OKEA announces acquisition of Calypso prospect near Draugen

first_imgNeptune will remain as operator with 30% working interest in the licence OKEA announces acquisition of Calypso prospect near Draugen. (Credit: OKEA ASA) OKEA ASA (“OKEA” or the “Company”) is pleased to announce that the Company has signed a Sales and Purchase Agreement (SPA) with Neptune Energy Norge AS (“Neptune”) for the acquisition of a 30% working interest in PL938. Effective date for the transaction is 1 January 2020. Neptune will remain as operator with 30% working interest in the licence.PL938 is located less than 10km north-west of the OKEA-operated Draugen field and directly north of the Bauge and Hyme fields.  The licensees have committed to drill an exploration well on the Calypso prospect in the licence and the plan is to drill in late 2021 or 2022. As part of the agreement, OKEA will carry a portion of Neptune’s costs for the well.‘Calypso is an attractive prospect close to Draugen with a potential of up to 37 million barrels of oil’ comments Andrew McCann, SVP Subsurface & Wells in OKEA. ‘As operator of Draugen we are keen to find resources in the nearby area with the potential to be developed through our existing infrastructure and Calypso fits this exploration strategy well. We look forward to working with the operator and other licensees to ensure an efficient exploration well and further activity in the licence.’‘This transaction further diversifies OKEA’s exploration portfolio and strengthens our position in the Draugen area. If a discovery is made in the licence, we will work to ensure an efficient development given our strategy and experience with low-cost field development of smaller discoveries’, adds Erik Haugane, CEO of OKEA. ‘Coming only two months since we acquired the Aurora discovery from Equinor, this transaction further demonstrates our focus on building our portfolio around our key production hubs.’PL938 was awarded in March 2018 as part of the APA2017 licensing round. The other licensees are Vår Energi AS (20%) and ConocoPhillips Skandinavia AS (20%). The transaction is subject to approval by the Ministry of Petroleum and Energy. Source: Company Press Releaselast_img read more

Human CO2 upsets balance in atmosphere

first_imgCategories: Letters to the Editor, OpinionIn regards to Roger Anderson’s Feb. 18 letter, it’s important to note that he’s leaving out vital information and when it comes to human CO2 [carbon dioxide] emissions and their impact on the atmosphere. While it’s true that human emissions are small in comparison to natural emissions, their impacts are anything but. There is, and always has been, a natural carbon cycle in nature that balances out the levels of CO2 in the atmosphere. CO2 is created, whether by decomposition of organic material or hydrothermal vents, and then absorbed into the ocean or is converted into O2 via photosynthesis. This created a balance, an ebb and flow if you will.However, after the industrial revolution, the amount of CO2 humans have pumped into the atmosphere is just enough to offset that balance. The actual measurement of human CO2 emissions is around nine billion tons, as opposed to his claim of eight billion. This is still small by comparison to natural CO2 emissions, but only 40 percent of that additional CO2 will be absorbed through the natural cycle. The remaining 60 percent of human emissions remains in our atmosphere (Tripati 2009).So, think of the carbon cycle as a camel and the amount of carbon naturally produced as the load its spine can stand to bear. Human emissions are the straw, and we all know what happened to the camel’s back.John ShortGlenvilleThe writer is a biologist and an environmental educator.More from The Daily Gazette:EDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Beware of voter intimidationEDITORIAL: Thruway tax unfair to working motoristsFoss: Should main downtown branch of the Schenectady County Public Library reopen?last_img read more