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NEWS

  • Highlights of the Week Ended 5-Sep-2015

    BG Group has put up 22.2% stake in the Bongkot offshore gas field for sale, valued at around $1.2 billion.After the mega-discovery made by Eni, the company is open to selling a stake in Zohr gas field discovery off Egypt.W&T Offshore entered into a definitive agreement with Ajax Resources...

    Highlights of the Week Ended 5-Sep-2015
    Global Deals, Projects & Capex, Exploration

    BG Group has put up 22.2% stake in the Bongkot offshore gas field for sale, valued at around $1.2 billion.

    After the mega-discovery made by Eni, the company is open to selling a stake in Zohr gas field discovery off Egypt.

    W&T Offshore entered into a definitive agreement with Ajax Resources LLC for the sale of all of its interest in its Yellow Rose field in the Permian Basin for approximately $376 million.

    EV Energy Partners LP (EVEP) entered into four agreements with certain EnerVest Institutional Partnerships to acquire oil and natural gas properties for a combined cash consideration of $259 million.

    Mitsui Oil Exploration (MOECO) signed Production Sharing Contracts with PTT Exploration and Production (PTTEP) to acquire 10% participating interest in each of the Myanmar onshore exploration blocks PSC-G and EP-2.

    Swala Energy decided to exit Zambia by relinquishing the control of Swala Energy (Zambia) to local Zambian shareholders.

    MEO Australia signed a Production Sharing Contract (PSC) with Cuba Petroleo Union (CUPET) for Block 9.

    Rosneft signed an agreement with ONGC Videsh to sell 15% stake in Vankorneft. In a separate transaction, Rosneft and China Petrochemical Corporation (Sinopec) signed the Heads of Agreement on cooperation within the proposed joint development of Russkoye and Yurubcheno-Tokhomskoye fields in Russia.

    Holly Energy Partners LP acquired 50% interest in Frontier Pipeline Company, owner of the Frontier Pipeline, from an affiliate of Enbridge.

    Novatek and Silk Road Fund (SRF) concluded a framework agreement on the acquisition by SRF of a 9.9% equity stake in the Yamal LNG project.

    WPX Energy divested its remaining mature coalbed methane properties in Wyoming’s Powder River Basin to Moriah Powder River LLC for $80 million. In a separate transaction, WPX Energy also agreed to sell Van Hook gathering system, North Dakota for approximately $185 million to a private equity fund managed by the Ares EIF Group.

    In the downstream segment, Total agreed to sell its service station network and commercial sales, supply and logistics assets located in Turkey to Demiroren for approximately $356 million.

    Keppel Offshore & Marine entered into a Stock and Asset Purchase Agreement with Cameron International to acquire Cameron's offshore rigs business for $100 million.

    Exploration

    This week witnessed a mega-discovery made by Eni at the Zohr prospect, located on Shorouk Block, offshore Egypt.

    However, this week was not pleasant for the North Sea players. While Statoil came up dry at 16/7-11 wildcat in PL72B, Premier Oil also failed to discover hydrocarbons in 3/7-10S wildcat well in PL539. However, Statoil discovered oil in 30/9-27S wildcat well in PL104. 

    GeoPark made an oil discovery in Jacana-1 exploration well, located on the Llanos 34 Block in Colombia. Meanwhile, Parex Resources was disappointed at Guepardo-1 well on Block LLA-32.

    Pakistan Petroleum Limited (PPL) discovered hydrocarbons at Fazl X-1 exploration well in Hala Block, located in District Matiari, Sindh.

    Roxi Petroleum made a new discovery at Well 143, located at the MJ-F structure, which is located towards the North of South Yelemes field at BNG, Kazakhstan.

    Projects and Capex

    ConocoPhillips commenced production from the Surmont 2 oil sands project, Canada.

    Eni kicked-off drilling operations of a sidetrack well at the Guendalina gas field.

    Statoil commenced production from Smorbukk South Extension, located in the Asgard field.

  • Data analysis Roxi Discovers Oil in BNG's Well 143, Kazakhstan

    Roxi Petroleum has made a new discovery at Well 143, located at the MJ-F structure, which is located towards the North of South Yelemes field at BNG, Kazakhstan.The well was drilled to a depth of 2,750m. The well targeted Jurassic Callovian sands at a depth of 2,170m with a secondary objective in the...

    Roxi Discovers Oil in BNG's Well 143, KazakhstanData analysis
    Exploration

    Roxi Petroleum has made a new discovery at Well 143, located at the MJ-F structure, which is located towards the North of South Yelemes field at BNG, Kazakhstan.

    The well was drilled to a depth of 2,750m. The well targeted Jurassic Callovian sands at a depth of 2,170m with a secondary objective in the Cretaceous Valanginian limestone at a depth of 1,935m. Roxi now believes there are three main intervals of interest, at 2,193m, 2,216m and 2,692m. Additionally, a fourth interval of interest at 2,088m has been identified from core samples. Oil has flowed from intervals at 2692m and 1935m depth.

    Testing so far of the interval 2692m- 2694.5m (Middle Jurassic) has averaged about 100 bbl/d.

     View Roxi press release

    Ownership of Well 143: Roxi Petroleum (58.41%, operator) and Baverstock (41.59%).

  • Statoil Starts Production from Smorbukk South Extension
    Projects & Capex

    Statoil has commenced production from Smorbukk South Extension, located in the Asgard field in Norwegian Continental Shelf (NCS). The reserves in the Smorbukk South Extension project are estimated to be 16.5 MMBOE. At Smorbukk South Extention, a multilateral production well with approximately 5,200m reservoir exposure has been drilled.

    Ownership of Asgard: Statoil (34.57%), Petoro AS (35.69%), Eni (14.82%), Total (7.68%) and ExxonMobil (7.24%).

    View Statoil press release

  • Statoil Hits Pay at 30/9-27S Wildcat in PL104, North SeaData analysis
    Exploration

    Statoil has discovered oil in 30/9-27S wildcat well in PL104. The well was drilled around 7 km west of the Oseberg Sor field in the northern part of the North Sea, 150 km west of Bergen.

    The well was drilled by the drilling facility Songa Delta to a measured depth of 3,989 and vertical depth 3,353m, below the sea surface and was terminated in Middle Jurassic rocks (the Ness Formation). The water depth at the site is 103m.

    The purpose of the well was to prove petroleum in Middle Jurassic reservoir rocks (the Tarbert Formation). The well encountered a 34m oil column in sandstone with moderate to good reservoir quality. The oil/water contact was encountered 3,242m below sea level.

    The well has been permanently plugged and abandoned.

    View NPD press release

    Ownership of PL104: Statoil (49.3%, operator), Petoro AS (33.6%), Total (14.7%) and ConocoPhillips (2.4%).

  • Data analysis Parex Disappointed at Guepardo-1 Well, Colombia

    Parex Resources was disappointed at Guepardo-1 well on Block LLA-32 in Colombia. The well has encountered good quality sands in the Mirador and Guadalupe formations, but were both interpreted to be water bearing.The well has been abandoned, without testing.View Parex press releaseOwnership of Block LLA-32:...

    Parex Disappointed at Guepardo-1 Well, ColombiaData analysis
    Exploration

    Parex Resources was disappointed at Guepardo-1 well on Block LLA-32 in Colombia. The well has encountered good quality sands in the Mirador and Guadalupe formations, but were both interpreted to be water bearing.

    The well has been abandoned, without testing.

    View Parex press release

    Ownership of Block LLA-32: Parex Resources (70%, operator), WPX Energy (13.8%), GeoPark (10%) and Apco Oil and Gas International (6.2%).

  • Data analysis Rosneft Sells 15% Stake in Vankorneft to ONGC Videsh

    Rosneft has signed an agreement with ONGC Videsh to sell 15% stake in Vankorneft.Vankorneft, Rosneft subsidiary, was established in 2004 for development of Vankor oil and gas condensate field in Russia. The field is situated in the Turukhansky district of Krasnoyarsk Territory, 142 km away from the city of...

    Rosneft Sells 15% Stake in Vankorneft to ONGC VideshData analysis
    Global Deals

    Rosneft has signed an agreement with ONGC Videsh to sell 15% stake in Vankorneft.

    Vankorneft, Rosneft subsidiary, was established in 2004 for development of Vankor oil and gas condensate field in Russia. The field is situated in the Turukhansky district of Krasnoyarsk Territory, 142 km away from the city of Igarka. The initial recoverable reserves of the Vankor field by the 1-Jan-2015 are estimated at 476 MMT of oil and condensate and 173 Bcm of gas. The acreage of the field is 447 sq km.

    View Rosneft press release

  • Data analysis Rosneft, Sinopec to Jointly Develop Russian Fields

    Rosneft and China Petrochemical Corporation (Sinopec) have signed the Heads of Agreement on cooperation within the proposed joint development of Russkoye and Yurubcheno-Tokhomskoye fields in Russia.Under the agreement, Sinopec Group has the right to acquire a 49% stake in East Siberian Oil and Gas Company...

    Rosneft, Sinopec to Jointly Develop Russian FieldsData analysis
    Projects & Capex, Global Deals

    Rosneft and China Petrochemical Corporation (Sinopec) have signed the Heads of Agreement on cooperation within the proposed joint development of Russkoye and Yurubcheno-Tokhomskoye fields in Russia.

    Under the agreement, Sinopec Group has the right to acquire a 49% stake in East Siberian Oil and Gas Company (ESOGC) and Tyumenneftegaz, which hold the exploration licenses for Russkoye and Yurubcheno-Tokhomskoye fields respectively.

    As a next step, Sinopec and Rosneft will set up a Joint Technical Group to finalize the investment plan and agreement.

    View Rosneft press release

  • Data analysis Holly Energy Buys 50% Stake in Frontier Pipeline

    Holly Energy Partners LP has acquired 50% interest in Frontier Pipeline Company, owner of the Frontier Pipeline, from an affiliate of Enbridge. The 296-mile crude oil pipeline, which runs from Casper, Wyoming to Frontier Station, Utah, has a 72 Mbbl/d capacity. The Frontier Pipeline supplies Canadian and...

    Holly Energy Buys 50% Stake in Frontier PipelineData analysis
    Global Deals

    Holly Energy Partners LP has acquired 50% interest in Frontier Pipeline Company, owner of the Frontier Pipeline, from an affiliate of Enbridge. The 296-mile crude oil pipeline, which runs from Casper, Wyoming to Frontier Station, Utah, has a 72 Mbbl/d capacity. The Frontier Pipeline supplies Canadian and Rocky Mountain crudes to Salt Lake City area refiners through a connection to the SLC Pipeline.

    The Frontier Pipeline will continue to be operated by an affiliate of Plains All American Pipeline LP, which owns the remaining 50% interest.

    View Holly Energy press release

  • Data analysis Silk Road Acquires 9.9% Stake in Yamal LNG

    Novatek and Silk Road Fund (SRF) have concluded a framework agreement on the acquisition by SRF of a 9.9% equity stake in the Yamal LNG project.Yamal LNG project envisages the construction of an LNG plant with annual capacity of 16.5 MMT/y based on the feedstock resources of the South-Tambeyskoye field....

    Silk Road Acquires 9.9% Stake in Yamal LNGData analysis
    Global Deals

    Novatek and Silk Road Fund (SRF) have concluded a framework agreement on the acquisition by SRF of a 9.9% equity stake in the Yamal LNG project.

    Yamal LNG project envisages the construction of an LNG plant with annual capacity of 16.5 MMT/y based on the feedstock resources of the South-Tambeyskoye field. According to the PRMS reserve standards, the proven and probable reserves of the South-Tambeyskoye field as of 31-Dec-2014 were appraised at 926 Bcm of natural gas.

    Post-transaction ownership of Yamal LNG: Novatek (50.1%), Total (20%), CNPC (20%) and SRF (9.9%).

    View Novatek press release

  • Data analysis EV Energy Partners in $259 Million US Assets Buy

    EV Energy Partners LP (EVEP) has entered into four agreements with certain EnerVest Institutional Partnerships to acquire oil and natural gas properties for a combined cash consideration of $259 million. The assets represent combined estimated net proved reserves of 302 Bcfe in the Appalachian Basin, San Juan...

    EV Energy Partners in $259 Million US Assets BuyData analysis
    Global Deals

    EV Energy Partners LP (EVEP) has entered into four agreements with certain EnerVest Institutional Partnerships to acquire oil and natural gas properties for a combined cash consideration of $259 million. The assets represent combined estimated net proved reserves of 302 Bcfe in the Appalachian Basin, San Juan Basin, Michigan and Austin Chalk. 

    One of the acquisitions is the purchase of a 100% ownership interest in Belden & Blake Corporation. Belden owns oil and natural gas properties in the Appalachian Basin and Michigan near EVEP's existing properties. Belden's estimated net proved reserves are 120 Bcfe.

    The remaining properties to be acquired, with a combined estimated net proved reserves of 182 Bcfe, include additional working interests in certain of EVEP's existing Austin Chalk and Appalachian Basin properties and additional properties located near EVEP's existing San Juan Basin position. The acquisitions do not include Utica Shale or Eagle Ford formation rights.

    Highlights of the combined acquisitions include:

    • Estimated net proved reserves of approximately 302 Bcfe (net of the San Juan Basin VPP), which are 69% natural gas, 15% natural gas liquids, 16% crude oil; 95% are classified as proved developed
    • Current production of 55 MMcfe/d (net of the San Juan Basin VPP volumes of 6 MMcf/d)
    • Proved reserves-to-production ratio of 15 years (13.7 years including VPP volumes)
    • Proved developed decline rate of 8%
    • Adds over 9,400 producing wells, which are approximately 83% operated

    The acquisitions are expected to close on 1-Oct-2015.

    View EV Energy press release

  • Data analysis Premier Comes Up Dry at 3/7-10S in PL539, North Sea

    Premier Oil has failed to discover hydrocarbons in 3/7-10S wildcat well, located in PL539 in the Norwegian North Sea. The well has been drilled about 45 km north-east of the Valhall field and 300 km south-west of Stavanger.The well was drilled by the drilling facility Maersk Guardian to a measured depth of...

    Premier Comes Up Dry at 3/7-10S in PL539, North SeaData analysis
    Exploration

    Premier Oil has failed to discover hydrocarbons in 3/7-10S wildcat well, located in PL539 in the Norwegian North Sea. The well has been drilled about 45 km north-east of the Valhall field and 300 km south-west of Stavanger.

    The well was drilled by the drilling facility Maersk Guardian to a measured depth of 3511m and vertical depth of 3464m below sea level, and was terminated in the Skagerrak formation in the Upper Triassic. The water depth at the site is 68.5m.

    The purpose of the well was to prove petroleum in the Upper and Middle Jurassic reservoir rocks (the Ula and Bryne formations). The well did not encounter the Ula formation. The Bryne formation was encountered with a thickness of about 110m, of which 45m with moderate reservoir quality.

    The well will now be permanently plugged and abandoned.

    View NPD press release

    Ownership of PL539: Premier Oil (40%, operator), Suncor Energy (20%), LetterOne Group (20%) and Dana (20%).

  • MEO Enters Cuba Data analysis
    Global Deals

    MEO Australia has signed a Production Sharing Contract (PSC) with Cuba Petroleo Union (CUPET) for Cuba Block 9.

    The Block 9 PSC area covers 2,380 sq km on the north coast of Cuba in proven hydrocarbon system, which contains the Motembo field. The exploration period of the Block 9 PSC is split into four sub-periods totalling eight and a half years with withdrawal options at the end of each sub-period.

    View MEO press release

  • Data analysis PPL Discovers Hydrocarbons in Fazl X-1 Well, Sindh

    Pakistan Petroleum Limited (PPL) has discovered gas and condensate at Fazl X-1 exploration well in Hala Block, located in District Matiari, Sindh.The well reached the final depth of 4,067m. Based on wireline logs and drilling results, potential hydrocarbon bearing zones were identified in Massive Sand of...

    PPL Discovers Hydrocarbons in Fazl X-1 Well, SindhData analysis
    Exploration

    Pakistan Petroleum Limited (PPL) has discovered gas and condensate at Fazl X-1 exploration well in Hala Block, located in District Matiari, Sindh.

    The well reached the final depth of 4,067m. Based on wireline logs and drilling results, potential hydrocarbon bearing zones were identified in Massive Sand of Lower Goru Formation. During testing, the flow was 20.3 MMcf/d gas along with 50 bbl/d condensate at 48/64 inches choke size.

    Ownership of Hala Block: PPL (65%, operator) and Mari Petroleum (35%).

    View PPL press release

  • Data analysis GeoPark Discovers Oil in Jacana-1 Well, Colombia

    GeoPark has discovered oil in Jacana-1 exploration well, located on the Llanos 34 Block in Colombia. The Jacana field is located south-west of the large Tigana oil field.The exploratory well was drilled to a total depth of 10,900 ft. Both the Guadalupe and Mirador formations had indications of hydrocarbons....

    GeoPark Discovers Oil in Jacana-1 Well, ColombiaData analysis
    Exploration

    GeoPark has discovered oil in Jacana-1 exploration well, located on the Llanos 34 Block in Colombia. The Jacana field is located south-west of the large Tigana oil field.

    The exploratory well was drilled to a total depth of 10,900 ft. Both the Guadalupe and Mirador formations had indications of hydrocarbons. Production rate of approximately 1.88 Mbbl/d of 14.9° API, with approximately 1.9% water cut, was encountered at approximately 10,200 ft in the Guadalupe formation.

    View GeoPark press release

    Ownership of Llanos 34 Block: GeoPark (45%, operator) and Parex Resources (55%).

  • Data analysis Total Sells Retail Network Assets in Turkey for $356 Million

    Total has signed an agreement to sell its service station network and commercial sales, supply and logistics assets located in Turkey to Demiroren for €325 million (approximately US$356 million).Total will maintain a petroleum product marketing presence in Turkey through its lubricant activities,...

    Total Sells Retail Network Assets in Turkey for $356 MillionData analysis
    Global Deals

    Total has signed an agreement to sell its service station network and commercial sales, supply and logistics assets located in Turkey to Demiroren for €325 million (approximately US$356 million).

    Total will maintain a petroleum product marketing presence in Turkey through its lubricant activities, including a blending plant in Menemen and odorless LPG operations. The two businesses will be transferred to a separate company prior to completion of the sale.

    View Total press release

  • ConocoPhillips Kicks Off Production from Surmont 2, Canada
    Projects & Capex

    ConocoPhillips has commenced production from the Surmont 2 oil sands project, located 63 km south-east of Fort McMurray in the Athabasca region of Alberta, Canada. Total gross capacity for Surmont 1 and 2 is expected to reach 150 Mbbl/d.

    Ownership of Surmont 2 project: ConocoPhillips (50%, operator) and Total (50%).

    View Total press release

  • Data analysis Navitas Acquires Midland Basin Midstream Assets

    Navitas Midstream Partners LLC has acquired natural gas gathering and processing assets serving Martin, Midland and Glasscock counties in Texas from DCP Midstream LLC.The acquired assets include approximately 1,000 miles of low and high pressure natural gas gathering pipelines and a cryogenic processing...

    Navitas Acquires Midland Basin Midstream AssetsData analysis
    Global Deals

    Navitas Midstream Partners LLC has acquired natural gas gathering and processing assets serving Martin, Midland and Glasscock counties in Texas from DCP Midstream LLC.

    The acquired assets include approximately 1,000 miles of low and high pressure natural gas gathering pipelines and a cryogenic processing plant, which has capacity in excess of 60 MMcf/d.

    View Navitas press release

  • Data analysis WPX in Powder River Basin Assets Sale

    WPX Energy has divested its remaining mature coalbed methane properties in Wyoming’s Powder River Basin to Moriah Powder River LLC for $80 million. The company has also scheduled a related sale of its membership interest in Fort Union Gas Gathering LLC, to close in Nov-2015.WPX also is targeting another...

    WPX in Powder River Basin Assets SaleData analysis
    Global Deals

    WPX Energy has divested its remaining mature coalbed methane properties in Wyoming’s Powder River Basin to Moriah Powder River LLC for $80 million. The company has also scheduled a related sale of its membership interest in Fort Union Gas Gathering LLC, to close in Nov-2015.

    WPX also is targeting another $400-$500 million in asset sales in 2016. Other portfolio rationalization opportunities include the monetization of additional midstream infrastructure, non-operated properties or other asset sales, along with evaluating creative options to unlock Piceance Basin value.

    View WPX press release

  • Data analysis W&T in $376 Million Permian Basin Field Sale

    W&T Offshore has entered into a definitive agreement with Ajax Resources LLC for the sale of all of its interest in its Yellow Rose field in the Permian Basin, for approximately $376 million. W&T also reserved a one to four percent sliding scale overriding royalty interest in the...

    W&T in $376 Million Permian Basin Field SaleData analysis
    Global Deals

    W&T Offshore has entered into a definitive agreement with Ajax Resources LLC for the sale of all of its interest in its Yellow Rose field in the Permian Basin, for approximately $376 million. W&T also reserved a one to four percent sliding scale overriding royalty interest in the field.

    W&T's interest in its Yellow Rose field includes approximately 25,800 net acres in Andrews, Martin, Gaines, and Dawson counties in West Texas. For Jul-2015, net production from the Yellow Rose field averaged approximately 3 MBOE/d.

    The transaction is expected to close during Q3-2015, with an effective date of 1-Jan-2015.

    View W&T press release

  • BG Considers $1.2 Billion Bongkot Stake SaleData analysis
    Global Deals

    Reuters reported, quoting people familiar with the matter, that BG Group has put up 22.2% stake in the Bongkot offshore gas field for sale, valued at around $1.2 billion. The Bongkot offshore gas field meets about a fifth of Thailand's domestic gas demand.

    BG wants to close the deal by the end of 2015, a person familiar with the matter said.

    Source: Reuters

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

  • Eni Spuds Sidetrack in Guendalina Gas Field

    Eni has commenced drilling operations of a sidetrack well at the Guendalina gas field. It is anticipated that operations will take approximately 80 days in total. Eni is the operator and Rockhopper holds 20% working interest in the field.View Rockhopper press release

    Eni Spuds Sidetrack in Guendalina Gas Field
    Projects & Capex

    Eni has commenced drilling operations of a sidetrack well at the Guendalina gas field. It is anticipated that operations will take approximately 80 days in total. Eni is the operator and Rockhopper holds 20% working interest in the field.

    View Rockhopper press release

  • Faroe to Acquire UK North Sea AssetsData analysis
    Global Deals

    Faroe Petroleum has announced the conditional acquisition of Roc Oil (GB Holdings) (Roc GB) from Roc Oil Company for a total consideration of $17 million, plus a deferred payment of up to $3 million, depending on certain conditions. Roc GB holds a 12.5% interest in the Blane Unit in the UK North Sea and a 12% interest in the Enoch Unit in the UK North Sea.

    Highlights:

    • Post-Acquisition Faroe will hold in aggregate a 30.5% non-operated interest in the Blane Unit (Pre-Acquisition interest 18.0041%) and a 13.86% non-operated interest in the Enoch Unit (pre-acquisition interest 1.86%)
    • Initial consideration of $17million, based on an effective date of 1-Jan-2015
    • Blane Oil Field (P111-Block 30/3a (Upper), UK North Sea) is an established oil field with considerable upside potential to increase production, grow reserves and extend field life
    • Gross production from Blane in H1-2015 averaged at the lower rate of 2.89 MBOE/d, caused largely by unplanned shut-downs, and the field has been producing at approximately 4.1 MBOE/d since it came back on full production on 22-Aug-2015
    • Enoch field is currently suspended and is planned to be brought back on stream, pending resolution of certain technical and commercial matters
    • 2P Reserves at the effective date of 1-Jan-2015 as estimated by the Faroe, were 1.60 MMBOE and 0.45 MMBOE for the Blane Interest and the Enoch Interest respectively, which correspond to an acquisition cost between $8.3/BOE and $9.8/BOE

    View Faroe press release

  • Data analysis Eni Considers to Sell Stake in Zohr Gas Discovery Off Egypt

    Eni is open to selling a stake in Zohr gas field discovery off Egypt. The Zohr discovery is the largest known gas field in the Mediterranean, covering an area of about 100 sq km (60 sq miles) and containing a potential 30 Tcf of gas.Eni has already sold part of its gas discovery in Mozambique, and is seeking...

    Eni Considers to Sell Stake in Zohr Gas Discovery Off EgyptData analysis
    Global Deals

    Eni is open to selling a stake in Zohr gas field discovery off Egypt. The Zohr discovery is the largest known gas field in the Mediterranean, covering an area of about 100 sq km (60 sq miles) and containing a potential 30 Tcf of gas.

    Eni has already sold part of its gas discovery in Mozambique, and is seeking to sell another 15%.

    Source: Reuters

  • Data analysis WPX Sells Van Hook Gathering System for $185 Million

    WPX Energy has agreed to sell Van Hook gathering system, North Dakota, for approximately $185 million to a private equity fund managed by the Ares EIF Group. The asset consists of an oil, natural gas and water gathering system.As per the agreement, WPX will continue to operate...

    WPX Sells Van Hook Gathering System for $185 Million Data analysis
    Global Deals

    WPX Energy has agreed to sell Van Hook gathering system, North Dakota, for approximately $185 million to a private equity fund managed by the Ares EIF Group. The asset consists of an oil, natural gas and water gathering system.

    As per the agreement, WPX will continue to operate the system which currently gathers approximately 11 Mbbl/d, approximately 6.5 MMcf/d of natural gas, approximately 5 Mbbl/d of water, and can be expanded. The system supports WPX's development in the Van Hook peninsula area.

    The transaction is expected to close in approximately 60 days.

    View WPX press release

  • Statoil Drills Duster in PL72B, North SeaData analysis
    Exploration

    Statoil has come up dry at 16/7-11 wildcat in PL72B, North Sea. The well was drilled approximately 220 km west of Stavanger, and 10 km east of the Sleipner A platform in the central part of the North Sea. The water depth at the site is 81m.

    The purpose of the well was to prove petroleum in Upper Trias reservoir rocks (the Skagerrak formation). The well was drilled by the Songa Trym drilling facility to a vertical depth of 2,625m below sea level and was terminated in the Skagerrak formation. The well was drilled to a depth of 97m into the Skagerrak formation, about 50m of which was in thin sandstone layers with moderate to good reservoir quality.

    The well is dry, and will be permanently plugged and abandoned.

    View NPD press release

    Ownership of PL72B: Statoil (50%, operator) and ExxonMobil (50%).

  • Data analysis Mitsui Oil Acquires Stake in Myanmar Blocks

    Mitsui Oil Exploration (MOECO) has signed Production Sharing Contracts with PTT Exploration and Production (PTTEP) to acquire 10% participating interest in each of the Myanmar onshore exploration blocks PSC-G and EP-2.Post-transaction ownership of Block PSC-G: PTTEP (70%, operator), Palang Sophon Offshore Pte...

    Mitsui Oil Acquires Stake in Myanmar BlocksData analysis
    Global Deals

    Mitsui Oil Exploration (MOECO) has signed Production Sharing Contracts with PTT Exploration and Production (PTTEP) to acquire 10% participating interest in each of the Myanmar onshore exploration blocks PSC-G and EP-2.

    Post-transaction ownership of Block PSC-G: PTTEP (70%, operator), Palang Sophon Offshore Pte (10%), Win Precious Resources Pte (10%) and MOECO (10%).

    Post-transaction ownership of Block EP-2: PTTEP (70%, operator), Palang Sophon Offshore Pte (10%), Win Precious Resources Pte (10%) and MOECO (10%).

    View Mitsui press release

  • Data analysis Swala to Exit Zambia

    Swala Energy has decided to exit Zambia by relinquishing the control of Swala Energy (Zambia) to local Zambian shareholders. Post-transfer, Swala shall be the beneficial owner of less than 1% of Swala Energy (Zambia), and will therefore have effectively relinquished its interest and control of the Block 44...

    Swala to Exit ZambiaData analysis
    Global Deals

    Swala Energy has decided to exit Zambia by relinquishing the control of Swala Energy (Zambia) to local Zambian shareholders. Post-transfer, Swala shall be the beneficial owner of less than 1% of Swala Energy (Zambia), and will therefore have effectively relinquished its interest and control of the Block 44 license in Zambia.

    Dr. David Mestres Ridge, Swala’s CEO, said: “Swala has taken this step as part of a strategic decision to exit Zambia and to focus its resources and activities in its other highly prospective core areas of East Africa.”

    View Swala press release

  • Data analysis Keppel in $100 Million Offshore Rig Business Buy

    Keppel Offshore & Marine has entered into a Stock and Asset Purchase Agreement with Cameron International to acquire Cameron's offshore rigs business for $100 million.The business comprises the Letourneautm jackup rig designs, rig kit business and aftermarket services. The rig kits include jackup leg...

    Keppel in $100 Million Offshore Rig Business BuyData analysis
    Global Deals

    Keppel Offshore & Marine has entered into a Stock and Asset Purchase Agreement with Cameron International to acquire Cameron's offshore rigs business for $100 million.

    The business comprises the Letourneautm jackup rig designs, rig kit business and aftermarket services. The rig kits include jackup leg components, elevating units/jacking system and cantilever/skidding system. Support equipment such as cranes and anchor winches are also options in the rig kits.

    View Keppel press release

  • Eni in Mega Gas Discovery at Zohr Prospect Off EgyptData analysis
    Exploration

    Eni has made a supergiant gas discovery in Zohr 1X NFW well in Zohr prospect, located on Shorouk Block, offshore Egypt. The discovery is located in deep-waters of Mediterranean Sea, at a water depth of 4,757 ft (1,450m).

    According to the well and seismic information available, the discovery could hold a potential of 30 Tcf of lean gas in place (5.5 BBOE in place) covering an area of about 100 sq km.

    Zohr 1X NFW was drilled to a total depth of approximately 13,553 ft (4,131m). It hit a 2,067 ft (630m) of hydrocarbon column in a carbonate sequence of Miocene age with excellent reservoir characteristics (400m plus of net pay). Zohr’s structure also has a deeper Cretaceous upside that will be targeted in the future with a dedicated well. Ownership of Shorouk Block: Eni (100%, operator).

    View Eni press release

    View Eni 2014 presentation

  • Highlights of the Week Ended 29-Aug-2015

    Global dealsThis week witnessed a significant flow of M&A activities with a few multi-billion deals. In the biggest deal of the week, Schlumberger signed a definitive merger agreement to acquireCameron for $14.8 billion in a stock and cash transaction.Southern Company signed a definitive mergeragreement...

    Highlights of the Week Ended 29-Aug-2015
    Global Deals, Exploration, Headlines

    Global deals

    This week witnessed a significant flow of M&A activities with a few multi-billion deals. In the biggest deal of the week, Schlumberger signed a definitive merger agreement to acquire Cameron for $14.8 billion in a stock and cash transaction.

    Southern Company signed a definitive merger agreement to acquire AGL Resources for $12 billion.

    Sonangol signed a Sale and Purchase Agreement with Cobalt International Energy to acquire all of Cobalt’s 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for $1.75 billion.

    Encana Corporation signed an agreement to sell its Haynesville natural gas assets to GEP Haynesville LLC for a total cash consideration of $850 million.

    Det norske oljeselskap ASA entered into an agreement with North Energy ASA to acquire North Energy's 10% interest in PL722 in the Barents Sea.

    A JV between Tap Oil and Smart E&P International signed a Production Sharing Contract with Myanmar Oil and Gas Enterprise (MOGE) for the shallow water Block M-7, located in the Moattama Basin, Myanmar.

    Maurel & Prom agreed to absorb MPI to form a merger.

    Ezra Holdings and Chiyoda Corporation signed a binding MoU to form a 50:50 JV EMAS CHIYODA Subsea.

    Total agreed to sell all of its interests in the Frigg UK Pipeline (FUKA), Shetland Island Regional Gas Export System (SIRGE) and the St. Fergus Gas Terminal to North Sea Midstream Partners for $905 million.

    Exploration

    GeoPark discovered light oil in Chachalaca-1 on Llanos 34 Block in Colombia.

    Statoil received drilling permit for 25/11-28 well in PL169 and 15/3-10 exploration well in Sigrun East prospect. Shell spudded the 6407/10-5 exploration well in Portrush prospect, Norwegian Sea.

    In Morocco, while Circle Oil abandoned the Ksiri South (KSS-A) exploration well on the Sebou permit, San Leon Energy spudded the El Aaiun-4 well in the Tarfaya conventional license.

    Pakistan Petroleum made a gas and condensate discovery at its exploration well Kabir X-1 located on Gambat South Block in District Sanghar, Sindh.

    Mexico's oil regulator National Hydrocarbons Commission (CNH) altered the auction terms for the second phase of Round 1.

  • Data analysis Statoil Receives Nod for 15/3-10 Well in Sigrun East

    The Petroleum Safety Authority Norway (PSA) has granted consent to Statoil to drill 15/3-10 exploration well in Sigrun East prospect in North Sea. The area where the well is to be drilled is approximately 180 km west-south-west of Utsira in Rogaland and around 40 km north of the Volve field. Water depth at...

    Statoil Receives Nod for 15/3-10 Well in Sigrun EastData analysis
    Exploration

    The Petroleum Safety Authority Norway (PSA) has granted consent to Statoil to drill 15/3-10 exploration well in Sigrun East prospect in North Sea. The area where the well is to be drilled is approximately 180 km west-south-west of Utsira in Rogaland and around 40 km north of the Volve field. Water depth at the site is 107m.

    Drilling is scheduled to begin in the first part of Oct-2015.

    View PSA press release

    Ownership of PL025: Statoil (51%, operator), Gaz de France (25%) and OMV (24%).

  • Data analysis Ezra Holdings, Chiyoda Form Subsea JV

    Ezra Holdings and Chiyoda Corporation have signed a binding MoU to form a 50:50 JV EMAS CHIYODA Subsea. As per the agreement, Chiyoda will invest in EMAS AMC, Ezra’s Subsea Services business.EMAS AMC is a global EPCIC service provider of comprehensive subsea-to-surface solutions for the offshore oil and...

    Ezra Holdings, Chiyoda Form Subsea JVData analysis
    Global Deals

    Ezra Holdings and Chiyoda Corporation have signed a binding MoU to form a 50:50 JV EMAS CHIYODA Subsea. As per the agreement, Chiyoda will invest in EMAS AMC, Ezra’s Subsea Services business.

    EMAS AMC is a global EPCIC service provider of comprehensive subsea-to-surface solutions for the offshore oil and gas industry, especially in the SURF and Subsea TieBack sector. Core business services include subsea installation of umbilicals/power cables, pipelines as well as platforms, FPSO and floater installations.

    Chiyoda is a Front End Engineering Design (FEED) and Engineering, Procurement and Construction (EPC) company in the oil and gas industry.

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

    View Ezra press release

  • Data analysis MPI Merges with Maurel & Prom

    Maurel & Prom has agreed to absorb MPI to form a merger, which will hold already developed onshore assets with a favorable oil/gas product mix. According to the indicative parity proposed by the Boards of Directors of Maurel & Prom and MPI, MPI shareholders would receive 1 Maurel & Prom share for...

    MPI Merges with Maurel & PromData analysis
    Global Deals

    Maurel & Prom has agreed to absorb MPI to form a merger, which will hold already developed onshore assets with a favorable oil/gas product mix. According to the indicative parity proposed by the Boards of Directors of Maurel & Prom and MPI, MPI shareholders would receive 1 Maurel & Prom share for 2 MPI shares.

    The merger will have a greater geographic diversification, combining:

    • Onshore operated assets generating substantial oil production with long-term visibility (Gabon)
    • Operated assets that began producing gas on 20-Aug-2015, offering exposure to East African countries (Tanzania)
    • 22% stake in Seplat, an indigenous operator in Nigeria
    • Significant upside development and appraisal potential in Canada
    • Exploration regions in Colombia, Myanmar and Namibia

    View Maurel & Prom press release

  • GeoPark Makes New Light Oil Discovery in ColombiaData analysis
    Exploration

    GeoPark has discovered oil in Chachalaca-1 on Llanos 34 Block in Colombia.

    The exploratory well was drilled to a total depth of 12,270 ft. A test conducted with an electrical submersible pump in the Mirador formation, at approximately 11,606 ft, resulted in a production rate of approximately 1.1 Mbbl/d of 30°API, with approximately 6% water cut.

    View GeoPark press release

    Ownership of Llanos 34 Block: GeoPark (45%, operator) and Parex Resources (55%).

  • Statoil Receives Nod for 25/11-28 Well in PL169Data analysis
    Exploration

    The Norwegian Petroleum Directorate has granted a drilling permit to Statoil Petroleum AS for 25/11-28 well in PL169. The well will be drilled from the drilling facility Songa Trym, on the south of the Grane field in the central part of the North Sea.

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

    View NPD press release

  • Data analysis Mexico Changes Phase-2 Auction Terms

    Mexico's oil regulator National Hydrocarbons Commission (CNH) has altered the auction terms for the second phase of Round 1. As per the altered terms, oil companies bidding in this phase will know the minimum level of profits demanded by the government prior to the auction. CNH will offer...

    Mexico Changes Phase-2 Auction TermsData analysis
    Headlines, Others

    Mexico's oil regulator National Hydrocarbons Commission (CNH) has altered the auction terms for the second phase of Round 1. 

    As per the altered terms, oil companies bidding in this phase will know the minimum level of profits demanded by the government prior to the auction. CNH will offer companies the possibility to conduct additional exploration and extraction beyond reserves that have already been discovered. It would also lower the corporate guarantee which a consortium has to put up in case of an accident-for the second phase.

    The bid results for second phase will be announced on 30-Sep-2015 which involves five Production Sharing Contracts, covering nine shallow water oil fields along the southern edge of GoM. Twenty companies have pre-qualified for the auction, either as individual operators or in consortia.

    Source: Reuters

  • Data analysis Total in $905 Million Midstream Assets Sale

    Total has signed an agreement to sell all of its interests in the Frigg UK Pipeline (FUKA), Shetland Island Regional Gas Export System (SIRGE) and the St. Fergus Gas Terminal to North Sea Midstream Partners for £585 million (US$905 million).The FUKA pipeline is a 362-km, 32” gas pipeline...

    Total in $905 Million Midstream Assets SaleData analysis
    Global Deals

    Total has signed an agreement to sell all of its interests in the Frigg UK Pipeline (FUKA), Shetland Island Regional Gas Export System (SIRGE) and the St. Fergus Gas Terminal to North Sea Midstream Partners for £585 million (US$905 million).

    The FUKA pipeline is a 362-km, 32” gas pipeline that was originally constructed to connect the Frigg Field on the UK - Norway median line to the St. Fergus Gas Terminal in Scotland. The Frigg Field is now decommissioned but the FUKA pipeline is still operational, delivering gas from some 20 fields in the Northern North Sea to the terminal at St Fergus.

    The SIRGE pipeline is a 234-km, 30” gas pipeline with a capacity of 665 MMcf/d connecting the Shetland Gas Plant to the FUKA pipeline.

    The St. Fergus Gas Terminal is a three-train processing plant with a capacity of 2.648 Bcf/d, currently serving over 20 fields.

    Post-transaction ownership of FUKA pipeline: North Sea Midstream Partners (100%, operator).

    Post-transaction ownership of SIRGE pipeline: North Sea Midstream Partners (67%, operator), Dong E&P (18.3%), Chevron (7.2%) and OMV (7.5%).

    Post-transaction ownership of St. Fergus Gas Terminal: North Sea Midstream Partners (100%, operator).

    View Total press release

  • Tap Oil JV Acquires Block M-7, MyanmarData analysis
    Global Deals

    A JV between Tap Oil and Smart E&P International has signed a Production Sharing Contract with Myanmar Oil and Gas Enterprise (MOGE) for the shallow water Block M-7, located in the Moattama Basin, Myanmar. As per the contract, Tap has acquired the operatorship and 95% participating interest in the Block from MOGE.

    Under the terms of the PSC, the JV partners have agreed to undertake an 18 month Environmental and Social Impact Assessment (ESIA) and study period, followed by an option to proceed to a three-year commitment exploration work program. Tap anticipates that it will spend approximately $2.75 million on the M-7 Block up to and including the study period, which has a minimum expenditure requirement of $2 million. Tap may spend more before and during the study period.

    View Tap Oil press release

  • Data analysis Schlumberger to Acquire Cameron for $14.8 Billion

    Schlumberger has signed a definitive merger agreement to acquire Cameron for $14.8 billion in a stock and cash transaction.Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each...

    Schlumberger to Acquire Cameron for $14.8 BillionData analysis
    Global Deals

    Schlumberger has signed a definitive merger agreement to acquire Cameron for $14.8 billion in a stock and cash transaction.

    Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share. Based on the closing stock prices of both companies on 25-Aug-2015, the agreement places a value of $66.36 per Cameron share, representing a 37% premium to Cameron's 20-day volume weighted average price of $48.45 per share, and a 56.3% premium to Cameron's most recent closing stock price of $42.47 per share. Upon closing, Cameron shareholders will own approximately 10% of Schlumberger's outstanding shares of common stock.

    Schlumberger expects to realize pretax synergies of approximately $300 million and $600 million in the first and second year, respectively.

    The transaction is anticipated to close in Q1-2016.

    View Schlumberger press release

  • Data analysis Shell Spuds Portrush Well in PL793, Norwegian Sea

    Shell has spudded the 6407/10-5 exploration well in Portrush prospect, Norwegian Sea. The well is located in PL793, approximately 10 km south-east of the Njord field and 20 km west of the Draugen field.The well will target prospective resources along the Vingleia fault in Upper Jurassic reservoirs, analogous...

    Shell Spuds Portrush Well in PL793, Norwegian SeaData analysis
    Exploration

    Shell has spudded the 6407/10-5 exploration well in Portrush prospect, Norwegian Sea. The well is located in PL793, approximately 10 km south-east of the Njord field and 20 km west of the Draugen field.

    The well will target prospective resources along the Vingleia fault in Upper Jurassic reservoirs, analogous to the reservoirs found in Pil, Bue and Draugen. 

    Ownership of PL793: Shell (40%, operator), VNG Norge AS (20%), Faroe (20%) and Petoro AS (20%).

    View Faroe press release

  • Data analysis Circle Abandons Ksiri South Well, Morocco

    Circle Oil has plugged and abandoned the Ksiri South (KSS-A) exploration well on the Sebou permit, Morocco.The well was targeting two objectives in the Miocene Gaddari sands. The well encountered unexpected lithology above the primary objectives. The technical data from the well is being assessed in line with...

    Circle Abandons Ksiri South Well, MoroccoData analysis
    Exploration

    Circle Oil has plugged and abandoned the Ksiri South (KSS-A) exploration well on the Sebou permit, Morocco.

    The well was targeting two objectives in the Miocene Gaddari sands. The well encountered unexpected lithology above the primary objectives. The technical data from the well is being assessed in line with available seismic with a view to assessing further drilling in this area at a later date.

    Ownership of Sebou permit: Circle Oil (75%, operator) and ONHYM (Morocco (25%).

    View Circle Oil press release

  • Data analysis Encana in $850 Million Haynesville Assets Sale

    Encana Corporation has signed an agreement to sell its Haynesville natural gas assets to GEP Haynesville LLC for a total cash consideration of $850 million. GEP Haynesville LLC is a JV formed by GeoSouthern Haynesville LP and GSO Capital Partners LP.The assets are located...

    Encana in $850 Million Haynesville Assets SaleData analysis
    Global Deals, Headlines

    Encana Corporation has signed an agreement to sell its Haynesville natural gas assets to GEP Haynesville LLC for a total cash consideration of $850 million. GEP Haynesville LLC is a JV formed by GeoSouthern Haynesville LP and GSO Capital Partners LP.

    The assets are located primarily in DeSoto and Red River Parishes, Louisiana and comprise of approximately 112,000 net acres and 300 operated wells. Estimated year-end 2014 proved reserves were 720 Bcfe of natural gas.

    GeoSouthern Haynesville LP is a JV formed by principles of GeoSouthern Energy Corporation and GeoSouthern Energy Partners LP.  

    View GeoSouthern press release

    View Encana press release

  • Data analysis Det norske Buys Stake in PL722, Barents Sea

    Det norske oljeselskap ASA has entered into an agreement with North Energy ASA to acquire North Energy's 10% interest in PL722 in the Barents Sea.Post-transaction ownership of PL722: GDF Suez (30%, operator), Pure E&P (20%), Spike Exploration Holding (15%), Tullow Oil (15%), Explora Petroleum (10%)...

    Det norske Buys Stake in PL722, Barents SeaData analysis
    Global Deals

    Det norske oljeselskap ASA has entered into an agreement with North Energy ASA to acquire North Energy's 10% interest in PL722 in the Barents Sea.

    Post-transaction ownership of PL722: GDF Suez (30%, operator), Pure E&P (20%), Spike Exploration Holding (15%), Tullow Oil (15%), Explora Petroleum (10%) and Det norske oljeselskap (10%).

    View North Energy press release

  • Data analysis Sonangol Buys Stakes Off Angola

    The Angolan National Concessionaire Sociedade Nacional de Combustiveis de Angola-Empresa Publica (Sonangol) has signed a Sale and Purchase Agreement with Cobalt International Energy to acquire all of Cobalt’s 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for $1.75 billion.The...

    Sonangol Buys Stakes Off AngolaData analysis
    Global Deals

    The Angolan National Concessionaire Sociedade Nacional de Combustiveis de Angola-Empresa Publica (Sonangol) has signed a Sale and Purchase Agreement with Cobalt International Energy to acquire all of Cobalt’s 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for $1.75 billion.

    The agreement provides for a smooth transition to a new operator and highlights the parties’ commitment to attain the final investment decision for the Cameia development in Block 21/09 by year-end 2015, in order to deliver first oil from Cameia in 2018. Sonangol will bear all the costs going forward, in spite of Cobalt’s continuity as an operator for an interim period.

    View Cobalt press release

  • Data analysis Southern Company Acquires AGL Resources for $12 Billion

    Southern Company has signed a definitive merger agreement to acquire AGL Resources. Pursuant to the agreement, AGL Resources will become a new wholly owned subsidiary of Southern Company in a transaction with an enterprise value of approximately $12 billion, including a total equity value of...

    Southern Company Acquires AGL Resources for $12 BillionData analysis
    Global Deals

    Southern Company has signed a definitive merger agreement to acquire AGL Resources. Pursuant to the agreement, AGL Resources will become a new wholly owned subsidiary of Southern Company in a transaction with an enterprise value of approximately $12 billion, including a total equity value of approximately $8 billion.

    The combined company will have generation capacity of about 46 GW, and will operate nearly 200,000 miles of electric lines and more than 80,000 miles of gas pipelines.

    Under the terms of the agreement, AGL Resources' shareholders will be entitled to receive $66 in cash for each share of AGL Resources common stock. This represents a premium of 36.3% to the volume-weighted average stock price of AGL Resources over the last 20 trading days.

    AGL Resources is an Atlanta-based energy services holding company with operations in natural gas distribution, retail operations, wholesale services and midstream operations. 

    View Southern Company press release

  • Data analysis Pakistan Petroleum Hits Pay at Kabir X-1, Sindh

    Pakistan Petroleum has made a gas and condensate discovery at its exploration well Kabir X-1 located on Gambat South Block in District Sanghar, Sindh.The well reached the final depth of 4,020m. Based on wire line logs, potential hydrocarbon bearing zones were identified in the Basal Sand of Lower Goru...

    Pakistan Petroleum Hits Pay at Kabir X-1, SindhData analysis
    Exploration

    Pakistan Petroleum has made a gas and condensate discovery at its exploration well Kabir X-1 located on Gambat South Block in District Sanghar, Sindh.

    The well reached the final depth of 4,020m. Based on wire line logs, potential hydrocarbon bearing zones were identified in the Basal Sand of Lower Goru Formation. Initial testing flowed 1.94 MMcf/d gas along with 253 bbl/d condensate at 16/64 inches choke size.

    Ownership of Gambat South Block: Pakistan Petroleum (65%, operator), Government Holdings Private Ltd (25%) and Asia Resources Oil (10%).

    View Pakistan Petroleum press release

  • Data analysis San Leon Spuds El Aaiun-4 Well in Tarfaya, Morocco

    San Leon Energy has spudded the El Aaiun-4 well in the Tarfaya conventional license, Morocco.The well is being drilled with Entrepose Drilling's Cabot 750 rig and is expected to take approximately 30 days to reach total depth (TD) of around 2,000m below rotary table. The reservoir target for the well is...

    San Leon Spuds El Aaiun-4 Well in Tarfaya, MoroccoData analysis
    Exploration

    San Leon Energy has spudded the El Aaiun-4 well in the Tarfaya conventional license, Morocco.

    The well is being drilled with Entrepose Drilling's Cabot 750 rig and is expected to take approximately 30 days to reach total depth (TD) of around 2,000m below rotary table. The reservoir target for the well is Tertiary channel sandstones.

    Ownership of Tarfaya license: San Leon (75%, operator) and the Moroccan National Bureau of Petroleum and Mines (ONHYM) (25%).

    View San Leon press release

  • Highlights of the Week Ended 22-Aug-2015

    Global DealsRosneft acquiredTrican Well Service LLC from Trican Well Service Ltd for $140 million.Sea Dragon Energy acquired all of the issued and outstanding Madison common shares, and formed the combined entity SDX Energy.China National Offshore Oil Corporation (CNOOC) signedtwo PSCs with Roc Oil (China)...

    Highlights of the Week Ended 22-Aug-2015
    Global Deals, Projects & Capex, Exploration

    Global Deals

    Rosneft acquired Trican Well Service LLC from Trican Well Service Ltd for $140 million.

    Sea Dragon Energy acquired all of the issued and outstanding Madison common shares, and formed the combined entity SDX Energy.

    China National Offshore Oil Corporation (CNOOC) signed two PSCs with Roc Oil (China) Company (ROC) for Blocks 16/07 and 03/33 in the South China Sea.

    Lime Petroleum entered into an agreement with Lundin to acquire a 30% stake in PL410, North Sea.

    Armour Energy signed a non-binding LoI with an affiliate of American Energy Partners LP (AEP) for the joint exploration and development of McArthur Basin Project in the Northern Territory of Australia.

    Dominion Midstream Partners LP entered into agreements with National Grid and New Jersey Resources to acquire their 25.93% combined stake in Iroquois Gas Transmission System LP (IGTS) for approximately 8.6 million common units in Dominion Midstream worth a value of approximately $286.5 million.

    Petrobras' Board of Directors approved the sale of at least 25% of its fuel unit BR Distribuidora.

    Vitol agreed to acquire MISC Berhad's 50% stake in VTTI BV for cash consideration of $830 million.

    Sunoco LP agreed to purchase a wholesale motor fuel distribution business serving the Northeastern US for approximately $57 million plus the value of inventory on hand at the time of closing.

    Exploration

    The Norwegian Petroleum Directorate (NPD) granted a drilling permit to VNG Norge AS for 6406/12-4A well in PL586, Norwegian Sea. The NPD also granted a drilling permit to Wintershall Norge AS for well 35/11-18 in PL248.

    The Petroleum Safety Authority Norway (PSA) granted consent to Lundin to drill 16/1-25S and 6407/10-4 exploration wells off Norway.

    Bowleven commenced drilling operations on the Moambe exploration well in the Bomono Permit, Cameroon.

    Mercator discovered oil in Jyoti-2 well on Block CB-ONN-2005/9 of Cambay Basin, India.

    Otto Energy made a non-commercial hydrocarbon discovery in Hawkeye-1 exploration well offshore Palawan Basin in SC55, Philippines.

    Projects and Capex

    LGO Energy spudded GY-678 development well in Goudron field development in Trinidad. LGO also started production testing on GY-675 well in the Goudron field, Trinidad.

    KrisEnergy kicked-off oil production from the Wassana oil field in the G10/48 concession in the Gulf of Thailand.

  • Data analysis Vitol to Buy Out VTTI BV for $830 Million

    Vitol Investment Partnership, an investment vehicle sponsored and managed by Vitol, has agreed to acquire MISC Berhad's 50% stake in VTTI BV for cash consideration of $830 million. Vitol will own 100% of VTTI BV, which will continue to be run as an independent, standalone company.VTTI BV is a fee-based,...

    Vitol to Buy Out VTTI BV for $830 MillionData analysis
    Global Deals

    Vitol Investment Partnership, an investment vehicle sponsored and managed by Vitol, has agreed to acquire MISC Berhad's 50% stake in VTTI BV for cash consideration of $830 million. Vitol will own 100% of VTTI BV, which will continue to be run as an independent, standalone company.

    VTTI BV is a fee-based, growth-oriented business formed to own, operate, develop and acquire refined petroleum product and crude oil terminaling and related energy infrastructure assets on global scale. VTTI BV's assets include interests in a broad-based portfolio of terminals that are strategically located throughout the world with a combined total storage capacity of 54 MMbbl including assets under construction.

    View VTTI Energy Partners press release

  • Data analysis Lundin Receives Nod for Two Wells Off Norway

    The Petroleum Safety Authority Norway (PSA) has granted consent to Lundin to drill 16/1-25S exploration well in Rolvsnes prospect on Block 16/1, located in PL338C in the North Sea. Lundin has also received an approval from the PSA to drill 6407/10-4 exploration well in PL700B, Norwegian Sea.The 16/1-25S...

    Lundin Receives Nod for Two Wells Off NorwayData analysis
    Exploration

    The Petroleum Safety Authority Norway (PSA) has granted consent to Lundin to drill 16/1-25S exploration well in Rolvsnes prospect on Block 16/1, located in PL338C in the North Sea. Lundin has also received an approval from the PSA to drill 6407/10-4 exploration well in PL700B, Norwegian Sea.

    The 16/1-25S well is to be drilled by the Borgland Dolphin semi-submersible drilling facility, while the 6407/10-4 exploration well will be drilled by the Island Innovator mobile drilling facility.

    The drilling of the wells will begin in Sep-2015.

    View PSA press release

    View PSA press release