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Petrobras attained a new production peak of 428 Mbbl/d of oil from its pre-salt fields located in Campos and Santos basins. The new record is the result of increased production at the P-58 FPSO operating in Parque das Baleias, Campos Basin. By end-2014, the company will start up 15 more production wells, of which 11 will be...
Petrobras attained a new production peak of 428 Mbbl/d of oil from its pre-salt fields located in Campos and Santos basins. The new record is the result of increased production at the P-58 FPSO operating in Parque das Baleias, Campos Basin.
By end-2014, the company will start up 15 more production wells, of which 11 will be located in the Santos Basin and the remaining in the Campos Basin.
View in UCube: Petrobras' Future Spending on Upcoming Projects Off Brazil
Total has awarded an umbilicals contract to a consortium of Technip’s subsidiaries for the Kaombo project, located in Block 32 off Angola.
The scope of work covers the engineering, procurement and fabrication of 120 km of umbilicals. The project will start immediately with first umbilical deliveries in Angola scheduled for 2016.
Block 32 ownership: Total (30%, operator), Sonangol (20%), China Sonangol Petroleum (20%), ExxonMobil (15%), Marathon Oil (10%) and Galp Energia (5%).
PetroNeft has entered into a binding agreement with Oil India Limited (OIL) to farm-out interest in License 61 located in Tomsk Oblast, Russia.
Assets overview
Under the terms of the agreement, OIL will acquire a 50% interest in the license by making a total investment of up to $85 million consisting of,
Following completion of the farm-out, PetroNeft will begin a six-well drilling campaign.
Post transaction ownership of License 61: PetroNeft (50%, operator) and OIL (50%).
Athabasca Oil has exercised a put option to divest its 40% stake in the Dover oil sands project to its partner PetroChina for C$1.32 billion (US$1.19 billion). The Dover project is operated by Brion Energy, a JV between Athabasca and a subsidiary of PetroChina.The sale was triggered after the project received final approvals...
Athabasca Oil has exercised a put option to divest its 40% stake in the Dover oil sands project to its partner PetroChina for C$1.32 billion (US$1.19 billion). The Dover project is operated by Brion Energy, a JV between Athabasca and a subsidiary of PetroChina.
The sale was triggered after the project received final approvals from the government of Alberta.
Project overview
Athabasca CEO Sveinung Svarte said, "We have today opted to sell our remaining ownership in projects operated by Brion Energy. We have very much appreciated working with our joint venture partner at Brion Energy over the past four years and wish them every success as they proceed with the Dover development."
View Athabasca Dover operations webpage
View in UCube: Production and Economics Profile of Dover Field
Baker Hughes reported a profit increase of 23% YoY in Q1-2014 to $328 million, helped by improved margins in its North American operations.The company increased its North American profit in the first quarter, despite a drop in well count due to poor weather in the Rockies and the north-eastern US over the period.Baker...
Baker Hughes reported a profit increase of 23% YoY in Q1-2014 to $328 million, helped by improved margins in its North American operations.
The company increased its North American profit in the first quarter, despite a drop in well count due to poor weather in the Rockies and the north-eastern US over the period.
Baker Hughes also reported that its Q1-2014 revenue rose nearly 10% YoY to $5.73 billion.
The partners developing Israel's offshore Leviathan natural gas field are looking to sell gas through a pipeline to Cyprus. The group has bid to supply Cyprus' state-run natural gas company, DEFA, between 0.7-0.95 Bcm (approximately 24.7-33.6 Bcf) of gas annually for up to ten years.The plan would be to build a pipeline...
The partners developing Israel's offshore Leviathan natural gas field are looking to sell gas through a pipeline to Cyprus. The group has bid to supply Cyprus' state-run natural gas company, DEFA, between 0.7-0.95 Bcm (approximately 24.7-33.6 Bcf) of gas annually for up to ten years.
The plan would be to build a pipeline from the field and supply DEFA with gas starting in 2016 or 2017. The deal would last until 2022 or 2025.
Israeli financial daily Globes reported that other bids have come from Vitol, SOCAR, and a Greek consortium. "If Leviathan is chosen to supply gas to DEFA, it would potentially improve relations with Cyprus in the field of natural gas. If a pipeline is already being built, it might open new options," the source said.
Source: Reuters
View in UCube: Israel's Production Foreacast, by Company
Schlumberger reported a 33% YoY jump in Q1-2014 net profit to $1.59 billion on the back of improved profitability for Well Services and Well Intervention Technologies, both in North America land and in the International areas.The improved profitability for Well Services and Well Intervention Technologies was due to peak winter...
Schlumberger reported a 33% YoY jump in Q1-2014 net profit to $1.59 billion on the back of improved profitability for Well Services and Well Intervention Technologies, both in North America land and in the International areas.
The improved profitability for Well Services and Well Intervention Technologies was due to peak winter activity in Western Canada as well as from operational efficiencies in US land. However, pricing weakness in US land partially offset rising profits.
The company also reported revenues of $11.24 billion, up 6% YoY, primarily due to higher activity in the Middle East, Asia and North Africa.
Schlumberger CEO Paal Kibsgaard said, “While the sequential results displayed the usual drop in product, software and multi-client license sales following strong year-end figures, our solid year-on-year growth rates were led by the Middle East & Asia and North America Areas although all geographies benefited from an increasing focus on operational excellence and efficiency.”
Nighthawk Energy announced an oil discovery at the exploration well Snow King 13-33 located on Arikaree Creek oil-field at DJ Basin's Smoky Hill project, Colorado. Nighthawk said the pay zone has been identified and successfully brought into production at an initial rate of between 300-400 bbl/d.
The well was drilled to a depth of 8,400 ft with a principal target of the Mississippian Spergen formation. The well is located on a distinct structural feature four miles south-west of Arikaree Creek in Colorado.
Nighthawk holds 80% net revenue interest in the well.
BHP Billiton announced a 10% YoY increase in production for the quarter ending 31-Mar-2014. The rise in production, to 60.9 MMBOE (662 MBOE/d, with 45% liquids), is attributed to higher output from the company’s onshore US projects.Production highlightsLiquids production of 296 MBOE/d, up 3% YoY; in part due to higher...
BHP Billiton announced a 10% YoY increase in production for the quarter ending 31-Mar-2014. The rise in production, to 60.9 MMBOE (662 MBOE/d, with 45% liquids), is attributed to higher output from the company’s onshore US projects.
Production highlights
The company also reduced its 2014 production guidance by 2% to 245 MMBOE (671 MBOE/d). The reduction reflects lower gas and NGL production in the Hawkville area of the Eagle Ford.
View in UCube: BHP Future Spending by Shale Plays
Athlon Energy has upsized its offering of 6% senior unsecured notes to $650 million from $500 million. The offering is expected to close on 1-May-2014.The company intends to use the net proceeds, together with net proceeds from a concurrent registered equity offering and/or borrowings under its credit agreement, to fund the...
Athlon Energy has upsized its offering of 6% senior unsecured notes to $650 million from $500 million. The offering is expected to close on 1-May-2014.
The company intends to use the net proceeds, together with net proceeds from a concurrent registered equity offering and/or borrowings under its credit agreement, to fund the purchase price of pending acquisitions and for general corporate purposes.
Shell announced that it has encountered more than 450m of gas in the Rosmari-1 well located in Block SK318 offshore Malaysia. The well was drilled to a depth of 2,123m.Andy Brown, Director Shell Upstream International said, "Rosmari-1 is a testament to our ability to successfully drill and build understanding of new geology...
Shell announced that it has encountered more than 450m of gas in the Rosmari-1 well located in Block SK318 offshore Malaysia. The well was drilled to a depth of 2,123m.
Andy Brown, Director Shell Upstream International said, "Rosmari-1 is a testament to our ability to successfully drill and build understanding of new geology within our existing exploration heartlands, adding value to our existing assets in Malaysia. We are expanding and rejuvenating heartlands across our exploration portfolio, including in Brunei, Australia and the Gulf of Mexico."
Block SK318 ownership: Shell (85%, operator) and Petronas (15%).
View in UCube: Recent Discoveries in Malaysia, by Project
FAR Ltd announced that Cairn Energy has commenced drilling of the exploration well FAN-1 offshore Senegal. The well will test a stacked fan structure with the potential to contain approximately 900 MMbbl of oil.
FAN-1 is the first exploration well in a two-well program off Senegal. The well will be located on the North Fan prospect in 1,500m water depth. The second well will be drilled targeting a shelf edge prospect in 1,100m of water. These wells will be the first deep-water wells drilled in Senegalese waters and the first offshore wells to be drilled in over 20 years.
FAN-1 ownership: Cairn (40%, operator), ConocoPhillips (35%), FAR (15%) and Petrosen (10%).
View in UCube: Cairn's Discovered Resources by Country
Total announced that it has discovered liquid hydrocarbons at exploration well Saphir-1XB located in Block CI-514 off Ivory Coast. Lying in 2,300m of water, Saphir-1XB is the first well in Block CI-514. It was drilled to a total depth of 4,655m, encountering around 40m of net pay containing light 34° API oil.
Data acquired during drilling is being analyzed and will be used to determine the area’s potential and design the delineation program. Total plans to drill two wells in Blocks CI-515 and CI-516 by end-2014.
Total Senior VP (Exploration) Marc Blaizot said, “Drilled in an abrupt margin play, this first well is the first discovery in the San Pedro Basin, a frontier exploration area in Ivory Coast. Having confirmed the presence of a petroleum system containing light oil, we will next evaluate this very promising find and focus on its extension to the north and east."
Block CI-514 ownership: Total (54%, operator), CNR International (36%) and PETROCI Holding (10%).
View in UCube: Total's Recent Discoveries
Eni has invited companies to put forward FEED proposals for an FLNG plant being planned in Mozambique. The company is looking to export gas to Asia from recent finds in Mozambique.As part of its development in the country, the company plans to build onshore and offshore gas liquefaction plants aimed at mainly Asian...
Eni has invited companies to put forward FEED proposals for an FLNG plant being planned in Mozambique. The company is looking to export gas to Asia from recent finds in Mozambique.
As part of its development in the country, the company plans to build onshore and offshore gas liquefaction plants aimed at mainly Asian markets.
In a strategy update earlier this year, Eni said it plans to build an onshore LNG plant and two floating LNG plants in its giant Mamba field with a combined capacity of 10 MMTPA. An FID is expected before end-2015, with production start-up due in 2020.
Source: Reuters
Caza Oil & Gas reported that the West Copperline 29 Fed #2H well, located on its Copperline Property in Lea County, New Mexico, has flowed hydrocarbons. This is Caza's second well in the Bone Spring formation. The well has produced at a peak 24-hour rate of 1.18 Mbbl of oil and 1.13 MMcf of natural gas.
Caza CEO W. Michael Ford said, "The West Copperline 29 Fed #2H well is a direct offset to our West Copperline 29 Fed #1H well. Both wells are producing from the 2nd Bone Spring Sand interval. This is the third significant well producing on the West Copperline Property, and we plan to commence drilling operations on the fourth, the West Copperline 29 Fed #4H well within the next couple of weeks."
Caza currently has a 62.5% working interest (approximate 47.25% net revenue interest) in the West Copperline 29 #1H, #2H and #3H wells.
Leni Gas & Oil has been permitted by Trinidad's Ministry of Energy and Energy Affairs to commence drilling at the Goudron field. The first well is expected to spud shortly after the Easter holiday.The H-18E J-7 well will be the first new well on the field since 1981 and will target known productive sandstone...
Leni Gas & Oil has been permitted by Trinidad's Ministry of Energy and Energy Affairs to commence drilling at the Goudron field. The first well is expected to spud shortly after the Easter holiday.
The H-18E J-7 well will be the first new well on the field since 1981 and will target known productive sandstone intervals in the Lower Cruse at a depth of 2,800 ft sub-sea. The company said that the access roads to the field have been upgraded and all other necessary facilities are in place to receive the rig on the field.
Leni is the sole owner and operator of the Goudron field.
EOG Resources in an SEC filing reported that it anticipates a non-cash net loss of $155.7 million in Q1-2014, due to mark-to-market losses on its crude oil and natural gas derivative contracts. The company said that the net cash paid for settlements of crude oil and natural gas derivative contracts during Q1-2014 was $34...
EOG Resources in an SEC filing reported that it anticipates a non-cash net loss of $155.7 million in Q1-2014, due to mark-to-market losses on its crude oil and natural gas derivative contracts. The company said that the net cash paid for settlements of crude oil and natural gas derivative contracts during Q1-2014 was $34 million.
The company added that actual realizations for crude oil and natural gas for Q1-2014 differed from the NYMEX prices due to delivery location and quality adjustments.
Woodside Petroleum reported a 5% YoY rise in Q1-2014 production to 23 MMBOE. The rise was predominantly due to the restart of the Vincent FPSO in late 2013. The Vincent oil field is located in the WA-28-L permit in Western Australia.Q1-2014 highlightsRevenue of $1.7 billion, up 15.9% YoYCapex of $115.3 million, down 41%...
Woodside Petroleum reported a 5% YoY rise in Q1-2014 production to 23 MMBOE. The rise was predominantly due to the restart of the Vincent FPSO in late 2013. The Vincent oil field is located in the WA-28-L permit in Western Australia.
Q1-2014 highlights
Outlook
The company reaffirmed its 2014 production target range of 86-93 MMBOE.
Rice Energy has priced its $900 million offering of 6.25% senior notes due 2022 at par. The size of the offering has been increased from $750 million. The offering is expected to close on 25-Apr-2014.The company intends to use the net proceeds to repay and retire the company's second lien term loan and for general corporate...
Rice Energy has priced its $900 million offering of 6.25% senior notes due 2022 at par. The size of the offering has been increased from $750 million. The offering is expected to close on 25-Apr-2014.
The company intends to use the net proceeds to repay and retire the company's second lien term loan and for general corporate purposes.
ShaMaran Petroleum announced that TAQA has successfully tested the Atrush-4 appraisal/development well (AT-4) in the Atrush Block, Kurdistan.
The well was drilled to a total depth of 2,916m. Three separate cased hole drill stem tests were conducted in the Jurassic reservoir with maximum rates totaling 9 Mbbl/d of 27-28° API from two of the tests. The well has been suspended as a Phase 1 producer.
Atrush Block ownership: TAQA (39.9%, operator), KRG (25%), ShaMaran (20.1%) and Marathon Oil (15%).
Canada’s National Energy Board (NEB) has approved an application from Triton LNG for a 25-year LNG export license. The proposed export points for the project would be located near either Kitimat or Prince Rupert, British Columbia. NEB said that the project has been approved to liquefy and ship about 320 MMcf/d from a...
Canada’s National Energy Board (NEB) has approved an application from Triton LNG for a 25-year LNG export license. The proposed export points for the project would be located near either Kitimat or Prince Rupert, British Columbia.
NEB said that the project has been approved to liquefy and ship about 320 MMcf/d from a planned FLNG facility whose site has not yet been chosen.
The Triton LNG project is backed by AltaGas and Japan's Idemitsu Kosan.
Noble Energy has announced that it intends to name its President and COO David L. Stover as Chairman and CEO. Mr. Stover will succeed the current CEO Charles D. Davidson who will retire in May-2015.Mr. Stover previously served in several other executive positions following his joining the company in 2002. His past experience...
Noble Energy has announced that it intends to name its President and COO David L. Stover as Chairman and CEO. Mr. Stover will succeed the current CEO Charles D. Davidson who will retire in May-2015.
Mr. Stover previously served in several other executive positions following his joining the company in 2002. His past experience includes stints in BP, Vastar Resources and Atlantic Richfield.
Pemex said that its refineries will boost crude processing volumes to their highest rate in five years in 2014. The company's six domestic plants are expected to process an average of 1.2 MMbbl/d in 2014, based on a scheduled turnaround plan prepared for this year.Refinery crude processing volumes in Mexico have slipped from...
Pemex said that its refineries will boost crude processing volumes to their highest rate in five years in 2014. The company's six domestic plants are expected to process an average of 1.2 MMbbl/d in 2014, based on a scheduled turnaround plan prepared for this year.
Refinery crude processing volumes in Mexico have slipped from a peak of more than 1.3 MMbbl/d in 2004, forcing Pemex to boost gasoline imports that it often sells at a loss due to subsidized domestic prices.
Source: Reuters
Rosneft announced the discovery of a new oilfield within the Zapadno-Gerasimovsky License located in Uvat project, Tyumen, Russia. The field will be called Tavricheskoe.Rosneft’s subsidiary, Uvatneftegaz, is the operator of Uvat project. The project includes a group of 15 blocks with remaining oil and condensate...
Rosneft announced the discovery of a new oilfield within the Zapadno-Gerasimovsky License located in Uvat project, Tyumen, Russia. The field will be called Tavricheskoe.
Rosneft’s subsidiary, Uvatneftegaz, is the operator of Uvat project. The project includes a group of 15 blocks with remaining oil and condensate recoverable reserves of more than 330 MMT. Of the 15 blocks, 12 are located in the south of Tyumen region and three blocks are located in the Khanty-Mansiysk Autonomous District-Yugra. The project covers a total area of 26,600 sq km.
Iraq's cabinet has approved a $589 million oilfield service contract awarded to Daewoo Engineering & Construction for the development of the Zubair oilfield.The scope of work includes EPC work for a gas separation facility at the Zubair oilfield. Production at the field is planned to increase from 320 Mbbl/d to 850...
Iraq's cabinet has approved a $589 million oilfield service contract awarded to Daewoo Engineering & Construction for the development of the Zubair oilfield.
The scope of work includes EPC work for a gas separation facility at the Zubair oilfield. Production at the field is planned to increase from 320 Mbbl/d to 850 Mbbl/d by 2017.
Source: Reuters
Zubair field ownership: Eni (32.8%, operator), Occidental Petroleum (23.4%), KOGAS (18.8%) and Missan Oil (25%).
View in UCube: Production Profile of Top 10 Projects in Iraq
Saipem has been awarded two contracts by Total for the Kaombo oil project located in Block 32 off Angola. The contracts are valued at approximately $4 billion comprising of a $3 billion EPCI contract of two converted turret-moored FPSO units and a $1 billion contract for operation and maintenance services of the two vessels.
The two converted FPSO units will each have an oil treating capacity of 115 Mbbl/d, a water injection capacity of 200 Mbbl/d, a 100 MMcf/d gas compression capacity and a storage capacity of 1.7 MMbbl of oil. The first FPSO unit will be operational by Q1-2017 and the second unit by Q2-2017.
Block 32 ownership: Total (30%, operator), Sonangol (20%), China Sonangol Petroleum (20%), ExxonMobil (15%), Marathon Oil (10%) and Galp Energia (5%).
View Total Kaombo operations webpage
View in UCube: Kaombo Project Economics Profile
The Bureau of Ocean Energy Management (BOEM) announced the Western Gulf of Mexico Lease Sale 238 for blocks covering 21.4 million acres. It is scheduled to be held in Aug-2014 in New Orleans, US.Lease Sale 238 highlights3,992 blocks, located from 9-250 miles from shore and in water depths ranging from 16 to more than 10,975...
The Bureau of Ocean Energy Management (BOEM) announced the Western Gulf of Mexico Lease Sale 238 for blocks covering 21.4 million acres. It is scheduled to be held in Aug-2014 in New Orleans, US.
Lease Sale 238 highlights
PTTEP said it plans to cut its 2014 investment budget, mostly earmarked for its core gas business, by 30% to THB 60 billion (US$1.86 billion) due to ongoing political unrest in the country. The company had set a budget of THB 87 billion for 2014. "We are putting several new projects on hold, pending approval from the...
PTTEP said it plans to cut its 2014 investment budget, mostly earmarked for its core gas business, by 30% to THB 60 billion (US$1.86 billion) due to ongoing political unrest in the country. The company had set a budget of THB 87 billion for 2014.
"We are putting several new projects on hold, pending approval from the new government," CFO Surong Bulakul told reporters. PTTEP will review the budget again pending the forming of a new government.
Source: Reuters
Athlon Energy has increased its 2014 drilling budget to $700 million, following its recent acquisition of Midland Basin assets worth $873 million.The budget was raised by $105 million from its previous estimate of $595 million. Athlon also announced an additional $25 million for leasing, infrastructure, and capital workovers,...
Athlon Energy has increased its 2014 drilling budget to $700 million, following its recent acquisition of Midland Basin assets worth $873 million.
The budget was raised by $105 million from its previous estimate of $595 million. Athlon also announced an additional $25 million for leasing, infrastructure, and capital workovers, higher than its earlier estimate of $20 million. The company expects to drill nine incremental gross operated horizontal wells in 2014.
Upon the completion of the announced acquisition, the company expects an output of 23-24.3 MBOE/d in 2014.
Total has awarded a $3.5 billion contract to a JV of Technip and Heerema Marine Contractors to provide subsea solutions for the Kaombo Block 32 development off Angola.
The scope of work consists of the engineering, procurement, fabrication, transport and installation of,
The JV will also provide transportation and installation services for approximately 115 km of client-supplied umbilicals, manifolds, well jumpers and flying leads.
Total made an FID for the Kaombo oil project on 14-Apr-2014 and also reduced the project investment by 20% to $16 billion.
Block 32 ownership: Total (30%, operator), Sonangol (20%), China Sonangol Petroleum (20%), ExxonMobil (15%), Marathon Oil (10%) and Galp Energia (5%).
Lamprell has secured a $390 million contract from Ensco for the construction and delivery of two mobile offshore drilling platforms. The rigs are designed to operate in water depths of up to 340 ft with a rated drilling depth of 30,000 ft.Lamprell will fabricate both jackup rigs in its Hamriyah yard, UAE. Delivery of the...
Lamprell has secured a $390 million contract from Ensco for the construction and delivery of two mobile offshore drilling platforms. The rigs are designed to operate in water depths of up to 340 ft with a rated drilling depth of 30,000 ft.
Lamprell will fabricate both jackup rigs in its Hamriyah yard, UAE. Delivery of the first rig is scheduled to take place in Q2-2016 with the second rig being delivered in Q3-2016.
Ensco also has options for Lamprell to build two further jackup rigs of the same design. The options are exercisable within a period of six months from the effective date of the contract.
The Government of Seychelles has approved Ophir Energy’s acquisition of a 75% non-operating interest in WHL Energy’s wholly-owned exploration acreage off Seychelles.
The acreage covers 17,345 sq km in the southern and eastern flank of the Seychelles platform. It is estimated to hold more than 3 BBOE in P50 prospective resources.
Seychelles acreage ownership, post transaction: WHL (25%, operator) and Ophir (75%).
Ezion has secured two rig contracts worth a combined $78.7 million.Ezion won a $43.7 million contract to provide a service rig to a South Asian NOC for a period of three years. The rig will be deployed in the Arabian Sea and is expected to be working by H1-2015.The company has also secured a $35 million contract to provide a...
Ezion has secured two rig contracts worth a combined $78.7 million.
Ezion won a $43.7 million contract to provide a service rig to a South Asian NOC for a period of three years. The rig will be deployed in the Arabian Sea and is expected to be working by H1-2015.
The company has also secured a $35 million contract to provide a service rig to a Middle Eastern state-linked company. The rig will be deployed in the Arabian Gulf and is also expected to be working by H1-2015.
View Ezion $43.7 million contract press release
View Ezion $35 million contract press release
Athlon Energy announced that it intends to offer an aggregate principal amount of $500 million in senior notes due 2022. The notes will be general unsecured senior obligations of Athlon Holdings and its subsidiary, Athlon Finance Corp. Interest on the notes will be payable semi-annuallyThe company plans to use a portion of the...
Athlon Energy announced that it intends to offer an aggregate principal amount of $500 million in senior notes due 2022. The notes will be general unsecured senior obligations of Athlon Holdings and its subsidiary, Athlon Finance Corp. Interest on the notes will be payable semi-annually
The company plans to use a portion of the net proceeds to fund the purchase price of pending acquisitions and for general corporate purposes.
Sinopec has entered into an agreement with Lukoil to buy for $1.2 billion, a 50% stake in Lukoil's Kazakh venture. "The transaction is meant to optimize Lukoil's overseas hydrocarbon asset portfolio," Lukoil said in a statement.The venture, Caspian Investment Resources, owns stakes in four hydrocarbon...
Sinopec has entered into an agreement with Lukoil to buy for $1.2 billion, a 50% stake in Lukoil's Kazakh venture. "The transaction is meant to optimize Lukoil's overseas hydrocarbon asset portfolio," Lukoil said in a statement.
The venture, Caspian Investment Resources, owns stakes in four hydrocarbon production projects in Kazakhstan. Production from the projects amounted to 10.2 MMBOE (net to Lukoil) in 2013.
Lukoil said it would continue to participate in Kazakh oil and gas projects, including Kumkol, Karachaganak and Tengiz. The company is also a member of the Caspian Pipeline Consortium.
Galp Energia reported that its Q1-2014 production jumped 19% YoY to 28 MBOE/d. The rise is mainly attributed to higher output from Brazil and Angola operations.
The company reported that its oil refining volumes fell 23% YoY to 16.6 MMbbl due to scheduled maintenance. The company also plans to drill seven E&A wells in 2014.
Galp Energia is set to report the Q1-2014 earnings on 29-Apr-2014.
BHP Billiton announced the appointment of Malcolm Brinded to the Board as an independent Non-Executive Director, and a member of the Sustainability Committee.Mr. Brinded, 61, previously served on the Board of Directors of Shell between 2002 and 2012. He had a 37 year long stint with Shell working in the UK, Brunei, the...
BHP Billiton announced the appointment of Malcolm Brinded to the Board as an independent Non-Executive Director, and a member of the Sustainability Committee.
Mr. Brinded, 61, previously served on the Board of Directors of Shell between 2002 and 2012. He had a 37 year long stint with Shell working in the UK, Brunei, the Netherlands, and Oman.
Mr. Brinded graduated from Cambridge University with a First Class degree in engineering. He is a Fellow of the UK Institutions of Civil and Mechanical Engineers and the UK Royal Academy of Engineering.
Tangiers Petroleum has appointed oil and gas analyst David Wall as its new Managing Director with immediate effect. Mr. Wall holds a Bachelor of Commerce from the University of Western Australia, majority in Management and Finance.Mr. Wall brings with him specialist knowledge of Africa focused junior explorers and also a good...
Tangiers Petroleum has appointed oil and gas analyst David Wall as its new Managing Director with immediate effect. Mr. Wall holds a Bachelor of Commerce from the University of Western Australia, majority in Management and Finance.
Mr. Wall brings with him specialist knowledge of Africa focused junior explorers and also a good understanding of the capital markets.
Topaz Energy and Marine has secured a contract from a global oil major to supply a platform supply vessel (PSV) to support the company's offshore production operations. Under the terms of the $11 million agreement, Topaz will provide the Topaz Faye PSV for a period of 18 months.Topaz Faye is a medium size DP2 PSV that...
Topaz Energy and Marine has secured a contract from a global oil major to supply a platform supply vessel (PSV) to support the company's offshore production operations. Under the terms of the $11 million agreement, Topaz will provide the Topaz Faye PSV for a period of 18 months.
Topaz Faye is a medium size DP2 PSV that was recently delivered together with four sister vessels to Topaz and brings the total number of vessels in its fleet to 95.
DeepWell has secured a two-year contract extension worth NOK 300 million (US$50 million) from Statoil for wireline work off Norway.The scope of work includes wireline services on well intervention work for Statoil’s Statfjord, Snorre and Sleipner platforms, as well as for the semi-submersible drilling rig COSL Pioneer.View...
DeepWell has secured a two-year contract extension worth NOK 300 million (US$50 million) from Statoil for wireline work off Norway.
The scope of work includes wireline services on well intervention work for Statoil’s Statfjord, Snorre and Sleipner platforms, as well as for the semi-submersible drilling rig COSL Pioneer.
Kuwait National Petroleum Company (KNPC) has awarded contracts worth $13.24 billion for the Mina Al Ahmadi and Mina Abdullah refineries.Award highlightsA JV of Daewoo Engineering & Construction, Hyundai Heavy Industries and Fluor won a $3.4 billion contract to upgrade the oil refining capacity of the Mina Al Ahmadi and Mina...
Kuwait National Petroleum Company (KNPC) has awarded contracts worth $13.24 billion for the Mina Al Ahmadi and Mina Abdullah refineries.
Award highlights
Source: Reuters
Crescent Point Energy announced a ‘significant’ hydrocarbon discovery in the Flat Lake area of Torquay formation in south-east Saskatchewan. This discovery is an extension of the company's Three Forks resource play in North Dakota.Crescent Point has more than 220 net sections of core-area Torquay land and 400...
Crescent Point Energy announced a ‘significant’ hydrocarbon discovery in the Flat Lake area of Torquay formation in south-east Saskatchewan. This discovery is an extension of the company's Three Forks resource play in North Dakota.
Crescent Point has more than 220 net sections of core-area Torquay land and 400 low-risk Torquay drilling locations on the Canadian side of the border.
The company believes the Torquay region could be as productive as the Bakken region in North Dakota. As of 31-Dec-2013, Crescent Point's 2P reserves in Torquay were 11.2 MMBOE.
CB&I has secured an engineering and project management services contract worth $85 million from a BP-led consortium to develop the South Caucasus pipeline expansion project. The project is located in the Azerbaijan sector of the Caspian Sea and is part of the Stage 2 development of Shah Deniz field.The South Caucasus...
CB&I has secured an engineering and project management services contract worth $85 million from a BP-led consortium to develop the South Caucasus pipeline expansion project. The project is located in the Azerbaijan sector of the Caspian Sea and is part of the Stage 2 development of Shah Deniz field.
The South Caucasus pipeline transports gas from the Shah Deniz field to Turkey through Azerbaijan and Georgia.
Aker Solutions won a contract worth NOK 14 billion (US$ 2.4 billion) from Total to provide a subsea production system for the Kaombo Block 32 development off Angola.
Aker will deliver 20 subsea manifolds and 65 vertical subsea wellsets. The order also includes associated controls as well as work-over and tie-in systems. First deliveries are scheduled for Q2-2015.
Total made an FID for the Kaombo oil project on 14-Apr-2014 and also reduced the project investment by 20% to $16 billion.
Lightstream Resources has entered into an agreement with Freehold Royalties to sell its royalty interests in south-east Saskatchewan for C$111 million (US$101 million).In addition, Lightstream has also agreed to sell certain undeveloped mineral title lands for approximately C$30 million (US$28 million) to Canpar Holdings, a...
Lightstream Resources has entered into an agreement with Freehold Royalties to sell its royalty interests in south-east Saskatchewan for C$111 million (US$101 million).
In addition, Lightstream has also agreed to sell certain undeveloped mineral title lands for approximately C$30 million (US$28 million) to Canpar Holdings, a wholly-owned subsidiary of CN Pension Trust Funds.
Assets overview
Encana announced the filing of a preliminary prospectus for the spin off of its wholly owned royalty assets in Alberta. About 5.2 million acres (2.1 million hectares) of oil and gas areas in central and southern Alberta will be put into a unit called PrairieSky Royalty. The offering is expected to close in early Jun-2014.
PrairieSky does not intend to directly conduct operations to explore for, develop or produce petroleum or natural gas. Instead, the company will focus on attracting third party capital investment to develop its properties for royalty revenues.
The spin off is part of a restructuring announced in 2013 by CEO Doug Suttles which included cutting 20% of the company's staff, slashing the dividend and concentrating capital spending in five regions rich in oil and high-value NGLs. Upon closing of the offering, Encana is expected to hold a majority interest in PrairieSky.
The US Department of Energy (DOE) has renewed ConocoPhillips' permit allowing the company to export LNG from Alaska to all countries. With the renewal, ConocoPhillips will be able to export up to 40 Bcf of LNG over the next two years from Kenai LNG plant in Alaska.
The previous permit lapsed in Mar-2013 amid concerns about falling gas output in the Cook Inlet region.
Senator Lisa Murkowski of Alaska commented: "Today's announcement by DOE...highlights the growth that's occurring in Cook Inlet, where there is now ample gas supply to both meet local needs and help out our friends overseas."
Source: Reuters
The Kenai LNG Plant is located in Nikiski, on the Kenai Peninsula, approximately 10 miles from the city of Kenai. The North Cook Inlet Gas Field was discovered in 1962 and primarily fed the Kenai LNG Plant. The field is operated from the Tyonek platform in the northern waters of Cook Inlet.
CGG announced plans to raise approximately €360 million (US$497 million) through a private placement of senior notes due 2020.The company intends to use the net proceeds of the offering to finance an offer to repurchase its OCEANE convertible bonds due 2016.View CGG press release
CGG announced plans to raise approximately €360 million (US$497 million) through a private placement of senior notes due 2020.
The company intends to use the net proceeds of the offering to finance an offer to repurchase its OCEANE convertible bonds due 2016.
Glencore Xstrata has entered into an agreement to acquire Chad-focused Caracal Energy £800 million (US$1.3 billion). Glencore's 550 pence per share agreed bid for Caracal represents a 61% premium to Caracal's closing share price on 11-Apr-2014.
As a result of this deal, Glencore has terminated a prior agreement under which it proposed to merge with TransGlobe Energy. Glencore has paid TransGlobe a break-fee of $9.25 million under the terms of the proposed merger.
Alex Beard, Glencore's Head of Oil, commented: "Both companies have had a successful partnership since 2012. This transaction deepens our relationship, adding further value and expertise to our growing oil business in Africa. We believe the combined business will be even better placed to take advantage of the long term opportunities across the African oil sector."
Drydocks World has secured a contract from Malta Oil & Gas for the construction of two jack-up drilling rigs.Rig specificationsDimensions: 76m x 76m and leg length 180.6m;Can be operated in water depths of up to 450 ft; capable of drilling HPHT (High Pressure High Temperature) wellsEquipped with a permanent accommodation for...
Drydocks World has secured a contract from Malta Oil & Gas for the construction of two jack-up drilling rigs.
Rig specifications
