OPEC, for some quiet moments..

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Oil retreated from its highest close in more than two years in London and New York amid low volume, as a pipeline carrying crude to a Libyan export terminal was said to need a week for repairs following an explosion on Tuesday. West Texas Intermediate crude futures slipped after breaching $60/bbl on Tuesday for the first time since June 2015. A pipeline run by Waha Oil Co. that carries crude to Libya’s Es Sider terminal exploded Tuesday, reducing output by as much as 100,000 bpd. The repair work will take about a week, according to people familiar with the situation.

Oil slips from highest since mid-2015 as trading volume muted

Three years after causing an oil-price crash, the shale boom may not be enough to meet rising global demand because the industry has cut back so sharply on higher-risk mega-projects. Discoveries of new reserves this year were the fewest on record and replaced just 11% of what was produced, according to a Dec. 21 report by consultant Rystad Energy. While shale wells are creating a glut now, without more investment in bigger, conventional supply, the world may see output deficits as soon as 2019, according to Canadian producer Suncor Energy Inc.

All that new shale oil may not be enough as big discoveries wane

Petrobras, as the Operator and acting on behalf of the Libra Consortium, announces that today it submitted the declaration of commerciality to the Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP) regarding the oil accumulation located in the northwestern portion of Libra block, in the Pre-salt of the Santos basin. Source: Petrobras. It was also submitted to ANP the final report, part of the Discovery Evaluation Plan (DEP) of the 2-ANP-2A-RJS well, the discovery well of the Libra reservoir in 2010. In the declaration sent to the regulatory agency, it was suggested that the new field should be named Mero, and the field’s total recoverable volume is estimated at 3.3 Bbbl of oil.

Newly named Mero field estimated to hold 3.3 Bbbl

Total announces that it has taken the investment decision for the first large-scale development phase of the Libra project, located deep offshore, 180 km off the coast of Rio de Janeiro, in the pre-salt area of the Santos basin in Brazil.  This phase, consisting of a floating production storage and offloading (FPSO) unit with a production capacity of 150,000 bopd and 17 wells, will be deployed in the Northwestern part of the block.

Total launches large-scale development of giant Libra field