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NEWS

  • Apollo Global to Buy Express Energy Services

    Express Energy Services announced that it will be acquired by Apollo Global Management. The Houston-headquartered company was founded in 2000 and is a provider of drilling services including casing and tubular running, rathole drilling and drill site rentals. Express also offers completion and production...

    Apollo Global to Buy Express Energy Services
    Global Deals

    Express Energy Services announced that it will be acquired by Apollo Global Management. The Houston-headquartered company was founded in 2000 and is a provider of drilling services including casing and tubular running, rathole drilling and drill site rentals. Express also offers completion and production services including well testing and wireline.

    View Express Energy Services press release

  • Data analysis CNOOC Makes Oil Discovery in Bohai Sea

    CNOOC has revealed a mid-to-large new discovery, the Jinzhou 23-2, in the Bohai Sea, China. The Jinzhou 23-2 well structure is located in the north part of Liaodong Uplift of Bohai with an average water depth of about 10m.The well Jinzhou 23-2-3 was drilled and completed at a depth of 1,097m and encountered...

    CNOOC Makes Oil Discovery in Bohai SeaData analysis
    Exploration

    CNOOC has revealed a mid-to-large new discovery, the Jinzhou 23-2, in the Bohai Sea, China. The Jinzhou 23-2 well structure is located in the north part of Liaodong Uplift of Bohai with an average water depth of about 10m.

    The well Jinzhou 23-2-3 was drilled and completed at a depth of 1,097m and encountered oil and gas pay zones with a total thickness of 68.4m. The oil production of the well was tested around 260 bbl/d.

    View CNOOC press release

  • Statoil Awarded Exploration Permit in Carnarvon Basin
    Exploration

    Statoil was awarded operatorship and a 100% equity share in the WA-506-P exploration permit in the Northern Carnarvon Basin in Northwest Shelf of Australia. The permit covers an area of more than 13,000 sq km, situated 300 km off Western Australia in water depths of 1,500-2,000m.

    The permit has been awarded to Statoil by the National Offshore Petroleum Titles Administrator (NOPTA) through the 2013 Offshore Petroleum Exploration Acreage Release.

    Statoil has committed to collect 2,000 km of 2D seismic and 3,500 sq km of 3D seismic data within three years.

    View Statoil press release

  • Ophir Expands Footprint Off Gabon

    Ophir Energy has expanded its footprint offshore Gabon by signing exploration and production sharing contracts for two additional blocks.The new blocks, A3 and A4, are located outboard of Ophir's existing acreage in the North Gabon Basin. Block A3 (Nkouere PSC) covers an area of 675 sq km and Block A4...

    Ophir Expands Footprint Off Gabon
    Others

    Ophir Energy has expanded its footprint offshore Gabon by signing exploration and production sharing contracts for two additional blocks.

    The new blocks, A3 and A4, are located outboard of Ophir's existing acreage in the North Gabon Basin. Block A3 (Nkouere PSC) covers an area of 675 sq km and Block A4 (Nkawa PSC) covers an area of 2,085 sq km; both cover water depths of between 2,000m and 2,500m.

    Ophir is presently acquiring an 8,600 sq km 3D seismic program on the play in its existing blocks and the 3D acquisition will now be enlarged by a further 2,300 sq km to cover these two new blocks.

    Ophir has a 100% operated interest in the two new blocks. The Gabonese State has the right to acquire a 20% interest in the blocks on commencement of production. The Gabon National Oil Company also has the right to acquire up to an additional 15% interest at market rates.

    View Ophir press release  

  • Solo: Oil Discovered at UK's Horse Hill ProspectData analysis
    Exploration

    Solo Oil announced that Horse Hill Development Ltd (HHDL) has discovered an oil accumulation in the Horse Hill-1 well in the conventional Upper Jurassic Portland Sandstone. The well is located in PEDL137, Weald Basin, UK.

    A preliminary most likely estimate of 3.1 MMbbl of gross in place hydrocarbon volume has been calculated within the upper Portland, with a further gross unrisked in place prospective hydrocarbon volume of 16.8 MMbbl of oil in a separate lower sand in the Portland interval. The well is being deepened to the Triassic where an additional target is expected to be reached in the next two weeks.

    View Solo Oil press release

    Solo has a 10% stake in HHDL, a special purpose company, which owns a 65% participating interest and operatorship of PEDL137. Magellan Petroleum holds the remaining 35% interest in the license.

    View Magellan's UK operations webpage

  • Mozambique Launches Fifth Licensing Round

    Mozambique has opened up 15 new offshore and onshore areas for gas and oil exploration and production. The blocks on offer in the latest licensing round include three new areas of the northern Rovuma Basin, six offshore blocks in the central Zambezi Delta, and two more off Angoche in the northern province of...

    Mozambique Launches Fifth Licensing Round
    Others

    Mozambique has opened up 15 new offshore and onshore areas for gas and oil exploration and production. The blocks on offer in the latest licensing round include three new areas of the northern Rovuma Basin, six offshore blocks in the central Zambezi Delta, and two more off Angoche in the northern province of Nampula.

    The onshore areas on offer were three in the central-south Pande-Temane zone and one at Palmeira in the south.

    With this round, Mozambique expects that more than $30 billion will be invested initially in the natural gas sector to build capacity to produce 20 MMTPA of LNG, with first exports due to start in 2018.

    Source: Reuters  

  • Karoon to Spud Kangaroo-2 Appraisal Off BrazilData analysis
    Exploration

    Karoon Gas Australia has taken possession of the Olinda Star semi-sub from Petrobras to spud the Kangaroo-2 appraisal well, located in Block S-M-1101 off Brazil, during the second week of Nov-2014. The rig is currently in the Campos Basin and is expected to be on location in the Santos Basin running anchors in the next few days.

    The well is located approximately 300m up dip from Kangaroo-1 and will test the thick reservoir sequence observed in all surrounding wells. It is anticipated that a 350m plus gross hydrocarbon column will be intersected in this well.

    Ownership of Kangaroo-2: Karoon (65%, operator) and Pacific Rubiales Energy (35%).

    View Karoon press release

    View Karoon's operations webpage  

  • Ezra Wins Subsea Contracts for $70 Million

    Ezra Holdings has won multiple new awards from various energy companies valued at over $70 million. The scope of work includes subsea installation of umbilicals, flowlines and jumpers, as well as provision of services to support rigs.Work has commenced for several projects, with the others slated for offshore...

    Ezra Wins Subsea Contracts for $70 Million
    Others

    Ezra Holdings has won multiple new awards from various energy companies valued at over $70 million. The scope of work includes subsea installation of umbilicals, flowlines and jumpers, as well as provision of services to support rigs.

    Work has commenced for several projects, with the others slated for offshore execution from Q4-2014 to Q2-2015.

    View Ezra press release

  • Data analysis Genesis Acquires Midstream Assets for $157 Million

    Genesis Energy has agreed to acquire the M/T American Phoenix from Mid Ocean Tanker Company and two related charters and management agreements, for $157 million.The American Phoenix, completed in 2012, is a modern, double-hulled, Jones Act qualified tanker with 330 Mbbl of cargo capacity. The vessel is...

    Genesis Acquires Midstream Assets for $157 MillionData analysis
    Headlines, Global Deals

    Genesis Energy has agreed to acquire the M/T American Phoenix from Mid Ocean Tanker Company and two related charters and management agreements, for $157 million.

    The American Phoenix, completed in 2012, is a modern, double-hulled, Jones Act qualified tanker with 330 Mbbl of cargo capacity. The vessel is operating under long term charters into 2020 with high quality counterparties, including a major integrated oil company.

    Grant Sims, CEO of Genesis, stated: “This asset fits squarely within our focus of providing the logistical capability to get the right barrel to the right location.”

    View Genesis press release

  • Targa Prices $800 Million Senior Unsecured Notes

    Targa Resources Partners has priced $800 million of senior unsecured notes. The 4.125% notes mature on 15-Nov-2019 and were priced at 100% of the principal amount to yield 4.125%. The offering is expected to close on 28-Oct-2014.The company has also announced that it intends to offer $550 million in aggregate...

    Targa Prices $800 Million Senior Unsecured Notes
    Others

    Targa Resources Partners has priced $800 million of senior unsecured notes. The 4.125% notes mature on 15-Nov-2019 and were priced at 100% of the principal amount to yield 4.125%. The offering is expected to close on 28-Oct-2014.

    The company has also announced that it intends to offer $550 million in aggregate principal amount of senior unsecured notes due 2019.

    View Targa’s pricing press release

    View Targa’s new offer press release

  • Chevron Makes Oil Discovery in the Deep-Water GoMData analysis
    Headlines, Exploration

    Chevron announced an oil discovery at the Guadalupe prospect in the deep-water US Gulf of Mexico. The discovery well, on Keathley Canyon Block 10, encountered ‘significant’ oil pay in Paleogene age Wilcox Sands.

    Located approximately 180 miles off the Louisiana coast in 3,992 ft of water, the well was drilled to a total depth of 30,173 ft. More tests are being conducted on the well and additional appraisal activity will be needed to determine the extent of the resource.

    Ownership of Keathley Canyon Block 10: Chevron (42.5%, operator), BP (42.5%) and Venari Resources (15%).

    View Chevron press release

    View BP press release

    View Venari's operations webpage

  • FX Spuds Poland's Angowice-1 WellData analysis
    Exploration

    FX Energy announced that drilling has started at the Angowice-1 well located in Poland's Edge Concession in the Baltic Basin. The well will be drilled to a total depth of 3,400m with multiple targets in the middle and lower Zechstein and the upper and middle Devonian. It is testing one of four structural features clustered in an area approximately 12 km north-west of the Tuchola Field.

    The company's Tuchola Field and the four Angowice area structures all are situated within a 60,000 acre area covered by new 3D seismic. FX has identified other prospects in this seismic area that are under consideration for drilling in 2015.

    In addition, the company currently is acquiring a further 75,000 acres of 3D seismic within the Edge License.

    FX operates and owns 100% of the license.

    View FX press release

    View FX's Mar-2014 presentation

     

  • BG, BP Likely to Sign LNG Supply Deal in Egypt
    Headlines

    BG is in talks with BP to link their two gas developments off Egypt's coast, as part of BG's plan to raise utilization of its gas-starved export plant, sources familiar with the matter said.

    Under the plan, BP would route around 350 MMcf/d from Libra and Taurus fields into BG's under-used WDDM offshore pipeline network. From there, the gas would be piped down into the Idku plant for liquefaction and export by ship to Asia and South America.

    Source: Reuters  

  • Data analysis Husky Q3-2014 Profit Grows 12% on Higher Output

    Husky Energy posted an 11.5% rise in Q3-2014 net profit to C$571 million (US$509 million), helped by an increase in production.The company also reported that its Q3-2014 production rose 10% YoY to 341 MBOE/d. The higher output reflected increased volumes from the Liwan Gas project, which came on-stream...

    Husky Q3-2014 Profit Grows 12% on Higher OutputData analysis
    Results & Reports

    Husky Energy posted an 11.5% rise in Q3-2014 net profit to C$571 million (US$509 million), helped by an increase in production.

    The company also reported that its Q3-2014 production rose 10% YoY to 341 MBOE/d. The higher output reflected increased volumes from the Liwan Gas project, which came on-stream earlier this year, and strong performance from heavy oil thermal projects.

    Other highlights

    • Commissioning work continues on Phase 1 of the Sunrise Energy project; On-track to start steaming by end-2015
    • Construction of the Rush Lake heavy oil thermal project more than 70% complete; First production scheduled for H2-2015
    • Production facilities completed at the South White Rose Field; First oil anticipated in Q2-2015

    View Husky press release  

  • Data analysis Oxy Q3-2014 Profit Slips on Lower Prices, Higher Costs

    Occidental Petroleum reported a 24% YoY decrease in Q3-2014 profit to $1.2 billion, mainly due to lower crude oil realized prices and higher costs.Q3-2014 financial highlightsOil & Gas division profit down 20% YoY to $1.9 billionChemical division profit down 23% YoY to $140 millionMidstream, Marketing and...

    Oxy Q3-2014 Profit Slips on Lower Prices, Higher CostsData analysis
    Headlines, Results & Reports

    Occidental Petroleum reported a 24% YoY decrease in Q3-2014 profit to $1.2 billion, mainly due to lower crude oil realized prices and higher costs.

    Q3-2014 financial highlights

    • Oil & Gas division profit down 20% YoY to $1.9 billion
    • Chemical division profit down 23% YoY to $140 million
    • Midstream, Marketing and Other segment profit down 41% YoY to $125 million
    • Revenue of $5.99 billion, down 7% YoY
    • Capex of $2.6 billion, up 14% YoY

    Q3-2014 operational highlights

    • Total production of 755 MBOE/d, marginally lower than Q3-2013
    • US production was 475 MBOE/d (74% liquids) marginally lower than Q3-2013; liquids production up 3% YoY to 356 Mbbl/d; gas production fell 9% YoY to 119 MBOE/d
    • Production from rest of the world was 280 MBOE/d (74% liquids), down 4% YoY

    View Occidental press release  

  • Sanchez Q3-2014 Output Doubles on Eagle Ford

    Sanchez Energy reported a doubling of production in Q3-2014 to 38.6 MBOE/d (74% liquids), mainly driven by higher Eagle Ford output.Tony Sanchez III, President and CEO of Sanchez, commented: "Two rigs have been deployed on the western part of the asset drilling development wells targeting the Lower Eagle...

    Sanchez Q3-2014 Output Doubles on Eagle Ford
    Results & Reports

    Sanchez Energy reported a doubling of production in Q3-2014 to 38.6 MBOE/d (74% liquids), mainly driven by higher Eagle Ford output.

    Tony Sanchez III, President and CEO of Sanchez, commented: "Two rigs have been deployed on the western part of the asset drilling development wells targeting the Lower Eagle Ford while a third rig has begun appraisal drilling on the eastern section of the asset, also targeting the Lower Eagle Ford. SN (Sanchez) has completed the first group of wells that were drilled by the previous operator in the Upper Eagle Ford, and they are now online and flowing to sales with very encouraging results. These nine Upper Eagle Ford wells had initial 24-hour average production rates ranging from 973 BOE/d to 2.1 MBOE/d with average production rates of 1.4 MBOE/d (64% liquids)."

    View Sanchez press release

  • Data analysis Penn West Sells Albertan Assets for $316 Million

    Penn West Petroleum has signed an agreement to sell non-core assets located in south central Alberta for C$355 million (US$316 million). The assets are currently producing approximately 7.5 MBOE/d (20% oil).The disposition further reduces Penn West's well bore count by approximately 2,250 gross wells,...

    Penn West Sells Albertan Assets for $316 MillionData analysis
    Headlines, Global Deals

    Penn West Petroleum has signed an agreement to sell non-core assets located in south central Alberta for C$355 million (US$316 million). The assets are currently producing approximately 7.5 MBOE/d (20% oil).

    The disposition further reduces Penn West's well bore count by approximately 2,250 gross wells, which is expected to have a favorable impact on the company's asset retirement obligation. These assets were not allocated any current or future development capital under the company's long-term plan.

    Including the impact of this disposition, Penn West reiterated its 2014 production guidance to 101-106 MBOE/d (66% liquids).

    View Penn West press release  

  • Data analysis Cenovus Q3-2014 Profit Falls on Unplanned Outage

    Cenovus Energy said its Q3-2014 net profit fell 4% YoY to C$354 million (US$315 million), hurt by an unplanned outage at a refinery.The company also revealed that the total oil production rose 13% YoY to 199 Mbbl/d and gas production fell 7% YoY to 489 MMcf/d in Q3-2014.Cenovus also said that under its Foster...

    Cenovus Q3-2014 Profit Falls on Unplanned OutageData analysis
    Results & Reports

    Cenovus Energy said its Q3-2014 net profit fell 4% YoY to C$354 million (US$315 million), hurt by an unplanned outage at a refinery.

    The company also revealed that the total oil production rose 13% YoY to 199 Mbbl/d and gas production fell 7% YoY to 489 MMcf/d in Q3-2014.

    Cenovus also said that under its Foster Creek expansion project Foster Creek phase F main plant has begun processing oil and that the construction for phases G and H is on-track.

    View Cenovus press release

  • Data analysis EnLink Midstream Drops Down E2 Entities for $193 Million

    EnLink Midstream Partners (ENLK) has acquired equity interests in E2 Appalachian Compression and E2 Energy Services from EnLink Midstream (ENLC). The total consideration for the transaction is approximately $193 million, including a cash payment of $163 million and approximately 1 million ENLK units. This...

    EnLink Midstream Drops Down E2 Entities for $193 MillionData analysis
    Headlines, Global Deals

    EnLink Midstream Partners (ENLK) has acquired equity interests in E2 Appalachian Compression and E2 Energy Services from EnLink Midstream (ENLC). The total consideration for the transaction is approximately $193 million, including a cash payment of $163 million and approximately 1 million ENLK units. This transaction marks the first drop down from ENLC to ENLK as part of the partnership’s strategic growth plan.

    E2’s assets include five condensate stabilization and natural gas compression stations with combined capacities of 19 Mbbl/d of condensate stabilization and 580 MMcf/d of natural gas compression. Currently, three of the five stations are in service and commercial start-up of the two remaining stations is expected in H1-2015.

    By end-2015, EnLink Midstream’s assets in the Ohio River Valley are expected to include approximately 250 miles of crude and stabilized condensate pipelines, 11 condensate stabilization and gas compression stations with a total capacity of approximately 60 Mbbl/d of condensate and approximately 1.2 Bcf/d of natural gas compression, over 110 trucks and rail and barge terminals.

    View ENLK press release

  • Angola LNG Restart Further Deferred to Late-2015

    The restart of Angola's LNG export plant has been delayed until late 2015 from an original mid-2015 target after the facility was shut in Apr-2014due to technical problems.A major rupture on a flare line triggered a facility-wide shutdown after less than a year of operation. It faces major reconstruction...

    Angola LNG Restart Further Deferred to Late-2015
    Headlines

    The restart of Angola's LNG export plant has been delayed until late 2015 from an original mid-2015 target after the facility was shut in Apr-2014 due to technical problems.

    A major rupture on a flare line triggered a facility-wide shutdown after less than a year of operation. It faces major reconstruction to fix design flaws and corrosion of nearly-new equipment, pushing unofficial estimates of the project's cost to at least $12 billion.

    Angola LNG ownership: Chevron (36.4% operator), Sonangol (22.8%), Total (13.6%), BP (13.6%), Eni (13.6%)

    Source: Reuters  

  • PDVSA to Invest $20 Billion to Boost Refining Capacity

    PDVSA plans to invest $20 billion to expand its domestic refining capacity by 20%.PDVSA Refining Chief Jesus Luongo said that PDVSA would add 265 Mbbl/d of refining capacity to the current 1.3 MMbbl/d. The plans include doubling the capacity of the 146 Mbbl/d El Palito facility and boosting capacity of the...

    PDVSA to Invest $20 Billion to Boost Refining Capacity
    Headlines

    PDVSA plans to invest $20 billion to expand its domestic refining capacity by 20%.

    PDVSA Refining Chief Jesus Luongo said that PDVSA would add 265 Mbbl/d of refining capacity to the current 1.3 MMbbl/d. The plans include doubling the capacity of the 146 Mbbl/d El Palito facility and boosting capacity of the 187 Mbbl/d Puerto la Cruz refinery by 20-25 Mbbl/d.

    Source: Reuters

  • Data analysis GDF, BP Find Oil in UK Central North Sea

    GDF Suez and BP have flowed oil from the Vorlich/Marconi well located in the UK Central North Sea. The discovery, which spans GDF-operated Block 30/1f (license P1588) and BP-operated Block 30/1c (license P363) was flow tested at a maximum rate of 5.35 MBOE/d."As BP marks its 50th year in the North Sea...

    GDF, BP Find Oil in UK Central North SeaData analysis
    Headlines, Exploration

    GDF Suez and BP have flowed oil from the Vorlich/Marconi well located in the UK Central North Sea. The discovery, which spans GDF-operated Block 30/1f (license P1588) and BP-operated Block 30/1c (license P363) was flow tested at a maximum rate of 5.35 MBOE/d.

    "As BP marks its 50th year in the North Sea and as the industry looks to maximize economic recovery from the basin, increasing exploration activity and finding new ways to collaborate will be critical to realizing remaining potential," said BP's Regional President of North Sea, Trevor Garlick.

    Ownership of P1588: GDF (50%, operator), RWE Dea (27.78%) and Maersk Oil (22.22%).

    Ownership of P363: BP (50%, operator) and Total (50%).

    View BP press release

  • Baron Oil: Force Majeure Invoked at Z-34 Block, Peru
    Projects & Capex

    Baron Oil has invoked force majeure at the Block Z-34 off Peru. Baron’s application for force majeure was requested on the basis of the company being unable to secure a suitable drilling unit within the required timeframe.

    Block Z34 is located in the offshore Talara Basin. The USGS (2004) estimated that 1.71 Bbbl recoverable remains to be discovered in the basin of which 85% is expected offshore.

    View Baron press release

    View Baron’s Z-34 operations webpage  

  • Chariot to Relinquish Blocks 1811A&B Off Namibia
    Others

    Chariot Oil & Gas has opted not to apply for a new exploration license in the Northern Blocks 1811A&B, offshore Namibia, with the current license due to lapse on the 26-Oct-2014.

    The company has analyzed the proprietary seismic and well data, as well as integrated information from third party drilling activity to study the possibility for long range hydrocarbon migration to the Zamba prospect. This work, however, has not significantly de-risked the prospect and, given that a new license would entail significant additional investment both in capital and time, the company considered it ‘too high risk’ to justify further near term exploration expenditure.

    View Chariot press release

    View Chariot's Namibia operations webpage  

  • Tullow Encounters Oil at Ekosowan-1 Well in KenyaData analysis
    Headlines, Exploration

    Tullow Oil reported that the Ekosowan-1 well in Block 10BB, Kenya, encountered a 900m section of near continuous oil shows throughout an interval of tight faulted sands. The well was drilled to a depth of 2,029m.

    The Ekosowan area is located within the ongoing 3D seismic survey in the South Lokichar Basin, acquisition of which is expected to complete in Dec-2014. Follow up drilling will target better developed reservoir expected between Amosing-1 and Ekosowan-1.

    Tullow also announced that the Kodos-1 exploration wildcat in Block 10BB is the first well drilled in the Kerio Basin. Hydrocarbon shows were encountered in Kodos-1 which indicates the presence of an active petroleum system. However reservoirs were mixed quality alluvial sands close to the basin boundary fault at this well location. Following up on the encouraging hydrocarbon shows at Kodos-1, further drilling in the greater Kerio Basin can be expected during 2015.

    Ownership of Block 10BB: Tullow (50%, operator) and Africa Oil (50%).

    View Tullow press release

    View Tullow's Kenya operations webpage

  • Data analysis Santos Farms-In to PEL 570 in Cooper Basin

    New Standard Energy has divested part of its interest in PEL 570 in the Cooper Basin to Santos.New Standard will retain a 17.5% working interest in PEL 570 in return for a cash consideration of $7.5 million coupled with a commitment from Santos to meet 75% of New Standard’s remaining expenditure...

    Santos Farms-In to PEL 570 in Cooper BasinData analysis
    Others

    New Standard Energy has divested part of its interest in PEL 570 in the Cooper Basin to Santos.

    New Standard will retain a 17.5% working interest in PEL 570 in return for a cash consideration of $7.5 million coupled with a commitment from Santos to meet 75% of New Standard’s remaining expenditure commitments associated with the $42.5 million earn-in obligations. Approximately $0.3 million of these obligations have already been spent to date.

    Ownership of PEL 570: Santos (35%, operator), Drillsearch Energy (47.5%) and New Standard Energy (17.5%).

    View New Standard Energy press release  

  • Data analysis Phillips 66 Partners Buys Assets Worth $340 Million

    Phillips 66 Partners has reached an agreement to acquire two newly constructed crude oil rail-unloading facilities from Phillips 66 for $330 million. The assets are located in Linden, New Jersey, and Ferndale, Washington. The partnership will also acquire assets associated with the Cross-Channel...

    Phillips 66 Partners Buys Assets Worth $340 MillionData analysis
    Headlines, Global Deals

    Phillips 66 Partners has reached an agreement to acquire two newly constructed crude oil rail-unloading facilities from Phillips 66 for $330 million. The assets are located in Linden, New Jersey, and Ferndale, Washington. The partnership will also acquire assets associated with the Cross-Channel Connector pipeline for $10 million. The acquisition is anticipated to close in early Dec-2014.

    The assets to be acquired include the Bayway Rail-unloading facility, Ferndale Rail-unloading facility and Cross-Channel Connector pipeline. The Bayway facility, located within the Phillips 66 Bayway Refinery, is capable of unloading 120 railcars simultaneously, with a crude-unloading capacity of 75 Mbbl/d. The Ferndale Rail-unloading facility is scheduled to begin commercial operations in Nov-2014 and will be capable of unloading 54 railcars simultaneously with a crude-unloading capacity of 30 Mbbl/d.

    The Cross-Channel Connector pipeline assets consisting of an active 2.5 mile, 20” diameter refined products pipeline, as well as an idled, 2.6 mile, 20” diameter refined products pipeline that runs under the Houston Ship Channel. The active segment currently transports refined products between the partnership’s Pasadena Terminal and Kinder Morgan’s Pasadena Terminal.

    View Phillips 66 Partners press release

  • Thailand to Auction 29 Oil, Gas Blocks in Feb-2015

    Thailand plans to kick off a new auction round in Feb-2015 for petroleum concessions on 29 onshore and offshore blocks. The auction round, the 21st, will be the first since 2007, with a domestic political crisis partly responsible for the interruption in auctions. Interested investors must submit proposals by...

    Thailand to Auction 29 Oil, Gas Blocks in Feb-2015
    Others

    Thailand plans to kick off a new auction round in Feb-2015 for petroleum concessions on 29 onshore and offshore blocks. The auction round, the 21st, will be the first since 2007, with a domestic political crisis partly responsible for the interruption in auctions. Interested investors must submit proposals by 18-Feb-2015.

    Of the 29 blocks up for auction, six are offshore, in the Gulf of Thailand, and 23 are onshore, mostly in the northeast. The blocks on offer will allow Thailand to tap an estimated volume of 1-5 Tcf of natural gas and 20-50 MMbbl of crude oil.

    Source: Reuters

  • Total Names Patrick Pouyanne as CEO

    Total has named Patrick Pouyanne, currently head of refining and chemicals, as its new CEO.Total is devising a new strategy after a costly three-year drive to increase drilling spending failed to yield significant results. It had also started to cut capital expenditure after years of record-high investments,...

    Total Names Patrick Pouyanne as CEO
    Headlines

    Total has named Patrick Pouyanne, currently head of refining and chemicals, as its new CEO.

    Total is devising a new strategy after a costly three-year drive to increase drilling spending failed to yield significant results. It had also started to cut capital expenditure after years of record-high investments, under pressure from shareholders demanding bigger payouts.

    Source: Reuters

     

  • BP Awards Tangguh FEED Contracts

    BP has awarded FEED contracts for its $12-billion Tangguh Expansion Project (Train 3) located in Indonesia. The project will add 3.8 MMTPA liquefaction capacity to Tangguh, bringing total capacity to 11.4 MMTPA.In addition to the award of the onshore FEED, BP and the Tangguh partners signed a sales and...

    BP Awards Tangguh FEED Contracts
    Others

    BP has awarded FEED contracts for its $12-billion Tangguh Expansion Project (Train 3) located in Indonesia. The project will add 3.8 MMTPA liquefaction capacity to Tangguh, bringing total capacity to 11.4 MMTPA.

    In addition to the award of the onshore FEED, BP and the Tangguh partners signed a sales and purchase agreement with Indonesia’s state owned electricity company PT. PLN (Persero) to supply up to 1.5 MMTPA of LNG from 2015 to 2033. Supply will initially be provided from Tangguh’s existing two LNG trains. The agreement commits 40% of annual production from Train 3 to the domestic market.

    The onshore FEED is planned for 12 months, with scope covering the new LNG Train, LNG jetty and associated infrastructure.

    View BP press release

  • Amerisur Expands Footprint in Colombia

    Amerisur Resources has presented to the Agencia Nacional de Hidrocarburos (ANH) a request for a partial assignment of interest in the exploration contract Put-30, awarded to Talisman Energy in the Ronda Colombia 2014 licensing round.Amerisur has formed a joint venture with Talisman with the parties owning 50%...

    Amerisur Expands Footprint in Colombia
    Others

    Amerisur Resources has presented to the Agencia Nacional de Hidrocarburos (ANH) a request for a partial assignment of interest in the exploration contract Put-30, awarded to Talisman Energy in the Ronda Colombia 2014 licensing round.

    Amerisur has formed a joint venture with Talisman with the parties owning 50% and 50% respectively. Talisman is the current operator on the block but the joint venture is studying the potential for Amerisur to operate this contract. The successful bid included an additional royalty to the state of 4% (X Factor) above the baseline 8% royalty and a total work program of $26.9 million during the first 36 month exploration phase, to include 209 km of 2D seismic acquisition and the drilling of one exploration well.

    The Put-30 block covers approximately 38,514 hectares and lies within the Putumayo Basin.

    View Amerisur press release

  • Data analysis Shell Tastes Success at Leopard-1 Well Off Gabon

    Shell announced a frontier exploration discovery offshore Gabon. The well Leopard-1, located in BCD10 License, encountered a substantial gas column with around 200m net gas pay in a pre-salt reservoir.Leopard-1 is located around 145 km off the Gabonese coast, west of Gamba. It was drilled in water 2,110m deep...

    Shell Tastes Success at Leopard-1 Well Off GabonData analysis
    Headlines, Exploration

    Shell announced a frontier exploration discovery offshore Gabon. The well Leopard-1, located in BCD10 License, encountered a substantial gas column with around 200m net gas pay in a pre-salt reservoir.

    Leopard-1 is located around 145 km off the Gabonese coast, west of Gamba. It was drilled in water 2,110m deep to a total vertical depth of 5,063m. Shell and partners are planning to undertake an appraisal program to further determine the resource volumes.

    Ownership of BCD10: Shell (75%, operator) and CNOOC (25%).

    View Shell press release

  • Gazprom Raises 2014 Investments to $25 Billion

    Gazprom has increased its 2014 investment program by RUB 220 billion from the previous plan to RUB 1.03 trillion (US$25 billion).The company added that it plans to spend RUB 816.6 billion on capital investments this year, up RUB 115.5 billion from the previous plan, as it aims to invest more into its gas...

    Gazprom Raises 2014 Investments to $25 Billion
    Headlines, Projects & Capex

    Gazprom has increased its 2014 investment program by RUB 220 billion from the previous plan to RUB 1.03 trillion (US$25 billion).

    The company added that it plans to spend RUB 816.6 billion on capital investments this year, up RUB 115.5 billion from the previous plan, as it aims to invest more into its gas transportation and production projects.

    Source: Reuters

  • Data analysis InterOil Hits Pay at Raptor-1 Well in PNG

    InterOil has hit hydrocarbons at the Raptor-1 well in PPL475 in Papua New Guinea. The company intersected 200m of Kapau limestone during drilling, with wireline logs indicating the presence of hydrocarbons.InterOil will now carry out well testing to shore up the hydrocarbon type, column, flow rate and...

    InterOil Hits Pay at Raptor-1 Well in PNGData analysis
    Exploration

    InterOil has hit hydrocarbons at the Raptor-1 well in PPL475 in Papua New Guinea. The company intersected 200m of Kapau limestone during drilling, with wireline logs indicating the presence of hydrocarbons.

    InterOil will now carry out well testing to shore up the hydrocarbon type, column, flow rate and reservoir quality.

    The company also reported that its Bobcat-1 well in PPL476 was successfully drilled through the Orubadi seal section and into the Kapau limestone. InterOil is now preparing to drill further into the target zone.

    Ownership of PPL475: InterOil (65.2%, operator), Pacific Rubiales Energy (12.9%) and Other minority interest holders (21.8%).

    Ownership of PPL476: InterOil (78.1%, operator) and Other minority interest holders (21.8%).

    View InterOil press release  

  • Data analysis Shell Strikes Deals for Nigerian Assets

    Shell has signed sales agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country. The assets include Shell's 30% stake in oil mining leases (OML) 24, 25, 29 and the Nembe Creek Trunk Line (NCTL).The sale process "has not yet fully concluded...

    Shell Strikes Deals for Nigerian AssetsData analysis
    Headlines, Global Deals

    Shell has signed sales agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country. The assets include Shell's 30% stake in oil mining leases (OML) 24, 25, 29 and the Nembe Creek Trunk Line (NCTL).

    The sale process "has not yet fully concluded but we can confirm that we have now signed sales and purchase Agreements for these Oil Mining Leases and the NCTL", a Shell spokesman said. "Nigeria remains an important part of Shell's portfolio, where we will continue to have a significant onshore presence in oil and gas, and which has clear growth potential, particularly in deep-water and onshore gas," he added.

    Source: Reuters

  • British Columbia to Unveil Details of New LNG Tax Shortly

    British Columbia is set to unveil the details of its long-awaited LNG tax regime within days, which could sway investment decisions on several proposed export terminals in the Canadian Pacific Coast province. The provincial government has promised the legislation will be introduced this week.That should...

    British Columbia to Unveil Details of New LNG Tax Shortly
    Headlines

    British Columbia is set to unveil the details of its long-awaited LNG tax regime within days, which could sway investment decisions on several proposed export terminals in the Canadian Pacific Coast province. The provincial government has promised the legislation will be introduced this week.

    That should provide some much needed clarity for companies such as Petronas, which threatened this month to delay its $11 billion LNG project by more than a decade unless a favorable tax deal was reached by the end-Oct-2014.

    With the tax picture crystallizing, Petronas also plans to make an investment decision on its export terminal in mid-Dec-2014, while Singapore-based Woodfibre LNG is expected to decide on a smaller project in early 2015.

    Source: Reuters

  • Noble Appoints David L. Stover as President & CEO

    Noble Energy has elected David L. Stover as President and CEO, succeeding Charles D. Davidson. Mr. Stover has previously been serving as the company's President and COO.Mr. Davidson will continue to serve as the company's Chairman until the 2015 annual meeting at which time he will be leaving the...

    Noble Appoints David L. Stover as President & CEO
    Others

    Noble Energy has elected David L. Stover as President and CEO, succeeding Charles D. Davidson. Mr. Stover has previously been serving as the company's President and COO.

    Mr. Davidson will continue to serve as the company's Chairman until the 2015 annual meeting at which time he will be leaving the Board of Directors. The Board also announced that it intends to elect Mr. Stover as Chairman of the Board immediately following the 2015 meeting.

    View Noble press release

  • Data analysis Mart to Acquire 45% Interest in OML 18, Nigeria

    Mart Resources has entered into an agreement with Shell, Total and Eni, pursuant to which a special purpose company owned directly or indirectly by the consortium members will acquire a 45% participating interest in OML 18, Nigeria. The remaining 55% participating interest of license will be retained by the...

    Mart to Acquire 45% Interest in OML 18, NigeriaData analysis
    Headlines, Global Deals

    Mart Resources has entered into an agreement with Shell, Total and Eni, pursuant to which a special purpose company owned directly or indirectly by the consortium members will acquire a 45% participating interest in OML 18, Nigeria. The remaining 55% participating interest of license will be retained by the Nigerian National Petroleum Corporation.

    In consideration for its indirect working interest in OML 18, Mart has advanced $134 million, representing its proportionate share of the initial bid deposit paid by the consortium to the sellers, the remaining closing cash consideration and transaction costs and initial working capital for consortium special purpose company.

    View Mart press release

  • Donnycreek to Merge with Contact Exploration

    Donnycreek Energy has entered into an agreement with Contact Exploration whereby Contact and Donnycreek will merge to form a new, amalgamated corporation to be named "Kicking Horse Energy Inc". The Merger will consolidate the companies' interests in the Deep Basin including their working...

    Donnycreek to Merge with Contact Exploration
    Others

    Donnycreek Energy has entered into an agreement with Contact Exploration whereby Contact and Donnycreek will merge to form a new, amalgamated corporation to be named "Kicking Horse Energy Inc". The Merger will consolidate the companies' interests in the Deep Basin including their working interests in their Kakwa (East), Alberta property.

    Donnycreek holds a 50% WI in 16.75 gross sections at the Kakwa property. Contact is the 25% WI operator of the Kakwa property. Based on current WI production, Kicking Horse will have approximately 3 MBOE/d of Montney production from the Kakwa property (52% gas).

    The merger also includes Donnycreek's operated working interest in 380 gross sections of petroleum and natural gas rights at Wapiti (75% WI) and West Kakwa (Chicken) (40% WI) as well as twogross sections (24% WI) and two gross sections (64% WI) contiguous to the Kakwa property; and Contact's 100% working interest in 11 additional gross sections at West Kakwa; 27 gross sections at Chime and 23 gross sections at Pinto.

    View Donnycreek press release

  • Record Interest in Danish Oil, Gas Licensing Round

    Denmark has received a record number of applications for oil and gas permits in its latest licensing round, including from A.P. Moller-Maersk, Shell and Hess. The Danish Energy Agency said it had received 25 applications from 15 companies.The licensing round was restricted to the south-western end of Danish...

    Record Interest in Danish Oil, Gas Licensing Round
    Others

    Denmark has received a record number of applications for oil and gas permits in its latest licensing round, including from A.P. Moller-Maersk, Shell and Hess. The Danish Energy Agency said it had received 25 applications from 15 companies.

    The licensing round was restricted to the south-western end of Danish waters, but there were no specific areas or blocks involved. The licences will be awarded in 2015.

    The agency said it would launch the next licensing round in 2016.

    Source: Reuters

  • Statoil: New Oil Resources Proved in Grane Area, Norway
    Headlines, Projects & Capex

    Statoil has proved new oil resources in the D-structure in the vicinity of the Grane Field in PL169, North Sea. Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25m in the Heimdal Formation. The estimated volume of the discovery is in the range of 30-80 MMbbl of recoverable oil.

    The D-structure is located on the Utsira High, just 7 km north of the Grane Field and in the immediate proximity of the Grane F oil discovery made by Statoil in 2013. The D-structure was originally penetrated in 1992 by well 25/8-4, which encountered just 1m of oil corresponding to about 6 MMbbl.

    May-Liss Hauknes, Statoil VP (Exploration-North Sea) stated: “Well 25/8-18 S appraised the D-structure and proved substantial additional oil volumes in an excellent sandstone reservoir. This is a result of a recent re-evaluation of the area done by the partnership. New seismic and improved subsurface mapping have given us new confidence in the D-structure and allowed to mature it towards a drilling decision.”

    Ownership of PL169: Statoil (57%, operator), Petoro (30%) and ExxonMobil (13%).

    View Statoil press release

  • Ophir Flows Gas from Fortuna-2, Equatorial GuineaData analysis
    Exploration

    Ophir Energy has successfully completed testing the Fortuna-2 appraisal well in Block R, Equatorial Guinea. 

    After successfully drilling and coring the Fortuna-2 well, a drill stem test (DST) was conducted to prove the deliverability of the Fortuna gas field.  The DST achieved a sustained flow rate of 60 MMcf/d. Based on the expected operating conditions of the FLNG facility, the well is estimated to have been able to deliver a production rate of 180 MMcf/d via the 5" drill pipe that was used for the DST. The Fortuna Field complex has estimated mean recoverable resources of 1.3 Tcf and will form the first phase of the FLNG development. The award of the upstream and midstream FEED contracts is planned in early 2015. FID is expected in 2016 and first gas in 2019.

    Ownership of Block R: Ophir (80%, operator) and GEPetrol (20%).

    View Ophir press release

    View Ophir's Equatorial Guinea webpage  

  • Egdon Spuds UK's Burton on the Wolds Prospect Data analysis
    Exploration

    Egdon Resources has spud the Burton on the Wolds prospect, located in UK’s PEDL201. The vertical well will be drilled to a depth of around 1,000m and is expected to take around 26 days.

    The Burton on the Wolds prospect is defined on proprietary 2D seismic data which was acquired by Egdon in May-2011. The mean combined prospective resources for the two target objectives, as calculated by Egdon are estimated to be 3.8 MMbbl of oil.

    Ownership of PEDL201: Egdon (32.5%, operator), Celtique Energie (32.5%), Terrain Energy (12.5%), Corfe Energy (12.5%) and Union Jack (10%).

    View Egdon press release

    View Egdon's UK operations webpage

  • Data analysis JKX Hits Pay at E-303 Well in Ukraine's Elizavetovskoye...

    JKX Oil & Gas announced that testing of the E-303 well in the Elizavetovskoye Field in Ukraine indicated a gross pay of 167m spread over eight reservoir horizons. JKX CEO Dr. Paul Davies said: "Bringing the deep sandstone reservoirs of the Elizavetovskoye Field on-stream is technically...

    JKX Hits Pay at E-303 Well in Ukraine's Elizavetovskoye FieldData analysis
    Exploration

    JKX Oil & Gas announced that testing of the E-303 well in the Elizavetovskoye Field in Ukraine indicated a gross pay of 167m spread over eight reservoir horizons. 

    JKX CEO Dr. Paul Davies said: "Bringing the deep sandstone reservoirs of the Elizavetovskoye Field on-stream is technically challenging and will require extended completion and testing. We are optimistic that the sandstone reservoirs will produce at commercial rates in line with the nearby wells. We will provide further updates as the work progresses."

    View JKX press release

  • Mexico's Alfa to Raise $1 Billion for Energy Projects

    Mexican conglomerate Alfa plans to issue about $1 billion worth of shares so it can invest in Mexican energy projects in shale gas, conventional hydrocarbons and electricity.In 2015, Alfa will seek joint ventures with Pemex, particularly in three onshore mature fields. CFO Ramon Leal said that the company was...

    Mexico's Alfa to Raise $1 Billion for Energy Projects
    Headlines, Projects & Capex

    Mexican conglomerate Alfa plans to issue about $1 billion worth of shares so it can invest in Mexican energy projects in shale gas, conventional hydrocarbons and electricity.

    In 2015, Alfa will seek joint ventures with Pemex, particularly in three onshore mature fields. CFO Ramon Leal said that the company was also looking at a possible alliance or additional investment with Pacific Rubiales Energy.

    Source: Reuters

  • Total CEO Dies in Plane Crash

    Total CEO Christophe de Margerie was killed when a business jet collided with a snow plough during takeoff at Moscow's Vnukovo International Airport.There was no immediate word on the cause of the collision. Visibility was 350m at the time, the airport said, adding that civil aviation authorities has...

    Total CEO Dies in Plane Crash
    Headlines

    Total CEO Christophe de Margerie was killed when a business jet collided with a snow plough during takeoff at Moscow's Vnukovo International Airport.

    There was no immediate word on the cause of the collision. Visibility was 350m at the time, the airport said, adding that civil aviation authorities has launched an investigation.

    View Total press release

  • Data analysis Africa Hydrocarbons Plugs BHN-1 Well in Tunisia

    Africa Hydrocarbons announced that re-completion operations of the Abiod limestone in its BHN-1 well on the Bouhajla Permit in Tunisia have not concluded successfully. The well is now being plugged and abandoned.Africa Hydrocarbons CEO John Nelson stated: "All reasonable attempts to determine the...

    Africa Hydrocarbons Plugs BHN-1 Well in TunisiaData analysis
    Exploration

    Africa Hydrocarbons announced that re-completion operations of the Abiod limestone in its BHN-1 well on the Bouhajla Permit in Tunisia have not concluded successfully. The well is now being plugged and abandoned.

    Africa Hydrocarbons CEO John Nelson stated: "All reasonable attempts to determine the hydrocarbon potential of the BHN-1 well were undertaken. The perforation and acid stimulation were completed as planned but no hydrocarbons were recovered suggesting the fractures encountered at BHN-1 are not open and effectively connected, which was the primary risk at BHN-1. Despite the disappointment, the results of the BHN-1 well does not affect the prospectivity of the remaining structures and plays contained on the block."

    View Africa Hydrocarbons press release

  • Shell's Midstream Unit Launches IPO

    Shell's Midstream unit has launched an IPO of 37.5 million common units, representing limited partner interests. The common units are expected to be listed on the NYSE under the ticker symbol “SHLX.” The underwriters of the offering will have a 30-day option to purchase up to an additional 5.6...

    Shell's Midstream Unit Launches IPO
    Others

    Shell's Midstream unit has launched an IPO of 37.5 million common units, representing limited partner interests. The common units are expected to be listed on the NYSE under the ticker symbol “SHLX.” The underwriters of the offering will have a 30-day option to purchase up to an additional 5.6 million common units from Shell Midstream Partners.

    The common units being offered represent a 27.2% limited partner interest in Shell Midstream Partners, or a 31.3% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Royal Dutch Shell, through certain of its subsidiaries, will own the remaining limited partner interest in Shell Midstream Partners, as well as its 2% general partner interest.

    Barclays, Citigroup, Morgan Stanley and UBS Investment Bank are acting as book-running managers for the offering. Credit Suisse, Goldman Sachs, JP Morgan, Wells Fargo, RBC Capital Markets and Credit Agricole are acting as co-managers.

    View Shell press release

  • Halliburton Profit Up 70% on Strong Demand

    Halliburton reported a 70% YoY rise in its Q3-2014 net income to $1.2 billion, helped by stronger drilling activity and demand for production services in North America.The company also posted a 16% YoY rise in Q3-2014 revenue to $8.7 billion.Source: Reuters

    Halliburton Profit Up 70% on Strong Demand
    Results & Reports

    Halliburton reported a 70% YoY rise in its Q3-2014 net income to $1.2 billion, helped by stronger drilling activity and demand for production services in North America.

    The company also posted a 16% YoY rise in Q3-2014 revenue to $8.7 billion.

    Source: Reuters

  • Data analysis Dong Sells Stenlille Gas Storage Facility for $385 Million

    Dong Energy has entered into an agreement with Energinet.dk to sell its stake in Dong Storage for DKK 2.25 billion (US$385 million) on a debt and cash free basis. The facility has a working gas volume of 575 Mcm, which is approximately 57% of the total Danish gas storage capacity.The purchase price also...

    Dong Sells Stenlille Gas Storage Facility for $385 MillionData analysis
    Headlines, Global Deals

    Dong Energy has entered into an agreement with Energinet.dk to sell its stake in Dong Storage for DKK 2.25 billion (US$385 million) on a debt and cash free basis. The facility has a working gas volume of 575 Mcm, which is approximately 57% of the total Danish gas storage capacity.

    The purchase price also includes a payment from Energinet.dk relating to an earn-out that was part of Dong’s divestment of Lille Torup Gas Storage Facility in 2007 to Energinet.dk.

    View Dong press release