Oil and Gas Market Update for covering entire month of September 2013
- European FOB Export prices for Group I firmes up.
- Base Oil Group II prices in Europe domestic market firms up.
- Across Europe’s oil and gas industry, 2012 was a busy year with a large oil discovery offshore
Ireland, strikes in Norway, the lifting of drilling bans in Italy and the UK and the resolution of the TNK‐BP
saga. Major discoveries in the North Sea were rather thin on the ground in 2012, particularly when
compared to the previous year’s Johan Sverdrup discovery of up to 3.3 billion barrels of oil. In July,
Statoil made a gas/condensate discovery at its King Lear prospect in the Norwegian North Sea
amounting to between 70 and 200 million barrels of oil equivalent, while Total announced at the start of
December that it had found up to 75 million barrels of oil at its Garantiana prospect.