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The CNOOC, China National Offshore Oil Corporation, has made a significant gas discovery in the central North Sea. The CNOOC, joined by Joint Venture (JV) partners Total and Edison, estimate the find to potentially 250 million barrels of oil. Glengorm, potentially the biggest find since 2008, sits 118 miles east of Aberdeen, Scotland close to existing fields the Culzean project and Elgin-Franklin platform. “Our strong position in the region will enable us to leverage existing infrastructures nearby and optimise the development of this discovery. Glengorm is an achievement that demonstrates our capacity to create value in a mature environment thanks to our in-depth understanding of the basin.”
World Oil Market
Oil markets indices are up this morning following a day in which RBOB, heating oil and crude all finished lower. Yesterday’s settles had crude down $0.31 / barrel to settle at $52.41 while the refined products RBOB and heating oil also finished lower by $0.0272 / gallon and $0.0163 / gallon to close at $1.4192 / gallon and $1.8922 / gallon respectively. This morning the market has taken back those losses as bullish headlines are dominating the news. To summarize:
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