1Derrick. Bringing News, Data and Experts Together
A leading provider of business research for the Oil & Gas Industry

NEWS

  • Highlights of the Week Ended 13-Feb-2016

    This week witnessed oil major Total report an 18% YoY fallin its net income to $10.5 billion.Global DealsWPX Energy agreed to sellits wholly owned subsidiary WPX Energy Rocky Mountain LLC to Terra Energy Partners LLC for $910 million.Nobel Upstream signed an agreement with Shell to acquire7.59% non-operated...

    Highlights of the Week Ended 13-Feb-2016
    Headlines, Global Deals, Results & Reports, Projects & Capex, Exploration

    This week witnessed oil major Total report an 18% YoY fall in its net income to $10.5 billion.

    Global Deals

    WPX Energy agreed to sell its wholly owned subsidiary WPX Energy Rocky Mountain LLC to Terra Energy Partners LLC for $910 million.

    Nobel Upstream signed an agreement with Shell to acquire 7.59% non-operated interest in the Maclure field, located in the UK North Sea.

    PA Resources AB entered into an agreement to divest its North Sea assets to Petrogas E&P.

    Qatar Petroleum signed an agreement with Chevron Corp to acquire 30% participating interest in three deep-water leases, Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, in Morocco.

    Exploration

    SOCO International spudded the Baobab Marine-1 (BABM-1) well in the Mer Profonde Sud Block, located in the Lower Congo Basin, offshore Congo.

    Woodside made a gas discovery at the Thalin-1A exploration well on Block AD-7, located in the Bay of Bengal within the Rakhine basin, Myanmar.

    Projects and Capex

    Total commenced production from the Laggan and Tormore gas and condensate fields, located in 600m of water in the West of Shetland area.

    SDX Energy encountered significant oil bearing reservoir sections at the Al Amir SE-23 development well in North West Gemsa, Egypt.

  • Woodside Makes Gas Discovery at Thalin-1A Well, MyanmarData analysis
    Exploration

    Woodside has made a gas discovery at the Thalin-1A exploration well on Block AD-7, located in the Bay of Bengal within the Rakhine basin, Myanmar.

    The well reached a total depth of 3,034m, referenced from the rig rotary table. The well has intersected a gross gas column of approximately 64m, with approximately 62m of net gas pay interpreted within the primary target interval. Water depth at the well location is 836m.

    With a 40% interest in AD-7, Woodside Energy is the operator with respect to deep-water drilling, while Daewoo International Corporation, with a 60% interest, is operator for all other operations.

    View Woodside press release

  • Total 2015 Net Profit Drops 18%

    Total reported a 18% YoY fall in 2015 net income to $10.5 billion. Income from Upstream segment fell 55% YoY to $4.8 billion, essentially due to the lower price of hydrocarbons. Income from refining and chemicals segment was up 96% YoY to $4.89 billion, due to strong industrial performance during a high...

    Total 2015 Net Profit Drops 18%
    Headlines, Results & Reports

    Total reported a 18% YoY fall in 2015 net income to $10.5 billion. Income from Upstream segment fell 55% YoY to $4.8 billion, essentially due to the lower price of hydrocarbons. Income from refining and chemicals segment was up 96% YoY to $4.89 billion, due to strong industrial performance during a high margins and cost reduction programs. Marketing and Services segment income grew 35% YoY to $1.7 billion.

    Net production was up 9.4% YoY to 2.35 MMBOE/d, aided by the start up and ramp up of projects including CLOV, West Franklin Phase, Eldfisk II and Termokarstovoye.

    In 2016, Total plans to reduce its organic capex to ~$19 billion, a reduction of more than 15% compared to 2015. The company targets asset sales of ~$4 billion in 2016, the same level as 2015. 

    View Total press release

  • Data analysis Nobel Upstream Acquires Shell's Stake in Maclure

    Nobel Upstream has signed an agreement with Shell to acquire 7.59% non-operated interest in the Maclure field, located in the UK North Sea.The Maclure field was discovered in 1991 and put into production in 2002. The field is currently producing 8 MBOE/d. Post transaction ownership structure of Maclure...

    Nobel Upstream Acquires Shell's Stake in MaclureData analysis
    Global Deals

    Nobel Upstream has signed an agreement with Shell to acquire 7.59% non-operated interest in the Maclure field, located in the UK North Sea.

    The Maclure field was discovered in 1991 and put into production in 2002. The field is currently producing 8 MBOE/d. 

    Post transaction ownership structure of Maclure field: Maersk (38.19%, operator), TAQA (37.04%), Apache (17.18%) and Nobel Upstream (7.59%).

    View Nobel Upstream press release

  • Data analysis WPX in $910 Million Piceance Basin Assets Sale

    WPX Energy has signed an agreement to sell its wholly owned subsidiary WPX Energy Rocky Mountain LLC to Terra Energy Partners LLC for $910 million. In addition, Terra will receive natural gas hedges with a current in-the-money value of more than $90 million. In exchange for these hedges, Terra has agreed to...

    WPX in $910 Million Piceance Basin Assets SaleData analysis
    Global Deals

    WPX Energy has signed an agreement to sell its wholly owned subsidiary WPX Energy Rocky Mountain LLC to Terra Energy Partners LLC for $910 million. In addition, Terra will receive natural gas hedges with a current in-the-money value of more than $90 million. In exchange for these hedges, Terra has agreed to assume approximately $100 million of WPX's future firm transportation obligations extending to 2022. 

    The assets involved in the transaction consist of an approximate 200,000 net acre position in the Piceance Basin of Colorado with recent net production of approximately 500 MMcfe/d. Terra estimates that the assets contain approximately 2 Tcfe of proved developed producing reserves and an extensive inventory of low-risk drilling locations. The assets also include deep rights across approximately 150,000 net acres prospective for the horizontal Mancos-Niobrara play.

    View Terra Energy press release

  • Data analysis PA Resources Divests North Sea Assets to Petrogas

    PA Resources AB has signed an agreement to divest its North Sea assets to Petrogas E&P. The sale includes the company’s 24% interest in license 12/06 in Denmark, which holds the Broder Tuck and Lille John discoveries, as well as its exploration licenses in the UK, Germany and the Netherlands.The...

    PA Resources Divests North Sea Assets to PetrogasData analysis
    Global Deals

    PA Resources AB has signed an agreement to divest its North Sea assets to Petrogas E&P. The sale includes the company’s 24% interest in license 12/06 in Denmark, which holds the Broder Tuck and Lille John discoveries, as well as its exploration licenses in the UK, Germany and the Netherlands.

    The transaction is expected to close during Q1-2016.

    View PA Resources press release

  • SDX Hits Pay at Al Amir SE-23 Well, Egypt

    SDX Energy Inc has announced that the Al Amir SE-23 development well in North West Gemsa, Egypt, encountered significant oil bearing reservoir sections in both the Kareem Rahmi and Shagar formations.The well was drilled to a depth of 9,900 ft where both the Shagar and Rahmi oil reservoirs were encountered....

    SDX Hits Pay at Al Amir SE-23 Well, Egypt
    Projects & Capex

    SDX Energy Inc has announced that the Al Amir SE-23 development well in North West Gemsa, Egypt, encountered significant oil bearing reservoir sections in both the Kareem Rahmi and Shagar formations.

    The well was drilled to a depth of 9,900 ft where both the Shagar and Rahmi oil reservoirs were encountered. Log analysis indicates 23 ft of net Shagar oil pay and 28 ft of net Rahmi oil pay. The well has been completed as an oil producer in the Shagar and has flowed on test light 42.2 degree API oil at a rate of 3.86 Mbbl/d with 2.55 MMcf/d of associated gas.The well will be placed in production in the coming days as soon as the completion rig has moved off location.

    View SDX Energy press release

  • Data analysis Qatar Acquires 30% Stake in Blocks Off Morocco

    Qatar Petroleum has signed an agreement with Chevron Corp to acquire 30% participating interest in three deep-water leases, Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, in Morocco.The three leases encompass approximately 29,200 sq km with average water depths ranging from 100m to 4,500m.Ownership...

    Qatar Acquires 30% Stake in Blocks Off MoroccoData analysis
    Global Deals

    Qatar Petroleum has signed an agreement with Chevron Corp to acquire 30% participating interest in three deep-water leases, Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, in Morocco.

    The three leases encompass approximately 29,200 sq km with average water depths ranging from 100m to 4,500m.

    Ownership structure of Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep leases: Chevron (45%, operator), Qatar Petroleum (30%) and Morocco's Office National Des Hydrocarbures Et Des Mines (25%).

    View Qatar Petroleum press release

  • Total Brings Laggan-Tormore Online

    Total has started-up production from the Laggan and Tormore gas and condensate fields, located in 600m of water in the West of Shetland area. The fields will produce 90 MBOE/d.The Laggan-Tormore development consists of a 140 km tie-back of four subsea wells to the new onshore Shetland Gas Plant which has a...

    Total Brings Laggan-Tormore Online
    Projects & Capex

    Total has started-up production from the Laggan and Tormore gas and condensate fields, located in 600m of water in the West of Shetland area. The fields will produce 90 MBOE/d.

    The Laggan-Tormore development consists of a 140 km tie-back of four subsea wells to the new onshore Shetland Gas Plant which has a capacity of 500 MMcf/d.

    Ownership structure of Laggan-Tormore fields: Total (60%, operator), DONG E&P (20%) and SSE E&P (20%).

    View Total press release

  • Data analysis SOCO Spuds Baobab Marine-1 Well, Off Congo

    SOCO International has commenced drilling of the Baobab Marine-1 (BABM-1) well in the Mer Profonde Sud Block, located in the Lower Congo Basin, offshore Congo.The BABM-1 well, to be drilled on the RR Prospect, is targeting stacked early Miocene channel complexes that are mappable in the seismic data,...

    SOCO Spuds Baobab Marine-1 Well, Off CongoData analysis
    Exploration

    SOCO International has commenced drilling of the Baobab Marine-1 (BABM-1) well in the Mer Profonde Sud Block, located in the Lower Congo Basin, offshore Congo.

    The BABM-1 well, to be drilled on the RR Prospect, is targeting stacked early Miocene channel complexes that are mappable in the seismic data, delineated by stratal discontinuities and variations in seismic amplitudes. The well targets gross P50 prospective recoverable resource of 330 MMbbl of oil.

    The well will be drilled by the deepwater drillship Noble Globetrotter II and is expected to take 25 to 35 days, with a planned depth of approximately 3,400m below mean sea level.

    View SOCO press release

    Ownership structure of Mer Profonde Sud Block: SOCO (60%, operator), PA Resources (25%) and SNPC (Congo) (15%).

  • Highlights of the Week Ended 6-Feb-2016

    Results season is in full swing with most majors declaring their numbers for 2015. All the majors are hit by the significant decline in oil and gas prices.Shell reported2015 CCS earnings excluding identified items of $10.7 billion compared with $22.6 billion in 2014, a decrease of 53%.ExxonMobil reported...

    Highlights of the Week Ended 6-Feb-2016
    Headlines, Global Deals, Results & Reports, Projects & Capex, Exploration

    Results season is in full swing with most majors declaring their numbers for 2015. All the majors are hit by the significant decline in oil and gas prices.

    Shell reported 2015 CCS earnings excluding identified items of $10.7 billion compared with $22.6 billion in 2014, a decrease of 53%.

    ExxonMobil reported earnings of $16.2 billion for 2015, down by 50% YoY. Net profit from upstream segment dropped by 74.2% YoY to $7.1 billion. 

    BP reported an underlying replacement cost profit of $5.91 billion, down 51.2% YoY. The drop in the net profit was mainly due to the sharp fall of profit from the upstream segment to $1.2 billion, down 92.2% YoY.

    Chevron reported a net profit of $4.6 billion in 2015, down 76% YoY.

    Global Deals

    Dominion Resources Inc and Questar Corporation signed an agreement for the companies to combine, in an all-cash transaction in which Dominion agreed to pay Questar shareholders $25 per share, about $4.4 billion, and assume Questar's outstanding debt.

    Lundin Petroleum signed farm-out agreements with Dyas BV for part of its working interests across three PSCs, covering Blocks PM328, SB307/308 and gas holding areas in SB303, Malaysia.

    Shell signed a conditional agreement with Malaysia Hengyuan International Limited (MHIL) for the sale of its 51% shareholding in the Shell Refining Company in Malaysia for $66.3 million. 

    Exploration

    Oil and Gas Development Company Ltd (OGDCL) made an oil discovery in Nashpa X-5 exploration well located in Nashpa Exploration License in Karak district, Pakistan.

    Beach Energy made a gas discovery at Middleton East-1 well in PEL 106, within the Cooper basin, Australia.

    Cue Energy Resources discovered oil at Naga Selatan-2 well (NS-2), within the Mahakam Hilir PSC in the Kutai basin, Indonesia.

    Projects and Capex

    CNOOC Limited commenced production from the Weizhou 12-2 oilfield joint development project (Weizhou 12-2) and Weizhou 11-4 North oilfield Phase II project (Weizhou 11-4 North), located in Beibu Gulf basin of the South China Sea.

    Sound Energy achieved first commercial production at Nervesa gas discovery, Italy. 

  • Sound Energy Brings Nervesa Online

    Sound Energy has achieved first commercial production at Nervesa gas discovery, Italy. The onshore discovery was drilled successfully by the company in 2013 and benefits from a gas sales agreement with the Shell Group.James Parsons, Sound Energy's Chief Executive, said: "First gas at Nervesa is a...

    Sound Energy Brings Nervesa Online
    Projects & Capex

    Sound Energy has achieved first commercial production at Nervesa gas discovery, Italy. The onshore discovery was drilled successfully by the company in 2013 and benefits from a gas sales agreement with the Shell Group.

    James Parsons, Sound Energy's Chief Executive, said: "First gas at Nervesa is a landmark event for the company, providing energy to a robust domestic market and further underpinning our broader Mediterranean expansion."

    View Sound Energy press release

  • Data analysis OGDCL Makes Discovery at Nashpa X-5 Well, Pakistan

    Oil and Gas Development Company Ltd (OGDCL) has made an oil discovery in Nashpa X-5 exploration well located in Nashpa Exploration License in Karak district, Pakistan.The well was drilled down to the depth of 5,056m, targeting to test the hydrocarbon potential of Shinawari, Lumshiwal, Samanasuk and Lokhart...

    OGDCL Makes Discovery at Nashpa X-5 Well, PakistanData analysis
    Exploration

    Oil and Gas Development Company Ltd (OGDCL) has made an oil discovery in Nashpa X-5 exploration well located in Nashpa Exploration License in Karak district, Pakistan.

    The well was drilled down to the depth of 5,056m, targeting to test the hydrocarbon potential of Shinawari, Lumshiwal, Samanasuk and Lokhart formations. The Lokhart formation successfully produced 1.032 Mbbl/d of crude oil and 0.78 MMcf/d of gas through 32/64" choke at a well head flowing pressure of 600 Psi.

    View Oil and Gas Development Company press release

    Ownership of Nashpa Exploration License: OGDCL (56.45%, operator), Pakistan Petroleum (28.55%) and Government (15%).

  • Shell 2015 Profit Slumps 53%

    Shell reported 2015 CCS earnings excluding identified items of $10.7 billion compared with $22.6 billion in 2014, a decrease of 53%.Full year upstream earnings excluding identified items were $1.78 billion compared with $16.505 billion in 2014, impacted by the significant decline in oil and gas prices, partly...

    Shell 2015 Profit Slumps 53%
    Headlines, Results & Reports

    Shell reported 2015 CCS earnings excluding identified items of $10.7 billion compared with $22.6 billion in 2014, a decrease of 53%.

    Full year upstream earnings excluding identified items were $1.78 billion compared with $16.505 billion in 2014, impacted by the significant decline in oil and gas prices, partly offset by lower costs. 

    Full year downstream earnings excluding identified items were $9.75 billion compared with $6.265 billion in 2014, mainly benefited from higher realised refining margins, reflecting the industry environment, lower costs including the impact of favourable exchange rate effects and divestments, and lower taxation. 

    Full year 2015 capital investment was $28.9 billion, $8.4 billion lower than in 2014. This was delivered by efficiency improvements and more selectivity on new investments. 

    Full year 2015 oil and gas production was 2.954 MMBOE/d, a decrease of 4% compared with 2014. 

    View Shell press release

  • Beach Discovers Gas at Middleton East-1 Well, AustraliaData analysis
    Exploration

    Beach Energy has made a gas discovery at Middleton East-1 well in PEL 106, within the Cooper basin, Australia.

    The well, drilled to a total depth of 2,876m, targeted the Patchawarra Formation, with the Tirrawarra Sandstone providing a secondary target. 

    The well was cased and suspended following initial interpretation of wireline petrophysical and pressure data, which indicated six gas zones and net pay of 9.3m, including 4.9m intersected within the primary target zone.

    Ownership of PEL 106: Beach (50%, operator) and Drillsearch (50%).

    View Beach Energy press release

  • Cue Discovers Oil at Naga Selatan-2 Well, IndonesiaData analysis
    Exploration

    Cue Energy Resources has discovered oil at Naga Selatan-2 well (NS-2), within the Mahakam Hilir PSC in the Kutai basin, Indonesia.

    The well was designed to test a shallow anticlinal closure with potential hydrocarbons very near the surface. The well has reached TD at a depth of 1,170 ft.

    The model was validated early on by gas shows from 300-315 ft, but this interval was not logged due to operational constraints. While drilling the next hole section, gas shows and fluorescence were observed from 370-495 ft with heavier gas readings and oil shows encountered at 465 ft and below.

    Logs were run from 315-670 ft and an MDT test was run over a potential 10 ft oil sand at 476 ft. From this test, three 350 cc sample chambers were filled with light, 32° API oil and a one gallon chamber was filled with a combination of oil, gas and water.

    The lower section of the hole (720–1170 ft) encountered oil shows and high background gas, however due to drilling constraints caused by high pressure, the decision was made to TD the well before the planned 2,240 ft.

    Ownership of Mahakam Hilir PSC: Cue (100%, operator).

    View Cue press release

  • ExxonMobil 2015 Profit Drops 50%

    ExxonMobil reported earnings of $16.2 billion for 2015, down by 50% YoY. Net profit from upstream segment dropped by 74.2% YoY to $7.1 billion. Downstream earnings of $6.6 billion increased $3.5 billion from 2014.Total revenue and other income in 2015 declined by 34.7% YoY to $268.9 billion, while the company...

    ExxonMobil 2015 Profit Drops 50%
    Headlines, Results & Reports

    ExxonMobil reported earnings of $16.2 billion for 2015, down by 50% YoY. Net profit from upstream segment dropped by 74.2% YoY to $7.1 billion. Downstream earnings of $6.6 billion increased $3.5 billion from 2014.

    Total revenue and other income in 2015 declined by 34.7% YoY to $268.9 billion, while the company incurred a capex of $31.1 billion. The company anticipates a further cut of 25% YoY in 2016.

    Production grew 3.2% YoY to 4.1 MMBOE/d, mainly due to the new developments in Canada, Indonesia, Norway, the United States and West Africa.

    View ExxonMobil press release

  • BP 2015 Profit Halves to $5.91 Billion

    BP reported an underlying replacement cost profit of $5.91 billion, down 51.2% YoY. The drop in the net profit was mainly due to the sharp fall of profit from the upstream segment to $1.2 billion, down 92.2% YoY. 2015 profit from the downstream segment grew 69.9% YoY to $7.54 billion.2015 total capex was cut...

    BP 2015 Profit Halves to $5.91 Billion
    Headlines, Results & Reports

    BP reported an underlying replacement cost profit of $5.91 billion, down 51.2% YoY. The drop in the net profit was mainly due to the sharp fall of profit from the upstream segment to $1.2 billion, down 92.2% YoY. 2015 profit from the downstream segment grew 69.9% YoY to $7.54 billion.

    2015 total capex was cut by 18.1% YoY to $19.5 billion.

    Production for 2015 grew by 3.99% YoY to 3.28 MMBOE/d, which includes BP’s share of Rosneft’s production.

    View BP press release

  • Data analysis Shell Sells 51% Stake in Shell Refining to Malaysia Hengyuan

    Shell has signed a conditional agreement with Malaysia Hengyuan International Limited (MHIL) for the sale of its 51% shareholding in the Shell Refining Company in Malaysia for $66.3 million. The transaction is expected to complete in 2016.View Shell press release

    Shell Sells 51% Stake in Shell Refining to Malaysia HengyuanData analysis
    Global Deals

    Shell has signed a conditional agreement with Malaysia Hengyuan International Limited (MHIL) for the sale of its 51% shareholding in the Shell Refining Company in Malaysia for $66.3 million. The transaction is expected to complete in 2016.

    View Shell press release

  • Data analysis Dominion Resources to Acquire Questar

    Dominion Resources Inc and Questar Corporation have signed an agreement for the companies to combine, in an all-cash transaction in which Dominion has agreed to pay Questar shareholders $25 per share, about $4.4 billion, and assume Questar's outstanding debt.Questar, headquartered in Salt Lake City, Utah,...

    Dominion Resources to Acquire QuestarData analysis
    Global Deals

    Dominion Resources Inc and Questar Corporation have signed an agreement for the companies to combine, in an all-cash transaction in which Dominion has agreed to pay Questar shareholders $25 per share, about $4.4 billion, and assume Questar's outstanding debt.

    Questar, headquartered in Salt Lake City, Utah, is a natural gas distribution, pipeline, storage and cost-of-service gas supply company. Questar employs about 1,700 people and has about $4.2 billion in assets, including approximately 27,500 miles of gas distribution pipeline, 3,400 miles of gas transmission pipeline and 56 Bcf of working gas storage.

    View Dominion press release

  • Data analysis Lundin Farms-Out Three PSCs in Malaysia

    Lundin Petroleum has signed farm-out agreements with Dyas BV for part of its working interests across three PSCs, covering Blocks PM328, SB307/308 and gas holding areas in SB303, Malaysia.The terms of the farm-out agreements are as follows:PSC SB307/308: Dyas to be transferred a 20% working interest for...

    Lundin Farms-Out Three PSCs in MalaysiaData analysis
    Global Deals

    Lundin Petroleum has signed farm-out agreements with Dyas BV for part of its working interests across three PSCs, covering Blocks PM328, SB307/308 and gas holding areas in SB303, Malaysia.

    The terms of the farm-out agreements are as follows:

    • PSC SB307/308: Dyas to be transferred a 20% working interest for paying a promote on certain forward costs in relation to the upcoming exploration campaign on Block SB307/308 in the Sabah region offshore East Malaysia
    • PSC SB303: Dyas to be transferred a 20% working interest in the gas holding area in Block SB303 in Sabah, offshore East Malaysia
    • PSC PM328: Dyas to be transferred a 15% working interest in PM328 in the Malay basin, offshore Peninsular Malaysia

    Post-transaction, Lundin Petroleum will hold 65% working interest in SB307/308, 55% working interest in SB303 and 35% working interest in PM328.

    Dyas is a Dutch, privately owned, active non-operating minority partner and investor in oil and gas exploration and production projects, with a diverse portfolio of assets primarily located in the Netherlands and UK North Sea.

    View Lundin press release

  • CNOOC Brings Two Beibu Gulf Basin Projects Online

    CNOOC Limited has commenced production from the Weizhou 12-2 oilfield joint development project (Weizhou 12-2) and Weizhou 11-4 North oilfield Phase II project (Weizhou 11-4 North), located in Beibu Gulf basin of the South China Sea.The Weizhou 12-2 project, located at an average water depth of approximately...

    CNOOC Brings Two Beibu Gulf Basin Projects Online
    Projects & Capex

    CNOOC Limited has commenced production from the Weizhou 12-2 oilfield joint development project (Weizhou 12-2) and Weizhou 11-4 North oilfield Phase II project (Weizhou 11-4 North), located in Beibu Gulf basin of the South China Sea.

    The Weizhou 12-2 project, located at an average water depth of approximately 36m, has three oilfields in total including the Weizhou 12-2 oilfield, the Weizhou 12-1 West oilfield and the north part of Weizhou 11-2 oilfield. The main production facilities include three wellhead platforms and 18 producing wells which have all commenced production, producing a total of approximately 16 Mbbl/d and reaching its ODP designed peak production.

    The Weizhou 11-4 North project, located at average water depth of approximately 40m, shares the existing adjacent facilities for the development and has built two wellhead platforms and 15 producing wells. There is currently one well on production, producing a total of approximately 500 bbl/d.

    Ownership of Weizhou 12-2 and Weizhou 11-4 North: CNOOC (100%, operator).

    View CNOOC press release

  • Chevron 2015 Profit Slumps 76%

    Chevron reported a net profit of $4.6 billion in 2015, down 76% YoY. The upstream segment reported a loss of $1.96 billion for the year, against a net profit of $16.9 billion in 2014. 2015 profit from the downstream segment grew 75.3% YoY to $7.6 billion.Total revenue and other income for 2015 dropped 34.6%...

    Chevron 2015 Profit Slumps 76%
    Headlines, Results & Reports

    Chevron reported a net profit of $4.6 billion in 2015, down 76% YoY. The upstream segment reported a loss of $1.96 billion for the year, against a net profit of $16.9 billion in 2014. 2015 profit from the downstream segment grew 75.3% YoY to $7.6 billion.

    Total revenue and other income for 2015 dropped 34.6% YoY to $138.5 billion. Total capex for 2015 was cut by 15.6% YoY to $34 billion.

    View Chevron press release

  • Highlights of the Week Ended 30-Jan-2016

    Global DealsMart Resources entered into an arrangement agreement with Midwestern Oil & Gas Company, San Leon Energy and 1038221 BC Ltd (Acquireco), pursuant to which Acquireco will buy outall of the issued and outstanding common shares of Mart for approximately $263 million.Quicksilver Resources signed an...

    Highlights of the Week Ended 30-Jan-2016
    Global Deals, Projects & Capex, Exploration

    Global Deals

    Mart Resources entered into an arrangement agreement with Midwestern Oil & Gas Company, San Leon Energy and 1038221 BC Ltd (Acquireco), pursuant to which Acquireco will buy out all of the issued and outstanding common shares of Mart for approximately $263 million.

    Quicksilver Resources signed an agreement to divest its US assets to BlueStone Natural Resources II LLC for $245 million.

    AWE Limited entered into an agreement to sell its 10% working interest in the Sugarloaf Area of Mutual Interest to Carrier Energy Partners II LLC for a cash consideration of $190 million.

    Murphy Oil signed a definitive agreement with Athabasca Oil Corporation to acquire stakes in Kaybob Duvernay and Montney assets in Alberta for a net consideration of $334 million. In a separate transaction, Murphy Oil also agreed to divest its Tupper Main and Tupper West gas plants and associated pipelines in northeastern British Columbia for $378 million to Enbridge Inc.

    In the downstream segment, Repsol sold its piped gas business in the north of Spain and the Extremadura region to EDP Group and Gas Extremadura for a total of $147 million.

    Total signed an agreement with Putney Capital Management to acquire 70% interest in the fuel retailer, located in Dominican Republic.

    M3nergy Berhad entered into an agreement to take-over Lundin Services Limited from Lundin Petroleum for a consideration of $265 million.

    Keane Group agreed to buy certain US assets from Trican Well Service for a total consideration of $247 million.

    Exploration

    Lundin encountered oil at Bambazon well in Block SB307/308, offshore East Malaysia. Meanwhile, the company also spudded the 16/4-10 exploration well on the Fosen prospect in PL544, Norwegian Continental Shelf, and the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.

    Kosmos Energy made a significant gas discovery at Guembeul-1 exploration well, Senegal.

    Projects and Capex

    Chevron commenced natural gas production from the first stage of the Chuandongbei project, south-west China.

    CNOOC kicked off production from the Kenli 10-4 oilfield, located in the South of Bohai, China.

  • Data analysis Lundin Spuds Maligan Well, Off Malaysia

    Lundin Petroleum has commenced drilling of the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.The well will target hydrocarbons in Miocene aged sands. The well will be drilled with the West Prospero jack-up rig to a total depth of approximately 1,700m below mean sea level. The drilling...

    Lundin Spuds Maligan Well, Off MalaysiaData analysis
    Exploration

    Lundin Petroleum has commenced drilling of the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.

    The well will target hydrocarbons in Miocene aged sands. The well will be drilled with the West Prospero jack-up rig to a total depth of approximately 1,700m below mean sea level. The drilling of the well is expected to take approximately 30 days.

    Ownership of SB307/SB308: Lundin (85%, operator) and Petronas (15%).

    View Lundin press release

  • Data analysis Kosmos Discovers Gas at Guembeul-1 Well, Senegal

    Kosmos Energy has made a significant gas discovery at Guembeul-1 exploration well, located in the northern part of the St. Louis Offshore Profond license area, Senegal.The well, at a water depth of approximately 2,700m, was drilled by the Atwood Achiever drillship to a total depth of 5,245m. It encountered...

    Kosmos Discovers Gas at Guembeul-1 Well, SenegalData analysis
    Exploration

    Kosmos Energy has made a significant gas discovery at Guembeul-1 exploration well, located in the northern part of the St. Louis Offshore Profond license area, Senegal.

    The well, at a water depth of approximately 2,700m, was drilled by the Atwood Achiever drillship to a total depth of 5,245m. It encountered 101m (331 ft) of net gas pay in two excellent quality reservoirs, including 56m (184 ft) in the Lower Cenomanian and 45m (148 ft) in the underlying Albian, with no water encountered.

    Ownership of Guembeul-1 well: Kosmos (60%, operator), Timis Corporation Limited (30%) and Petrosen (10%).

    View Kosmos press release

  • Data analysis Repsol Sells Piped Gas Business for $147 Million

    Repsol has sold its piped gas business in the north of Spain and the Extremadura region to EDP Group and Gas Extremadura for a total of €136 million (US$147 million).View Repsol press release

    Repsol Sells Piped Gas Business for $147 MillionData analysis
    Global Deals

    Repsol has sold its piped gas business in the north of Spain and the Extremadura region to EDP Group and Gas Extremadura for a total of €136 million (US$147 million).

    View Repsol press release

  • Data analysis Total Acquires 70% Stake in Dominican Fuel Retailer

    Total has signed an agreement with Putney Capital Management to acquire 70% interest in the fuel retailer, located in Dominican Republic. The transaction includes a well-established network of 130 stations, along with significant commercial oil products and lubricants sales positions.  The JV will be...

    Total Acquires 70% Stake in Dominican Fuel RetailerData analysis
    Global Deals

    Total has signed an agreement with Putney Capital Management to acquire 70% interest in the fuel retailer, located in Dominican Republic. The transaction includes a well-established network of 130 stations, along with significant commercial oil products and lubricants sales positions.  

    The JV will be named Total Dominicana, and managed as part of Total’s network of 600 service stations throughout nine countries in the Caribbean.

    View Total press release

  • Data analysis Murphy Acquires Kaybob Duvernay, Montney Assets

    Murphy Oil Corporation has signed a definitive agreement with Athabasca Oil Corporation to acquire stakes in Kaybob Duvernay and Montney assets in Alberta for a net consideration of C$475 million (US$334 million).Transaction highlights:Athabasca is selling a 70% working interest in production, acreage and...

    Murphy Acquires Kaybob Duvernay, Montney AssetsData analysis
    Global Deals

    Murphy Oil Corporation has signed a definitive agreement with Athabasca Oil Corporation to acquire stakes in Kaybob Duvernay and Montney assets in Alberta for a net consideration of C$475 million (US$334 million).

    Transaction highlights:

    • Athabasca is selling a 70% working interest in production, acreage and infrastructure within the Greater Kaybob area. Murphy will assume operatorship under a Joint Development Agreement (JDA) of these assets which includes approximately 200,000 acres of prospective Duvernay land across the condensate rich and volatile oil windows. December gross production within this area averaged approximately 6.9 MBOE/d (58% liquids)
    • Athabasca is selling a 30% working interest in production, acreage and infrastructure within the Greater Placid area. Athabasca will be operator of the Montney within this area under a JDA which includes approximately 60,000 acres of prospective Montney land. December gross production within this area averaged approximately 900 BOE/d (44% liquids)
    • Murphy will pay approximately C$250 million in cash to Athabasca at closing. Additional consideration of C$225 million will be in the form of a capital carry in the Duvernay whereby Murphy will fund 75% of Athabasca's share of development capital up to a maximum five year period. Expected gross capital investment over this time period will be approximately C$1 billion in the Duvernay with flexibility on spending as commodity prices recover
    • Athabasca will retain operatorship of the regional midstream infrastructure in the near term

    The transaction is anticipated to close in late Q1-2016.

    View Athabasca Oil Corporation press release

    View Murphy press release

  • Data analysis Enbridge in $378 Million Montney Natural Gas Assets Buy

    Enbridge Inc has signed a definitive agreement with Murphy Oil Corporation to acquire Tupper Main and Tupper West gas plants and associated pipelines in northeastern British Columbia for C$538 million (US$378 million).The Tupper Main and Tupper West plants are adjacent to Enbridge's existing...

    Enbridge in $378 Million Montney Natural Gas Assets BuyData analysis
    Global Deals

    Enbridge Inc has signed a definitive agreement with Murphy Oil Corporation to acquire Tupper Main and Tupper West gas plants and associated pipelines in northeastern British Columbia for C$538 million (US$378 million).

    The Tupper Main and Tupper West plants are adjacent to Enbridge's existing Sexsmith gathering system and close to the Alliance pipeline, which is 50% owned by Enbridge Income Fund. Tupper Main has a licensed capacity of 110 MMcf/d, while Tupper West has a licensed capacity of 210 MMcf/d. The assets include approximately 53 km of high pressure pipelines.

    View Enbridge press release

  • CNOOC Brings Kenli 10-4 Oilfield Online

    CNOOC Ltd has kicked off production from the Kenli 10-4 oilfield, located in the South of Bohai, China.The field, at an average water depth of approximately 15m, has six wells producing a total of approximately 6.54 Mbbl/d. The oilfield is expected to reach its ODP designed peak production of approximately...

    CNOOC Brings Kenli 10-4 Oilfield Online
    Projects & Capex

    CNOOC Ltd has kicked off production from the Kenli 10-4 oilfield, located in the South of Bohai, China.

    The field, at an average water depth of approximately 15m, has six wells producing a total of approximately 6.54 Mbbl/d. The oilfield is expected to reach its ODP designed peak production of approximately 9.6 Mbbl/d in 2016.

    Ownership of Kenli 10-4 oilfield: CNOOC (100%, operator).

    View CNOOC press release

  • Data analysis AWE Sells Out US Shale Assets

    AWE Limited has entered into an agreement to sell its 10% working interest in the Sugarloaf Area of Mutual Interest (AMI) to Carrier Energy Partners II LLC (CEP II) for cash consideration of A$271 million (US$190 million). Sugarloaf AMI is located in Eagle Ford Shale formation, Texas.CEP II is a Houston-based...

    AWE Sells Out US Shale AssetsData analysis
    Global Deals

    AWE Limited has entered into an agreement to sell its 10% working interest in the Sugarloaf Area of Mutual Interest (AMI) to Carrier Energy Partners II LLC (CEP II) for cash consideration of A$271 million (US$190 million). Sugarloaf AMI is located in Eagle Ford Shale formation, Texas.

    CEP II is a Houston-based private oil and gas company, focused on the acquisition and exploitation of upstream assets.

    The sale agreement has an effective date of 1-Jan-2016 and is subject to purchase price adjustments at closing, includin a payment to AWE of approximately $9 million (A$13 million) for drilling costs incurred prior to the effective date. The transaction is expected to be completed by the end of Mar-2016.

    View AWE press release

  • Data analysis Keane in $247 Million US Assets Buy

    Keane Group has agreed to acquire certain US assets from Trican Well Service for a total consideration of $247 million, comprised of $200 million in cash plus a minority interest stake in Keane Group.Under this transaction, Keane will acquire the majority of Trican's US assets, including equipment, key...

    Keane in $247 Million US Assets BuyData analysis
    Global Deals

    Keane Group has agreed to acquire certain US assets from Trican Well Service for a total consideration of $247 million, comprised of $200 million in cash plus a minority interest stake in Keane Group.

    Under this transaction, Keane will acquire the majority of Trican's US assets, including equipment, key employees and its engineering capabilities. With these additional resources, Keane will:

    • Grow from 300,000 frac HP to over 950,000 frac HP available for dispatch
    • Acquire access to proprietary technology, engineering capability and new services lines including cementing, coiled-tubing, nitrogen pumping, and acidizing capabilities
    • Expand into additional basins in Texas and the Mid-con, while deepening Keane's existing presence in the Permian, Bakken, and Marcellus/Utica basins

    Trican provides specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

    The transaction is expected to close before mid-Mar-2016.

    View Keane press release

  • Chevron Kicks Off Production at Chuandongbei Project

    Chevron has commenced natural gas production from the first stage of the Chuandongbei project, south-west China.The Chuandongbei project covers over 800 sq km in Sichuan Province and the Chongqing Municipality. The start-up of the first train commences stage one of the project. The three trains have a...

    Chevron Kicks Off Production at Chuandongbei Project
    Projects & Capex

    Chevron has commenced natural gas production from the first stage of the Chuandongbei project, south-west China.

    The Chuandongbei project covers over 800 sq km in Sichuan Province and the Chongqing Municipality. The start-up of the first train commences stage one of the project. The three trains have a combined design outlet capacity of 258 MMcf/d of natural gas. The project is estimated to contain potentially recoverable natural gas resources of 3 Tcf.

    Ownership of Chuandongbei: Chevron (Unocal East China Sea) (49%, operator) and China National Petroleum Corporation (51%).

    View Chevron press release

  • Data analysis Quicksilver in $245 Million US Assets Sale

    Quicksilver Resources has signed an agreement to divest its US assets, as part of Chapter 11 filings of the US Bankruptcy Code, to BlueStone Natural Resources II LLC for $245 million. The assets are located primarily in the Barnett Shale in the Fort Worth basin of North Texas. The transaction also includes...

    Quicksilver in $245 Million US Assets SaleData analysis
    Global Deals

    Quicksilver Resources has signed an agreement to divest its US assets, as part of Chapter 11 filings of the US Bankruptcy Code, to BlueStone Natural Resources II LLC for $245 million. The assets are located primarily in the Barnett Shale in the Fort Worth basin of North Texas. The transaction also includes assets in the Delaware basin in West Texas, which are concentrated in Pecos County, Texas and to a lesser extent Crockett and Upton Counties, Texas.

    View Quicksilver press release

  • Data analysis Lundin Spuds 16/4-10 Well on Fosen Prospect, NCS

    Lundin Petroleum has commenced drilling of the 16/4-10 exploration well on the Fosen prospect in PL544, located approximately 27 km south of the Edvard Grieg field and 11 km south of the Luno II discovery on the Utsira High, Norwegian Continental Shelf (NCS).The well will be drilled to a planned total depth...

    Lundin Spuds 16/4-10 Well on Fosen Prospect, NCSData analysis
    Exploration

    Lundin Petroleum has commenced drilling of the 16/4-10 exploration well on the Fosen prospect in PL544, located approximately 27 km south of the Edvard Grieg field and 11 km south of the Luno II discovery on the Utsira High, Norwegian Continental Shelf (NCS).

    The well will be drilled to a planned total depth of approximately 2,500m. The main objective of the well is to test the hydrocarbon potential and reservoir properties at Jurassic sandstones level. The well will explore the Fosen prospect, which is located on the southern flank of the Utsira High, west of the South Viking Graben in the North Sea. The Fosen prospect is estimated to contain gross unrisked prospective resources of 192 MMBOE.

    The well will be drilled with the semisubmersible drilling unit Island Innovator, and is expected to take approximately 50 days.

    Ownership of PL544: Lundin (40%, operator), Lime Petroleum (30%) and Bayerngas Norge (30%).

    View Lundin press release

  • Data analysis Lundin Finds Oil at Bambazon Well, Off Malaysia

    Lundin Petroleum has encountered oil at Bambazon well in Block SB307/308, offshore East Malaysia.The well, drilled with the West Prospero jack-up rig to a total depth of approximately 1,380m, has encountered approximately 15m of net logged reservoir pay with oil shows over three main reservoir intervals.The...

    Lundin Finds Oil at Bambazon Well, Off MalaysiaData analysis
    Exploration

    Lundin Petroleum has encountered oil at Bambazon well in Block SB307/308, offshore East Malaysia.

    The well, drilled with the West Prospero jack-up rig to a total depth of approximately 1,380m, has encountered approximately 15m of net logged reservoir pay with oil shows over three main reservoir intervals.

    The well has been plugged and abandoned.

    Ownership of Block SB307/SB308: Lundin (85%, operator) and Petronas (15%).

    View Lundin press release

  • Data analysis Mart Resources Sells Out for $263 Million

    Mart Resources has entered into an arrangement agreement with Midwestern Oil & Gas Company, San Leon Energy and 1038221 BC Ltd (Acquireco) under the terms of which Acquireco will acquire all of the issued and outstanding common shares of Mart for approximately US$263 million.As per the agreement, each...

    Mart Resources Sells Out for $263 MillionData analysis
    Global Deals

    Mart Resources has entered into an arrangement agreement with Midwestern Oil & Gas Company, San Leon Energy and 1038221 BC Ltd (Acquireco) under the terms of which Acquireco will acquire all of the issued and outstanding common shares of Mart for approximately US$263 million.

    As per the agreement, each Mart shareholder will receive C$0.25 (US$0.17) in exchange for each Mart common share held for aggregate consideration of all Mart shares of approximately C$89.2 million. The per share consideration represents a 194% premium to the closing price and a 191% premium to the 20 day VWAP price of Mart's common shares on 21-Jan-2016.

    Midwestern is a private corporation existing under the laws of Nigeria. Midwestern is the operator of the Umusadege field and holds an indirect participating interest in OML 18. Acquireco is a wholly owned subsidiary of Midwestern and was formed for the purpose of completing the arrangement. Midwestern and San Leon have agreed to jointly and severally guarantee all of Acquireco's obligations under the arrangement agreement.

    View Mart Resources press release

  • Data analysis M3nergy Buys Out Lundin Services Limited

    M3nergy Berhad has entered into an agreement to buy 100% issued share capital of Lundin Services Limited from Lundin Petroleum for a consideration of $265 million.Lundin Services Limited owns the FPSO Bertam, which is now operating on the Bertam field on Block PM307, offshore peninsular Malaysia. M3nergy...

    M3nergy Buys Out Lundin Services LimitedData analysis
    Global Deals

    M3nergy Berhad has entered into an agreement to buy 100% issued share capital of Lundin Services Limited from Lundin Petroleum for a consideration of $265 million.

    Lundin Services Limited owns the FPSO Bertam, which is now operating on the Bertam field on Block PM307, offshore peninsular Malaysia. M3nergy Berhad, an integrated service provider to the oil and gas industry in South East Asia, is a wholly owned subsidiary of the Sabah Development Bank Berhad in Malaysia.

    The transaction is expected to complete during Q1-2016.

    View Lundin press release

  • Highlights of the Week Ended 23-Jan-2016

    Global DealsTotal agreed to transferits operatorship and 20% interest in the Kharyaga Production Sharing Agreement (PSA) to Zarubezhneft.Husky announced its plans to sell certain legacy oil and natural gas assets in Western Canada. The planned divestitures, which do not include heavy oil or oil sands assets,...

    Highlights of the Week Ended 23-Jan-2016
    Global Deals, Projects & Capex, Exploration

    Global Deals

    Total agreed to transfer its operatorship and 20% interest in the Kharyaga Production Sharing Agreement (PSA) to Zarubezhneft.

    Husky announced its plans to sell certain legacy oil and natural gas assets in Western Canada. The planned divestitures, which do not include heavy oil or oil sands assets, produce about 55 MBOE/d.

    Clayton Williams Energy agreed to swap with Concho Resources its non-producing acreage in Reeves County, located in the Southern Delaware basin, Texas. Concho Resources also entered into a definitive agreement to acquire 12,000 net acres in Reeves and Ward Counties in the southern Delaware basin, Texas, for approximately $360 million. 

    Silver Hill Energy Partners II LLC entered into a definitive agreement with Concho Resources to buy 14,000 net acres located in Loving County, Texas, for cash proceeds of $290 million.

    Luxe Energy LLC acquired certain undeveloped acreage and producing oil and gas properties located in Reeves and Ward Counties, Texas from two separate sellers, Endeavor Energy Resources LP and Finley Resources Inc, for an undisclosed amount.

    Exploration

    Woodside made a non-commercial discovery at Hongge-1 exploration well in Block 8 within the Ulleung basin, Republic of Korea.

    Lundin Petroleum came up dry at 6407/10-4 exploration well on the Lorry prospect, located in PL700B, Norwegian Sea.

    Todd Energy decided to plug and abandon the Te Kiri North-1 well in permit PEP 51149 within the Taranaki basin, New Zealand.

    Suncor Energy came up dry at 25/10-14 S well in PL571, located about 5 km west of the Balder field and about 200 km north-west of Stavanger, North Sea.

    Quadrant Energy discovered condensate rich gas at Roc-1 well in WA-437-P, approximately 20 km south-east of the Phoenix South-1 oil discovery, Australia.

    Projects & Capex

    Rosneft, through its subsidiary RN-Uvatneftegaz, started commercial oil production at Zapadno-Epasskoye field of the Uvat project, located within the Ust-Tegussky license area, Russia. 

    Shell decided to exit the joint development of the Bab sour gas reservoirs with ADNOC in the emirate of Abu Dhabi, and to stop further joint work on the project. 

    Egdon Resources commenced the drilling operations at the Keddington-5 conventional sidetrack development well in PED005R, located in Lincolnshire, United Kingdom.

     

  • Data analysis Luxe Energy in Delaware Basin Assets Buy

    Luxe Energy LLC has acquired certain undeveloped acreage and producing oil and gas properties located in Reeves and Ward Counties, Texas from two separate sellers, Endeavor Energy Resources LP and Finley Resources Inc, for an undisclosed amount.Highlights of the acquisition:Approximately 18,000 net acres in...

    Luxe Energy in Delaware Basin Assets BuyData analysis
    Global Deals

    Luxe Energy LLC has acquired certain undeveloped acreage and producing oil and gas properties located in Reeves and Ward Counties, Texas from two separate sellers, Endeavor Energy Resources LP and Finley Resources Inc, for an undisclosed amount.

    Highlights of the acquisition:

    • Approximately 18,000 net acres in the core of the Delaware Basin
    • Majority operated with high average working interest
    • Contiguous acreage enables long lateral drilling locations resulting in premium well economics
    • Current net production of approximately 1 MBOE/d
    • Opportunity to design, construct and operate midstream infrastructure

    View Luxe Energy press release

  • Data analysis Total Tranfers 20% Stake in Kharyaga PSA, Russia

    Total has agreed to transfer its operatorship and 20% interest in the Kharyaga Production Sharing Agreement (PSA) to Zarubezhneft.The Kharyaga PSA involves the development of objects 2 and 3 of the Kharyaga oil field in the Nenets Autonomous District, with production of 30 Mbbl/d. The project has safely...

    Total Tranfers 20% Stake in Kharyaga PSA, RussiaData analysis
    Global Deals

    Total has agreed to transfer its operatorship and 20% interest in the Kharyaga Production Sharing Agreement (PSA) to Zarubezhneft.

    The Kharyaga PSA involves the development of objects 2 and 3 of the Kharyaga oil field in the Nenets Autonomous District, with production of 30 Mbbl/d. The project has safely produced a cumulative 15 MMT of oil and generated $3 billion for Russia since 1999.

    Post-transaction ownership of Kharyaga PSA: Zarubezhneft (40%, operator), Statoil (30%), Total (20%) and Nenets Oil Company (10%).

    View Total press release

  • Data analysis Husky Mulls Western Canada Assets Sale

    Husky is planning to sell certain legacy oil and natural gas assets in Western Canada. The planned divestitures, which do not include heavy oil or oil sands assets, produce about 55 MBOE/d.Husky is also assessing the sale of royalty interests in Western Canada, representing approximately 2 MBOE/d of...

    Husky Mulls Western Canada Assets SaleData analysis
    Global Deals

    Husky is planning to sell certain legacy oil and natural gas assets in Western Canada. The planned divestitures, which do not include heavy oil or oil sands assets, produce about 55 MBOE/d.

    Husky is also assessing the sale of royalty interests in Western Canada, representing approximately 2 MBOE/d of production.

    View Husky press release

  • Data analysis Woodside Makes Non-Commercial Discovery at Hongge-1 Well

    Woodside has made a non-commercial discovery at Hongge-1 exploration well in Block 8 within the Ulleung basin, Republic of Korea.The well, drilled to a total depth of 3,900m below the rotary table, has confirmed the presence of a petroleum system with a significant gas column within the primary target....

    Woodside Makes Non-Commercial Discovery at Hongge-1 WellData analysis
    Exploration

    Woodside has made a non-commercial discovery at Hongge-1 exploration well in Block 8 within the Ulleung basin, Republic of Korea.

    The well, drilled to a total depth of 3,900m below the rotary table, has confirmed the presence of a petroleum system with a significant gas column within the primary target. However, a high percentage of inert gas in the hydrocarbon column has resulted in a non-commercial discovery.

    View Woodside press release

    Ownership of Block 8: Woodside (50%, operator) and Korea National Oil Corporation (KNOC) (50%). 

  • Rosneft Brings Zapadno-Epasskoye Online

    Rosneft, through its subsidiary RN-Uvatneftegaz, has started commercial oil production at Zapadno-Epasskoye field of the Uvat project, located within the Ust-Tegussky license area, Russia. The field's recoverable oil reserves amount to over 17 MMT.View Rosneft press release

    Rosneft Brings Zapadno-Epasskoye Online
    Projects & Capex

    Rosneft, through its subsidiary RN-Uvatneftegaz, has started commercial oil production at Zapadno-Epasskoye field of the Uvat project, located within the Ust-Tegussky license area, Russia. The field's recoverable oil reserves amount to over 17 MMT.

    View Rosneft press release

  • Data analysis Lundin Drills Duster at Lorry Prospect, Norwegian Sea

    Lundin Petroleum has come up dry at 6407/10-4 exploration well on the Lorry prospect, located in PL700B, Norwegian Sea.The main target of the well was to test the Upper Jurassic pinchout play, and prove presence of hydrocarbon in the Rogn Formation. The well was drilled with the semi-submersible drilling unit...

    Lundin Drills Duster at Lorry Prospect, Norwegian SeaData analysis
    Exploration

    Lundin Petroleum has come up dry at 6407/10-4 exploration well on the Lorry prospect, located in PL700B, Norwegian Sea.

    The main target of the well was to test the Upper Jurassic pinchout play, and prove presence of hydrocarbon in the Rogn Formation. The well was drilled with the semi-submersible drilling unit Island Innovator to a total depth of 3,224m below mean sea level in a water depth of 335m. The Upper Jurassic was encountered, but with no development of Rogn reservoir.

    The well has been plugged and abandoned.

    Ownership of PL700B: Lundin (40%, operator), Bayerngas (20%), GDF Suez (20%) and VNG Norge AS (20%).

    View Lundin press release

  • Todd Energy Disappointed at Te Kiri North-1 Well, NZData analysis
    Exploration

    Todd Energy has decided to plug and abandon the Te Kiri North-1 well in permit PEP 51149 within the Taranaki basin, New Zealand.

    The deviated well, designed to test Miocene and Eocene objectives, was drilled to a total depth of 4,629m MDRT (Measured Depth) within the Turi Formation.

    The well encountered hydrocarbon shows in the Miocene Mt Messenger formation, and a wireline logging suite was run to evaluate the section. The logs indicated low reservoir quality, and the decision was made not to further evaluate the zone. The Eocene objective was a structural trap predicted to be up-dip from the nearby Te-Kiri 1 well but came in low to prediction.

    Ownership of PEP 51149: Todd Energy (80%, operator) and Cue Energy (20%).

    View Cue energy press release

    View Cue Energy press release

  • Shell Exits Bab Project, Abu Dhabi

    Shell has decided to exit the joint development of the Bab sour gas reservoirs with ADNOC in the emirate of Abu Dhabi, and to stop further joint work on the project. The evaluation concluded that for Shell, the development of the project does not fit with the company’s strategy, particularly in the...

    Shell Exits Bab Project, Abu Dhabi
    Projects & Capex

    Shell has decided to exit the joint development of the Bab sour gas reservoirs with ADNOC in the emirate of Abu Dhabi, and to stop further joint work on the project. The evaluation concluded that for Shell, the development of the project does not fit with the company’s strategy, particularly in the economic climate prevailing in the energy industry.

    View Shell press release

  • Data analysis Clayton, Concho Swap Delaware Acreage

    Clayton Williams Energy has agreed to swap with Concho Resources its non-producing acreage in Reeves County, located in the Southern Delaware basin, Texas.Clayton and Concho agreed to exchange net acre for net acre across Clayton’s entire Reeves County position. As a result of the exchange, Clayton...

    Clayton, Concho Swap Delaware AcreageData analysis
    Global Deals

    Clayton Williams Energy has agreed to swap with Concho Resources its non-producing acreage in Reeves County, located in the Southern Delaware basin, Texas.

    Clayton and Concho agreed to exchange net acre for net acre across Clayton’s entire Reeves County position. As a result of the exchange, Clayton acquired Concho’s 25% working interest in certain leases, and Clayton conveyed its 75% working interest in certain leases to Concho. Clayton’s acreage position remained at approximately 65,000 net acres, but its working interest in the leases increased from 75% to 100% throughout most of its largely contiguous acreage block.

    All lease rights transferred under this agreement were limited to undrilled acreage and excluded reserves and production attributable to existing wells. The interest in the existing producing wells will remain the same.

    View Clayton press release

  • Data analysis Concho in $360 Million Delaware Basin Assets Buy

    Concho Resources has entered into a definitive agreement to acquire 12,000 net acres in Reeves and Ward Counties in the southern Delaware basin, Texas, for approximately $360 million. The total consideration includes 2.2 million shares of Concho common stock, $150 million of cash and $40 million to carry a...

    Concho in $360 Million Delaware Basin Assets BuyData analysis
    Global Deals

    Concho Resources has entered into a definitive agreement to acquire 12,000 net acres in Reeves and Ward Counties in the southern Delaware basin, Texas, for approximately $360 million. The total consideration includes 2.2 million shares of Concho common stock, $150 million of cash and $40 million to carry a portion of the seller’s future drilling costs.

    The acquired properties have current net production of approximately 3.6 MBOE/d and estimated proved reserves of 18.5 MMBOE as of 31-Dec-2015. As part of the transaction, the seller will retain a 20% non-operated working interest in the assets. This acquisition is expected to close during Q1-2016.

    View Concho press release