Norway grants more life to Spirit s Vale field
May 17, 2021 9:40:am
Summary
by: Joseph Murphy
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Norway grants more life to Spirit s Vale field
Norway s Petroleum Safety Authority has granted Spirit Energy consent to continue producing from facilities at the Vale gas and condensate field beyond their original lifespan, the regulator reported on May 11.
Spirit will now be able to continue using the facilities until June 11, 2023 in order to recover remaining reserves, the PSA said. Previously the field was expected to cease operations in either 2021 or 2022. The Norwegian Petroleum Directorate has said Value can continue producing as long as the Heimdal facility is available.
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Canada’s Birchcliff raises guidance on improved prices
May 13, 2021 5:09:pm
Summary
by: Dale Lunan
Posted in:
Canada’s Birchcliff raises guidance on improved prices
Canadian Montney producer Birchcliff Energy said May 12 it will increase its 2021 guidance estimates for production, adjusted funds flow and free funds flow on the back of an improved outlook for commodity prices.
In releasing Q1 2021 results, CEO Jeff Tonken said the period was highlighted by “excellent” drilling results on its Pouce Coupe lands in northwest Alberta and a 49% increase in barrel of oil equivalent (boe) realised prices.
“As a result of our strong new well performance and our improved outlook for commodity prices, we are increasing our 2021 guidance for production, adjusted funds flow and free funds flow,” he said. “We are now targeting annual average production of 79,000 to 81,000 boe/d, up from 78,000 to 80,000 boe/d, and adjusted funds flow of $400mn (US$330mn), up from $360mn.”
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