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Harbour Energy (HBRIY) JV Confirms Natural Gas Discovery
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Harbour Energy plc (HBRIY - Free Report) and its joint venture partners have confirmed a natural gas discovery in the North Sea, offshore Norway. The discovery, made in well 15/9-25, was awarded in Awards in Pre-defined Areas (APA) in 2021. It is the first well in License 1138.
The gas was proven in wells 16/7-2 and 16/7-10, which were drilled in 1982 and 2011, respectively. The drilling operations for the well 15/9-25 were carried out by the Noble Integrator rig, situated toward the northeast of the Sleipner area. It is located about 210 km west of Stavanger.
The estimated overall gas volume is 1-3 million standard cubic meters of oil equivalent (Sm3).
According to the Norwegian Offshore Directorate, Harbour Energy and its partners — Sval Energi and Aker BP — are evaluating the technical and financial feasibility of tying the discovery to existing infrastructure.
The Norwegian Offshore Directorate has also reported that the primary motive of drilling the well was to discover petroleum in Middle Jurassic and Triassic reservoir rocks within the Hugin and Skagerrak formations.
The secondary goal was to delineate gas proven in wells 16/7-2 and 16/7-10 within reservoir rocks in the Ty Formation from the Palaeocene.
The Well 15/9-25 was drilled up to a measured depth of 2872 meters below the sea level. It encountered a 22-meter-thick layer of aquiferous sand in the Hugin formation. The sand is known to have an excellent reservoir quality. The well also encountered a 10-meter gas column in a 118 m thick sandstone reservoir, within the Ty formation with outstanding reservoir quality.
Although the well was not formation tested, extensive data acquisition and sampling were conducted. The well was terminated in the Smith Bank Formation, inside the Upper Triassic. The well has been permanently plugged and abandoned.
HBRIY’s joint venture partners Sval Energi and Aker BP are exploration and production companies based in Norway.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The company distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Sunoco’s current dividend yield is greater than that of the composite stocks in the industry. SUN could be a preferred stock for income-focused investors who seek consistent returns.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. With a pipeline network extending more than 125,000 miles, its network spans over 44 states. With a presence in all the major U.S. production basins, the company’s outlook seems positive.
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Harbour Energy (HBRIY) JV Confirms Natural Gas Discovery
Harbour Energy plc (HBRIY - Free Report) and its joint venture partners have confirmed a natural gas discovery in the North Sea, offshore Norway. The discovery, made in well 15/9-25, was awarded in Awards in Pre-defined Areas (APA) in 2021. It is the first well in License 1138.
The gas was proven in wells 16/7-2 and 16/7-10, which were drilled in 1982 and 2011, respectively. The drilling operations for the well 15/9-25 were carried out by the Noble Integrator rig, situated toward the northeast of the Sleipner area. It is located about 210 km west of Stavanger.
The estimated overall gas volume is 1-3 million standard cubic meters of oil equivalent (Sm3).
According to the Norwegian Offshore Directorate, Harbour Energy and its partners — Sval Energi and Aker BP — are evaluating the technical and financial feasibility of tying the discovery to existing infrastructure.
The Norwegian Offshore Directorate has also reported that the primary motive of drilling the well was to discover petroleum in Middle Jurassic and Triassic reservoir rocks within the Hugin and Skagerrak formations.
The secondary goal was to delineate gas proven in wells 16/7-2 and 16/7-10 within reservoir rocks in the Ty Formation from the Palaeocene.
The Well 15/9-25 was drilled up to a measured depth of 2872 meters below the sea level. It encountered a 22-meter-thick layer of aquiferous sand in the Hugin formation. The sand is known to have an excellent reservoir quality. The well also encountered a 10-meter gas column in a 118 m thick sandstone reservoir, within the Ty formation with outstanding reservoir quality.
Although the well was not formation tested, extensive data acquisition and sampling were conducted. The well was terminated in the Smith Bank Formation, inside the Upper Triassic. The well has been permanently plugged and abandoned.
HBRIY’s joint venture partners Sval Energi and Aker BP are exploration and production companies based in Norway.
Zacks Rank and Other Key Picks
Currently, HBRIY carries a Zacks Rank #2 (Buy).
Apart from Harbour Energy, investors interested in the energy sector might also consider Sunoco LP (SUN - Free Report) , Archrock Inc. (AROC - Free Report) and Energy Transfer LP (ET - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The company distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Sunoco’s current dividend yield is greater than that of the composite stocks in the industry. SUN could be a preferred stock for income-focused investors who seek consistent returns.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. With a pipeline network extending more than 125,000 miles, its network spans over 44 states. With a presence in all the major U.S. production basins, the company’s outlook seems positive.