{"id":1505,"date":"2014-07-25T14:14:21","date_gmt":"2014-07-25T11:14:21","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=1505"},"modified":"2015-09-04T09:47:48","modified_gmt":"2015-09-04T09:47:48","slug":"tanzanias-piri-gas-discovery-cushions-statoils-exploratory-expenses","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tanzanias-piri-gas-discovery-cushions-statoils-exploratory-expenses\/","title":{"rendered":"Tanzania\u2019s Piri gas discovery cushions Statoil\u2019s exploratory expenses"},"content":{"rendered":"

[twitter-follow screen_name=’oilnewskenya’]<\/p>\n

Statoil\u2019s net income for the second quarter has surged to $1.94 billion from the previous $692 million in the same period of 2013 with earnings per share up to $604 million from $222 million.<\/p>\n

Statoil\u2019s adjusted earnings from upstream activities in Norway decreased from $5.07 billion to $3.89 billion. Earnings from upstream activities outside Norway increased to $1.01 billion, while earnings from the midstream increased to $386 million.<\/p>\n

Following the piri discovery this quarter the company reports its exploration expenses were $435 million, down 225.7 million compared to same quarter last year mainly due to increased capitalisation as a result of successful wells.<\/p>\n

The discovery brings the total of gas in-place in Block 2 up to approximately 20 tcf, adding volumes for a future large-scale gas infrastructure development.<\/p>\n

The discovery in the Piri prospect by Statoil and co-venturer ExxonMobil\u2019s sixth discovery and the fifth high-impact discovery in Block 2 offshore Tanzania saw an additional two to three trillion cubic feet (tcf*) of natural gas.<\/p>\n

Piri-1 was drilled by the drillship Discoverer Americas at a well location two kilometres southwest of the Lavani-1 well at 2,360-metre water depth.<\/p>\n

Going forward President and CEO Helge Lund says Statoil will continue progressing its even as it continues with reducing its staff and support services.<\/p>\n

\u201cWe have also established six specific high-impact projects addressing technical efficiency across the company, and we are now executing the first wave. We are on track, and will provide an updated status when we report our results for the full year,\u201d says Lund.<\/p>\n

Read the full Q2 results here<\/a>.<\/p>\n

[twitter-follow screen_name=’oilnewskenya’]<\/p>\n","protected":false},"excerpt":{"rendered":"

[twitter-follow screen_name=’oilnewskenya’] Statoil\u2019s net income for the second quarter has surged to $1.94 billion from the previous $692 million in the same period of 2013 with earnings per share up … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[605,860,1074,1696,1777,2048,2404,2466],"class_list":["post-1505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-discoverer-americas","tag-exxonmobil","tag-helge-lund","tag-natural-gas","tag-norway","tag-piri","tag-statoil","tag-tanzania","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/01\/statoil_logo.gif?fit=574%2C565&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-oh","jetpack-related-posts":[{"id":1262,"url":"https:\/\/www.oilnewskenya.com\/index.php\/statoil-exxonmobil-makes-another-high-impact-gas-discovery-offshore-tanzania\/","url_meta":{"origin":1505,"position":0},"title":"Statoil, ExxonMobil makes another high-impact gas discovery offshore Tanzania","author":"Samuel Kamau Mbote","date":"June 18, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] The discovery in the Piri prospect is Statoil and co-venturer ExxonMobil\u2019s sixth discovery and the fifth high-impact discovery in Block 2 offshore Tanzania. The discovery of an additional two to three trillion cubic feet (tcf*) of natural gas in place in the Piri-1 well brings the total of\u2026","rel":"","context":"In "New Discoveries"","block_context":{"text":"New Discoveries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/new-discoveries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/piri-prospect.jpg?fit=468%2C475&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1908,"url":"https:\/\/www.oilnewskenya.com\/index.php\/statoil-exxon-mobil-discover-an-additional-1-2tcf-in-giligiliani-1-well-offshore-tanzania\/","url_meta":{"origin":1505,"position":1},"title":"Statoil, Exxon Mobil discover an additional 1.2TCF in Giligiliani-1 well offshore Tanzania","author":"Samuel Kamau Mbote","date":"October 14, 2014","format":false,"excerpt":"Statoil and co-venturer Exxon Mobil have announced that the Giligiliani-1 exploration well has resulted in a new natural gas discovery offshore Tanzania. The discovery of an additional 1.2 trillion cubic feet of natural gas in place in the Giligiliani-1 well brings the total of in-place volumes up to approximately 21\u2026","rel":"","context":"In "New Discoveries"","block_context":{"text":"New Discoveries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/new-discoveries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/giligiliani-1.gif?fit=468%2C476&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2765,"url":"https:\/\/www.oilnewskenya.com\/index.php\/statoil-makes-eighth-natural-gas-discovery-block-2-offshore-tanzania\/","url_meta":{"origin":1505,"position":2},"title":"Statoil makes eighth natural gas discovery in Block 2 offshore Tanzania","author":"","date":"March 30, 2015","format":false,"excerpt":"Statoil has announced that the Mdalasini-1 exploration well has resulted in a new natural gas discovery offshore Tanzania encountering an additional 1.0-1.8 trillion cubic feet (tcf*) of natural gas in place in the Mdalasini-1 well. The new gas discovery that has been made in Tertiary and Cretaceous sandstones brings the\u2026","rel":"","context":"In "New Discoveries"","block_context":{"text":"New Discoveries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/new-discoveries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/Block-2-Tanzania.gif?fit=468%2C476&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":141,"url":"https:\/\/www.oilnewskenya.com\/index.php\/statoil-makes-another-high-impact-natural-gas-discovery-offshore-tanzania\/","url_meta":{"origin":1505,"position":3},"title":"Statoil makes another high-impact natural gas discovery offshore Tanzania","author":"Samuel Kamau Mbote","date":"December 6, 2013","format":false,"excerpt":"Statoil and co-venturer ExxonMobil has today announced its fifth discovery in Block 2 offshore Tanzania. The discovery of an additional 2-3 trillion cubic feet (Tcf)* of natural gas in place in the Mronge-1 well brings the total of in-place volumes up to 17-20 Tcf in Block 2. Mronge-1 is drilled\u2026","rel":"","context":"In "New Discoveries"","block_context":{"text":"New Discoveries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/new-discoveries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/06dec_tanzania_468map.gif?fit=468%2C476&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3050,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzanias-increases-recoverable-natural-gas-resources-55tcf\/","url_meta":{"origin":1505,"position":4},"title":"Tanzania\u2019s Increases Recoverable Natural Gas Resources To 55Tcf","author":"","date":"June 8, 2015","format":false,"excerpt":"Tanzania has increased its estimated recoverable gas resources to 55.08 trillion cubic feet from the 53.2tcf estimate in October according to the country\u2019s energy and minerals minister George Simbachawene. The 18 percent increase follows discoveries by Statoil, BG Group, Ophir Energy and Exxon Mobil since June 2014 when resources were\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/block-3-tanzania.png?fit=512%2C441&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7048,"url":"https:\/\/www.oilnewskenya.com\/index.php\/exxon-mobil-seeks-leave-tanzanias-offshore-block-2\/","url_meta":{"origin":1505,"position":5},"title":"Exxon Mobil Seeks to Exit Tanzania\u2019s Offshore Block 2","author":"","date":"June 8, 2018","format":false,"excerpt":"U.S explorer and world\u2019s largest public listed oil and gas company Exxon Mobil is reported to be ditching Tanzania for neighboring Mozambique according to a report by Reuters citing three undisclosed banking and industry sources. 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