Sea, marking the seventh find since autumn of 2019. The latest addition to its list of achievements, the Røver Sør discovery, is said to hold an estimated 17 to 47 MMboe, with a majority of it being oil.
Partnered with DNO, Wellesley Petroleum and Petoro, Equinor operates the production license and continues to make waves in the oil and gas industry with its string of successful discoveries, including Echino Sør (2019), Swisher (2020), Røver Nord (2021), Blasto (2021), Toppand (2022), and Kveikje (2022).
Geir Sørtveit, Equinor's Senior Vice President for Exploration and Production West Operations, says that discoveries close to existing infrastructure are vital to maintain oil and gas production on the Norwegian continental shelf, as they are more profitable and can be brought to production with minimal carbon emissions. With Røver Sør being in close proximity to the Troll field and other discoveries, it's already deemed to be a commercial success.
Although the exact size of the discovery is yet to be determined, the estimated average volume is around 350 million barrels of oil equivalent, making it a medium-sized Norwegian oil or gas field, similar to the size of the Aasta Hansteen field in the Norwegian sea. Equinor has already started field development projects to coordinate the development of its previous discoveries, and Røver Sør will be part of this work.
The next exploration well in the area, Heisenberg, is set to provide results in March, with more planned for later in the year. Keep an eye on Equinor as it continues to conquer the oil and gas industry with each new discovery.
The steps involved in making an oil discovery are:
Exploration: This involves the use of geological, geophysical and geochemical techniques to identify areas with potential oil deposits. Seismic surveys, drilling and well log analysis are commonly used exploration methods.
Lease Acquisition: If a potential oil deposit is identified, a lease agreement must be secured to explore and drill for oil on the property.
Drilling: The next step is to drill a well to determine if oil is present in commercial quantities. This typically involves drilling to a depth of several kilometers into the earth.
Testing: After drilling, the well is tested to determine the rate at which oil can be produced and the quality of the oil. The results of these tests are used to make a decision on whether to continue with further development.
Appraisal: If the test results are positive, the next step is to conduct a more detailed appraisal to determine the size of the reservoir and the feasibility of commercial production. This may involve additional drilling and testing.
Development: If the appraisal is positive, the next step is to develop the field to bring the oil to production. This may involve the construction of production facilities, pipelines and other infrastructure.
Production: Once the field is developed, oil production can begin. The oil is typically transported to a processing facility for treatment and storage.
Maintenance and Monitoring: Ongoing maintenance and monitoring is required to ensure the safe and efficient production of oil from the field. This may involve the replacement of equipment and the management of environmental impact.
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Source:(https://worldoil.com/news/2023/2/9/equinor-makes-seventh-oil-and-gas-discovery-in-north-sea/)
#Equinox #Northsea #Discovery
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