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NEWS

  • Data analysis Tourmaline Oil to Acquire Mapan Energy

    Tourmaline Oil has entered into an agreement with Mapan Energy to acquire all of the issued and outstanding common shares of Mapan for C$106 million (US$86 million).The exchange ratio, as per the agreement, is 0.0379 of a Tourmaline common share for each Mapan common share. The purchase price of C$1.47 per...

    Tourmaline Oil to Acquire Mapan EnergyData analysis
    Global Deals

    Tourmaline Oil has entered into an agreement with Mapan Energy to acquire all of the issued and outstanding common shares of Mapan for C$106 million (US$86 million).

    The exchange ratio, as per the agreement, is 0.0379 of a Tourmaline common share for each Mapan common share. The purchase price of C$1.47 per Mapan common share represents a 65% premium to the closing market price of the Mapan common shares on 26-Jun-2015 and a 68% premium to the volume-weighted average trading price of the Mapan common shares for the 20 trading days ending 26-Jun-2015.

    The transaction will include:

    • 216,916 gross acres of land (166,898 net)
    • 2P reserves of 19.2 MMBOE, acquired for C$6.28/BOE (1P), C$4.91/BOE (2P), with considerable potential incremental reserve upside (including future development capital)
    • Current production of 5.5 MBOE/d, resulting in approximately C$17,123 per flowing barrel

    View Tourmaline press release

  • Data analysis UKOG Farms Into PEDL143 in Weald Basin, United Kingdom

    UK Oil & Gas Investments (UKOG) has signed a farm-in agreement with Egdon Resources to acquire 20% interest in PEDL143, UK. The license contains Holmwood prospect in Weald Basin.Under the terms of the agreement, UKOG will pay a 40% share of the Holmwood-1 exploration well drilling costs in order to...

    UKOG Farms Into PEDL143 in Weald Basin, United KingdomData analysis
    Global Deals

    UK Oil & Gas Investments (UKOG) has signed a farm-in agreement with Egdon Resources to acquire 20% interest in PEDL143, UK. The license contains Holmwood prospect in Weald Basin.

    Under the terms of the agreement, UKOG will pay a 40% share of the Holmwood-1 exploration well drilling costs in order to acquire a 20% working interest in PEDL143 from Egdon. UKOG's share of well costs will be capped at £1.2 million (US$ 1.8 million) net to UKOG.

    Post transaction ownership structure of PEDL143: Europa Oil & Gas (40%, operator), UKOG (20%), Warwick Energy (20%), Egdon (18.4%) and Altwood Petroleum (1.6%).

    View Europa press release

    View Egdon press release

  • Data analysis African Petroleum Signs Agreement for CI-513, Cote d'Ivoire

    African Petroleum has signed a binding joint bidding agreement with a large London listed oil and gas company to provide a framework for the incoming third party to secure a 45% operated interest in a Production Sharing Contract (on terms to be agreed) covering the Block CIP513, Cote d’Ivoire.African...

    African Petroleum Signs Agreement for CI-513, Cote d'IvoireData analysis
    Global Deals

    African Petroleum has signed a binding joint bidding agreement with a large London listed oil and gas company to provide a framework for the incoming third party to secure a 45% operated interest in a Production Sharing Contract (on terms to be agreed) covering the Block CIP513, Cote d’Ivoire.

    African Petroleum will hold a non-operated interest of 45%, with the remaining 10% carried interest held by Petroci, the National Oil Company of Côte d’Ivoire.

    View African Petroleum press release

  • Data analysis AWE Spuds Waitsia-2 Appraisal Well in Perth Basin

    AWE has spudded the Waitsia-2 appraisal well on L1/L2 permit in the Perth Basin, Western Australia. It is located approximately 16.5 km east-southeast of Dongara, and 5.6 km south-southwest of Waitsia-1.The well will be drilled to a planned maximum total depth of 3,803m Measured Depth below Rotary Table...

    AWE Spuds Waitsia-2 Appraisal Well in Perth BasinData analysis
    Exploration

    AWE has spudded the Waitsia-2 appraisal well on L1/L2 permit in the Perth Basin, Western Australia. It is located approximately 16.5 km east-southeast of Dongara, and 5.6 km south-southwest of Waitsia-1.

    The well will be drilled to a planned maximum total depth of 3,803m Measured Depth below Rotary Table (MDRT). The well is designed to test gas potential in the southern extension of the Waitsia field, comprising primary targets in the deep conventional formations in the Kingia and High Cliff Sandstones. The approved work program for the Waitsia-2 appraisal well does not include hydraulic fracture stimulation.

    Ownership of L1/L2 JV: AWE (50%, operator) and Origin Energy (50%).

    View AWE press release

  • Data analysis New Standard in US and Australian Assets Sale

    New Standard Energy has signed an agreement with Sundance Energy to sell its assets in the United States and Cooper Basin, Australia for approximately A$24 million (US$18 million).As per the transaction, Sundance will indirectly acquire the Atascosa Project in Texas through the takeover of New Standard Energy...

    New Standard in US and Australian Assets SaleData analysis
    Global Deals

    New Standard Energy has signed an agreement with Sundance Energy to sell its assets in the United States and Cooper Basin, Australia for approximately A$24 million (US$18 million).

    As per the transaction, Sundance will indirectly acquire the Atascosa Project in Texas through the takeover of New Standard Energy Texas LLC, which holds New Standard’s interest in the project. The company will also acquire New Standard’s working interest in Colorado county assets. It will also acquire New Standard’s 17.5% share in PEL570 permit in the Cooper Basin by taking over New Standard Energy PE 570 Pty Ltd. 

    View New Standard press release

  • Highlights of the Week Ended 27-Jun-2015

    Global DealsIn the biggest deal of the week, Enbridge has agreedto drop down its Canadian liquids pipelines business to Enbridge Income Fund (EIF) at a consideration of C$30.4 billion (US$24.7billion), plus certain incentive/performance rights. Meanwhile, Williams Companies had declinedthe $53 billion...

    Highlights of the Week Ended 27-Jun-2015
    Global Deals, Projects & Capex, Exploration

    Global Deals

    In the biggest deal of the week, Enbridge has agreed to drop down its Canadian liquids pipelines business to Enbridge Income Fund (EIF) at a consideration of C$30.4 billion (US$24.7billion), plus certain incentive/performance rights. Meanwhile, Williams Companies had declined the $53 billion take-over offer from Energy Transfer Equity LP (ETE).

    Energy XXI has agreed to sell its Grand Isle Gathering System (GIGS) to CorEnergy Infrastructure Trust for a cash consideration of $245 million and liabilities related to the assets.

    E.ON is rumored to be considering the sale of its assets in North Sea and Algeria to raise approximately $2 billion.

    Chevron Corp will sell its 40% stake in shallow water oil blocks OML86 and OML88, Nigeria.

    Reuters reported that Vladimir Putin signed a decree on transferring a 25% plus one share stake in Bashneft to the region of Bashkortostan.

    WPX Energy acquired an additional 14,300 net acres in the San Juan Basin’s Gallup oil window from an undisclosed seller for approximately $26 million.

    GasLog Partners LP purchased 100% of the shares in the entities that own and charter the three vessels Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally from GasLog, for approximately $483 million.

    Magnum Hunter is considering to sell its 45.53% stake in its natural gas gathering subsidiary, Eureka Hunter Holdings, to raise approximately $600-$700 million.

    Apache and Staatsolie signed a 30 years production sharing contract for Block 58, offshore Suriname.

    Wesfarmers Ltd signed an agreement to acquire 13.7% stake in Quadrant Energy Holdings Pty Ltd. 

    Penn Virginia rejected BP Capital Energy Equity Funds' take over offer.

    Reuters reported, quoting Bloomberg that Total is in talks to sell its gas pipeline in the UK's North Sea to ArcLight Capital Partners for about $1 billion.

    Exploration

    In the North Sea, the Norwegian Petroleum Directorate (NPD) granted a drilling permit to Wintershall for 10/4-1 well in PL734. Edison spudded the Haribo (2/11-11) exploration well in PL616, located 10 km south-west of the Valhall field in the Norwegian part of the North Sea.

    Lundin Petroleum commenced drilling of its second Alta (7220/11-3) appraisal well in PL609 in the Barents Sea South and Edvard Grieg (16/1-23 S) appraisal well in PL338, Norwegian North Sea.

    VNG spudded 6406/12-4 S well in the Boomerang prospect in PL586, located at the Halten Terrace in the Norwegian Sea.

    Tullow Oil failed to discover hydrocarbons in Zumba (6507/11-11) exploration well in PL591, Norwegian Sea. Suncor Energy also came up dry at 25/10-13 S exploration well in PL571, in the central part of the North Sea. Meanwhile, Inpex discovered a new column of oil in Minami-Kuwayama-3 well in Niigata Prefecture, Japan.

    Heritage Oil spudded the Kwila-1 exploration well in PPL337, Papua New Guinea.

    Suncor Energy failed to discover significant hydrocarbons in the Niobe prospect in P1989, Blocks 12/26b & 27b, offshore United Kingdom.

    Circle Oil found gas at the first well drilled on its Lalla Mimouna permit onshore Morocco.

    Projects and Capex

    FMC Technologies secured a $297 million contract from BP to supply subsea production systems for Well Clusters 3-5 of the Shah Deniz Stage 2 project in the Caspian Sea.

    L&T Hydrocarbon Engineering bagged an INR 27.15 billion (US$428 million) offshore contract from ONGC for the Bassein Development Project near Mumbai coast in western offshore basin of India.

    McDermott International secured a contract from LLOG Exploration Offshore for Otis field development located in Block Mississippi Canyon 79, GoM.

    Gazprom Neft brought fourth well (P-05) into production at the Badra field, Iraq. The well allowed total production at the field to increase by almost double, to a level of 27–28 Mbbl/d.

  • Data analysis Total in Talks to Sell UK Pipeline to ArcLight

    Reuters, quoting Bloomberg, reports Total is in talks to sell its gas pipeline in the UK's North Sea to ArcLight Capital Partners. The transaction, which may be worth about $1 billion, is in an advanced stage of discussion, although talks may still fall apart.ArcLight may make the investment through its...

    Total in Talks to Sell UK Pipeline to ArcLight Data analysis
    Global Deals

    Reuters, quoting Bloomberg, reports Total is in talks to sell its gas pipeline in the UK's North Sea to ArcLight Capital Partners. The transaction, which may be worth about $1 billion, is in an advanced stage of discussion, although talks may still fall apart.

    ArcLight may make the investment through its affiliate North Sea Midstream Partners.

    Source: Reuters

  • OneSubsea Bags Supply Contract for Shah Deniz

    OneSubsea, a Cameron and Schlumberger Company, has been awarded a contract worth approximately $60 million for the Shah Deniz Two development, offshore Azerbaijan.The scope of the contract includes the supply of the second of three planned batches of subsea production trees and ancillaries. Deliveries are...

    OneSubsea Bags Supply Contract for Shah Deniz
    Others

    OneSubsea, a Cameron and Schlumberger Company, has been awarded a contract worth approximately $60 million for the Shah Deniz Two development, offshore Azerbaijan.

    The scope of the contract includes the supply of the second of three planned batches of subsea production trees and ancillaries. Deliveries are expected to commence in 2016.

  • Gazprom Neft Doubles Production at Badra Field, Iraq

    Gazprom Neft has brought fourth well (P-05) into production at the Badra field, Iraq. The well has allowed total production at the field to increase by almost double, to a level of 27–28 Mbbl/d.Bringing the P-05 well into production will allow geological and engineering operations to be...

    Gazprom Neft Doubles Production at Badra Field, Iraq
    Projects & Capex

    Gazprom Neft has brought fourth well (P-05) into production at the Badra field, Iraq. The well has allowed total production at the field to increase by almost double, to a level of 27–28 Mbbl/d.

    Bringing the P-05 well into production will allow geological and engineering operations to be conducted at existing wells (P-08 and BD-04) in the nearest future, with no impact on total production volumes.

    Further field development is currently ongoing, with drilling being completed and a further well (P-04) being brought online with expected flow rate at around 10 Mbbl/d. 

    View Gazprom Neft press release

  • Data analysis Circle Hits Gas at LAM-1 Well in Morocco

    Circle Oil has found gas at the first well drilled on its Lalla Mimouna permit onshore Morocco.The LAM-1 well targeted the Miocene gas-bearing sands. The primary target was perforated at 1,261-1,272m and flowed gas at a stabilised rate of 1.9 MMcf/d and the secondary target was perforated at 1,181-1,183m...

    Circle Hits Gas at LAM-1 Well in MoroccoData analysis
    Exploration

    Circle Oil has found gas at the first well drilled on its Lalla Mimouna permit onshore Morocco.

    The LAM-1 well targeted the Miocene gas-bearing sands. The primary target was perforated at 1,261-1,272m and flowed gas at a stabilised rate of 1.9 MMcf/d and the secondary target was perforated at 1,181-1,183m MD and flowed at a stabilised rate of 1.1 MMcf/d.

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

    View Circle Oil press release

  • Data analysis Penn Virginia Rejects Take-Over Offer by BP Capital

    The BP Capital Energy Equity Funds has offered to acquire all of the outstanding shares of Penn Virginia Corp. However, after acknowledging the receipt of BP Capital's proposal, Penn Virginia's Board of Directors unanimously voted not to pursue the proposal and concluded that it is not in the...

    Penn Virginia Rejects Take-Over Offer by BP CapitalData analysis
    Global Deals

    The BP Capital Energy Equity Funds has offered to acquire all of the outstanding shares of Penn Virginia Corp. However, after acknowledging the receipt of BP Capital's proposal, Penn Virginia's Board of Directors unanimously voted not to pursue the proposal and concluded that it is not in the best interests of the company and its shareholders to deviate from the company's long-term business strategy.

    View BP Capital press release

    View Penn Virginia press release

  • Data analysis Wesfarmers Buys Into Quadrant Energy for $100 Million

    Wesfarmers Ltd has signed an agreement to acquire 13.7% stake in Quadrant Energy Holdings Pty Ltd. As per the agreement, Wesfarmers will invest $100 million to acquire 27.4% stake in the special purpose vehicle in which Macquarie Capital holds its interest, representing a 13.7% stake in Quadrant...

    Wesfarmers Buys Into Quadrant Energy for $100 MillionData analysis
    Global Deals

    Wesfarmers Ltd has signed an agreement to acquire 13.7% stake in Quadrant Energy Holdings Pty Ltd. As per the agreement, Wesfarmers will invest $100 million to acquire 27.4% stake in the special purpose vehicle in which Macquarie Capital holds its interest, representing a 13.7% stake in Quadrant Energy.

    Quadrant Energy holds assets in Western Australia that Apache sold earlier this month to an equal joint venture between Macquarie and Brookfield Asset Management Inc. 

    Quadrant Energy's assets include:

    • Three operating gas fields - Reindeer, John Brookes, and Halyard-Spar, and in the BHP Billiton-operated Macedon
    • Three operating oil fields - Coniston-Novara, Van Gogh and Stag, and in BHP Billiton-operated Pyrenees Area
    • Gas processing facilities and associated infrastructure at Devil Creek, Varanus Island and Macedon
    • Upstream acreage in the Carnarvon, Exmouth and Canning Basins.

    View Wesfarmers press release

  • Apache and Staatsolie Sign PSC for Block 58 Off SurinameData analysis
    Global Deals

    Apache and Staatsolie have signed a 30 year production sharing contract for Block 58, offshore Suriname. The block is located approximately 200km north west off the coast of Paramaribo, in water depths of 55 to 2,250m.

    The companies have agreed to a minimum working program for the exploration period during which geological surveys, seismic data gathering and exploration drilling are scheduled. All costs during the exploration phase will be covered by Apache and must only be redeemed by Staatsolie in case Apache makes a commercially recoverable find and commences production.

    The contract offers Staatsolie a maximum stake of 20% for participation in the development and production phase.

    View Staatsolie press release

  • Data analysis Magnum Hunter Mulls Pipeline Stake Divestment

    Magnum Hunter Resources is considering to sell its 45.53% stake in its natural gas gathering subsidiary, Eureka Hunter Holdings, to raise approximately $600-$700 million.Eureka Hunter owns Eureka Hunter Pipeline LLC, which operates natural gas pipelines in southeastern Ohio and northern West Virginia. It also...

    Magnum Hunter Mulls Pipeline Stake DivestmentData analysis
    Global Deals

    Magnum Hunter Resources is considering to sell its 45.53% stake in its natural gas gathering subsidiary, Eureka Hunter Holdings, to raise approximately $600-$700 million.

    Eureka Hunter owns Eureka Hunter Pipeline LLC, which operates natural gas pipelines in southeastern Ohio and northern West Virginia. It also owns TransTex Hunter LLC, which provides natural gas treating and processing service solutions.

    Source: Reuters

  • Suncor Comes up Dry at Niobe, North SeaData analysis
    Exploration

    Suncor Energy has failed to discover significant hydrocarbons in the Niobe prospect in P1989, Blocks 12/26b & 27b, offshore United Kingdom.

    The well was drilled to its target depth of 5,005 ft Measured Depth below Rotary Table (MDRT) or 4,871 ft True Vertical Depth Sub Sea (TVDSS) within the Late Jurassic Heather Formation.

    The well achieved its primary target, Burns Sandstone Member, within the late Jurassic interval. The well penetrated good quality sands with no significant hydrocarbons.

    The well will be plugged and abandoned.

    Ownership of P1889: Suncor Energy (49.5%, operator), Norwegian Energy Company (NORECO) (22.5%) and Trap Oil (28%).

    View Trap Oil press release

    View Suncor Niobe Exploration Well Environmental Statement Presentaion

  • Wood Wins $250 Million CATS Service Contract

    Wood Group has entered into a $250 million agreement with Antin Infrastructure Partners to provide operating services for the Central Area Transmission System (CATS) in the North Sea for up to 10 years.CATS transports gas through 404 km of pipeline from the Central...

    Wood Wins $250 Million CATS Service Contract
    Others

    Wood Group has entered into a $250 million agreement with Antin Infrastructure Partners to provide operating services for the Central Area Transmission System (CATS) in the North Sea for up to 10 years.

    CATS transports gas through 404 km of pipeline from the Central North Sea to its terminal in Teesside, UK. The system currently serves 34 producing fields with a high portion of contracted revenues.

    Wood Group press release

  • MMA Offshore Bags Chevron Shore Base Contract

    MMA Offshore has secured a two-year contract from Chevron worth upto A$100 million (US$77 million) to provide supply base facilities and services for Chevron’s operations in Australia’s North West. The contract has an option of extension for a further year.Under the contract, MMA will provide a...

    MMA Offshore Bags Chevron Shore Base Contract
    Others

    MMA Offshore has secured a two-year contract from Chevron worth upto A$100 million (US$77 million) to provide supply base facilities and services for Chevron’s operations in Australia’s North West. The contract has an option of extension for a further year.

    Under the contract, MMA will provide a broad range of shore base services out of its Dampier Supply Base. The scope of work under the contract includes operations planning and management for vessel mooring, load and discharge, freight/material management and dedicated laydown and staging areas. The contract requires the provision of technical capabilities including heavy lifting operations, the provision of quarantine inspection and remediation services and management of a number of third party services.

    The contract has commenced on 15-Jun-2015.

    View MMA press release

  • Data analysis Chevron to Sell 40% Stake in Two Blocks Off Nigeria

    Chevron Corp will sell its 40% stake in shallow water oil blocks OML86 and OML88, Nigeria. The blocks are located in the Niger Delta area.The common factors driving the multinational upstream firms to sell their Nigerian assets include oil theft, pipeline vandalism and uncertainty over taxes in...

    Chevron to Sell 40% Stake in Two Blocks Off NigeriaData analysis
    Global Deals

    Chevron Corp will sell its 40% stake in shallow water oil blocks OML86 and OML88, Nigeria. The blocks are located in the Niger Delta area.

    The common factors driving the multinational upstream firms to sell their Nigerian assets include oil theft, pipeline vandalism and uncertainty over taxes in Nigeria’s proposed oil bill.

    Source: Reuters

  • Expro Wins $100 Million Ghana Contracts

    Expro has secured new contracts from Tullow Oil worth approximately $100 million, for Tullow’s Jubilee field and the Tweneboa-Enyenra-Ntomme (TEN) field project in Ghana.Following Expro’s phase one contract of more than 10 completions for Jubilee, the company has been awarded continued services...

    Expro Wins $100 Million Ghana Contracts
    Others

    Expro has secured new contracts from Tullow Oil worth approximately $100 million, for Tullow’s Jubilee field and the Tweneboa-Enyenra-Ntomme (TEN) field project in Ghana.

    Following Expro’s phase one contract of more than 10 completions for Jubilee, the company has been awarded continued services for phase 1a. It covers completions on new wells for Jubilee, as well as interventions and remedial work.

    The contract will utilize Expro’s large bore subsea completion landing strings, subsea exploration and appraisal landing strings, high flow rate surface well testing and sampling services. The TEN project will also see Expro provide subsea completion work in all planned wells.

    View Expro press release

  • Suncor Comes up Dry at PL571, North SeaData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) reported that Suncor Energy has come up dry at 25/10-13 S exploration well in PL571, in the central part of the North Sea.

    The primary exploration target for the well was to prove petroleum in reservoir rocks from the Paleocene (Ty formation) and in the Upper Jurassic (intra Draupne sandstone). The secondary exploration target was to prove petroleum in Lower Triassic reservoir rocks (Smith Bank formation).

    The well was drilled by the Borgland Dolphin drilling facility to a vertical depth of 2715m and a measured depth of 2925m below the sea surface, and was terminated in the Triassic (most likely in the Smith Bank formation). Water depth at the site is 119m.

    The well will now be permanently plugged and abandoned.

    View NPD press release

    Ownership of PL571: Suncor (60%, operator) and Statoil (40%).

     

  • L&T Wins ONGC EPCI Contract for Bassein

    L&T Hydrocarbon Engineering has bagged an INR 27.15 billion (US$428 million) offshore contract from ONGC for the Bassein Development Project near Mumbai coast in western offshore basin of India.The scope of work under the contract includes engineering, procurement, construction and installation for the...

    L&T Wins ONGC EPCI Contract for Bassein
    Projects & Capex, Others

    L&T Hydrocarbon Engineering has bagged an INR 27.15 billion (US$428 million) offshore contract from ONGC for the Bassein Development Project near Mumbai coast in western offshore basin of India.

    The scope of work under the contract includes engineering, procurement, construction and installation for the project. The scope includes one new process platform having gas processing and compression facilities, one nine-slot well head platform, topside modification on existing platforms, associated subsea pipelines and one living quarter platform in the Bassein Field in western offshore basin of India.

    The project is scheduled to be completed by Dec-2017. The cumulative production from the field till 2027-28 is pegged at 19.56 Bcm of gas, 1.97 MMcm of condensate and 1.83 MMT of oil.

    View L&T press release

  • QMW Bags Yamal LNG Fabrication Contract

    Qingdao McDermott Wuchuan (QMW) has secured a module fabrication contract for Yamal LNG, an LNG plant being built north-east of the Yamal Peninsula in Russia.The scope of work under the contract includes fabrication, engineering, procurement and construction including mechanical completion, pre-commissioning,...

    QMW Bags Yamal LNG Fabrication Contract
    Others

    Qingdao McDermott Wuchuan (QMW) has secured a module fabrication contract for Yamal LNG, an LNG plant being built north-east of the Yamal Peninsula in Russia.

    The scope of work under the contract includes fabrication, engineering, procurement and construction including mechanical completion, pre-commissioning, weighing, and load-out. It also includes the sea-fastening of six units of onshore LNG fractionation pre-assembled unit modules of approximately 13.2 MT. Two of the modules weigh in at approximately 4.63 MT each.

    View QMW press release

  • Lundin Spuds Two Appraisal Wells Off NorwayData analysis
    Exploration

    Lundin Petroleum has commenced the drilling of its second Alta (7220/11-3) appraisal well in PL609 in the Barents Sea South and Edvard Grieg (16/1-23 S) appraisal well in PL338, Norwegian North Sea.

    The 7220/11-3 appraisal well is located 4.3 km south of the Alta discovery (7220/11-1) well and 3.4 km north-east of the recently completed appraisal well 7220/11-2. The well is planned to be drilled by Island Innovator drilling rig to a total depth of 2,070m below mean sea level (MSL). Drilling is expected to take approximately 60 days.

    The 16/1-23 S appraisal well is located approximately 2.4 km south-east of the Edvard Grieg platform location, in the south-eastern part of the Edvard Grieg field. The well is planned to be drilled by Rowan Viking drilling rig to a total depth of 2,200m below mean sea level (MSL). The drilling operation is expected to take approximately 60 days.

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

    Ownership of PL338: Lundin (50%, operator), OMV (20%), Statoil (15%) and Wintershall (15%).

    View Lundin press release

    View Lundin Q1-2015 presentation

  • Inpex Discovers Oil in Minami-Kuwayama Field, JapanData analysis
    Exploration

    Inpex Corporation has discovered a new column of oil in Minami-Kuwayama-3 well in Niigata Prefecture, Japan. The oil column was found at a depth of 3,900m in Minami-Kuwayama oil field, located approximately 20 km south-east of Niigata. The oil field has produced approximately 1 MMbbl of oil since trial production began in 2004.

    View Inpex press release

  • Data analysis Sona Petroleum Mulls South-East Asia Assets Buy

    Sona Petroleum is considering to buy onshore shallow water oil and gas production assets in south-east Asia. The company expects to conclude the transaction by year end.Source: Reuters

    Sona Petroleum Mulls South-East Asia Assets BuyData analysis
    Global Deals

    Sona Petroleum is considering to buy onshore shallow water oil and gas production assets in south-east Asia. The company expects to conclude the transaction by year end.

    Source: Reuters

  • E.ON to Sell North Sea, Algeria AssetsData analysis
    Global Deals

    Reuters has reported, quoting several banking sources, that E.ON is planning to sell its assets in North Sea and Algeria to raise approximately $2 billion.

    In Norway, E.ON has a 30% stake in the Njord field, 28.1% stake in the Skarv field and 17.5% stake in the Hyme field. The company operates the Huntington, Babbage, Johnston, Hunter and Rita fields and also holds interests in several producing fields in the British North Sea. In Algeria, E.ON holds a 49% of the exploration licence for the Rhourde Yacoub area in the Berkine basin.

    E.ON placed its North Sea exploration and production business under strategic review in Nov-2014.

    Source: Reuters

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

  • McDermott Bags LLOG Otis Field Subsea Tieback Contract

    McDermott International has secured a contract from LLOG Exploration Offshore for Otis field development located in Block Mississippi Canyon 79, GoM. The field will be developed as a subsea tieback to the Delta House floating production system (FPS) and lies in approximately 3,800 ft of water.The scope of...

    McDermott Bags LLOG Otis Field Subsea Tieback Contract
    Others

    McDermott International has secured a contract from LLOG Exploration Offshore for Otis field development located in Block Mississippi Canyon 79, GoM. The field will be developed as a subsea tieback to the Delta House floating production system (FPS) and lies in approximately 3,800 ft of water.

    The scope of work under the contract includes project management, pre-commissioning, and engineering, fabrication and installation of a 75,000-ft insulated rigid flowline and insulated steel catenary riser (SCR) with associated pipeline end termination (PLET) and jumper.

    Offshore installation is scheduled to be completed in early 2016 by McDermott deepwater rigid reel Lay Vessel 105.

    View McDermott press release

  • Wintershall Receives Nod for 10/4-1 Well in PL734Data analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) has granted a drilling permit to Wintershall for 10/4-1 well in PL734, located in the south-eastern part of the North Sea. The well will be drilled by the Borgland Dolphin drilling facility.

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

    View NPD press release

  • VNG Spuds Well in Boomerang, Norwegian SeaData analysis
    Exploration

    VNG has spudded 6406/12-4 S well in the Boomerang prospect in PL586, located at the Halten Terrace in the Norwegian Sea. The well will be drilled by the Transocean Arctic rig. Expected duration of the drilling operation is between 85 and 135 days.

    Ownership of PL586: VNG (30%, operator), Spike (30%), Faroe (25%) and Rocksource (15%).

    View VNG press release

    View NPD press release

  • Data analysis GasLog Partners in $483 Million Vessels Buy

    GasLog Partners LP has entered into an agreement with GasLog to purchase 100% of the shares in the entities that own and charter the three vessels Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, for approximately $483 million. These vessels are modern LNG carriers built in 2007,...

    GasLog Partners in $483 Million Vessels BuyData analysis
    Global Deals

    GasLog Partners LP has entered into an agreement with GasLog to purchase 100% of the shares in the entities that own and charter the three vessels Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, for approximately $483 million. These vessels are modern LNG carriers built in 2007, each with a capacity of 145 Mcm.

    The vessels are currently operating under long-term time charters with BG with terms of 4.5 years, 5 years and 5.5 years remaining, respectively. BG has the option to extend two of the three charters for an additional period of either three or five years following the initial charter period.

    View GasLog press release

  • Tullow Disappointed at Zumba Well in PL591, Norwegian SeaData analysis
    Exploration

    Tullow Oil has failed to discover hydrocarbons in Zumba (6507/11-11) exploration well in PL591, Norwegian Sea.

    The primary objective of the well was to prove hydrocarbons in the Upper Jurassic Rogn Formation with a secondary target in the Mid-Jurassic Garn Formation of the Fangst Group. The well found no reservoir development in the Rogn Formation and, while the Garn Formation had good reservoir quality.

    The well was drilled by the Leiv Eiriksson rig in 270m of water, to a total depth of 2875m. The well will now be plugged and abandoned.

    Ownership of PL591: Tullow Oil (40%, operator), Lime Petroleum (25%), Rocksource (20%, subject to approval) and North Energy (15%). 

    View Tullow press release

    View Tullow Jun-2015 presentation

  • Data analysis Energy XXI Sells $245 Million Midstream Assets

    Energy XXI has entered into an agreement with CorEnergy Infrastructure Trust to sell Grand Isle Gathering System (GIGS) for a cash consideration of $245 million and liabilities related to the assets.In a parallel lease agreement, Energy XXI will retain the operatorship of the pipeline assets, which consists...

    Energy XXI Sells $245 Million Midstream AssetsData analysis
    Global Deals

    Energy XXI has entered into an agreement with CorEnergy Infrastructure Trust to sell Grand Isle Gathering System (GIGS) for a cash consideration of $245 million and liabilities related to the assets.

    In a parallel lease agreement, Energy XXI will retain the operatorship of the pipeline assets, which consists of gathering and transportation pipelines in the shallow waters of the GoM as well as Grand Isle terminal. Under the terms of the lease agreement, Energy XXI will retain any revenues generated from transporting third party volumes.

    The transaction is expected to close prior to 30-Jun-2015.

    View Energy XXI press release

  • Heritage Spuds Kwila-1 Well in PPL337, PNGData analysis
    Exploration

    Heritage Oil has spudded the Kwila-1 exploration well in PPL337, Papua New Guinea. The well will be drilled by the Schramm 200 rig to a depth of around 1 km, and is designed to test Plio-Pleistocene sands. Drilling time is expected to be around two weeks.

    View Kina press release

    View Kina Petroleum Mar-2014 presentation

  • Data analysis Bashkortostan to Acquire Stake in Bashneft

    Reuters reported, quoting Interfax news agency, that Vladimir Putin, President of Russia, has signed a decree on transferring a 25% plus one share stake in Bashneft to the region of Bashkortostan. Bashneft is based in Bashkortostan in Russia's Ural mountains.Source: Reuters 

    Bashkortostan to Acquire Stake in BashneftData analysis
    Global Deals

    Reuters reported, quoting Interfax news agency, that Vladimir Putin, President of Russia, has signed a decree on transferring a 25% plus one share stake in Bashneft to the region of Bashkortostan. Bashneft is based in Bashkortostan in Russia's Ural mountains.

    Source: Reuters 

  • FMC Wins $297 Million Shah Deniz Stage 2 Contract

    FMC Technologies has secured a contract from BP to supply subsea production systems for Well Clusters 3-5 of the Shah Deniz Stage 2 project in the Caspian Sea. The order has an estimated value of $297 million in revenue. The Shah Deniz field is located offshore in the Azerbaijan sector of the Caspian...

    FMC Wins $297 Million Shah Deniz Stage 2 Contract
    Others

    FMC Technologies has secured a contract from BP to supply subsea production systems for Well Clusters 3-5 of the Shah Deniz Stage 2 project in the Caspian Sea. The order has an estimated value of $297 million in revenue. The Shah Deniz field is located offshore in the Azerbaijan sector of the Caspian Sea, approximately 100km south of Baku.

    View FMC Technologies press release

  • Data analysis WPX Acquires Additional Acreage in San Juan Basin

    WPX Energy has acquired an additional 14,300 net acres in the San Juan Basin’s Gallup oil window from an undisclosed seller for approximately $26 million.The acquired acreage holds an estimated 100 gross drilling locations. Post transaction, WPX controls approximately 100,000 acres in the core of the...

    WPX Acquires Additional Acreage in San Juan BasinData analysis
    Global Deals

    WPX Energy has acquired an additional 14,300 net acres in the San Juan Basin’s Gallup oil window from an undisclosed seller for approximately $26 million.

    The acquired acreage holds an estimated 100 gross drilling locations. Post transaction, WPX controls approximately 100,000 acres in the core of the Gallup oil window where it has spud more than 100 wells following a successful discovery in early 2013. The company reported Q1-2015 Gallup oil volumes of 8 Mbbl/d.

    Rick Muncrief, President and CEO of WPX, said: “We’re very pleased with the productivity of our Gallup wells and our ongoing improvements in drilling times and cost reductions. This acquisition reflects our confidence in our ability to achieve $4 million well costs and estimated ultimate recoveries of 450 MBOE per well.”

    View WPX press release

  • Data analysis Edison Spuds Haribo Well in PL616, North Sea

    Edison has spudded the Haribo (2/11-11) exploration well in PL616, located 10 km south-west of the Valhall field in the Norwegian part of the North Sea.The predicted reservoir is chalk of Upper Cretaceous age in a depth of about 2900m. The prospect is estimated to contain 69 MMbbl to 192 MMbbl gross on PL616...

    Edison Spuds Haribo Well in PL616, North SeaData analysis
    Exploration

    Edison has spudded the Haribo (2/11-11) exploration well in PL616, located 10 km south-west of the Valhall field in the Norwegian part of the North Sea.

    The predicted reservoir is chalk of Upper Cretaceous age in a depth of about 2900m. The prospect is estimated to contain 69 MMbbl to 192 MMbbl gross on PL616 with a 42% chance of success. The well is drilled by the semi-submersible drilling rig Transocean Searcher.

    The drilling period is expected to take approximately 45 days.

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

    View Noreco press release

  • Diamond Offshore Bags Midleton Drilling Contract

    Diamond Offshore Drilling (UK) Limited has secured a contract from PSE Kinsale Energy Limited for the Ocean Guardian drilling rig to drill a well on the Midleton Prospect in SEL4/07, Celtic Sea, Offshore Ireland. The Ocean Guardian is expected to drill the well during Aug-2015.Ownership of SEL4/07: Kinsale...

    Diamond Offshore Bags Midleton Drilling Contract
    Others

    Diamond Offshore Drilling (UK) Limited has secured a contract from PSE Kinsale Energy Limited for the Ocean Guardian drilling rig to drill a well on the Midleton Prospect in SEL4/07, Celtic Sea, Offshore Ireland. The Ocean Guardian is expected to drill the well during Aug-2015.

    Ownership of SEL4/07: Kinsale Energy (80%, operator) and Lansdowne Oil & Gas (20%).

    View Lansdowne press release

  • Data analysis William Rejects $53 Billion Take-Over Offer

    The Williams Companies Inc has declined the $53 billion take-over offer from Energy Transfer Equity LP (ETE).Under the all-equity merger proposal, ETE had offered to acquire all the outstanding common stock of Williams at $64 per William share. The offer is 32.4% premium to the Williams common share closing...

    William Rejects $53 Billion Take-Over OfferData analysis
    Global Deals

    The Williams Companies Inc has declined the $53 billion take-over offer from Energy Transfer Equity LP (ETE).

    Under the all-equity merger proposal, ETE had offered to acquire all the outstanding common stock of Williams at $64 per William share. The offer is 32.4% premium to the Williams common share closing price as on 19-Jun-2015. The Williams shareholders would be offered ETE Corp shares, which would have the same economic attributes as ETE common units, based on a fixed exchange ratio of 0.9358 ETE Corp shares for each Williams share.

    Williams considered the unsolicited proposal and determined that it significantly undervalues Williams and would not deliver value commensurate with what Williams expects to achieve on a standalone basis and through other growth initiatives, including the pending acquisition of Williams Partners LP.

    View Williams press release

    View Energy Transfer press release

  • Data analysis Enbridge Drops Down Canada Midstream Assets

    Enbridge has entered into an agreement with Enbridge Income Fund (EIF) to sell its Canadian liquids pipelines business at a consideration of C$30.4 billion (US$24.7billion), plus certain incentive/performance rights. The assets consist of Canadian mainline system held in Enbridge Pipelines (EPI), regional oil...

    Enbridge Drops Down Canada Midstream AssetsData analysis
    Global Deals

    Enbridge has entered into an agreement with Enbridge Income Fund (EIF) to sell its Canadian liquids pipelines business at a consideration of C$30.4 billion (US$24.7billion), plus certain incentive/performance rights. The assets consist of Canadian mainline system held in Enbridge Pipelines (EPI), regional oil sands system held in Enbridge Pipelines Athabasca (EPA) and certain Canadian renewable energy assets.

    The purchase consideration will be comprised of C$18.7 billion in equity through the issuance of securities of EIF and Enbridge Income Partners LP (EIPLP), and a debt value of C$11.7 billion.

    View Enbridge press release

  • Highlights of the Week Ended 20-Jun-2015

    Global DealsThis week continued the flow of significant M&A activities across upstream and downstream spaces. In the biggest deal of the week, Vedanta Limited has made a $2.3 billion offerto buy out minority shareholders in Cairn India.Wintershall agreed to sellcertain assets in the Norwegian Continental...

    Highlights of the Week Ended 20-Jun-2015
    Headlines, Global Deals

    Global Deals

    This week continued the flow of significant M&A activities across upstream and downstream spaces. In the biggest deal of the week, Vedanta Limited has made a $2.3 billion offer to buy out minority shareholders in Cairn India.

    Wintershall agreed to sell certain assets in the Norwegian Continental Shelf to Tellus Petroleum for $602 million. Tellus will make additional payment of $100 million, depending on the oil price development in the period from 2016 to 2019.

    Chevron sold out Chevron Vietnam (Block B), Chevron Vietnam (Block 52) and Chevron Southwest Vietnam Pipeline to Petrovietnam.

    Indonesia has agreed to grant 30% stake in Mahakam Gas Block to Total and Inpex.

    Americas Petrogas agreed to sell Americas Petrogas Argentina SA to Tecpetrol International SA and Tecpetrol Internacional SL for $63 million.

    Rosneft signed an agreement with BP to sell 20% share of its subsidiary company Taas-Yuryakh Neftegazodobycha (Taas), and form a JV in East Siberia.

    Petroamerica Oil agreed to acquire PetroNova for $23.5 million.

    Petroceltic International exited Romania by selling its subsidiary Petroceltic Romania BV to GVC Investment BV. Petroceltic had acquired 40% interest in Block 27 Muridava from Sterling Resources and has also acquired 30% interest in Block 28 Est Cobalcescu from Beach Energy on 12-Jun-2015.

    Escalera Resources signed an agreement with Warren Resources to acquire producing wells and leasehold interests located in the Atlantic Rim Area of the Washakie Basin, Wyoming.

    White Knight Production LLC (WKP) acquired three producing oil fields in San Joaquin Basin, California.

    In the downstream segment, Total agreed to sell 16.67% interest in Schwedt refinery in Brandenburg, Germany, to Rosneft for $300 million. PBF Energy to acquire Chalmette Refining LLC in Chalmette, Louisiana, from ExxonMobil and PDVSA.

    This week has witnessed a few OFS deals. Euronav acquired four VLCCs (Very Large Crude Carrier) for an aggregate purchase price of $384 million or $96 million per unit. Seadrill Operating agreed to acquire Seadrill Polaris from with Seadrill Limited.

     Exploration

    Noble Energy spudded the Humpback exploration well in PL012, located in the Fitzroy sub-basin, Falkland Islands.

    InterOil Corporation spudded the Triceratops-3 appraisal well in PRL39 in the Gulf Province of Papua New Guinea.

    Tethys Oil kicked off a three well drilling program on the Raseiniai license onshore Lithuania.

    While Contango Oil & Gas discovered oil in Elliott #1H well in N. Cheyenne Prospect Area, Wyoming, Wintershall came up dry at 35/12-5 S wildcat in North Sea.

    LGO Energy spudded the GY-675 development well in Goudron field development, Trinidad.

    PGNiG commenced drilling the Miloslaw-4K well in Poland. Meanwhile, Lundin Petroleum also started drilling of 16/4-9 S exploration well on the Luno II North prospect in PL359.

    The Norwegian Petroleum Directorate (NPD) granted a drilling permit to Repsol for 6306/5-2 well in PL642 and VNG for 6406/12-4 S well in PL586.

    Erin Energy began production from the Oyo-7 well, located in OML120 offshore Nigeria.

    Projects and Capex

    ExxonMobil commenced production at its Kearl oil sands expansion project in Alberta, Canada. Mubadala Petroleum initiated oil production from three initial wells on Nong Yao field in the G11/48 license, Gulf of Thailand.

    Statoil awarded two contracts to Odfjell Drilling for drilling services on the Johan Sverdrup field.

  • Data analysis Rosneft Sells 20% Stake in Taas to BP

    Rosneft has signed an agreement with BP to sell 20% share of its subsidiary company Taas-Yuryakh Neftegazodobycha (Taas), and form a JV in East Siberia.The Taas JV will further develop the Taas operated Srednebotuobinskoye oil and gas condensate field in the Sakha Republic, Yakutia. The...

    Rosneft Sells 20% Stake in Taas to BPData analysis
    Global Deals

    Rosneft has signed an agreement with BP to sell 20% share of its subsidiary company Taas-Yuryakh Neftegazodobycha (Taas), and form a JV in East Siberia.

    The Taas JV will further develop the Taas operated Srednebotuobinskoye oil and gas condensate field in the Sakha Republic, Yakutia. The Srednebotuobinskoye field currently produces 20 Mbbl/d. Rosneft and BP have also agreed to explore two additional areas of mutual interest in the West Siberian and Yenisey-Khatanga basins, covering a combined area of around 260,000 sq km. Any JV to be formed between BP and Rosneft to obtain new licenses and perform exploration activities will be owned 51% by Rosneft and 49% by BP. As part of this agreement Rosneft and BP will also form a joint venture to carry out further appraisal work on the 2009 Rosneft-discovered Baikalovskiy field inside the Yenisey-Khatanga AMI. 

    View Rosneft press release

  • QMW Bags Fabrication Contract for Yamal LNG Project

    Qingdao McDermott Wuchuan (QMW), a JV between McDermott International and CSIC, has secured a module fabrication contract for Yamal LNG, located on the north-east of the Yamal Peninsula in Russia.The scope of work under the contract includes fabrication, engineering, procurement, construction including...

    QMW Bags Fabrication Contract for Yamal LNG Project
    Others

    Qingdao McDermott Wuchuan (QMW), a JV between McDermott International and CSIC, has secured a module fabrication contract for Yamal LNG, located on the north-east of the Yamal Peninsula in Russia.

    The scope of work under the contract includes fabrication, engineering, procurement, construction including mechanical completion, pre-commissioning, weighing and load-out. The contract also includes the sea-fastening of six units of onshore LNG fractionation pre-assembled unit modules of approximately 13.2 MT.

    The contract commenced in the Q2-2015.

    View QMW press release

  • Data analysis Total in $300 Million Schwedt Refinery Stake Sale

    Total has agreed to sell 16.67% interest in Schwedt refinery in Brandenburg, Germany, to Rosneft for $300 million. The refinery has a capacity of 12 MMT/y.Philippe Sauquet, President of Total Refining & Chemicals, said: “The sale of our minority interest in the Schwedt Refinery is in line with our...

    Total in $300 Million Schwedt Refinery Stake SaleData analysis
    Global Deals

    Total has agreed to sell 16.67% interest in Schwedt refinery in Brandenburg, Germany, to Rosneft for $300 million. The refinery has a capacity of 12 MMT/y.

    Philippe Sauquet, President of Total Refining & Chemicals, said: “The sale of our minority interest in the Schwedt Refinery is in line with our 2017 target to reduce Total’s European refining and petrochemical capacity by 20%, as announced in 2012. Monetizing this non-core asset also contributes to the Group’s accelerated disposal program in 2015 and demonstrates Total’s commitment to actively manage its portfolio across all segments.”

    Post-transaction ownership of Schwedt refinery: Shell (37.5%), Rosneft (35.42%), BP (18.75%) and Eni (8.33%).

    View Total press release

  • Gassco Takes Operatorship of Johan Sverdrup Pipeline

    Gassco will obtain the operatorship of the gas transport system, from Johan Sverdrup field in the North Sea, when it becomes operational. The 156 km pipeline runs from the field's riser platform and is tied into the Statpipe rich gas system on the seabed west of Karmoy. The pipeline will flow gas to the...

    Gassco Takes Operatorship of Johan Sverdrup Pipeline
    Projects & Capex

    Gassco will obtain the operatorship of the gas transport system, from Johan Sverdrup field in the North Sea, when it becomes operational. The 156 km pipeline runs from the field's riser platform and is tied into the Statpipe rich gas system on the seabed west of Karmoy. The pipeline will flow gas to the Karsto process plant on the north of Stavanger.

    Johan Sverdrup is due to come onstream in Dec-2019.

    View Gassco press release

  • Data analysis PBF Buys Out Chalmette Refining, Louisiana

    PBF Energy has signed an agreement to acquire 100% stake in Chalmette Refining LLC in Chalmette, Louisiana, from ExxonMobil and PDVSA.The agreement includes the Chalmette refinery and chemical production facilities near New Orleans. It also includes Exxon's 100% interests in MOEM Pipeline LLC, and 80%...

    PBF Buys Out Chalmette Refining, LouisianaData analysis
    Global Deals

    PBF Energy has signed an agreement to acquire 100% stake in Chalmette Refining LLC in Chalmette, Louisiana, from ExxonMobil and PDVSA.

    The agreement includes the Chalmette refinery and chemical production facilities near New Orleans. It also includes Exxon's 100% interests in MOEM Pipeline LLC, and 80% interest in each of Collins Pipeline Company and T&M Terminal Company.

    Jerry Wascom, president of ExxonMobil Refining & Supply Company, said: “This decision is the result of a strategic assessment of the site and how it fits with our large US Gulf Coast Refining portfolio… ExxonMobil remains committed to doing business in Louisiana through ongoing operations at the Baton Rouge refinery and chemical plants, the development and production of oil and natural gas resources, and sales of fuels and lubricants. All of these businesses are unaffected by this agreement.”

    View ExxonMobil press release

  • Indonesia Grants 30% Stake in Mahakam Block to Total, InpexData analysis
    Global Deals

    Total and Inpex will share a 30% stake in Mahakam Block offshore Indonesia, after the expiry of Total's operatorship of the field in Dec-2017. Pertamina will obtain the operatorship of the block from Jan-2018, with a 70% working interest of the block to be shared with a regional government-owned enterprise.

    Source: Reuters

    View Inpex Indonesia ops webpage

  • Erin Kicks Off Production from Oyo-7 Well, NigeriaData analysis
    Exploration

    Erin Energy has commenced production from the Oyo-7 well, located in OML120 offshore Nigeria.

    The primary objective of the well was to target the Pliocene formation and the secondary objective was to test the deeper Miocene formation for hydrocarbon potential. The well successfully confirmed hydrocarbon in the Miocene formation.

    The well was drilled to a total depth of approximately 8,000 ft (2,438m) and was successfully completed horizontally in the Pliocene formation. The well is located in approximately 1,000 ft (300m) of water. It is expected to produce approximately 7 Mbbl/d.

    Erin Energy is the operator of the Oyo field and has a 100% interest in the block.

    Segun Omidele, Senior Vice-President of Exploration and Production of Erin, said: “We are pleased that the well is performing in-line with our expectations and we will be working over the next few days to optimize the flow rate. Bringing this well on production will double our current production rate out of the Oyo field and is a significant step in the continued growth of our company.”

    View Erin press release

    View Erin Spring 2015 presentation

  • Mubadala Commences Production from Nong Yao FieldData analysis
    Projects & Capex

    Mubadala Petroleum has commenced oil production from three initial wells on Nong Yao field in the G11/48 license, Gulf of Thailand. The wells had an initial production rate of 2.5 Mbbl/d.

    The Nong Yao development will comprise up to 23 wells, a wellhead processing platform and a minimum facility wellhead platform with the export of crude via a floating storage and offloading vessel. The facilities have a production capacity of up to 15 Mbbl/d and a processing capacity of 30 Mbbl/d of fluids. G11/48 covers 3,374 sq km over the southern margin of the Pattani Basin and the north-west margin of the Malay Basin in water depths of up to 75m.

    Ownership of G11/48: Mubadala Petroleum (67.5%, operator), KrisEnergy (22.5%) and Palang Sophon Limited (10%).

    View KrisEnergy press release

    View KrisEnergy Thailand ops webpage

  • VNG Receives Nod for 6406/12-4 S Well in PL586Data analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) has granted a drilling permit to VNG for 6406/12-4 S well in PL586, located about 33 km south-west of the Njord field. The well will be drilled by the Transocean Arctic drilling facility.

    Ownership of PL586: VNG (30%, operator), Spike Exploration (30%), Faroe Petroleum (25%) and Rocksource Exploration (15%).

    View NPD press release