logo
Share SHARE
FONT-SIZE Plus   Neg

Total Still Investigating Cause Of North Sea Gas Leak

French oil giant Total SA (TOT, TTFNF.PK, TTA.L) Monday said it is progressing with its actions to stop the gas leak incident on the plugged G4 production well on Elgin platform in North Sea. The company is still investigating the cause of the gas leak, but estimates the gas leakage rate to be nearly 7 Mcf/d.

Last Tuesday, Total confirmed the gas leak which started that weekend. The company said its actions to stop the leakage include pumping of heavy mud directly into the well and drilling of relief wells to intervene at the source of the gas flow.

Total noted that the size of the flare diminishing and the current impact and risks for the environment are relatively low.

According to Total, it will deploy Sedco 714 and Rowan Gorilla V, the two available drilling rigs under contract in the area, for the drilling of the relief wells.

The UK authorities have already set up an exclusion zone around the platform as a wide safety margin. The company also stated that cooperation and coordination with relevant UK authorities is ongoing.

The gas leak has also forced Royal Dutch Shell Plc. (RDS-A, RDSA.L, RDSB.L, RDS-B) to shut down and evacuate workers from Shearwater and Noble Hans Deul rigs, after a safety exclusion zone of two miles was declared by the authorities.

Total said it will continue to make regular updates on the situation.

In Paris, Total shares are currently trading at 38.68 euros, up 1.13 percent, on a volume of 731 thousand shares. In the US, the shares ended on Friday at $51.12.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Boeing Co.(BA) reported a loss for the second-quarter 2016 compared to profit in the prior year, reflecting 787 cost reclassification and charges on the 747 program and the KC-46 Tanker program, partially offset by solid execution and higher volume. It cut its profit outlook for fiscal year 2016, while it reaffirmed annual revenue guidance. Automaker Fiat Chrysler Automobiles NV on Wednesday reported a 25 percent increase in profit for the second quarter from last year. However, quarterly net revenues and worldwide shipments declined from last year. Coca-Cola Co. (KO) posted a profit for the second-quarter that increased 11 percent from last year, while net operating revenues declined 5 percent. It is targeting full-year 2016 net share repurchases of $2.0 billion to $2.5 billion.
comments powered by Disqus
Follow RTT