Lundin’s Luno II disappoints
OSLO: Lundin Petroleum’s Luno II oil and gas discovery offshore Norway is smaller than expected and analysts said it may be too small to support a stand-alone development.
Luno II, discovered last year in the Norwegian sector of the North Sea, is now estimated to hold between 27 million and 71 million barrels of oil equivalents (boe) in gross contingent resource, below an initial estimate of 25-120 million boe, Lundin said in a statement. “In our view, the probability for a standalone development is now minimal and that a tie back development to the Edvard Grieg platform is the most likely solution,” Teodor Sveen Nilsen, an analyst at Swedbank bank, said in a note to clients.
Motiva to shut Norco CDU, coker
HOUSTON: Motiva Enterprises plans to overhaul the only coking unit and one of two sulphur recovery units when it shuts the sole crude distillation unit at its 238,000 barrel-per-day (bpd) Norco, Louisiana, refinery for a 45-day maintenance beginning October 1, said sources familiar with operations at the refinery. Reuters previously reported on Motiva’s plans for an October overhaul of the CDU.
Shell submits drill plan for Arctic
NEW YORK: Royal Dutch Shell has sought permission from the US government to drill in the Arctic Ocean and is keeping open the possibility that it could drill there next summer, the Financial Times reported. The newspaper reported that Shell had filed an exploration plan for approval by the Bureau of Ocean Energy Management, the agency that controls offshore drilling rights. The plan addresses issues such as safety and environmental impact.
Slovenia’s Petrol posts fall in profit
LJUBLJANA: Slovenia’s largest fuel retailer Petrol reported first-half group net profit down 2 per cent to 23.9 million euros ($31.5 million), hit by competition and an economic slowdown in its markets. “Slovenia and Croatia, which are Petrol’s largest markets, have for some years been facing difficult economic conditions which are reflected in the fall of economic activity, poor payment discipline, poor liquidity and bankruptcies of companies, lower private consumption and higher unemployment,” Petrol said.
It said sales reached 1.9 billion euros and were 1 per cent lower than in the same period last year.
