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Kea Petroleum has spud the Puka-3 appraisal well located in PEP 51153, Taranaki Basin. The well will be drilled to a total depth of 1,580m, targeting the Mt Messenger Formation.
The drilling of Puka-3, from the same well pad as the producing Puka-1 and Puka-2 wells, is the major component of Phase 1 of the farm-out agreement signed with MEO on 7-Apr-2014.
Gabon’s oil ministry has selected seven companies to finalize negotiations for nine new blocks located in deep offshore waters. The selected companies are ExxonMobil, Repsol, Petronas, Ophir Energy, Marathon Oil, Perenco and Impact Oil & Gas.Gabon’s current oil production of about 230 Mbbl/d has...
Gabon’s oil ministry has selected seven companies to finalize negotiations for nine new blocks located in deep offshore waters. The selected companies are ExxonMobil, Repsol, Petronas, Ophir Energy, Marathon Oil, Perenco and Impact Oil & Gas.
Gabon’s current oil production of about 230 Mbbl/d has come down from 400 Mbbl/d in the 1990s. The government hopes that this initiative will reverse a chronic decline in output.
Source: Reuters
Santos has received an environmental assessment approval for the Narrabri Gas project from the NSW Government. Santos had submitted its preliminary environmental assessment report to the government on 3-Apr-2014.
The commission approved the report accepting that the project allowed for “rational and efficient transfer of water and brine for dust suppression and rehabilitation” to enable the use of gas from drilling.
The project covers around 98,000 hectares with production forecast at 187 MMcf/d of natural gas.
The Norwegian Petroleum Directorate (NPD) announced that Statoil has made an uncommercial gas find at its Atlantis wildcat (7325/1-1), located in PL615 in the Barents Sea. The preliminary assessments indicated that the discovery is not commercially viable, and the well will now be permanently plugged and abandoned.
The Atlantis well was drilled to a depth of 2,825m in a water depth of 446m.
PL615 ownership: Statoil (35%, operator), ConocoPhillips (25%), OMV (20%) and Petoro (20%).
View in UCube: Capex profile for Statoil's sanctioned projects in Norway
MDU Resources has entered into an agreement with Lime Rock Resources to sell certain oil and natural gas producing assets in Mountrail County, North Dakota, for $200 million.The assets sold consist of approximately 4,363 net acres with a net production of approximately 2 Mbbl/d from 81 gross wells.View MDU press release
MDU Resources has entered into an agreement with Lime Rock Resources to sell certain oil and natural gas producing assets in Mountrail County, North Dakota, for $200 million.
The assets sold consist of approximately 4,363 net acres with a net production of approximately 2 Mbbl/d from 81 gross wells.
HRT has secured a two-year extension for the Block SOL-T-195 located in the Solimoes Basin, Brazil. The extension is effective from 9-Jul-2014.View HRT press release
HRT has secured a two-year extension for the Block SOL-T-195 located in the Solimoes Basin, Brazil. The extension is effective from 9-Jul-2014.
Tallgrass Development has offered Tallgrass Energy Partners (TEP), a publicly traded MLP, the right to purchase a 33.3% stake in Tallgrass Pony Express Pipeline LLC for $600 million.
Tallgrass Pony Express Pipeline LLC is developing an oil pipeline project in two phases. The first phase includes conversion of a 430-mile gas pipeline (mainline) and the construction of a 260-mile southward pipeline extension that, when complete, will result in an oil pipeline from Guernsey, Wyoming to Cushing, Oklahoma. The second phase includes the construction of a 66-mile lateral in Northeast Colorado.
The mainline is expected to be placed in service during Q3-2014, while the Northeast Colorado Lateral to be placed in service during H1-2015.
AWE has discovered gas at the Drover-1 exploration well in EP 455, Perth Basin, Western Australia. The well was drilled to a depth of 2,356m. The well was designed to test the unconventional gas potential in the southern area of AWE’s Perth Basin acreage.
All target formations have been intersected and log data indicates a 787m section of Kockatea shale, a 257m section of Carynginia shale, a 289m section of Irwin River Coal Measures and a 14.5m section of High Cliff sandstone. The well will now be suspended pending the results of the testing of data, with production casing already set in the well.
Ownership of EP 455: AWE (81.5%, operator) and Titan Energy (18.5%).
Partners in the Alaska LNG project have sought approval from the US Department of Energy (DOE) to export as much as 20 MMTPA of LNG for 30 years. The export application requests authorization to export LNG to countries that have existing Free Trade Agreements (FTAs) with the US, as well as to non-FTA countries.
The LNG project, which could cost up to $65 billion, includes a North Slope gas treatment plant, an 800-mile, 42” pipeline with a maximum of eight compression stations, and a minimum of five off-take points for Alaskan gas use, in addition to the liquefaction plant and terminal. The project is now in the pre-FEED phase, which is expected to be completed in 2016.
The Alaska LNG project partners are ExxonMobil, Alaska Gasline Development Corporation, TransCanada, BP and ConocoPhillips.
McDermott International awarded a contract to provide transportation and installation services to Walter Oil & Gas for the Megalodon platform. The platform will be installed at the South Timbalier Block 311 in the Gulf of Mexico. McDermott will provide all materials and equipment to transport and install the six-pile...
McDermott International awarded a contract to provide transportation and installation services to Walter Oil & Gas for the Megalodon platform. The platform will be installed at the South Timbalier Block 311 in the Gulf of Mexico.
McDermott will provide all materials and equipment to transport and install the six-pile platform in 391 ft of water, over an existing well site. The heavy-lift Derrick Barge 50 will perform a side-lift of the 3,300-ton jacket and set the 2,100-ton topsides. Installation is expected to commence in Q4-2014.
Halliburton has appointed Jeff Miller as President and a member of the board effective 1-Aug-2014. Mr. Miller is currently the EVP and COO of the company.Mr. Miller began his career at Halliburton in 1997 and has held various senior management roles in the company’s global operations and business development. Mr. Miller...
Halliburton has appointed Jeff Miller as President and a member of the board effective 1-Aug-2014. Mr. Miller is currently the EVP and COO of the company.
Mr. Miller began his career at Halliburton in 1997 and has held various senior management roles in the company’s global operations and business development. Mr. Miller holds a Bachelor of Science degree from McNeese State University, and has a MBA degree from Texas A&M University. He is a Certified Public Accountant and a member of the Texas A&M University Dwight Look College of Engineering Advisory Council.
Statoil resumed production at the Njord A Field in the Norwegian Sea on 19-Jul-2014, after a major reinforcement of the platform structure. Production at the field has been shut down since last summer.
Statoil Head of Njord operations Arve Rennemo noted: “Njord A will produce oil and gas until the summer of 2016, after which it will be taken to shore for additional upgrades which will allow us to use the drilling system on board, and prepare it for many more good years of service on the Norwegian Shelf.”
Ownership of Njord A Field: Statoil (20%, operator), GDF Suez (40%), E.ON (30%), Faroe Petroleum (7.5%) and VNG (2.5%).
Halliburton reported a 20% YoY rise in Q2-2014 net profit to $774 million as drilling activity increased in the US and the Gulf of Mexico.The company also reported a 10% YoY jump in Q2-2014 revenue to $8.05 billion.Source: Reuters
Halliburton reported a 20% YoY rise in Q2-2014 net profit to $774 million as drilling activity increased in the US and the Gulf of Mexico.
The company also reported a 10% YoY jump in Q2-2014 revenue to $8.05 billion.
Source: Reuters
Salamander Energy is no longer considering to sell itself as previously announced on 1-May-2014. The company had been considering a divestment of certain assets and, as part of that process, received a number of preliminary and conditional expressions of interest in relation to an offer for the company. This resulted in the...
Salamander Energy is no longer considering to sell itself as previously announced on 1-May-2014. The company had been considering a divestment of certain assets and, as part of that process, received a number of preliminary and conditional expressions of interest in relation to an offer for the company. This resulted in the commencement of a Formal Sale Process.
Separately, the company announced the conclusion of the sale of a 40% stake in the B8/38 Concession (containing the Bualuang Field) and the G4/50 Concession, off Thailand, for $280 million.
Charles Jamieson, Chairman of Salamander, commented: "The Sona transaction meets all of the criteria the Group were seeking in divesting of a minority stake in one of our key assets, as part of its strategy. The Board has carefully considered all of the proposals received under the previously announced Formal Sale Process and believes that this transaction represents the best outcome for shareholders and the wider Group. Focus will now shift to delivering the next phase of growth from both the existing asset base and the wider opportunity set in South East Asia."
Diamondback Energy has entered into an agreement to acquire additional leasehold interests in the Midland Basin for $538 million. The assets acquired include 13,136 net acres (88% operated), and net production of 2.2 MBOE/d from 131 gross (94 net) producing wells. Net 1P reserves, as on Jun-2014, are estimated at approximately...
Diamondback Energy has entered into an agreement to acquire additional leasehold interests in the Midland Basin for $538 million. The assets acquired include 13,136 net acres (88% operated), and net production of 2.2 MBOE/d from 131 gross (94 net) producing wells. Net 1P reserves, as on Jun-2014, are estimated at approximately 5.2 MMBOE.
According to Diamondback, the acreage is prospective for horizontal drilling in the Wolfcamp B, Lower Spraberry, Clearfork, Middle Spraberry, Wolfcamp A and Wolfcamp D (Cline) formations. Upon closing, the acquisition is expected to raise Diamondback's total position in the Midland Basin to more than 85,000 net acres.
Canacol Energy announced the successful appraisal of the Morsa 1 well located on its Oso Pardo light oil discovery in the Santa Isabel Contract, Middle Magdalena Basin, Colombia. The well is currently flowing at a net rate 832 bbl/d of 25° API light oil and 160 Mcf/d of gas.The well was spud on 27-May-2014 and reached a...
Canacol Energy announced the successful appraisal of the Morsa 1 well located on its Oso Pardo light oil discovery in the Santa Isabel Contract, Middle Magdalena Basin, Colombia. The well is currently flowing at a net rate 832 bbl/d of 25° API light oil and 160 Mcf/d of gas.
The well was spud on 27-May-2014 and reached a total depth of 5,944 ft with good oil and gas shows encountered while drilling through the primary Umir sandstone reservoir target. The well encountered a total of 66 ft of net oil pay in two separate sandstone reservoirs within the Tertiary Umir Formation with an average porosity of 17%.
Canacol completely owns and operates the Santa Isabel Contract.
Tetra Technologies announced that its gas compression unit, Compressco Partners, has acquired all the outstanding shares of Compressor Systems Inc. (CSI), for $825 million in cash.CSI fabricates, sells, and maintains natural gas compressors and provides compression services. The company owns over 275 units in the 1,000 HP and...
Tetra Technologies announced that its gas compression unit, Compressco Partners, has acquired all the outstanding shares of Compressor Systems Inc. (CSI), for $825 million in cash.
CSI fabricates, sells, and maintains natural gas compressors and provides compression services. The company owns over 275 units in the 1,000 HP and larger range. In addition, CSI fabricates and sells engine-driven oilfield fluid pump systems primarily for the international market.
In a separate announcement, Compressco has said that it has commenced a private offering of $350 million in aggregate principal amount of senior notes due 2022. The company intends to use the net proceeds to fund this acquisition.
Panoro Energy announced that Harvest Natural Resources has signed the declaration of commerciality (DoC) for four oilfields in the Ruche area of the Dussafu Block off Gabon.
The Ruche area comprising the Ruche A, Ruche B, Ruche C and Ruche D discoveries which can now be commercially exploited. These fields have been independently assessed by Gaffney Cline & Associates to hold 1C, 2C and 3C economically recoverable gross contingent resources of 13.2 MMbbl, 33.4 MMbbl and 70.3 MMbbl respectively.
The company has also inked an Exclusive Exploitation Authorization (EEA) with the Gabonese authorities. Panoro will submit an FDP to the government within 90 days for approval.
Ownership of Dussafu Block: Harvest Natural Resources (66.67%, operator), Panoro Energy (33.33%).
ExxonMobil has commenced drilling the Domino-2 well in the deep-water sector of the Neptun Block off Romania in the Black Sea. Data collected during the drilling program will be used to assess the size and commercial viability of the gas field discovered by the Domino-1 exploration well in 2012.The Domino-2 well is located...
ExxonMobil has commenced drilling the Domino-2 well in the deep-water sector of the Neptun Block off Romania in the Black Sea. Data collected during the drilling program will be used to assess the size and commercial viability of the gas field discovered by the Domino-1 exploration well in 2012.
The Domino-2 well is located approximately 200 km offshore and is being drilled from the Ocean Endeavor rig in a water depth of 800m.
Ownership of Neptun Block: ExxonMobil (50%, operator) and OMV (50%).
Europa Oil & Gas reported that Egdon Resources has spud the Wressle-1 exploration well located in PEDL 180, Lincolnshire, UK. The well will be drilled as a deviated well to a total depth of approximately 2,300m and is expected to take 38 days.
Egdon estimates Wressle has mean gross un-risked recoverable resources of 2.1 MMbbl of oil.
Ownership of PEDL 180: Egdon (25%, operator), Europa (33.3%) Celtique Energie Petroleum (33.3%) and Union Jack Oil (8.3%).
AGR Group has entered into an agreement to sell its oil and gas services division (AGR Holdings) to Silverfleet Capital for NOK 1.6 billion (US$265 million).AGR Holdings is the world's largest independent well management group. It provides well management solutions including accessing and managing scarce rig capacity. The...
AGR Group has entered into an agreement to sell its oil and gas services division (AGR Holdings) to Silverfleet Capital for NOK 1.6 billion (US$265 million).
AGR Holdings is the world's largest independent well management group. It provides well management solutions including accessing and managing scarce rig capacity. The company also provides specialized geology and geophysics and reservoir expertise and consultancy in well engineering, well planning and management of full drilling operations.
AGR CEO Age Landro said, “Moving forward, we are very excited to be partnering with Silverfleet Capital, and we are confident that this will in turn enable AGR Holdings to continue its business growth around the world and to deepen its scope of services, whilst providing the highest quality offering to its customers.”
Karoon Gas Australia has invoked force majeure at the Block Z-38 in Tumbes Basin off Peru. Karoon’s application for force majeure was requested on the basis of the company being unable to secure a suitable drilling unit within the required timeframe on the Pacific side of the Americas.
Force majeure has been granted effective 1-Sep-2013.
Ownership of Block Z-38: Karoon Gas (75%, operator) and Pitkin Petroleum (25%).
Lundin Petroleum announced that it has successfully completed drilling the appraisal well (7120/1-4S) in the western part of the Gohta discovery in PL492, Barents Sea. The well was drilled to a total depth of 2,490m in a water depth of 331m, 155 km north-west of the Norwegian coast.
Lundin conducted two drill stem tests (DSTs) in the well. An attempt was made to test a 50m interval starting 23m below the estimated gas-oil contact followed by a test of the 10m thick conglomerate interval.
The first test produced gas at a rate of 6.4 MMcf/d, but the pressure build-up data showed drainage from a porous reservoir as a result of insufficient isolation between the oil and gas zones on the outside of the production liner. The oil zone test was therefore not conclusive. The second test produced 26.4 MMcf/d of gas and 880 bbl/d of condensate. The results confirmed good production characteristics in the matrix of the limestone conglomerate.
The well will be permanently plugged and abandoned before the rig proceeds to drill exploration well 7220/11-1 in PL609.
PL492: Lundin (40%, operator), Det Norske (40%) and Noreco (20%).
Tullow Oil did not encounter hydrocarbons in the Lupus exploration well (31/10-1) in PL507, North Sea. The well will now be plugged and abandoned. The well was drilled to a total depth of 2,357m by the semi-submersible Borgland Dolphin rig in a water depth of 121m.
The well identified good quality reservoir sandstone in the Hermod Formation, but no sandstone was observed in the Ty Formation. The primary objective of the well was to prove up hydrocarbons in the Paleocene Hermod Formation in a stratigraphic trap. A secondary target was to test for reservoir quality sandstones in the Paleocene Ty Formation of the Rogaland Group.
Ownership of PL507: Tullow (60%, operator), Explora Petroleum (20%), Ithaca Energy (10%) and North Energy (10%).
View in UCube: Investment profile of Tullow's sanctioned projects
A gas leak was reported on 19-Jul-2014 on ONGC-operated Sagar Uday oil platform at Mumbai High, around 162 km off Mumbai, India. ONGC said that it has evacuated 48 people and is working towards plugging the leak.View ONGC press release
A gas leak was reported on 19-Jul-2014 on ONGC-operated Sagar Uday oil platform at Mumbai High, around 162 km off Mumbai, India. ONGC said that it has evacuated 48 people and is working towards plugging the leak.
Rowan Companies announced in its latest monthly fleet status report that the Rowan Louisiana rig has secured a one-well contract from Energy XXI for operations in the Gulf of Mexico. The day rate for Rowan Louisiana is $108,000. The rig will be contracted for 75-80 days.View Rowan press release
Rowan Companies announced in its latest monthly fleet status report that the Rowan Louisiana rig has secured a one-well contract from Energy XXI for operations in the Gulf of Mexico. The day rate for Rowan Louisiana is $108,000. The rig will be contracted for 75-80 days.
Central Petroleum has spud the Whiteley-1 unconventional gas exploration well in ATP 912, Southern Georgina Basin, Queensland. The primary objective is the Lower Arthur Creek Formation. The formation will be fully cored and sampled reservoir properties, in addition to an extensive logging program to evaluate the hydrocarbon resource potential.
This is the first well of Central’s unconventional gas exploration program. The second well in the program, Gaudi-1, is scheduled to spud in mid-Sep-2014 in ATP 909. Each well is expected to be drilled to a total depth of 2,500-2,900m, will be extensively cored, and should be drilled and cased in 60 days.
Ownership of ATP 912: Central Petroleum (90%, operator) and Total (10%).
Sembcorp Marine has secured an FPSO conversion contract worth S$600 million (US$484 million) from Saipem for the Kaombo project, located in Block 32 off Angola. Sembcorp is responsible for the conversion of two very large crude carriers (VLCCs) sister ships into two turret-moored FPSOs.
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.
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
View in UCube: Offshore Angola Production Forecast, by Operator
Global DealsThe week began with a bang when Whiting Petroleum announced the acquisition of Kodiak Oil & Gasfor $6 billion. With 855,000 combined net acres and an inventory of 3,460 net future drilling locations, Whiting is now the largest Bakken/Three Forks producer.Meanwhile, PE firm Global Infrastructure Partners agreed to...
Global Deals
The week began with a bang when Whiting Petroleum announced the acquisition of Kodiak Oil & Gas for $6 billion. With 855,000 combined net acres and an inventory of 3,460 net future drilling locations, Whiting is now the largest Bakken/Three Forks producer.
Meanwhile, PE firm Global Infrastructure Partners agreed to acquire around 25% stake in the Freeport LNG gas project in Texas, for $850 million.
Two big-ticket Asian deals in play were also announced towards the end of the week. Mitsubishi submitted a non-binding bid to buy Murphy Oil's Malaysian oil and gas assets, valued at about $2.5 billion. Indian Government also announced its plan to sell a 5% stake in ONGC. Based on current market price, the stake is valued at approximately $3 billion.
Exploration
While, Repsol obtained Spain’s Energy Minister nod for its $7 billion oil exploration project off the Canary Islands in Oct-2014, Shell announced its third major discovery in the Norphlet play in the deep waters of the GoM with the successful Rydberg exploration well.
CNPC, OMV and ConocoPhillips also cheered hydrocarbon discoveries. CNPC hit pay in the Zhongjiannan Basin in the South China Sea. OMV Petrom also discovered a new oil reservoir at the Marina 1 exploration well in the Black Sea off Romania and ConocoPhillips made a gas discovery at the Pharos-1 exploration well in the Browse Basin.
Projects & Capex
Santos, in its Q2 result announcement, maintained its full year production guidance between 52-57 MMBOE. The company also reiterated its 2014 capex at A$3.5 billion (US$3.3 billion).
Meanwhile, Woodside increased its 2014 production guidance to 89-94 MMBOE, up from an earlier target of 86-93 MMBOE.
U.S. Silica Holdings has signed a stock purchase agreement to acquire all of the outstanding shares of Texas-based sand mining company, Cadre Services, for $98 million.Cadre operates a single frac sand mine and plant, with recently expanded annual capacity of about 800,000 tons per year of ‘Premium Hickory’ sand....
U.S. Silica Holdings has signed a stock purchase agreement to acquire all of the outstanding shares of Texas-based sand mining company, Cadre Services, for $98 million.
Cadre operates a single frac sand mine and plant, with recently expanded annual capacity of about 800,000 tons per year of ‘Premium Hickory’ sand. Cadre's regional location allows it to service customers in the Permian Basin on both a contract and a spot basis, with about 40% of revenue derived from customers under take-or-pay contracts.
U.S. Silica President and CEO Bryan Shinn said, "The addition of the Cadre team and their outstanding operational and logistics capabilities allows us to provide our customers with a high quality, regionally-produced product which effectively meets the demands of many Permian oil and gas wells."
Shell has suspended development of a liquefaction unit at Canada's Jumping Pound facility, which was to be used to produce LNG for transportation fuel. The Jumping Pound complex is located in southern Alberta and has an overall production rate of 300 MMcf/d.A Shell spokesperson said, “We believe LNG in transport is a...
Shell has suspended development of a liquefaction unit at Canada's Jumping Pound facility, which was to be used to produce LNG for transportation fuel. The Jumping Pound complex is located in southern Alberta and has an overall production rate of 300 MMcf/d.
A Shell spokesperson said, “We believe LNG in transport is a considerable opportunity for Shell, but it is an emerging market and we must have a balanced approach to its development, (so) we have suspended development of the liquefaction unit at the Jumping Pound facility."
Source: Reuters
Kosmos Energy intends to offer $300 million aggregate principal amount of senior secured notes due 2021 in a private offering.Kosmos intends to use the net proceeds from this offering to repay a portion of the outstanding indebtedness under its commercial debt facility and for general corporate purposes.View Kosmos press release
Kosmos Energy intends to offer $300 million aggregate principal amount of senior secured notes due 2021 in a private offering.
Kosmos intends to use the net proceeds from this offering to repay a portion of the outstanding indebtedness under its commercial debt facility and for general corporate purposes.
Kongsberg Maritime has been awarded multiple contracts by Chinese and Korean shipbuilders to provide technology solutions for 13 advanced offshore vessels. The contract has a total value of NOK 330 million (US$53 million). The company will provide integrated dynamic positioning, automation, navigation, hydroacoustic positioning...
Kongsberg Maritime has been awarded multiple contracts by Chinese and Korean shipbuilders to provide technology solutions for 13 advanced offshore vessels. The contract has a total value of NOK 330 million (US$53 million). The company will provide integrated dynamic positioning, automation, navigation, hydroacoustic positioning and riser management solutions.
The vessels comprise of four offshore drilling units, two accommodation units, six LNG vessels and one LNG FSRU with integrated automation system.
Mitsubishi has submitted a non-binding bid to buy Murphy Oil's Malaysian oil and gas assets, valued at about $2.5 billion. ONGC and Oil India are among the other suitors preparing to submit bids for the assets.Murphy, which has interests in oil and gas fields in Malaysia, Vietnam, Indonesia, Brunei and Australia, has invited...
Mitsubishi has submitted a non-binding bid to buy Murphy Oil's Malaysian oil and gas assets, valued at about $2.5 billion. ONGC and Oil India are among the other suitors preparing to submit bids for the assets.
Murphy, which has interests in oil and gas fields in Malaysia, Vietnam, Indonesia, Brunei and Australia, has invited bids for a 30% stake in its Malaysian assets. Murphy's net production from Malaysia was about 86 MBOE/d in 2013, with 1P reserves of 125 MMbbl of oil and 406 Bcf of gas.
Source: Reuters
Larne Oil and Gas has purchased an exclusive option to farm-in to two InfraStrata-operated licenses (PL1/10 and P2123) located in Northern Ireland. The license PL1/10 is onshore while P2123 is an adjacent offshore license.If the option is exercised, Larne will be credited with the option price and will then fund a...
Larne Oil and Gas has purchased an exclusive option to farm-in to two InfraStrata-operated licenses (PL1/10 and P2123) located in Northern Ireland. The license PL1/10 is onshore while P2123 is an adjacent offshore license.
If the option is exercised, Larne will be credited with the option price and will then fund a 'disproportionate' share of the forthcoming costs for an exploration well in PL1/10 to earn a 50% stake in the license.
Post-transaction ownership of PL1/10 and P2123: InfraStrata (20.83%, operator), Larne (50%), Brigantes (16.67%) and Terrain (12.5%).
Tullow Oil has signed a farm-out agreement with Eco Oil & Gas to acquire up to 40% working interest in Block 2012A in the Walvis Basin off Namibia. Under the deal, Eco will initially transfer 25% WI in the block to Tullow in return for a carry of the company's share of costs to execute and process the seismic...
Tullow Oil has signed a farm-out agreement with Eco Oil & Gas to acquire up to 40% working interest in Block 2012A in the Walvis Basin off Namibia. Under the deal, Eco will initially transfer 25% WI in the block to Tullow in return for a carry of the company's share of costs to execute and process the seismic program, and the reimbursement of 25% of the company's past costs (approximately $1 million).
Following the first transfer, if Tullow elects to participate in the drilling of an exploration well on the block, the company will pick up an additional 15% interest in the block.
Eco Atlantic will remain operator until the second transfer, at which time, Tullow will be appointed as operator of the block.
Schlumberger reported an 8% YoY growth in Q2-2014 revenue to $12 billion, primarily due to higher activity in North America. International markets brought in about two-thirds of revenue, with a 12% YoY growth in the Middle East and Asia, and a 4% YoY rise in Europe. Revenue from Latin America fell 3% YoY.Schlumberger...
Schlumberger reported an 8% YoY growth in Q2-2014 revenue to $12 billion, primarily due to higher activity in North America. International markets brought in about two-thirds of revenue, with a 12% YoY growth in the Middle East and Asia, and a 4% YoY rise in Europe. Revenue from Latin America fell 3% YoY.
Schlumberger CEO Paal Kibsgaard said, “Second-quarter results were driven by significantly higher activity both offshore and in key land markets.”
Source: Reuters
Santos posted Q2-2014 revenue of A$974 million (US$911 million), up 22% YoY, as the PNG LNG project started production ahead of schedule. The company holds a 13.5% interest in the $19 billion ExxonMobil-operated project.
The company reported production of 12.8 MMBOE/d (25% liquids), up 3% YoY. Higher output from Darwin LNG and the start-up of PNG LNG was partially offset by lower production from the Carnarvon Basin. Crude production was 2.1 MBOE/d, marginally lower than Q2-2013. Outages at Fletcher Finucane and Chim Sao were offset by higher Cooper Basin crude production.
The company has maintained its full year production guidance of between 52-57 MMBOE. Santos also reiterated its 2014 capex at A$3.5 billion.
Ownership of PNG LNG: ExxonMobil (33.2%, operator), Oil Search (29%), Santos (13.5%), Nippon Oil (4.7%), PNG Government and landowners (19.58%).
Pine Cliff Energy has entered into an agreement to acquire certain shallow natural gas assets in Alberta and southern Saskatchewan for C$100 million (US$93 million). The majority of the Alberta assets are located east of the City of Medicine Hat, with some minor assets in Central Alberta near the City of Wetaskiwin. The...
Pine Cliff Energy has entered into an agreement to acquire certain shallow natural gas assets in Alberta and southern Saskatchewan for C$100 million (US$93 million). The majority of the Alberta assets are located east of the City of Medicine Hat, with some minor assets in Central Alberta near the City of Wetaskiwin. The Saskatchewan assets are located near the Town of Maple Creek.
The acquired assets include production volumes of 5.3 MBOE/d, 1P reserves of 10.7 MBOE and 2P reserves of 15.5 MBOE.
Subsequent to the closing of the transaction, Pine Cliff is expected to have a combined base asset production of over 11 MBOE/d with a combined decline rate of approximately 13%.
Cheniere Energy has entered into an agreement with EDF to supply approximately 0.38 MMTPA of LNG from its Corpus Christi Liquefaction Project in Texas. The 20-year agreement will commence upon the date of first commercial delivery of the second train of the project, with an extension option of up to ten years.
The supplied volume will extend to 0.77 MMTPA of LNG upon the commencement of operations of the third train.
Gulf Keystone Petroleum appoints Mr. John Gerstenlauer as CEO. He has served as the COO of the company since 2008.View Gulf Keystone press release
Gulf Keystone Petroleum appoints Mr. John Gerstenlauer as CEO. He has served as the COO of the company since 2008.
A JV between Foster Wheeler and Taknia Libya Engineering Company has been awarded a FEED contract by Nafusah Oil Operations for the Area 47 Development Project (North Hamada oilfield) in the Hamada region, 200 km south of Tripoli in Libya.The project will consist of 34 producing wells, including eleven existing wells and 23 new...
A JV between Foster Wheeler and Taknia Libya Engineering Company has been awarded a FEED contract by Nafusah Oil Operations for the Area 47 Development Project (North Hamada oilfield) in the Hamada region, 200 km south of Tripoli in Libya.
The project will consist of 34 producing wells, including eleven existing wells and 23 new wells, flow-lines and a common gathering trunk-line to transport the well fluids to the central gas oil separation facility for primary treatment. This will then be exported through new pipelines to the Mellitah delivery terminal, in the northwest of Libya, on the Mediterranean Sea.
The planned design capacity of the gas oil separation facility is 50 Mbbl/d of oil, 90 MMcf/d of gas and associated water.
Baker Hughes posted a 47% YoY jump in Q2-2014 net profit to $353 million. The jump is attributed to rise in drilling activity in North America and a steady demand from the Middle East and Asia Pacific.Revenue rose 8% YoY to $5.9 billion with revenue from North America up by 6% YoY to $2.8 billion, and Middle East and Asia...
Baker Hughes posted a 47% YoY jump in Q2-2014 net profit to $353 million. The jump is attributed to rise in drilling activity in North America and a steady demand from the Middle East and Asia Pacific.
Revenue rose 8% YoY to $5.9 billion with revenue from North America up by 6% YoY to $2.8 billion, and Middle East and Asia Pacific revenue up by 18% YoY to $1.1 billion.
Source: Reuters
Aker Solutions reported a Q2-2014 net loss of NOK 807 million (US$130 million), compared to a profit of NOK 58 million in Q2-2013. The loss was mainly due to an impairment charge of NOK 1.6 billion. The impairment was accounted against Aker’s oilfield services business, which is set to be part of the Akastor segment of the...
Aker Solutions reported a Q2-2014 net loss of NOK 807 million (US$130 million), compared to a profit of NOK 58 million in Q2-2013. The loss was mainly due to an impairment charge of NOK 1.6 billion. The impairment was accounted against Aker’s oilfield services business, which is set to be part of the Akastor segment of the business after the planned split takes place.
Revenue was up 17% YoY to NOK 13 billion.
Karoon Gas reported that ConocoPhillips (COP) has made a gas discovery at the Pharos-1 exploration well in the Browse Basin permit (WA-398-P) off Western Australia.
Pharos-1 was drilled to a total depth of 4,949m and is the sixth and final well in the Browse Basin Phase 2 exploration drilling campaign. The well will be a further test of the Proteus-1 Crown trend. It is targeting an extension of the discovery made at Proteus-1 which established 'excellent' reservoir quality and condensate bearing gas in the Montara Formation.
Ownership of WA-398-P: ConocoPhillips (60%, operator) and Karoon Gas (40%).
Det Norske has reported Q2-2014 profit of NOK 167 million (US$27 million), compared to a net loss of NOK 41.5 million booked in Q2-2013. The company swung back into profit primarily due to a tax gain and a rise in revenue. Revenue was up 59% YoY to NOK 454 million, mainly driven by a NOK 309 million gain related to two...
Det Norske has reported Q2-2014 profit of NOK 167 million (US$27 million), compared to a net loss of NOK 41.5 million booked in Q2-2013. The company swung back into profit primarily due to a tax gain and a rise in revenue. Revenue was up 59% YoY to NOK 454 million, mainly driven by a NOK 309 million gain related to two asset swaps in Jun-2014.
Production fell 52% YoY to 2.7 MBOE/d, due to a steep decline at the Jette and Atla fields off Norway.
Trinity Exploration & Production agreed to acquire an 80% interest in two blocks off Trinidad from Centrica, for $23 million. The acquired assets include two blocks (Blocks 1a and 1b) containing four gas discoveries with aggregate net 2C resources of 215 Bcf.Trinity intends to fast-track the greenfield development project,...
Trinity Exploration & Production agreed to acquire an 80% interest in two blocks off Trinidad from Centrica, for $23 million. The acquired assets include two blocks (Blocks 1a and 1b) containing four gas discoveries with aggregate net 2C resources of 215 Bcf.
Trinity intends to fast-track the greenfield development project, with an anticipated production plateau of 80 MMcf/d. First production is anticipated in 2017-2018.
Six wells have already been drilled on the property and approximately $220 million has been spent on the project by previous owners.
Black Elk Energy has entered into an agreement with Renaissance Offshore to divest its interest in nine fields located in the Gulf of Mexico, for $170 million. The sale is expected to close in Aug-2014.The assets include East Cameron 360, Sabine 13, Main Pass 74, Main Pass 264, Ship Shoal 198, Ship Shoal 269, Vermilion 331,...
Black Elk Energy has entered into an agreement with Renaissance Offshore to divest its interest in nine fields located in the Gulf of Mexico, for $170 million. The sale is expected to close in Aug-2014.
The assets include East Cameron 360, Sabine 13, Main Pass 74, Main Pass 264, Ship Shoal 198, Ship Shoal 269, Vermilion 331, Vermilion 369 and Vermilion 408 fields.
Petrobras plans to divest the 40% stake it holds in a Brazilian natural gas distributor, Gasmig, to Cia Energética de Minas Gerais SA.Gasmig distributes about 145 MMcf/d of natural gas in the state of Minas Gerais through an 850 km long network of integrated pipelines.Source: Reuters
Petrobras plans to divest the 40% stake it holds in a Brazilian natural gas distributor, Gasmig, to Cia Energética de Minas Gerais SA.
Gasmig distributes about 145 MMcf/d of natural gas in the state of Minas Gerais through an 850 km long network of integrated pipelines.
Source: Reuters
CNOOC is studying the possibility of building an FLNG vessel which will help to produce gas from the deep waters of the South China Sea. A pre-feasibility study is under way, CNOOC and other industry officials said.CNOOC’s chief deep-water researcher Xie Bin said, “CNOOC is looking at an FLNG plant that could handle...
CNOOC is studying the possibility of building an FLNG vessel which will help to produce gas from the deep waters of the South China Sea. A pre-feasibility study is under way, CNOOC and other industry officials said.
CNOOC’s chief deep-water researcher Xie Bin said, “CNOOC is looking at an FLNG plant that could handle up to 2.4 MMTPA of gas and operate at a depth of 1,500m.
Source: Reuters
