New Oil Discovery Made in US GOM
Equinor revealed Monday that it has encountered oil in the Monument exploration well in the U.S. Gulf of Mexico.
The well found approximately 200 feet of net oil pay with good reservoir characteristics in Paleogene sandstone, according to the company. Monument, which was drilled to a total depth of 33,348 feet, is Equinor’s first operated exploration well in the U.S. Gulf of Mexico since 2015.
“We are pleased to have proved an accumulation of movable hydrocarbons in the Monument exploration well,” Bjorn Inge Braathen, senior vice president of exploration in North America for Equinor, said in a company statement.
“However, determining the full potential of the discovery will require further appraisal drilling,” he added.
Equinor holds a 50 percent operated interest in the Monument exploration well. Progress Resources USA Ltd holds a 30 percent stake in the asset and Repsol E&P USA Inc. holds the remaining 20 percent interest.
According to its website, Equinor is a partner in nine producing fields in the Gulf of Mexico and two in development. It also owns and operates the Titan production facility. Equinor’s production from the U.S. Gulf of Mexico is approximately 130,000 barrels of oil equivalent per day, according to the company, which projects that this will grow.
Equinor, which is headquartered in Norway, describes itself as a broad energy company which develops oil, gas, wind and solar energy in more than 30 countries worldwide. The business, which is said to be one of the world’s largest offshore operators, is said to employ 21,000 people.
Last month, the company announced its first 2020 discovery on the Norwegian Continental Shelf. The find, made through the Sigrun East prospect in the North Sea, was estimated to have recoverable resources between 7 and 17 million barrels of oil equivalent.
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