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  • Data analysis EPH and PPF Bid $1.2 Billion for Unipetrol

    Reuters reported, quoting Czech newspaper Hospodarske Noviny, that Czech energy holding EPH and investment group PPF have submitted a joint bid of about 30 billion crowns (US$1.2 billion) for downstream oil company in Czech Republic, Unipetrol, which is 63% owned by Poland's PKN Orlen. Citing unnamed...

    EPH and PPF Bid $1.2 Billion for UnipetrolData analysis
    Global Deals

    Reuters reported, quoting Czech newspaper Hospodarske Noviny, that Czech energy holding EPH and investment group PPF have submitted a joint bid of about 30 billion crowns (US$1.2 billion) for downstream oil company in Czech Republic, Unipetrol, which is 63% owned by Poland's PKN Orlen. 

    Citing unnamed sources, the newspaper said PKN Orlen would take until the end of the summer to consider the offer and was hiring an investment bank. The paper said a decision was unlikely before Polish parliamentary elections in October.

    Source: Reuters

    Disclaimer: 1Derrick has not verified this story and does not vouch for its accuracy.

  • Data analysis Vermilion Energy Announces Farm-in Agreement in Germany

    Vermilion Energy Inc has entered into a farm-in agreement with Mobil Erdgas-Erdol GmbH (MEEG) and BEB Erdgas und Erdol GmbH & Co.KG (BEB). MEEG is 100% held by ExxonMobil and BEB is jointly held by ExxonMobil and Shell. ExxonMobil Production Deutschland GmbH (EMPG) currently operates and manages both...

    Vermilion Energy Announces Farm-in Agreement in GermanyData analysis
    Global Deals

    Vermilion Energy Inc has entered into a farm-in agreement with Mobil Erdgas-Erdol GmbH (MEEG) and BEB Erdgas und Erdol GmbH & Co.KG (BEB). MEEG is 100% held by ExxonMobil and BEB is jointly held by ExxonMobil and Shell. ExxonMobil Production Deutschland GmbH (EMPG) currently operates and manages both MEEG's and BEB's interests in the exploration licenses involved in the farm-in.

    The farm-in will provide Vermilion participating interest in 19 onshore exploration licenses in northwest Germany, comprising approximately 850,000 net undeveloped acres of oil and gas rights (Assets). Under the terms of the agreement, Vermilion will acquire the Assets (which represent 50% of MEEG's and BEB's current interests in these licenses) in exchange for committing to the financial carry of the remaining 50% of MEEG's and BEB's interests in 11 gross (six net) exploratory wells over the next five years.

    Approximately 75 exploratory and semi-exploratory leads and prospects have been identified in the Rotliegend, Carboniferous, Triassic and Zechstein formations on these Assets.

    View Vermillion press release

  • BP Q2-2015 Profit Falls 64%

    BP reported a 64% YoY fall in Q2-2015 underlying replacement cost profit to $1.3 billion. The result reflected the impact of continued low oil and gas prices, a reduced contribution from Rosneft, and one-off charges arising from circumstances in Libya, but also continuing strong earnings from BP’s...

    BP Q2-2015 Profit Falls 64%
    Results & Reports

    BP reported a 64% YoY fall in Q2-2015 underlying replacement cost profit to $1.3 billion. The result reflected the impact of continued low oil and gas prices, a reduced contribution from Rosneft, and one-off charges arising from circumstances in Libya, but also continuing strong earnings from BP’s downstream businesses and lower cash costs throughout the Group.

    With regard to 2010 Deepwater Horizon oil spill, a non-operating pre-tax charge of $9.8 billion was included in the result for Q2-2015. As a result of this charge, together with other non-operating items and fair value accounting effects, BP reported a replacement cost loss for the quarter of $6.3 billion.

    BP’s operating cash flow in Q2-2015 was $6.3 billion compared to $7.9 billion in Q2-2014. Organic capital expenditure in Q2-2015 was $4.5 billion, bringing the total for the first half of the year 2015 to $8.9 billion. BP has also now agreed $7.4 billion of divestments towards the current $10 billion divestment programme.

    BP’s upstream segment reported an underlying pre-tax replacement cost profit of $0.5 billion for Q2-2015, compared with $0.6 billion in Q1-2015 and $4.7 billion in Q2-2014. Compared with a year earlier, the result was mainly affected by lower oil and gas prices. The result also included around $600 million of exploration write-offs and other costs related to BP’s activities in Libya, primarily due to circumstances in the country.

    BP reported underlying pre-tax replacement cost profit for the downstream segment of $1.9 billion, compared with $2.2 billion in Q1-2015 and $0.7 billion in Q2-2014.

    View BP press release

  • Data analysis Pura Vida: Disappointing Preliminary Results for MZ-1

    Pura Vida Energy has announced that the MZ-1 exploration well in Mazagan permit, offshore Morocco, has reached a depth of 4,653m within the Lower Cretaceous and that wireline logs have been run to evaluate the entire open hole section of the well. Preliminary results from all of the data gathered to date...

    Pura Vida: Disappointing Preliminary Results for MZ-1Data analysis
    Exploration

    Pura Vida Energy has announced that the MZ-1 exploration well in Mazagan permit, offshore Morocco, has reached a depth of 4,653m within the Lower Cretaceous and that wireline logs have been run to evaluate the entire open hole section of the well. Preliminary results from all of the data gathered to date indicates that there is no effective reservoir in either of the secondary objectives in the Cenomanian and Aptian intervals and there were no oil shows encountered.

    Current operations include running casing, prior to drilling ahead to the firm Total Depth (TD) of 5,600m in the Jurassic, to test the primary objectives of the basin floor fans, Fan-1 and Fan-2. 

    Damon Neaves, Managing Director, commented: “We are disappointed that the well failed to encounter reservoir in the secondary objectives in the Cretaceous, however we expect to intersect the primary targets in the Jurassic and look forward to reporting those results shortly."

    View Pura Vida press release

    Ownership of Mazagan permit: Freeport-McMoRan Copper & Gold (52%, operator), Pura Vida Energy (23%) and ONHYM (Morocco) (25%)

    View Pura Vida Morocco ops webpage

  • Data analysis Goodrich in $118 Million Eagle Ford Assets Sale

    Goodrich Petroleum has signed an agreement to sell its proved reserves and associated leasehold in the Eagle Ford Shale in LaSalle and Frio Counties, Texas for $118 million. The asset being sold produced an average of approximately 2.85 MBOE/d (~75% oil) during Q1-2015.The effective date of the transaction is...

    Goodrich in $118 Million Eagle Ford Assets SaleData analysis
    Global Deals

    Goodrich Petroleum has signed an agreement to sell its proved reserves and associated leasehold in the Eagle Ford Shale in LaSalle and Frio Counties, Texas for $118 million. The asset being sold produced an average of approximately 2.85 MBOE/d (~75% oil) during Q1-2015.

    The effective date of the transaction is 1-Jul-2015 with an expected closing date on or before 4-Sep-2015. 

    Goodrich is retaining approximately 58% (~17,000 net acres) of its undeveloped leasehold in the play for future development or sale.

    View Goodrich press release

  • Data analysis AWE Encounters Gas Shows at Waitsia-2, Perth Basin

    AWE Ltd has announced that the Waitsia-2 appraisal well reached Total Depth (TD) of 3,530m Measured Depth below Rotary Table (MDRT). The well is located on agricultural land approximately 16.5 km east-southeast of Dongara, Western Australia, and 5.6 km south southwest of Waitsia-1.All target...

    AWE Encounters Gas Shows at Waitsia-2, Perth BasinData analysis
    Exploration

    AWE Ltd has announced that the Waitsia-2 appraisal well reached Total Depth (TD) of 3,530m Measured Depth below Rotary Table (MDRT). The well is located on agricultural land approximately 16.5 km east-southeast of Dongara, Western Australia, and 5.6 km south southwest of Waitsia-1.

    All target formations were successfully intersected. Total depth was achieved 16m into the Nangetty Formation, which was intersected at 3,514m MDRT. Three sections of core were cut in the primary target, the Kingia and High Cliff Sandstones. Elevated gas shows were observed in the primary target Kingia and High Cliff Sandstones as well as the Carynginia Shale and Irwin River Coal Measures.

    The well is designed to test the gas potential in the southern extension of the Waitsia Field, comprising primary targets in the deep conventional formations in the Kingia and High Cliff Sandstones. If the results are positive, AWE may undertake a flow test of the Waitsia-2 well and the well may be completed as a production well for a potential future field development.

    View AWE press release

  • Yinka Folawiyo Spuds Aje 5 Production Well, Off Nigeria
    Projects & Capex

    MX Oil has announced that drilling of the Aje 5 production well has commenced. The Aje 5 well is located in the Aje field on the OML113 offshore Nigeria. Once Aje 5 has been drilled and completed, which is expected to take approximately 70 days, the rig will proceed to re-enter and complete the Aje 4 well. These two wells represent the first of a three phase development programme of Aje. Phase 1 is targeting first oil in Dec-2015 and peak gross production of 41 API oil from these two wells is expected to reach 11 Mbbl/d.

    Once drilling operations are completed, the wells will be tied back to a Floating Production Storage and Offloading vessel (FPSO), the Front Puffin. The company anticipates that production could commence from Phase 1 by the end of 2015.

    Yinka Folawiyo Petroleum is the operator of OML 113 with other partners including New Age, FHN, Energy Equity Resources and Jacka Resources. On 13-Jul-2015, MX Oil signed an agreement to acquire 5% revenue interest in OML 113 from Jacka Resources. 

    View MX Oil press release

    View Panoro Energy Nigeria ops webpage

  • Cooper Spuds Bunian-4 Appraisal Well, IndonesiaData analysis
    Exploration, Others

    Cooper Energy has spudded its Bunian-4 appraisal/development well in the KSO Tangai-Sukananti Block, South Sumatra, Indonesia.

    The primary target is the Talang Akar Formation TRM-3 Sand, which is expected to be intersected 450m east south-east of the same reservoir in Bunian-3. The target is 380m south south-east of the surface location and the well will be deviated at 25 degrees to reach its intended objective. The well is expected to add an oil production take point and pressure data obtained will assist in further appraising the size of the oil accumulation.

    The secondary objectives of the well are to appraise the extent of the oil pool discovered in the K1 Sand in Bunian-3 ST2 which flowed at 1.59 Mbbl/d on test and to assess the TRM-1 and TRM-2 Sands which it was not possible to evaluate in the earlier well.

    Bunian-4 is an onshore directional well with a prognosed total depth of 1,712m and is forecast to take approximately 26 days to complete, inclusive of production testing.

    Ownership of KSO Tangai-Sukananti JV: Cooper Energy (55%, operator) and Mega Adhyaksa Pratama (45%).

    View Cooper Energy press release

  • Highlights of the Week Ended 25-Jul-2015

    Global DealsArabella Exploration entered into an agreementwith a third party buyer and McCabe Petroleum to sell its ownership interest in certain of its properties, for cash and properties worth approximately $47 million.Eagle Energy Trust agreed to acquireall the issued and outstanding shares of a private...

    Highlights of the Week Ended 25-Jul-2015
    Global Deals, Projects & Capex, Exploration

    Global Deals

    Arabella Exploration entered into an agreement with a third party buyer and McCabe Petroleum to sell its ownership interest in certain of its properties, for cash and properties worth approximately $47 million.

    Eagle Energy Trust agreed to acquire all the issued and outstanding shares of a private company, which owns assets in Twining field in Alberta, for approximately C$30 million (US$23 million).

    Xplorer Plc signed an MoU with Teredo International for the acquisition of Teredo Morocco which holds a 36.75% WI in the Boujdour permit located offshore Morocco.

    San Leon Energy relinquished its Polish licenses to reduce the exploration component of its portfolio and focus on appraisal, development and production.

    Bureau of Ocean Energy Management (BOEM) will offer approximately 21.9 million acres offshore Texas for oil and gas exploration and development in Western Gulf of Mexico Lease Sale 246. 

    Statoil is looking to sell its 20% stake in the Trans Adriatic Gas Pipeline (TAP) project that will carry gas from Azerbaijan to Europe.

    Exploration

    Eni discovered gas in the Nidoco NW2 Dir NFW well in the Nooros exploration prospect, located in the Abu Madi West license in the Nile Delta, Egypt.

    While Edison came up dry at the Haribo exploration well in PL616, located 10 km south-west of the Valhall field in the Norwegian part of the North Sea, Statoil discovered gas and condensate in 2/4-23 S wildcat in the Julius prospect, North Sea.

    Vaalco Energy brought Southeast Etame 2-H well online at the rate of approximately 3.4 Mbbl/d offshore Gabon. Meanwhile, Bowleven discovered hydrocarbons in Zingana exploration well in Bomono Permit, Cameroon.

    PetroNeft kicked off production from T-503 horizontal well at Tungolskoye field in License 61 located in the Tomsk region of Western Siberia.

    Projects and Capex

    Total commenced production from Dalia Phase 1A, a new development on Block 17, located 135 km off the coast of Angola.

    Statoil started drilling the first production well at the Gina Krog, North Sea.

  • Statoil Spuds Production Well in Gina Krog, North Sea

    Statoil has commenced drilling the first production well at the Gina Krog, North Sea. The drilling started on 30-Jul-2015 using the Maersk Integrator rig.Gina Krog is located about 30 km north-west of Sleipner. The development of Gina Krog will be among Statoil's major new developments with an estimated...

    Statoil Spuds Production Well in Gina Krog, North Sea
    Projects & Capex

    Statoil has commenced drilling the first production well at the Gina Krog, North Sea. The drilling started on 30-Jul-2015 using the Maersk Integrator rig.

    Gina Krog is located about 30 km north-west of Sleipner. The development of Gina Krog will be among Statoil's major new developments with an estimated 225 million barrels of oil and gas.

    View Statoil press release

    View Statoil Gina Krog webpage

  • Bowleven Finds Hydrocarbons at Zingana Well, CameroonData analysis
    Exploration

    Bowleven has discovered hydrocarbons in Zingana exploration well in Bomono Permit, Cameroon.

    The well has been drilled to its planned total depth (TD) of 1,720m Measured Depth (MD) and logged. Hydrocarbons were encountered in the prognosed Paleocene (Tertiary) aged reservoir intervals and detailed log evaluation is being undertaken.

    View Bowleven press release

    Bowleven is the operator and holds 100% working interest in Bomono Permit.

    View Bowleven Bomono webpage

  • Data analysis Black Ridge, Merced Form JV to Buy Williston Basin Assets

    Black Ridge Oil & Gas has signed an agreement with Merced Capital to form an entity that will acquire and develop Williston Basin non-operated assets. The joint venture (JV) will be funded by Merced with an initial investment target of $50 million. Investments will be subject to Merced approval, and...

    Black Ridge, Merced Form JV to Buy Williston Basin AssetsData analysis
    Global Deals

    Black Ridge Oil & Gas has signed an agreement with Merced Capital to form an entity that will acquire and develop Williston Basin non-operated assets. The joint venture (JV) will be funded by Merced with an initial investment target of $50 million. Investments will be subject to Merced approval, and will be managed by Black Ridge.

    The JV assets will be managed by Black Ridge in exchange for a management fee and reimbursement of third party expenses, and after certain investor hurdles are met Black Ridge will receive a share of profits in the venture. Black Ridge will also have the option to co-invest up to 25% on acquisitions and capital expenditures alongside the venture and any such co-investments will reside directly within Black Ridge. Upon the sale of JV assets, Black Ridge will also have the option to bid and acquire the assets.

    Ken DeCubellis, Black Ridge's CEO, said: "The partnership with Merced provides Black Ridge the opportunity to participate in the acquisition and development of additional assets at attractive valuations, with the potential to create significant returns for Black Ridge's shareholders without dilution."

    View Black Ridge press release

  • Statoil Makes Discovery in Julius Prospect, North SeaData analysis
    Exploration

    Statoil has discovered gas and condensate in 2/4-23 S wildcat in the Julius prospect, North Sea. It is located in PL146 in the King Lear area, 20 km north of Ekofisk.

    The primary exploration target for the well was to prove petroleum in Upper Jurassic reservoir rocks (Ula formation) and Middle Jurassic reservoir rocks (Bryne formation), as well as to delineate the 2/4-21 discovery (King Lear), which was proven in Upper Jurassic reservoir rocks (Farsund formation) in 2012. The secondary exploration target for 2/4-23 S was to prove petroleum in Upper Triassic reservoir rocks (the Skagerrak formation).

    In the primary exploration target, the well encountered 41m of gas/condensate-filled sandstone rocks in the Ula formation, with moderate reservoir quality. The petroleum/water contact was not encountered. Preliminary estimates place the size of the discovery at between 2.5 and 12 MMcm of recoverable oil equivalents. The well also encountered 30m gross of water-filled sandstone with poor reservoir quality in the Bryne formation.

    The well encountered a 20m thick gas/condensate column in the Farsund formation, in two zones of five metre thick reservoir rocks with moderate/good reservoir quality, which confirmed pressure communication with the 2/4-21 King Lear discovery. The Skagerrak formation had poor reservoir quality and was water-filled.

    The well will now be permanently plugged and abandoned.

    View Statoil press release

    View NPD press release

    Ownership of PL146: Statoil (77.8%, operator) and Total (22.2%).

  • Data analysis Eagle Energy Trust Acquires Assets in Alberta

    Eagle Energy Trust has entered into an agreement with a private company (Privateco) to acquire all the issued and outstanding shares of Privateco for approximately C$30 million (US$23 million), including Privateco's indebtedness.Privateco has estimated production of approximately 750 BOE/d (64% liquids)...

    Eagle Energy Trust Acquires Assets in AlbertaData analysis
    Global Deals

    Eagle Energy Trust has entered into an agreement with a private company (Privateco) to acquire all the issued and outstanding shares of Privateco for approximately C$30 million (US$23 million), including Privateco's indebtedness.

    Privateco has estimated production of approximately 750 BOE/d (64% liquids) from the Twining field in Alberta. Privateco has been redeveloping the Twining field with horizontal wells in the Pekisko Pool. This pool is estimated to contain discovered oil initially-in-place of approximately 900 MMbbl, with a current recovery factor of less than 5%. Privateco has drilled 10 horizontal wells and has built a new battery to handle current and future development plans.

    Asset highlights:

    • 2.1 MMBOE of 1P reserves and 7.2 MMBOE of 2P reserves
    • Production of approximately 750 BOE/d from 92 gross (48 net) wells in the largest Pekisko oil pool in the Western Canadian Sedimentary Basin
    • 80% working interest in approximately 41,502 gross (32,650 net) acres 

    The transaction is expected to close by the end of Aug-2015.

    View Eagle Energy press release

  • Data analysis Arabella in $47 Million US Assets Sale

    Arabella Exploration has entered into a Purchase and Sale Agreement with a third party buyer and an agreement with McCabe Petroleum to sell its ownership interest in certain of its properties, for cash and properties with a potential value of approximately $47 million. As per the agreements, Arabella will...

    Arabella in $47 Million US Assets SaleData analysis
    Global Deals

    Arabella Exploration has entered into a Purchase and Sale Agreement with a third party buyer and an agreement with McCabe Petroleum to sell its ownership interest in certain of its properties, for cash and properties with a potential value of approximately $47 million. As per the agreements, Arabella will transfer its Locker State, Graham, Woods, Jackson and Emily Bell prospects to the buyer and will receive cash from the buyer and certain properties from McCabe Petroleum.

    As per the transactions, Arabella will receive the following:

    • $15 million in cash
    • Producing property in the Southern Delaware Basin with net production of approximately 88 BOE/d. Arabella estimates the value of this property to be approximately $6 million
    • A participation agreement covering 20,000 undeveloped acres (gross and net) in the Midland Basin, valued by Arabella at approximately $1,000/acre or $20 million total
    • An option to purchase approximately 1,000 net acres of royalty interests underlying the 20,000 acres in the Midland Basin valued by Arabella at approximately $3 million, net of the option cost
    • The return of 1,003,597 of Arabella's ordinary shares and the rights to certain earn-out shares valued at approximately $3 million; the 1,003,597 shares will be canceled upon receipt (provided that such shares may be reissued in the event that Arabella does not drill at least one well on its new property within one year from the closing date)

    The transaction is expected to close on or about 31-Jul-2015.

    View Arabella press release

  • Data analysis PetroNeft Brings T-503 Well Online in Western Siberia

    PetroNeft has commenced production from T-503 horizontal well at Tungolskoye field in License 61 located in the Tomsk region of Western Siberia. The well has been successfully completed with a horizontal segment of 1,000m in the Upper Jurassic J1-1 horizon at a True Vertical Depth (TVD) of approximately...

    PetroNeft Brings T-503 Well Online in Western SiberiaData analysis
    Exploration

    PetroNeft has commenced production from T-503 horizontal well at Tungolskoye field in License 61 located in the Tomsk region of Western Siberia. The well has been successfully completed with a horizontal segment of 1,000m in the Upper Jurassic J1-1 horizon at a True Vertical Depth (TVD) of approximately 2,502m . Of the 1,000m horizontal segment, it is estimated that approximately 663m is in effective net pay.

    The well was brought online on 14-Jul-2015 and the average flow rate has been recorded over 550 bbl/d.

    View PetroNeft press release

  • Data analysis Xplorer to Acquire Stakes in Five Permits Off Morocco

    Xplorer Plc has signed an MoU with Teredo International for the acquisition of Teredo Morocco which holds a 36.75% WI in the Boujdour permit (Boujdour) located offshore Morocco. As per the MoU, Teredo will be issued 56% of the post-transaction but pre-fundraising enlarged share capital of...

    Xplorer to Acquire Stakes in Five Permits Off MoroccoData analysis
    Global Deals

    Xplorer Plc has signed an MoU with Teredo International for the acquisition of Teredo Morocco which holds a 36.75% WI in the Boujdour permit (Boujdour) located offshore Morocco. As per the MoU, Teredo will be issued 56% of the post-transaction but pre-fundraising enlarged share capital of Xplorer. 

    Boujdour consists of five shallow offshore exploration permits. Boujdour is prospective for both oil and gas, and is estimated to have mean net un-risked prospective resources of 463.4 MMBOE.

    The transaction is conditional, inter alia, on Xplorer raising additional equity finance for which there is no certainty that the company will be able to conclude successfully. The proposed acquisition, if exchanged and completed, would constitute a reverse takeover under the Listing Rules. 

    View Xplorer press release

  • Total Kicks Off Production from Dalia Phase 1A Off Angola

    Total has commenced production from Dalia Phase 1A, a new development on Block 17, located 135 km off the coast of Angola.The Dalia Phase 1A project involves the drilling of seven infill wells tied back to the Dalia Floating Production Storage and Offloading (FPSO) unit. It will develop additional reserves of...

    Total Kicks Off Production from Dalia Phase 1A Off Angola
    Exploration, Projects & Capex

    Total has commenced production from Dalia Phase 1A, a new development on Block 17, located 135 km off the coast of Angola.

    The Dalia Phase 1A project involves the drilling of seven infill wells tied back to the Dalia Floating Production Storage and Offloading (FPSO) unit. It will develop additional reserves of 51 MMbbl and will contribute 30 Mbbl/d to the Block 17’s production.

    Arnaud Breuillac, President Exploration & Production, said: “The Dalia FPSO came on stream nearly nine years ago and with the addition of Phase 1A will still produce around 200 Mbbl/d. It is the latest milestone in the success story of Block 17, Total’s most prolific license with cumulative production reaching 2 Bbbl in May-2015. Dalia Phase 1A demonstrates Total’s commitment to maximizing value through the optimal use of existing facilities.”

    Ownership of Block 17: Total (40%, operator), Statoil (23.33%), Esso Exploration (20%) and BP (16.67%). 

    View Total press release

  • Data analysis San Leon Relinquishes Polish Licenses

    San Leon Energy has announced a reduction in its Polish licenses to reduce the exploration component of its portfolio and focus on appraisal, development and production, and thus securing near-term operational cash flow. The Polish licenses which are being removed from the current portfolio...

    San Leon Relinquishes Polish LicensesData analysis
    Global Deals

    San Leon Energy has announced a reduction in its Polish licenses to reduce the exploration component of its portfolio and focus on appraisal, development and production, and thus securing near-term operational cash flow. The Polish licenses which are being removed from the current portfolio include:

    • Czersk (relinquishment)
    • Budzow (relinquishment)
    • Ilawa (relinquishment)
    • Praszka (relinquishment)
    • Bieszczady area (Blocks 437, 438, 456, 457, 458 and the company's interest in partial Blocks 416, 417 and 436 - taken on by PKN ORLEN, who have assumed past and future benefits and liabilities)

    Oisin Fanning, San Leon Executive Chairman, said: "As part of the company's new strategy to focus on development and production, enabling San Leon to transform into a near-term cash-generating producer, the company has made the decision to remove some of its Polish acreage. The decision is also required as a result of the introduction of significant yearly license fees in Poland over the past couple of years. The company remains committed to its remaining acreage in Poland, which includes the Baltic Basin shale licenses and the recently announced gas discovery at the Rawicz field.”

    View San Leon press release

  • Data analysis Vaalco Brings Southeast Etame 2-H Well Online

    Vaalco Energy has brought Southeast Etame 2-H well online at the rate of approximately 3.4 Mbbl/d. The Southeast Etame 2-H well, located in the Southeast Etame field, is the first development well drilled and placed on production in the Southeast Etame/North Tchibala (SEENT) platform, located in approximately...

    Vaalco Brings Southeast Etame 2-H Well OnlineData analysis
    Exploration

    Vaalco Energy has brought Southeast Etame 2-H well online at the rate of approximately 3.4 Mbbl/d. The Southeast Etame 2-H well, located in the Southeast Etame field, is the first development well drilled and placed on production in the Southeast Etame/North Tchibala (SEENT) platform, located in approximately 260 ft of water offshore Gabon.

    The well was drilled to a measured depth of approximately 14,012 ft, targeting a new reservoir that was discovered by an exploration well drilled by Vaalco in 2010. It is producing from the Gamba formation which is the source of all other Vaalco production in the Etame Marin permit area, but the first production from this new, previously- unproduced field.

    Vaalco is the operator of the Etame Marin permit and owns 28.1% WI.

    View Vaalco press release

  • Data analysis Edison Comes Up Dry at Haribo, North Sea

    Edison has come up dry at the Haribo exploration well in PL616, located 10 km south-west of the Valhall field in the Norwegian part of the North Sea.The well was drilled by the semi-submersible drilling rig Transocean Searcher to total depth without encountering hydrocarbons. The well will now be plugged and...

    Edison Comes Up Dry at Haribo, North SeaData analysis
    Exploration

    Edison has come up dry at the Haribo exploration well in PL616, located 10 km south-west of the Valhall field in the Norwegian part of the North Sea.

    The well was drilled by the semi-submersible drilling rig Transocean Searcher to total depth without encountering hydrocarbons. The well will now be plugged and abandoned.

    Ownership of PL616: Edison Norge (25%, operator), Noreco (20%), Concedo (20%), Lime Petroleum (15%), North Energy (15%) and Skagen 44 (5%).

    View Noreco press release

  • Data analysis Statoil to Exit TAP Project

    Statoil is to sell its 20% stake in the Trans Adriatic Gas Pipeline (TAP) project that will carry gas from Azerbaijan to Europe.The TAP pipeline is a part of project that is designed to transport 16 Bcm of gas from Azerbaijan's Shah Deniz II field in the Caspian Sea, by the end of 2020. The 870 km...

    Statoil to Exit TAP ProjectData analysis
    Global Deals, Projects & Capex

    Statoil is to sell its 20% stake in the Trans Adriatic Gas Pipeline (TAP) project that will carry gas from Azerbaijan to Europe.

    The TAP pipeline is a part of project that is designed to transport 16 Bcm of gas from Azerbaijan's Shah Deniz II field in the Caspian Sea, by the end of 2020. The 870 km pipeline will connect with the Trans Anatolian Pipeline (TANAP) near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before reaching southern Italy.

    Rovnag Abdullayev, president of Azeri state energy firm SOCAR, said: “Statoil has decided to leave the TAP project completely, and there is a company which is ready to buy its stake. Several companies have expressed an interest in buying Statoil's stake, and it would be better if several companies would buy it."

    Ownership of TAP: BP (20%), SOCAR (20%), Statoil (20%), Fluxys (19%), Enagas (16%) and Axpo (5%).

    Source: Reuters

  • Antonoil Wins $140 Million Contract in South Iraq

    Anton Oilfield Services Group has been awarded a $140 million contract for the provision of oilfield workover and completion services in South Iraq.The contract covers workover and completion services for more than 160 wells and acidizing service for over 60 wells. The four workover rigs required...

    Antonoil Wins $140 Million Contract in South Iraq
    Others

    Anton Oilfield Services Group has been awarded a $140 million contract for the provision of oilfield workover and completion services in South Iraq.

    The contract covers workover and completion services for more than 160 wells and acidizing service for over 60 wells. The four workover rigs required for the operation will be supplied by Anton. The project is expected to commence in H1-2016, with services offered spanning for a term of three years.

    View Anton Oilfield Services press release

  • Data analysis Eni Makes Gas Discovery in Nile Delta, Egypt

    Eni has discovered gas in the Nidoco NW2 Dir NFW well in the Nooros exploration prospect, located in the Abu Madi West license in the Nile Delta, Egypt.The well reached a total depth of 3,600m and encountered a 60m thick gas bearing sandstone interval of Messianian age with excellent petrophysical properties,...

    Eni Makes Gas Discovery in Nile Delta, EgyptData analysis
    Exploration

    Eni has discovered gas in the Nidoco NW2 Dir NFW well in the Nooros exploration prospect, located in the Abu Madi West license in the Nile Delta, Egypt.

    The well reached a total depth of 3,600m and encountered a 60m thick gas bearing sandstone interval of Messianian age with excellent petrophysical properties, further of other gas layers in the overlying Pliocene section. The new discovery will be put into production in two months’ time through a tie-in to the existing Abu Madi gas treatment plant, located 25 km south-east.

    Ownership of Abu Madi West license: Eni (75%) and BP (25%). Petrobel, equally owned by Ieoc Production (subsidiary of Eni) and EGPC is the operator of the license.

    View Eni press release

  • Data analysis Western GoM Lease Sale 246 to Offer 4083 Blocks

    Bureau of Ocean Energy Management (BOEM) will offer approximately 21.9 million acres offshore Texas for oil and gas exploration and development in Western Gulf of Mexico Lease Sale 246. The sale will include all available unleased areas in the Western GoM Planning Area.The sale will include approximately...

    Western GoM Lease Sale 246 to Offer 4083 BlocksData analysis
    Global Deals

    Bureau of Ocean Energy Management (BOEM) will offer approximately 21.9 million acres offshore Texas for oil and gas exploration and development in Western Gulf of Mexico Lease Sale 246. The sale will include all available unleased areas in the Western GoM Planning Area.

    The sale will include approximately 4,083 blocks, covering approximately 21.9 million acres, located from nine to 250 nautical miles offshore, in water depths ranging from 16 ft to more than 10,975 ft (5 to 3,340 m).

    View BOEM press release

  • Highlights of the Week Ended 18-Jul-2015

    Global dealsThis week was flooded with mega deals. In the biggest deal of the week MPLX LP signed a merger agreement to acquireMarkWest Energy Partners LP for approximately $20 billion.WPX Energy enteredthe Permian Basin through the acquisition of RKI Exploration & Production LLC for $2.35 billion, plus...

    Highlights of the Week Ended 18-Jul-2015
    Headlines, Global Deals, Exploration

    Global deals

    This week was flooded with mega deals. In the biggest deal of the week MPLX LP signed a merger agreement to acquire MarkWest Energy Partners LP for approximately $20 billion.

    WPX Energy entered the Permian Basin through the acquisition of RKI Exploration & Production LLC for $2.35 billion, plus the assumption of $400 million of debt.

    Black Hills agreed to buy SourceGas Holdings LLC from investment funds managed by Alinda Capital Partners and GE Energy Financial Services for approximately $1.89 billion.

    Energy Transfer Partners LP announced the dropdown of 100% of Susser Holdings to Sunoco LP for approximately $1.9 billion.

    Enterprise Products Partners LP entered into an agreement to sell its offshore GoM pipelines and services business for approximately $1.5 billion in cash.

    SBM Offshore signed an agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to divest 45% stake in the JV companies which owns and operates FPSO Turritella for approximately $590 million.

    Arc Logistics Partners LP purchased all of the limited liability company interests of UET Midstream LLC from United Energy Trading LLC and Hawkeye Midstream LLC in a cash-stock transaction worth approximately $76.7 million.

    Penn Virginia agreed to sell its East Texas assets to an undisclosed buyer for $75 million.

    Shell signed an agreement with Kinder Morgan to sell 100% of its equity interest in Elba Liquefaction Company LLC (ELC). Meanwhile, Tethys Petroleum declined the offer made by Nostrum Oil & Gas to acquire all its issued share capital at a price of C$0.2185 (US$0.17) per Tethys share, in cash or Nostrum shares or both.

    In United Kingdom, Egdon Resources farmed-out its interest in PEDL005(Remainder) (PEDL005(R)), Lincolnshire, to Terrain Energy and Union Jack Oil.

    Exploration

    In Australia, Buru Energy spudded the Praslin-1 exploration well in EP391R3 on Ungani trend, located in Canning Basin. In Beetaloo Basin, Origin Energy commenced drilling at the Kalala S-1 well in EP98, Northern Territory.

    In North Sea, Wintershall was disappointed at the failure of its Zeppelin (10/4-1) wildcat in PL734. The Norwegian Petroleum Directorate (NPD) granted a drilling permit to Lundin for 7220/6-2 wildcat well in PL609, Barents Sea.

    Condor kicked off drilling on its KN-501 Primary Basin well in Zharkamys West 1 Territory, Kazakhstan.

    Mexico's National Hydrocarbons Commission (CNH) awarded Blocks 2 and 7, out of 14 offered blocks, in Round 1 to the consortium consisting of Sierra Oil & Gas, Talos Energy and Premier Oil. 

  • Data analysis Buru Commences Drilling at Praslin-1 Well in Canning Basin

    Buru Energy has spudded the Praslin-1 exploration well in EP391R3 on Ungani trend, located in Canning Basin, Western Australia. The well is located 90 km east of Broome and 15 km west of Ungani oilfield.The well is being drilled with Atlas Rig 2 to a programmed total depth of 2,600m. The well is targeting...

    Buru Commences Drilling at Praslin-1 Well in Canning BasinData analysis
    Exploration

    Buru Energy has spudded the Praslin-1 exploration well in EP391R3 on Ungani trend, located in Canning Basin, Western Australia. The well is located 90 km east of Broome and 15 km west of Ungani oilfield.

    The well is being drilled with Atlas Rig 2 to a programmed total depth of 2,600m. The well is targeting conventional oil and gas in the Ungani Dolomite and Laurel clastic reservoirs, and potentially also in Devonian aged carbonates.

    Ownership of EP391R3: Buru (50%, operator) and Mitsubishi (50%).

    View Buru press release

  • Data analysis Condor Spuds KN-501 Primary Basin Well, Kazakhstan

    Condor has commenced drilling on its KN-501 Primary Basin well in Zharkamys West 1 Territory, Kazakhstan.The well is targeting 67 MMBOE unrisked mean prospective resources and is planned to reach a depth of 4,250m. The well has a conventional four-way closure across a 30 sq km area and an extensive salt top...

    Condor Spuds KN-501 Primary Basin Well, KazakhstanData analysis
    Exploration

    Condor has commenced drilling on its KN-501 Primary Basin well in Zharkamys West 1 Territory, Kazakhstan.

    The well is targeting 67 MMBOE unrisked mean prospective resources and is planned to reach a depth of 4,250m. The well has a conventional four-way closure across a 30 sq km area and an extensive salt top seal which ensures robust trap integrity.

    The estimated remaining cost to drill KN-501 is C$8 million (US$6.19 million).

    Ownership of Zharkamys West 1 Territory: Condor (100%, operator).

    View Condor press release

  • Data analysis Enterprise in $1.5 Billion Midstream Assets Sale

    Enterprise Products Partners LP has entered into an agreement with Genesis Energy LP to sell its offshore GoM pipelines and services business for approximately $1.5 billion in cash.The offshore assets include Enterprise’s ownership interest in nine crude oil pipeline systems with more than 1,100 miles...

    Enterprise in $1.5 Billion Midstream Assets SaleData analysis
    Global Deals

    Enterprise Products Partners LP has entered into an agreement with Genesis Energy LP to sell its offshore GoM pipelines and services business for approximately $1.5 billion in cash.

    The offshore assets include Enterprise’s ownership interest in nine crude oil pipeline systems with more than 1,100 miles of pipeline, nine natural gas pipeline systems totaling approximately 1,200 miles of pipeline and its ownership interest in six offshore hub platforms.

    The acquisition is expected to close in Q3-2015.

    View Enterprise press release

  • Data analysis Penn Virginia Sells East Texas Assets for $75 Million

    Penn Virginia has entered into an agreement to sell its East Texas assets to an undisclosed buyer for $75 million.The assets have a net production of approximately 1.87 MBOE/d (76% gas) during Q2-2015. Proved reserves associated with the divested properties at year-end 2014 are estimated to be 13.7 MMBOE (77%...

    Penn Virginia Sells East Texas Assets for $75 MillionData analysis
    Global Deals

    Penn Virginia has entered into an agreement to sell its East Texas assets to an undisclosed buyer for $75 million.

    The assets have a net production of approximately 1.87 MBOE/d (76% gas) during Q2-2015. Proved reserves associated with the divested properties at year-end 2014 are estimated to be 13.7 MMBOE (77% gas), 85% of which were proved developed.

    View Penn Virginia Corporation press release

  • Data analysis SBM Offshore Divests 45% Stake in FPSO Turritella

    SBM Offshore has entered into an agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to sell 45% stake in the JV companies which owns and operates FPSO Turritella for approximately $590 million. Following the transaction, Mitsubishi Corporation will hold 30% interest and NYK...

    SBM Offshore Divests 45% Stake in FPSO TurritellaData analysis
    Global Deals

    SBM Offshore has entered into an agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to sell 45% stake in the JV companies which owns and operates FPSO Turritella for approximately $590 million. Following the transaction, Mitsubishi Corporation will hold 30% interest and NYK will hold 15% interest in the JV companies.  

    FPSO Turritella is currently under construction in Singapore and is expected to be delivered and on-hire in H1-2016.

    View SBM press release

  • Mexico Awards Two Blocks in Phase 1
    Others

    Mexico's National Hydrocarbons Commission (CNH) has awarded Blocks 2 and 7, out of 14 offered blocks, in its initial offshore tender to the consortium consisting of Sierra Oil & Gas, Talos Energy and Premier Oil. Out of 12 unawarded blocks, eight received no offers, and other four had bids that were below the minimum requirement for profit-sharing with the government.

    The awarded blocks are located in the shallow water Sureste Basin, GoM. They contain Tertiary clastic plays, typical of the Salinas sub-basin. The consortium’s winning bid offered to pay the government 55.99% and 68.99% of pre-tax profits for Block 2 and Block 7 respectively. 

    Ownership of Blocks 2 and 7 JV: Talos Energy (45%, operator), Sierra Oil & Gas (45%) and Premier (10%).

    Source: Reuters

    View Premier press release

  • Data analysis Energy Transfer Partners in $1.9 Billion Susser Dropdown

    Energy Transfer Partners LP (ETP) has signed an agreement with Sunoco LP to dropdown 100% of Susser Holdings for approximately $1.9 billion. Sunoco will pay to ETP approximately $970 million in cash and issue approximately 22 million Sunoco units valued at approximately $970 million based on the five-day...

    Energy Transfer Partners in $1.9 Billion Susser DropdownData analysis
    Global Deals

    Energy Transfer Partners LP (ETP) has signed an agreement with Sunoco LP to dropdown 100% of Susser Holdings for approximately $1.9 billion. 

    Sunoco will pay to ETP approximately $970 million in cash and issue approximately 22 million Sunoco units valued at approximately $970 million based on the five-day volume-weighted average price of Sunoco's common units as of 14-Jul-2015.

    Susser's operations consist primarily of retail activity through the operation of convenience stores in Texas, New Mexico and Oklahoma, offering merchandise, food service, motor fuel and other services.

    The transaction is expected to close on 1-Aug-2015.

    View Sunoco press release

  • Data analysis Shell Sells 49% Stake in Elba LNG JV

    Shell has signed an agreement with Kinder Morgan to sell 100% of its equity interest in Elba Liquefaction Company LLC (ELC). Shell owns 49% of ELC JV.ELC is the owner of the Elba Liquefaction Project which is proposed to be constructed and operated at the existing Elba Island LNG Terminal near Savannah,...

    Shell Sells 49% Stake in Elba LNG JV Data analysis
    Global Deals

    Shell has signed an agreement with Kinder Morgan to sell 100% of its equity interest in Elba Liquefaction Company LLC (ELC). Shell owns 49% of ELC JV.

    ELC is the owner of the Elba Liquefaction Project which is proposed to be constructed and operated at the existing Elba Island LNG Terminal near Savannah, Georgia. Under full development, the Elba Liquefaction Project is expected to have a total capacity of approximately 2.5 MMT/y of LNG for export, which is equivalent to approximately 350 MMcf/d of natural gas.

    Kimberly S. Watson, Kinder Morgan East Region Natural Gas Pipelines President, said: "We are very pleased to purchase Shell's equity interest in the JV and advance the project with Shell's continued support and subscription to 100% of the capacity of our world-class Elba Island terminal."

    Post-transaction ownership of ELC JV: Kinder Morgan (100%).

    View Shell press release

  • Wintershall Comes Up Dry at 10/4-1 Wildcat in North SeaData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) reported that Wintershall has come up dry at Zeppelin (10/4-1) wildcat in PL734, located 35 km south-east of the Yme field in the North Sea.

    The primary exploration target for the well was to prove petroleum in Upper Jurassic reservoir rocks (Sandnes formation) and in Middle Jurassic reservoir rocks (Bryne formation). The secondary exploration target was to prove petroleum in Upper Permian reservoir rocks.

    The well was drilled by the Borgland Dolphin drilling facility to a vertical depth of 2348m below the sea surface and was terminated in rocks from the Late Permian age. Water depth at the site is 98m. The well encountered approximately 90m of reservoir rocks in the Sandnes and Bryne formations with good reservoir quality. No reservoir was encountered in Permian rocks.

    The well will be permanently plugged and abandoned.

    View NPD press release

    Ownership of PL734: Wintershall (40%, operator), Lundin (30%) and Centrica Resources (30%).

    View Lundin press release

    View NPD press release

  • Sembcorp Inks $1 Billion Engineering & Construction Contract

    Sembcorp Marine has entered into an Engineering and Construction contract worth approximately $1 billion with Heerema Offshore Services BV to build a new DP3 semi-submersible crane vessel (NSCV).NSCV, with vessel length of 220m, width of 102m and displacement of 273.7 MMT, is designed for the installation and...

    Sembcorp Inks $1 Billion Engineering & Construction Contract
    Others

    Sembcorp Marine has entered into an Engineering and Construction contract worth approximately $1 billion with Heerema Offshore Services BV to build a new DP3 semi-submersible crane vessel (NSCV).

    NSCV, with vessel length of 220m, width of 102m and displacement of 273.7 MMT, is designed for the installation and decommissioning of major offshore facilities. NSCV will be equipped with two Huisman heavy-lifting offshore cranes of 10 MMT lifting capacity each and a large reinforced work deck area.

    NSCV is scheduled for delivery in Q4-2018.

    Sembcorp press release

  • Origin Spuds Kalala S-1 Well in EP98, Beetaloo BasinData analysis
    Exploration

    Origin Energy has spudded the Kalala S-1 well in EP98, Northern Territory, Australia. The exploration permit is located 500 km south-east of Darwin.

    The well is planned to be drilled to a total depth of approximately 2,800m. It will target the Middle Velkerri formation to assess hydrocarbon saturation and reservoir quality.

    Ownership of Beetaloo JV: Origin (35%, operator), Sasol Petroleum (35%) and Falcon Oil and Gas (30%).

    View Origin press release

    View Falcon Beetaloo webpage

  • Data analysis Arc Logistics Acquires $77 Million Midstream Assets

    Arc Logistics Partners LP has acquired all of the limited liability company interests of UET Midstream LLC from United Energy Trading LLC and Hawkeye Midstream LLC for approximately $76.7 million consisting $44.3 million in cash and approximately $32.3 million in common units.UET Midstream's principal...

    Arc Logistics Acquires $77 Million Midstream AssetsData analysis
    Global Deals

    Arc Logistics Partners LP has acquired all of the limited liability company interests of UET Midstream LLC from United Energy Trading LLC and Hawkeye Midstream LLC for approximately $76.7 million consisting $44.3 million in cash and approximately $32.3 million in common units.

    UET Midstream's principal assets consist of the Pawnee crude oil terminal and a nearby development property in northeastern Weld County, Colorado. The Pawnee terminal has approximately 200 Mbbl of commingled storage capacity (with room for additional storage capacity) and is capable of receiving crude oil via truck unloading stations and connections to local crude oil gathering systems. The development property is being permitted to build a potential new crude injection terminal that, if constructed, would have the ability to provide additional unloading capacity and tankage and allow for incremental volumes to be delivered to the Northeast Colorado Lateral.

    View Arc Logistics press release

  • Data analysis Tethys Rejects Acquisition Offer from Nostrum

    Tethys Petroleum has declined the offer made by Nostrum Oil & Gas to acquire all its issued share capital at a price of C$0.2185 (US$0.17) per Tethys share, in cash or Nostrum shares or both.The Board and management of Tethys believe that the current strategic collaboration with AGR Energy and...

    Tethys Rejects Acquisition Offer from NostrumData analysis
    Global Deals

    Tethys Petroleum has declined the offer made by Nostrum Oil & Gas to acquire all its issued share capital at a price of C$0.2185 (US$0.17) per Tethys share, in cash or Nostrum shares or both.

    The Board and management of Tethys believe that the current strategic collaboration with AGR Energy and US$47.7 million financing represents a transformational deal for Tethys that has the potential to add significant value for shareholders of Tethys. In addition, Tethys is currently in a period of exclusivity with AGR Energy which is active until closing of the AGR Placing or, if earlier, termination of the subscription agreement with AGR Energy, as announced on 1-Jul-2015.

    Tethys is an oil and gas exploration and production company with assets in Kazakhstan, Tajikistan and Georgia.

    View Tethys press release

  • Data analysis WPX Enters Permian Basin in $2.75 Billion Deal

    WPX Energy has signed a definitive merger agreement to acquire RKI Exploration & Production LLC for $2.35 billion, plus the assumption of $400 million of debt.The majority of RKI’s leasehold is located in Loving County, Texas, and Eddy County, New Mexico. It also...

    WPX Enters Permian Basin in $2.75 Billion DealData analysis
    Global Deals

    WPX Energy has signed a definitive merger agreement to acquire RKI Exploration & Production LLC for $2.35 billion, plus the assumption of $400 million of debt.

    The majority of RKI’s leasehold is located in Loving County, Texas, and Eddy County, New Mexico. It also has operations in the Powder River Basin, Wyoming. RKI’s liquids-rich assets in the Permian Basin include:

    • Approximately 22 MBOE/d of existing production
    • Approximately 92,000 net acres in the core of the Permian’s Delaware Basin, approximately 98% of which is held by production
    • More than 3,600 gross risked drilling locations across stacked pay intervals
    • More than 375 miles of scalable gas gathering and water infrastructure

    The purchase excludes RKI’s assets in the Powder River Basin, Wyoming. RKI has planned to divest or transfer these assets before the completion of the merger.

    View WPX press release

  • Data analysis Egdon Farms Out Interests in PEDL005(R), United Kingdom

    Egdon Resources has signed agreements to farm-out its interest in PEDL005(Remainder) (PEDL005(R)), Lincolnshire, to Terrain Energy and Union Jack Oil. The license contains the Keddington producing oil field, part of the Louth oil prospect and the North Somercotes gas prospect.As per the first farm out...

    Egdon Farms Out Interests in PEDL005(R), United KingdomData analysis
    Global Deals

    Egdon Resources has signed agreements to farm-out its interest in PEDL005(Remainder) (PEDL005(R)), Lincolnshire, to Terrain Energy and Union Jack Oil. The license contains the Keddington producing oil field, part of the Louth oil prospect and the North Somercotes gas prospect.

    As per the first farm out agreement, Terrain will earn an additional 20% interest in the Keddington oil field in return for paying 40% of the cost of a new appraisal/development well expected to be drilled in Q4-2015, as a side-track to the Keddington-4 well.

    Under the terms of the second farm out agreement, Union Jack will earn a 10% interest in PEDL005(R), in return for paying 20% of the cost of the new side-track appraisal/development well at Keddington and 20% of the cost of an exploration well on the Louth prospect. Union Jack would also earn a 10% interest from Egdon in any new license block awarded to the existing PEDL005(R) JV in the UK 14th Landward Oil and Gas Licensing Round which contains a mapped extension of the Louth prospect.

    Post-transaction ownership of Keddington field: Egdon Resources (45%, operator), Terrain Energy (35%), Nautical Petroleum (10%) and Union Jack Oil (10%). 

    Post-transaction ownership of PEDL005(R), excluding Keddington field: Egdon Resources (65%, operator), Terrain Energy (15%), Nautical Petroleum (10%) and Union Jack Oil (10%).                                                

    View Egdon press release

  • Lundin Receives Nod for Wildcat in PL609, Barents SeaData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) has granted a drilling permit to Lundin for 7220/6-2 wildcat well in PL609, Barents Sea. The well will be drilled by the Island Innovator drilling facility and will be the fifth exploration well in PL609.

    Ownership of PL609: Lundin (40%, operator), Idemitsu (30%), and RWE Dea (30%).

    View NPD press release

  • Data analysis MPLX to Buy MarkWest for $20 Billion

    MPLX LP has entered into a definitive merger agreement to acquire MarkWest Energy Partners LP. As per the agreement, MarkWest unitholders will get 1.09 common units of MPLX and $3.37 in cash for every unit held. The merger implies a total enterprise value for MarkWest of approximately $20 billion,...

    MPLX to Buy MarkWest for $20 BillionData analysis
    Global Deals

    MPLX LP has entered into a definitive merger agreement to acquire MarkWest Energy Partners LP. As per the agreement, MarkWest unitholders will get 1.09 common units of MPLX and $3.37 in cash for every unit held. The merger implies a total enterprise value for MarkWest of approximately $20 billion, including the assumption of debt of approximately $4.2 billion, as of the close of trading on 10-Jul-2015. The offer price is a premium of about 32% to MarkWest's closing share price on 10-Jul-2015.

    MarkWest is a master limited partnership sponsored by Marathon Petroleum. MarkWest owns and operates midstream service businesses with presence in many natural gas resource plays including the Marcellus Shale, Utica Shale, Huron/Berea Shale, Haynesville Shale, Woodford Shale and Granite Wash formation.

    The deal is expected to close in Q4-2015.

    View MPLX press release

    View Marathon press release

  • Data analysis Black Hills in $1.9 Billion SourceGas Buy

    Black Hills has signed an agreement to buy SourceGas Holdings LLC from investment funds managed by Alinda Capital Partners and GE Energy Financial Services, a GE Unit, for approximately $1.89 billion, including reimbursement of an estimated $200 million in capex through closing and the assumption of $720...

    Black Hills in $1.9 Billion SourceGas BuyData analysis
    Global Deals

    Black Hills has signed an agreement to buy SourceGas Holdings LLC from investment funds managed by Alinda Capital Partners and GE Energy Financial Services, a GE Unit, for approximately $1.89 billion, including reimbursement of an estimated $200 million in capex through closing and the assumption of $720 million of debt projected at closing.

    SourceGas is a natural gas utility company which operates four regulated natural gas utilities in Arkansas, Colorado, Nebraska and Wyoming and a 512-mile regulated intrastate natural gas transmission pipeline in Colorado.

    The transaction is expected to be completed in H1-2016.

    View Black Hill press release

  • Vallianz Wins $300 Million Middle East Charter Contract

    Vallianz Holdings has secured a time charter worth approximately $300 million from the National Oil Company (NOC) in the Middle-East to supply two self-elevating platforms. These vessels will be used to perform well servicing for the NOC’s offshore platforms and well structures in the Arabian Gulf.The...

    Vallianz Wins $300 Million Middle East Charter Contract
    Others

    Vallianz Holdings has secured a time charter worth approximately $300 million from the National Oil Company (NOC) in the Middle-East to supply two self-elevating platforms. These vessels will be used to perform well servicing for the NOC’s offshore platforms and well structures in the Arabian Gulf.

    The vessels are expected to be deployed from the Q3-2015 for a period of five years, with an option to extend the charter for another two years until 2022.

    View Vallianz press release

  • Highlights of the Week Ended 11-Jul-2015

    Global DealsLegacy Reserves signed separate agreements with affiliates of Anadarko Petroleum and Western Gas Partners to acquire natural gas properties and gathering and processing assets in East Texas for a combined $440 million. Linn Energy signed anagreementto sell its remaining position in...

    Highlights of the Week Ended 11-Jul-2015
    Headlines, Global Deals, Projects & Capex, Exploration

    Global Deals

    Legacy Reserves signed separate agreements with affiliates of Anadarko Petroleum and Western Gas Partners to acquire natural gas properties and gathering and processing assets in East Texas for a combined $440 million. 

    Linn Energy signed an agreement to sell its remaining position in Howard County in the Permian Basin for $281 million. 

    Premier Oil announced its plan to sell off its assets in Pakistan, following the receipt of an offer for Premier's Pakistan business.

    Alfa and Harbour Energy dropped their plans to buy Pacific Rubiales.  

    3i Infrastructure and AMP Capital signed an agreement to jointly acquire ESVAGT from Maersk Group and ESE-Holding A/S for DKK 4.1 billion (US$610 million).

    Rosneft signed a Term Sheet with Essar to acquire up to 49% stake in the Vadinar oil refinery in India.

    Exploration

    Triple Energy spudded the Niaoshan-1 well in Bird Mountain area in Heilongjiang province, China. 

    LGO announced that its latest development well, GY-675, at Goudron field in Trinidad, reached total depth at 3,660 ft measured depth (MD) on 30-Jun-2014. 

    Rex Energy announced its plan to test its first dry gas Utica well in the Western Lawrence Utica region in Western Pennsylvania. 

    Kina Petroleum reported that Heritage Oil has failed to discover hydrocarbons at Kwila-1 exploration well in PPL337, Papua New Guinea.

    Projects and Capex

    Shell announced the final investment decision (FID) to advance the Appomattox deep-water development in the Gulf of Mexico. 

    Eni started production from the Perla gas field, located in the Gulf of Venezuela, 50km offshore. 

    BG Group commenced oil production from the Mukta-B (MB), a 4 legged Wellhead Unmanned Platform in the offshore Bombay basin, India.

    Bloomberg reported that Mexico plans to auction 914 onshore and offshore oil areas in the next five years as the historic opening of the country’s energy industry aims to add 1 MMBOE of production by 2025.

  • Ophir Awards FEED Contracts for Fortuna FLNG Project

    Ophir Energy has awarded Upstream Front End Engineering and Design (FEED) contracts for the Fortuna FLNG Project in Block R, off Equatorial Guinea to two contractor consortia, (i) McDermott Marine Construction Ltd and GE Oil & Gas UK Ltd and (ii) Subsea 7 and Aker Solutions.The Upstream FEED will be a...

    Ophir Awards FEED Contracts for Fortuna FLNG Project
    Others

    Ophir Energy has awarded Upstream Front End Engineering and Design (FEED) contracts for the Fortuna FLNG Project in Block R, off Equatorial Guinea to two contractor consortia, (i) McDermott Marine Construction Ltd and GE Oil & Gas UK Ltd and (ii) Subsea 7 and Aker Solutions.

    The Upstream FEED will be a competitive process with the scope of work including subsea development design that will enable the two competing FEED consortia to submit their EPCIC (Engineer, Procure, Construct, Install & Commission) tenders at the end of FEED, from which one will be selected for FID.

    Key focus areas for the FEED process will be defining the number of wells required at first gas, the cost of the development and the delivery time of the long lead subsea items, such as subsea trees, that are on the critical path to first gas.

    The FEED process will be completed at the end of Q1-2016, which will allow a Final Investment Decision to be made in mid-2016 with first gas expected in mid-2019.

    View Ophir press release

  • Petrofac Wins $780 Million EPC Contract in Kuwait

    Petrofac has received an award notification for Kuwait Oil Company’s (KOC) manifold group trunkline (MGT) system in the north of Kuwait.The lump-sum engineering, procurement and construction (EPC) project, valued at approximately $780 million, is integral to KOC’s plans to increase and maintain...

    Petrofac Wins $780 Million EPC Contract in Kuwait
    Others

    Petrofac has received an award notification for Kuwait Oil Company’s (KOC) manifold group trunkline (MGT) system in the north of Kuwait.

    The lump-sum engineering, procurement and construction (EPC) project, valued at approximately $780 million, is integral to KOC’s plans to increase and maintain crude production over the next five years. Three new gathering centres (GCs), which form part of the broader project, are already under construction with Petrofac executing the EPC contract for GC 29.

    The MGT system, due for completion towards the end of 2017, will provide the feedstock to each of the GCs via three independent networks of intermediate manifolds and pipelines. Each of the three GCs will be capable of producing around 100 Mbbl/d together with associated water and gas.

    View Petrofac press release

  • Premier Oil to Dispose Pakistan assetsData analysis
    Global Deals

    Premier Oil is initiating a process to sell off its Pakistan assets, following the receipt of an offer for Premier's Pakistan business.

    According to Premier Oil's website, it is present in Pakistan, as a non-operator, since 1988. Premier holds interest in four gas producing fields in Pakistan, namely, Qadirpur field (4.75%), Bhit & Badhra (6%), Kadanwari (15.79%) and Zamzama (9.375%). All the fields are long-life gas projects with licenses expiring between 2015 and 2023 and have relatively low operating costs. All production is sold at the wellhead to the government-owned gas utilities, SSGCL and SNGPL. 

    View Premier Oil press release

    View Premier Oil Pakistan ops webpage

     

  • Rex Plans First Utica Dry Gas Well

    Rex Energy has reported that it plans to test its first dry gas Utica well in the Western Lawrence Utica region in Western Pennsylvania. The Patterson 2H will be drilled to a lateral length of approximately 7,000 ft.The well is expected to be drilled and completed in Q3-2015 and placed into sales in...

    Rex Plans First Utica Dry Gas Well
    Exploration

    Rex Energy has reported that it plans to test its first dry gas Utica well in the Western Lawrence Utica region in Western Pennsylvania. The Patterson 2H will be drilled to a lateral length of approximately 7,000 ft.

    The well is expected to be drilled and completed in Q3-2015 and placed into sales in Q4-2015. Gathering and processing infrastructure for the development of this region is already in place, with approximately 50 MMcf/d of firm transportation.

    View Rex Energy press release