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NEWS

  • KrisEnergy Spuds Rayrai-1 in Gulf of Thailand
    Exploration

    KrisEnergy has commenced drilling the Rayrai-1 exploration well in G10/48 Block in the Gulf of Thailand.

    The well is located in water depths of 170 ft (52m) and lies 2.25 km north of the Niramai oil discovery. The well is planned to reach total depth at 6,382 ft (1,945m) and will test Early Miocene stacked fluvial sandstones on a north-south trending faulted basement high.

    Ownership of G10/48 Block: KrisEnergy (89%, operator) and Palang Sophon Offshore (11%).

    View KrisEnergy press release

    View KrisEnergy Thailand operations webpage

  • AWE Hits Pay at Irwin-1 in Perth BasinData analysis
    Exploration

    AWE Limited encountered oil shows in Irwin-1 in Perth Basin, Western Australia. The Irwin-1 straddles the EP320 and L1 boundary.

    The well was drilled to a total depth of 4,049m. It encountered elevated gas shows in its Dongara/Wagina sandstones primary target. Gas shows were also observed in the secondary objectives: Carynginia Shale, Irwin River Coal Measures and the deeper Kingia and High Cliff Sandstones.

    The intervals will further be evaluated with a wireline logging program.

    Ownership of EP320: Origin Energy (67%, operator) and AWE Limited (33%).

    Ownership of L1: AWE Limited (50%, operator) and Origin energy (50%).

    View AWE press release

  • Cenovus to Sell Royalty Lands in Western Canada

    Cenovus Energy has hired Toronto-Dominion Bank to explore the sale or an IPO of its royalty lands in Western Canada. The royalty lands are located across Alberta, Saskatchewan and Manitoba. The assets are estimated to be valued between C$1.5 billion to C$2 billion (US$1.2 billion - US$1.6 billion).Source:...

    Cenovus to Sell Royalty Lands in Western Canada
    Global Deals

    Cenovus Energy has hired Toronto-Dominion Bank to explore the sale or an IPO of its royalty lands in Western Canada. The royalty lands are located across Alberta, Saskatchewan and Manitoba. The assets are estimated to be valued between C$1.5 billion to C$2 billion (US$1.2 billion - US$1.6 billion).

    Source: Reuters

  • MOL Enters Norway in $60 Million BuyData analysis
    Global Deals

    MOL Plc has acquired the Norwegian subsidiary of Ithaca Energy for an initial consideration of $60 million. MOL may pay an additional bonus of up to $30 million depending upon the successful discoveries from Ithaca Petroleum Norge's existing license portfolio.

    Ithaca Petroleum Norge has a portfolio of 14 licenses in the North Sea area of the Norwegian Continental Shelf. The licenses has net unrisked best estimate prospective resources of more than 600 MMBOE. Its committed work program comprise three exploration wells in 2015-2016.

    The transaction is expected to close in Q3-2015.

    View Ithaca Energy press release

    View MOL press release

  • Data analysis Freeport-McMoRan Considers Listing Oil and Gas Subsidiary

    Freeport-McMoRan is considering listing its energy business to boost oil and gas production through growth projects. The company said that it will retain a majority stake in any spin-off.Freeport-McMoRan subsidiary FCX Oil & Gas had a daily sales volume of 139 MBOE/d (71% liquids) in Q1-2015. The company...

    Freeport-McMoRan Considers Listing Oil and Gas SubsidiaryData analysis
    Global Deals

    Freeport-McMoRan is considering listing its energy business to boost oil and gas production through growth projects. The company said that it will retain a majority stake in any spin-off.

    Freeport-McMoRan subsidiary FCX Oil & Gas had a daily sales volume of 139 MBOE/d (71% liquids) in Q1-2015. The company expects sales volume to average 143 MBOE/d for 2015. Capex in Q1-2015 was $1 billion, nearly double of Q1-2014.

    View Freeport-McMoRan press release

  • YPF Raises $1.5 Billion in Upsized Bond Offering

    YPF sold $1.5 billion of new 10-year bonds at 8.5%, raising its planned issuance from $500 million. The funds will be used to expand E&P activities in the Vaca Muerta shale area.YPF says it needs $200 billion in investment to develop Vaca Muerta. The company says it has about 300 wells producing up to 45...

    YPF Raises $1.5 Billion in Upsized Bond Offering
    Others

    YPF sold $1.5 billion of new 10-year bonds at 8.5%, raising its planned issuance from $500 million. The funds will be used to expand E&P activities in the Vaca Muerta shale area.

    YPF says it needs $200 billion in investment to develop Vaca Muerta. The company says it has about 300 wells producing up to 45 MBOE/d at the site, a fraction of Vaca Muerta's potential.

    Source: Reuters

  • OneSubsea to Supply Subsea Systems for Taurus Libra Project

    OneSubsea and Schlumberger secured a multi-million dollar contract from BP to supply subsea systems for the Taurus Libra development in West Nile Delta, offshore Egypt.The scope of supply includes 10 large bore gas trees and related subsea equipment. First deliveries are expected in Q1-2016.Mike Garding, CEO...

    OneSubsea to Supply Subsea Systems for Taurus Libra Project
    Others

    OneSubsea and Schlumberger secured a multi-million dollar contract from BP to supply subsea systems for the Taurus Libra development in West Nile Delta, offshore Egypt.

    The scope of supply includes 10 large bore gas trees and related subsea equipment. First deliveries are expected in Q1-2016.

    Mike Garding, CEO of OneSubsea, said, “This project is being executed on a fast track schedule, utilizing the standardized BP horizontal gas tree and control system that we jointly developed. OneSubsea has a long history of supplying subsea systems to Egypt and we look forward to continuing this success.”

    View OneSubsea press release

  • OMV Q1-2015 Production Falls 5%

    OMV reported a 5% QoQ fall in its Q1-2015 production to 303 MBOE/d, due to technical issues at the Gudrun field in Norway, and production stoppages in Libya.The company said: "The low oil price had a highly negative impact on the Q1-2015 performance. This was partly offset by a favourable development of...

    OMV Q1-2015 Production Falls 5%
    Results & Reports

    OMV reported a 5% QoQ fall in its Q1-2015 production to 303 MBOE/d, due to technical issues at the Gudrun field in Norway, and production stoppages in Libya.
     
    The company said: "The low oil price had a highly negative impact on the Q1-2015 performance. This was partly offset by a favourable development of the Euro-US dollar (foreign exchange) rate."
     
    Source: Reuters
     

  • Data analysis BP Exits CATS Pipeline in $486 Million Sale

    BP has sold its 36.22% stake in the Central Area Transmission System (CATS) for £324 million (US$486 million) to Antin Infrastructure Partners. After the completion of the deal, the fund will own 99% of CATS and will acquire its operatorship. The agreement comprises a payment on completion of £302...

    BP Exits CATS Pipeline in $486 Million SaleData analysis
    Global Deals, Headlines

    BP has sold its 36.22% stake in the Central Area Transmission System (CATS) for £324 million (US$486 million) to Antin Infrastructure Partners. After the completion of the deal, the fund will own 99% of CATS and will acquire its operatorship. The agreement comprises a payment on completion of £302 million and a deferred amount of £22 million.

    CATS is a combination of pipeline and processing facilities that transport gas from a several North Sea fields to an onshore receiving terminal in Britain's Teesside. The system comprises a riser platform located adjacent to the Everest platform in block 22/10, a 404 km long pipeline from the riser platform to the gas terminal and a gas terminal at Seal Sands, Teesside. The terminal occupies a 70-acre site and has a processing capacity of 1.2 Bcf/d.

    Post-transaction ownership of CATS: Antin Infrastructure Partners (99%), ConocoPhillips (0.66%) and Eni (0.34%).

    View BP press release

  • CNOOC Brings Kenli 10-1 Oilfield Online

    CNOOC has commenced production from Kenli 10-1 oilfield in the south of Bohai.The average water depth of the oilfield is 17m. The main production facilities include one central processing platform, two wellhead platforms and 70 producing wells. There are currently 12 wells producing approximately 10.7 Mbbl/d...

    CNOOC Brings Kenli 10-1 Oilfield Online
    Exploration

    CNOOC has commenced production from Kenli 10-1 oilfield in the south of Bohai.

    The average water depth of the oilfield is 17m. The main production facilities include one central processing platform, two wellhead platforms and 70 producing wells. There are currently 12 wells producing approximately 10.7 Mbbl/d of oil. The oilfield is expected to reach peak production of approximately 36 Mbbl/d in 2016.

    CNOOC is the operator and holds 100% interest in Kenli 10-1.

    View CNOOC press release

  • Data analysis ConocoPhillips Hits Pay at Omosi-1 Off Angola

    ConocoPhillips has discovered gas in Omosi-1 deep-water exploration well on Block 37, located in the Kwanza Basin offshore Angola. The well has been drilled to a total depth of 20,666 ft and encountered a gas column of approximately 525 ft in the primary objective reservoir. The well has been plugged and...

    ConocoPhillips Hits Pay at Omosi-1 Off AngolaData analysis
    Exploration

    ConocoPhillips has discovered gas in Omosi-1 deep-water exploration well on Block 37, located in the Kwanza Basin offshore Angola. The well has been drilled to a total depth of 20,666 ft and encountered a gas column of approximately 525 ft in the primary objective reservoir. The well has been plugged and abandoned.

    View ConocoPhillips press release

    Ownership of Block 37: ConocoPhillips (30%, operator), Sonangol (50%) and Repsol (20%).

  • COP Disappointed at Harrier Prospect in DW GoMData analysis
    Exploration

    ConocoPhillips has failed to discover commercial hydrocarbons in the Harrier prospect in Mississippi Canyon Block 118, located in deep-water Gulf of Mexico.

    The well was drilled to a total depth of 19,400 ft. It will be permanently plugged and abandoned.

    View ConocoPhillips press release

    Ownership of Harrier prospect: ConocoPhillips (63.3%, operator) and Stone Energy (36.7%).

    View ConocoPhillips Apr-2015 presentation

  • Petrobras Slumps to $7 Billion Loss in Delayed 2014 Results

    Petrobras reported a net loss of B$21.6 billion (US$7.2 billion) in FY-2014, hit by a B$51 billion write-down due to a massive corruption scandal. The company booked an impairment charge of B$6.2 billion in 2014, resulting from poor planning, declining oil prices and excess costs. 2015 capex was cut to...

    Petrobras Slumps to $7 Billion Loss in Delayed 2014 Results
    Results & Reports, Headlines

    Petrobras reported a net loss of B$21.6 billion (US$7.2 billion) in FY-2014, hit by a B$51 billion write-down due to a massive corruption scandal. The company booked an impairment charge of B$6.2 billion in 2014, resulting from poor planning, declining oil prices and excess costs. 

    2015 capex was cut to $29 billion, down 34% than the planned average for each of the next five years.

    Bendine, CEO of Petrobras, said: "From here on in, Petrobras guarantees a return to normality in its relationship with investors, shareholders and creditors in Brazil and abroad… We are cleaning up the errors in the treatment of company resources so that we can deal with the market with the transparency that it demands and deserves."

    Source: Reuters

  • Total Mulls Selling 40% in Kharyaga Oil ProjectData analysis
    Global Deals

    Reuters reports, quoting Vedomosti business daily, that Total is in talks to sell its 40% stake in Russia's Kharyaga oil project to Zarubezhneft.

    If the sale is finalized, Zarubezhneft's stake will increase to 60% in the project in northern Russia where recoverable reserves are estimated at 49 MMT of oil.

    Ownership of Kharyaga PSC: Total (40%), Statoil (30%) and Zarubezhneft (20%).

    Source: Reuters

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

  • BP Seeks Buyers for US Midstream AssetsData analysis
    Global Deals

    Bloomberg reports, quoting people familiar with the matter, that BP is seeking to sell US pipelines and storage terminals. The assets are estimated to be valued at up to $2 billion. The assets comprise BP’s interest in four pipelines and a gas plant along the GoM, and 15 storage terminals in the Midwest and on the East Coast.

    View original article

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

  • CGG Acquires Taurus Reservoir Solutions

    CGG has acquired Taurus Reservoir Solutions. Taurus offers reservoir and geomechanical simulation and engineering technology along with consulting services to the global petroleum industry.Sophie Zurquiyah, Senior Executive VP, Geology, Geophysics & Reservoir, CGG, said: "We are delighted to extend...

    CGG Acquires Taurus Reservoir Solutions
    Others

    CGG has acquired Taurus Reservoir Solutions. Taurus offers reservoir and geomechanical simulation and engineering technology along with consulting services to the global petroleum industry.

    Sophie Zurquiyah, Senior Executive VP, Geology, Geophysics & Reservoir, CGG, said: "We are delighted to extend the scope of our Geoscience portfolio further towards the reservoir with the geomechanical and engineering capabilities of Taurus."

    View CGG press release

  • PGGM Consortium to Acquire Madrilena Red de Gas

    A consortium led by PGGM will purchase Spanish gas distributor Madrilena Red de Gas (MRG) for an undisclosed amount. PGGM, with France's EDF and Gingko Tree Investment, will purchase MRG from Morgan Stanley Infrastructure.MRG operates a network of 5,500 km of pipelines, serving 842,600 households.Source:...

    PGGM Consortium to Acquire Madrilena Red de Gas
    Global Deals

    A consortium led by PGGM will purchase Spanish gas distributor Madrilena Red de Gas (MRG) for an undisclosed amount. PGGM, with France's EDF and Gingko Tree Investment, will purchase MRG from Morgan Stanley Infrastructure.

    MRG operates a network of 5,500 km of pipelines, serving 842,600 households.

    Source: Reuters

  • Sembcorp Bags Gina Krog FSO Conversion Contract
    Others

    Sembcorp Marine has secured a S$56 million (US$41 million) Floating Storage and Offloading (FSO) conversion contract from Teekay for the Gina Krog Field in the North Sea.

    Sembcorp will convert the shuttle tanker Randgrid into an FSO. The conversion works include installation of a new helideck, hull reinforcements and refurbishment of submersible turret loading compartment. The company will also fabricate and install new living quarter decks on the vessel.

    View Sembcorp press release

    The Gina Krog discovery is located about 30 km north-west of Sleipner field. The discovery is estimated to contain 225 MMBOE of oil and gas. The Plan for Development and Operation (PDO) consists of developing Gina Krog with a platform resting on the seabed, while the wells will be drilled with a mobile jack-up drilling rig. The liquid will be transported via a tanker, and the gas via the Sleipner field.

    View Statoil press release

    View NPD factpages

     

  • Det Norske Wells Confirm Oil at Ivar AasenData analysis
    Exploration

    Det Norske has completed the drilling of two appraisal wells, 16/1-21 S and 16/1-21 A, in Ivar Aasen field in PL001B, North Sea. The primary target of the wells was to investigate reservoir rocks and the reservoir quality as well as the extension of an overlying gas cap in the eastern part of the field.

    Well 16/1-21 S encountered a total oil column of 54m, of which 25m of good to very good reservoir quality in the Skagerrak formation, with no gas encountered in the well. In the Heimdal formation, the well encountered 27m of water filled sandstone of good to very good quality.

    Well 16/1-21 A encountered a total oil column of 41m and a gas column of 4m, of which a total of 29m of very good reservoir quality in the Sleipner and Skagerrak Formation. The oil/water contact was not encountered.

    Ownership of PL001B: Det Norske (35%, operator), Statoil (50%) and Bayerngas (15%).

    View Det Norske press release

    View NPD press release

  • Halcon Prices Upsized $700 Million Senior Notes Offering

    Halcon Resources has priced an offering of $700 million aggregate principal amount of its 8.625% senior secured notes due 2020. The offering was upsized from the previously announced $500 million aggregate principal amount. The offering is expected to close on or about 1-May-2015.The company intends to use...

    Halcon Prices Upsized $700 Million Senior Notes Offering
    Others

    Halcon Resources has priced an offering of $700 million aggregate principal amount of its 8.625% senior secured notes due 2020. The offering was upsized from the previously announced $500 million aggregate principal amount. The offering is expected to close on or about 1-May-2015.

    The company intends to use the net proceeds from the offering to repay the outstanding borrowings under its senior secured revolving credit facility and for general corporate purposes.

    View Halcon press release

  • Transocean Names Jeremy Thigpen CEO

    Transocean named Jeremy D. Thigpen as CEO and President, effective 22-Apr-2015. Mr. Thigpen replaces Ian C. Strachan, the interim CEO of the company.Mr. Thigpen holds a bachelor’s degree in Arts, Economics and Managerial Studies from Rice University and completed the Program for Management Development...

    Transocean Names Jeremy Thigpen CEO
    Others

    Transocean named Jeremy D. Thigpen as CEO and President, effective 22-Apr-2015. Mr. Thigpen replaces Ian C. Strachan, the interim CEO of the company.

    Mr. Thigpen holds a bachelor’s degree in Arts, Economics and Managerial Studies from Rice University and completed the Program for Management Development at Harvard Business School.

    Mr. Thigpen has served National Oilwell Varco (NOV) for 18 years. He served as the senior VP and CFO since 2012. He held a number of senior positions in NOV including President of Downhole Pumping and Solutions (2007-2012) and Downhole Tools group (2003-2007).

    View Transocean press release

  • COP Looks to Sell Norwegian North Sea AssetsData analysis
    Headlines, Global Deals

    Bloomberg reports, quoting people familiar with the matter, that ConocoPhillips is considering the sale of its North Sea assets in Norway. The assets include stakes in the Aasta Hansteen, Alvheim and Grane fields, operated by partners. The sources reported that the assets are estimated to be valued at $1 billion.

    The company intends to sell the overseas assets to focus on domestic opportunities.

    View original article

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

  • Chariot Retains Operatorship of Rabat Deep Permit
    Global Deals

    Chariot Oil and Gas revealed that Woodside will not exercise its option to take over the operatorship or fund the drilling of an exploration well in the Rabat Deep Offshore permit, Morocco. Chariot had previously signed an agreement with Woodside for a 25% equity stake in the permit.

    Chariot will remain the operator, while Woodside will retain its 25% working interest in the permit. Chariot is seeking an additional partner to commence drilling in the permit.

    Ownership of Rabat Deep permit: Chariot (50%, operator), Woodside (25%) and Office National des Hydrocarbures et des Mines (ONHYM) (25%).

    View Chariot Oil and Gas press release

    View Chariot Morocco ops webpage

  • Encana Mulls Haynesville Gas Assets Sale
    Global Deals, Headlines

    Bloomberg reports, quoting people familiar with the matter, that Encana Corporation is considering the sale of its natural gas assets in Haynesville Shale Basin acreage, Louisiana. The company intends to sell its gas assets to focus on drilling for oil and liquids in Texas and Canada.

    The sources reported that Citigroup is trying to reach potential buyers for the assets, estimated to be valued at $1 billion.

    View original article

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

  • Vanguard Natural Acquires LRR Energy for $539 Million

    Vanguard Natural Resources LLC announced the acquisition of LRE GP LLC, the general partner of LRR Energy LP, for $539 million. The consideration comprises $251 million in Vanguard common units and the assumption of $288 million of LRE's net debt. As part of the arrangement, a subsidiary of Vanguard will...

    Vanguard Natural Acquires LRR Energy for $539 Million
    Global Deals

    Vanguard Natural Resources LLC announced the acquisition of LRE GP LLC, the general partner of LRR Energy LP, for $539 million. The consideration comprises $251 million in Vanguard common units and the assumption of $288 million of LRE's net debt. As part of the arrangement, a subsidiary of Vanguard will merge with LRR Energy LP.

    Vanguard will pay LRE unit holders 0.55 Vanguard common units for every LRE common unit held. In addition, Vanguard will acquire all of the limited liability company interests in LRE GP LLC in exchange for 12,320 Vanguard common units. The consideration to be received by LRE unit holders is valued at $8.93 per LRR Energy common unit based on Vanguard's closing price as of 20-Apr-2015, representing a 13% premium to LRR Energy's closing price on 20-Apr-2015, and a 19% premium to LRR Energy's 10-day volume weighted average price.

    Transaction Highlights

    • Proved R/P of approximately 14 years;
    • Balanced production and reserves product mix of 39% oil; 48% natural gas and 13% natural gas liquids;
    • Properties more than 85% operated as measured by proved reserves;
    • Strong commodity price hedge book with approximately 89% of natural gas and 80% of oil proved developed production hedged through 2018;
    • Production of approximately 40 MMcfe/d, increasing Vanguard's current production by 10%;
    • Proved reserves at 31-Dec-2014 of approximately 203 Bcfe, increasing Vanguard's estimated proved reserves by 10%; and
    • Approximately 1,290 gross producing wells and approximately 158,000 net acres.

    View LRR press release

  • Exterran Acquires Compression Assets from Exterran Holdings

    Exterran Partners has acquired compression assets from Exterran Holdings for $102million. The assets include contracts serving 60 customers together with 244 compressor units used to provide compression services under those contracts. Those compressor units represent approximately 151,000 HP of compression...

    Exterran Acquires Compression Assets from Exterran Holdings
    Others

    Exterran Partners has acquired compression assets from Exterran Holdings for $102million. The assets include contracts serving 60 customers together with 244 compressor units used to provide compression services under those contracts. Those compressor units represent approximately 151,000 HP of compression and approximately 4% of the combined U.S. contract operations business of Exterran Holdings and Exterran Partners.

    The assets also include 179 compressor units comprising approximately 66,000 HP previously leased from Exterran Holdings to Exterran Partners. The consideration paid to Exterran Holdings consisted entirely of Exterran Partners’ equity, composed of 3,963,138 common units and 80,341 general partner units.

    View Exterran press release

  • Bass Strait Suspends Work in Gippsland Basin Permits
    Exploration

    Bass Strait Oil has received approval from the National Offshore Titles Authority (NOPTA) for a six-month suspension of work program for its Gippsland Basin permits, Vic/P41 and Vic/P68, Australia.

    Bass has identified oil targets following the Leatherjacket oil discovery in Vic/P68. The company has sought the suspension to integrate and map the reprocessed 3D seismic data and quantitative interpretation data analysis from the NOMB seismic survey for the permits.

    Ownership of Vic/P41 JV: Bass Strait Oil (64.57%, operator), Oil Basins (17.93%) and Shelf Oil (17.5%).

    Ownership of Vic/P68: Bass Strait Oil (100%, operator).

    View Bass Strait press release

  • Repsol Makes Gas Discovery in Illizi Basin, AlgeriaData analysis
    Exploration

    Repsol discovered natural gas in TESO-2 well in the Sud-Est Illizi license of Illizi Basin, located in south-east Algeria.

    The well was drilled to a depth of 1,307m in the Ordovician reservoir. A test produced a gas flow of 175 Mcm/d and 90 bbl/d of condensate with a 32/64” choke. Appraisal work will be conducted later to assess the size of the discovery.

    Ownership of Sud-Est Illizi license: Repsol (52.5%, operator), Enel Spa (27.5 %) and GDF Suez (20%). Sonatrach will hold a 51% stake in the development and production phases.

    View GDF Suez press release

    View Repsol press release

  • AGR Bags RWE Dea Services Contract in NCS

    AGR has secured a three-year well engineering and operational support services contract from RWE Dea for its drilling projects on the Norwegian Continental Shelf (NCS).The contract covers support in well planning, operational execution and consultancy manpower to Dea for its drilling projects on the NCS. The...

    AGR Bags RWE Dea Services Contract in NCS
    Others

    AGR has secured a three-year well engineering and operational support services contract from RWE Dea for its drilling projects on the Norwegian Continental Shelf (NCS).

    The contract covers support in well planning, operational execution and consultancy manpower to Dea for its drilling projects on the NCS. The contract also includes health, safety, environmental and quality (HSEQ) services in addition to well planning, project execution and post well reporting assistance. The agreement duration is for three years with the option of extending the contract for two further years.

    View AGR press release

  • Petrobras Discovers Oil at Guayacan Well in Espirito Santo BasinData analysis
    Exploration

    Petrobras discovered oil accumulations in the Guayacan well (1-BRSA-1302-ES), located on Block ES-T-495 in Espirito Santo Basin. The well is located 120 km from the city of Victoria and comprises the Discovery Evaluation Plan (PAD) of Tabebuia. The well was drilled to a total depth of 1,312m.

    Petrobras is the operator and holds 100% interest in Block ES-T-495.

    View Petrobras press release

  • Petrobras Hits Pay at Jusante do Aneba Well in Amazon BasinData analysis
    Exploration

    Petrobras discovered oil and gas accumulations in Jusante do Aneba (1-BRSA-1293-AM) well, located on Block AM-T-84 in Amazon basin. The well was drilled to a total depth of 2,040m.

    Preliminary well tests have confirmed the presence of light oil (API 47°) and gas in arenaceous reservoirs, extending from 1,350m to 1,900m deep.

    Ownership of Block AM-T-84: Petrobras (60%, operator) and Petrogal Brasil (40%).

    View Petrobras press release

  • XOM, QP in Race for Anadarko Mozambique Gas Assets

    Reuters reports, quoting industrial and banking sources, that Anadarko is considering the sale of its multi-billion dollar stake in Mozambique’s gas reserves, with ExxonMobil and Qatar Petroleum as potential buyers.The assets include Anadarko’s 26.5% stake in Area 1 license in the Rovuma Basin....

    XOM, QP in Race for Anadarko Mozambique Gas Assets
    Global Deals, Headlines

    Reuters reports, quoting industrial and banking sources, that Anadarko is considering the sale of its multi-billion dollar stake in Mozambique’s gas reserves, with ExxonMobil and Qatar Petroleum as potential buyers.

    The assets include Anadarko’s 26.5% stake in Area 1 license in the Rovuma Basin. Area 1 holds over 75 Tcf of recoverable gas, off Mozambique.

    Source: Reuters

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

  • Highlights of the Week Ended 18-Apr-2015

    Global DealsFollowing the blockbuster deal of Shell and BP last week, the market was abuzz with rumors of other majors getting active in the upstream M&A space.There was a buzz that ConocoPhillips is looking to sell non-core US assets in East Texas and other areas for approximately $1 billion to $2.5...

    Highlights of the Week Ended 18-Apr-2015
    Global Deals, Results & Reports, Projects & Capex, Exploration

    Global Deals

    Following the blockbuster deal of Shell and BP last week, the market was abuzz with rumors of other majors getting active in the upstream M&A space.

    There was a buzz that ConocoPhillips is looking to sell non-core US assets in East Texas and other areas for approximately $1 billion to $2.5 billion. Anadarko was rumored to have put its acreage in East Texas worth a few hundred million dollars on the market. Meanwhile, Reuters reported that Criteria is mulling the sale of its stake in Gas Natural.

    Gulfport Energy entered into an agreement to acquire Paloma Partners III LLC for $300 million.

    In Canada, Penn West sold its royalty assets to Freehold Royalties for $256 million. Bonterra has acquired Cardium-focused assets in the Pembina area of Alberta $138 million from a senior oil and gas producer.

    In the downstream segment, Delek US Holdings acquired Alon Israel Oil’s 48% stake in Alon USA Energy for about $572.4 million.

    Exploration

    Statoil discovered gas in the Roald Rygg (6706/12-3) well in PL602, Norwegian Sea.

    Karoon Gas discovered hydrocarbons in the Echidna-1 exploration well on S-M-1102 Block, located in Santos Basin, Brazil.

    LGO spud the first development well in Goudron field, Trinidad.

    While KrisEnergy hit pay in Rossukon-3 well, located in G6/48 Block in Gulf of Thailand, BG was disappointed by PL373S (34/3-5) well in Northern North Sea.

    OMV received drilling permit from NPD for the 7324/8-2 well in PL537, North Sea.

    Projects and Capex

    In Trinidad, LGO spud the first development well in Goudron field.

    In Asia, Lundin Petroleum has commenced production from four pre-drilled development wells in Bertam field, off Malaysia.

    E.ON resumed production from Huntington oil and gas field in North Sea.

    In the midstream segment, Magellan Midstream Partners LP and TransCanada announced the joint development of a pipeline to connect TransCanada's Houston tank terminal to Magellan's East Houston terminal.

  • Mozambique's Fifth Licensing Round Delayed

    The National Petroleum Institute (INP) has announced a further delay to Mozambique’s fifth licensing round to allow the completion of the required legal documentation.The opening of the fifth licensing round was announced in Maputo and London on the 23-Oct-2014. A total of 15 blocks are included...

    Mozambique's Fifth Licensing Round Delayed
    Others

    The National Petroleum Institute (INP) has announced a further delay to Mozambique’s fifth licensing round to allow the completion of the required legal documentation.

    The opening of the fifth licensing round was announced in Maputo and London on the 23-Oct-2014. A total of 15 blocks are included comprising some 76,800 sq km of acreage in the offshore Rovuma, offshore Zambezi, offshore Angoche, onshore around the Pande-Temane concession and onshore Palmeira areas.

    View INP press release

  • Strike Halts Addax Petroleum Production in Gabon

    Oil production at Addax Petroleum’s oilfields in Gabon has been halted by a union-strike. The company's two oilfields Tsiengui and Obangue produce about 22 Mbbl/d or about 10% of the Central African country's total.Sylvain Mayagui Binet, Deputy Secretary General, reported that workers began the...

    Strike Halts Addax Petroleum Production in Gabon
    Projects & Capex

    Oil production at Addax Petroleum’s oilfields in Gabon has been halted by a union-strike. The company's two oilfields Tsiengui and Obangue produce about 22 Mbbl/d or about 10% of the Central African country's total.

    Sylvain Mayagui Binet, Deputy Secretary General, reported that workers began the open-ended strike on 14-Apr-2015 after oil workers' union ONEP learned of plans to dismiss five workers.

    Source: Reuters

  • Gulfport Prices Upsized $350 Million Senior Notes Offering

    Gulfport Energy Corporation has priced an offering of $350 million aggregate principal amount of its 6.625% senior notes due 2023. The offering was upsized from the previously announced $300 million principal amount. The offering is expected to close on 21-Apr-2015.Gulfport expects to use the net proceeds of...

    Gulfport Prices Upsized $350 Million Senior Notes Offering
    Others

    Gulfport Energy Corporation has priced an offering of $350 million aggregate principal amount of its 6.625% senior notes due 2023. The offering was upsized from the previously announced $300 million principal amount. The offering is expected to close on 21-Apr-2015.

    Gulfport expects to use the net proceeds of approximately $344 million, together with the net proceeds from its concurrent equity offering, to fund its previously announced pending acquisition of Paloma Partners III LLC, to repay the current outstanding borrowings under its secured revolving credit facility and for general corporate purposes, including the funding of a portion of its 2015 capital development plans.

    View Gulfport press release

  • OMV Receives Nod for Well in PL537, North SeaData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) has granted a drilling permit to OMV for the 7324/8-2 well in PL537, North Sea. The well will be drilled by the Leiv Eriksson drilling facility.

    Ownership of PL537: OMV (25%, operator), Idemitsu (20%), Petoro (20%), Tullow Oil (20%) and Statoil (15%).

    View NPD press release

  • BG Disappointed by PL373S Well in Northern North SeaData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) announced that BG has failed to find any hydrocarbons at the 34/3-5 exploration well in PL373S, located approximately five km south-east of the Knarr field in Northern North Sea. The objective of the well was to prove petroleum in Early Jurassic reservoir rocks (Cook Formation).

    The well was drilled by Transocean Searcher to a total vertical depth of 4,253m below sea surface (4,275m measured depth) and was terminated in the Lower Jurassic Amundsen Formation. The well encountered a gross Cook Formation interval of approximately 82m, of which 47m were good reservoir quality with traces of residual hydrocarbons interpreted. Water depth of the well is 403m.

    The well will now be permanently plugged and abandoned.

    View NPD press release

    Ownership of PL373 S: BG (45%, operator), Idemitsu (25%), Wintershall (20%) and RWE (10%).

  • SM Energy Q1-2015 Production Up 6%

    SM Energy reported a 6% YoY rise in Q1-2015 production to 186.4 MBOE/d.Jay Ottoson, President and CEO of SM Energy, commented, “We exceeded our operated production expectations in the Q1 with operated capital investment right at our plan. Our production outperformance and reaffirmed borrowing base in a...

    SM Energy Q1-2015 Production Up 6%
    Results & Reports

    SM Energy reported a 6% YoY rise in Q1-2015 production to 186.4 MBOE/d.

    Jay Ottoson, President and CEO of SM Energy, commented, “We exceeded our operated production expectations in the Q1 with operated capital investment right at our plan. Our production outperformance and reaffirmed borrowing base in a distressed commodity price environment are a result of our ability to efficiently add production and proved reserves in our core development programs. We plan to reforecast our annual production for 2015 following the completion of our Mid-Continent asset marketing process.”

    View SM Energy press release

  • Schlumberger Q1-2015 Profit Falls 15%

    Schlumberger reported a 15% YoY fall in Q1-2015 net profit to $1.36 billion. The company also reported revenues of $10.3 billion, down 9% YoY, primarily due to the severe decline in North American land activity and associated pricing pressure.Paal Kibsgaard, Schlumberger CEO, said, “In spite of the...

    Schlumberger Q1-2015 Profit Falls 15%
    Results & Reports

    Schlumberger reported a 15% YoY fall in Q1-2015 net profit to $1.36 billion. The company also reported revenues of $10.3 billion, down 9% YoY, primarily due to the severe decline in North American land activity and associated pricing pressure.

    Paal Kibsgaard, Schlumberger CEO, said, “In spite of the detailed preparations we made in the fourth quarter, the abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter. These included the difficult decision to make a further reduction in our workforce of 11,000 employees, leading to a total reduction of about 15% compared to the peak of the Q3-2014.”

    View Schlumberger press release

  • Oil Search Exits Block 7 in Yemen
    Global Deals

    Oil Search Limited has signed an agreement with Petsec Energy to sell all the shares of its subsidiary that holds a 34% working interest in Block 7, located in Al Barqa Permit, Republic of Yemen. Following the acquisition, Petsec will raise its interest in Block 7 to 63.75% and will assume the operatorship of the block.

    Block 7 is an onshore exploration permit covering an area of 5,000 sq km, located approximately 340 km east of Sana’a in Yemen. The block contains the Al Meashar oil discovery as well as an inventory of leads and prospects defined by 2D and 3D surveys with significant oil potential.

    View Petsec press release

    View Oil Search exploration webpage

  • Lime Petroleum Acquires 30% in PL544 from LundinData analysis
    Global Deals

    Lime Petroleum has signed an agreement with Lundin Petroleum to acquire 30% stake in PL544 in Norwegian North Sea. The license is located south of the Edvard Grieg field on the Utsira High in the North Sea. Water depth of the license is about 100m.

    The Fosen prospect is located in this license, and is under evaluation for possible drilling in 2015. The reservoir target is Upper/Middle Jurassic and gross unrisked prospective resources estimated at 192 MMBOE. A small gas/condensate discovery was made in Paleocene sands in the license.

    Post-transaction ownership of PL544: Lundin Petroleum (40%, operator), Lime Petroleum (30%) and Bayerngas (30%).

    View Lime Petroleum press release

    View Lundin exploration webpage

  • SOCAR Pegs 2015 Investments at $952 Million

    SOCAR Vice President Suleiman Gasymov said that the company will invest 1 billion manats (US$952 million) in 2015, unchanged as compared to 2014. The spending will be on projects as well as on the repair of old wells and drilling new wells.Mr. Gasymov added that net profit of the company in 2014 was 1.1...

    SOCAR Pegs 2015 Investments at $952 Million
    Projects & Capex

    SOCAR Vice President Suleiman Gasymov said that the company will invest 1 billion manats (US$952 million) in 2015, unchanged as compared to 2014. The spending will be on projects as well as on the repair of old wells and drilling new wells.

    Mr. Gasymov added that net profit of the company in 2014 was 1.1 billion manats (US$1 billion), with sales of 40 billion manats (US$38 billion).

    Source: Reuters

  • Dolphin-TGS JV to Begin Multi-Client 3D in Barents Sea

    Dolphin Group has signed a JV agreement with TGS to acquire 4,500 sq km 3D multi-client seismic survey over the western part of the Hammerfest Basin in the Barents Sea.The project will link the existing Dolphin’s Gotha 3D survey with TGS’ Finnmark Plattform 3D surveys, providing data coverage over...

    Dolphin-TGS JV to Begin Multi-Client 3D in Barents Sea
    Others

    Dolphin Group has signed a JV agreement with TGS to acquire 4,500 sq km 3D multi-client seismic survey over the western part of the Hammerfest Basin in the Barents Sea.

    The project will link the existing Dolphin’s Gotha 3D survey with TGS’ Finnmark Plattform 3D surveys, providing data coverage over large areas in the Western Barents Sea. The survey will provide broadband seismic data over APA acreage.

    View Dolphin Group press release

  • Petrobras Denies Sub-Salt Assets Sale

    Petrobras stated that it does not intend to sell sub-salt oilfields as part of its $17.7 billion divestment plan. The subsalt deposits refer to an area in Brazil's Santos and Campos basins where large oil discoveries have been made deep beneath the sea floor under a layer of salt.It was earlier reported...

    Petrobras Denies Sub-Salt Assets Sale
    Global Deals

    Petrobras stated that it does not intend to sell sub-salt oilfields as part of its $17.7 billion divestment plan. The subsalt deposits refer to an area in Brazil's Santos and Campos basins where large oil discoveries have been made deep beneath the sea floor under a layer of salt.

    It was earlier reported by a newspaper that Petrobras could sell assets in that deep-water region which holds some of the world’s largest oil reserves.

    Petrobras said: "The divestment plan, as approved, does not include sub-salt assets."

    Source: Reuters

  • Rosneft Q1-2015 Gas Production Grows 20%

    Rosneft reported a rise of 20% YoY in its Q1-2015 gas production to 15.8 Bcm. The growth in gas production was driven by the increased use of produced gas and an organic increase in gas production from existing production facilities.Rosneft added that commissioning of new fields, such as Northern Chayvo at...

    Rosneft Q1-2015 Gas Production Grows 20%
    Results & Reports

    Rosneft reported a rise of 20% YoY in its Q1-2015 gas production to 15.8 Bcm. The growth in gas production was driven by the increased use of produced gas and an organic increase in gas production from existing production facilities.

    Rosneft added that commissioning of new fields, such as Northern Chayvo at the Sakhalin Island and Khadyryakhinskoye in the Yamal-Nenets Autonomous District, also contributed to the increase in Q1-2015 gas production.

    View Rosneft press release

  • Technip Bags FEED Contract for Liuhua Field TLPs

    A Technip-led consortium has secured a FEED contract from China National Offshore Oil Corporation (CNOOC) for the Liuhua 11-1 and 16-2 joint development project located in the South China Sea. Technip will carry out the FEED work for two tension leg platforms. The contract is to cover the design and...

    Technip Bags FEED Contract for Liuhua Field TLPs
    Others

    A Technip-led consortium has secured a FEED contract from China National Offshore Oil Corporation (CNOOC) for the Liuhua 11-1 and 16-2 joint development project located in the South China Sea. Technip will carry out the FEED work for two tension leg platforms. The contract is to cover the design and engineering of the topsides (including two drilling rigs), hulls, mooring and riser systems.

    Work is expected to be completed by the end of 2015.

    View Technip press release

  • Data analysis Bonterra Acquires Cardium Assets for $138 Million

    Bonterra Energy has acquired Cardium-focused assets in the Pembina area of Alberta for C$172 million (US$138 million) from a senior oil and gas producer.The company acquired approximately 1.8 MBOE/d of high-netback, low decline, conventional oil and natural gas liquids production as well as approximately 9.9...

    Bonterra Acquires Cardium Assets for $138 MillionData analysis
    Global Deals

    Bonterra Energy has acquired Cardium-focused assets in the Pembina area of Alberta for C$172 million (US$138 million) from a senior oil and gas producer.

    The company acquired approximately 1.8 MBOE/d of high-netback, low decline, conventional oil and natural gas liquids production as well as approximately 9.9 MMBOE of total 1P reserves and 13 MMBOE of 2P reserves.

    The assets also offer a sizeable and attractive future drilling inventory, with 136 net potential low-risk, high-quality horizontal drilling locations, of which only twelve have been assigned reserves in the current reserve report.

    View Bonterra Energy press release

  • Data analysis Gulfport Buys Paloma Partners III for $300 Million

    Gulfport Energy has entered into an agreement to acquire Paloma Partners III LLC for $300 million. Paloma holds approximately 24,000 net non-producing acres in the core of the dry gas window of the Utica Shale, located in Belmont and Jefferson Counties, Ohio.The transaction is expected to close during...

    Gulfport Buys Paloma Partners III for $300 MillionData analysis
    Global Deals

    Gulfport Energy has entered into an agreement to acquire Paloma Partners III LLC for $300 million. Paloma holds approximately 24,000 net non-producing acres in the core of the dry gas window of the Utica Shale, located in Belmont and Jefferson Counties, Ohio.

    The transaction is expected to close during Q3-2015.

    View Gulfport energy press release

  • Bumi Armada Bags $300 Million ElectroGas Contract in Malta

    Bumi Armada Berhad has secured a $300 million contract from ElectroGas for the conversion, supply and operations and maintenance, respectively, of a Floating Storage Unit (FSU) at Delimara, Malta. The FSU is for the project relating to the construction and operation of an LNG receiving terminal located at...

    Bumi Armada Bags $300 Million ElectroGas Contract in Malta
    Others

    Bumi Armada Berhad has secured a $300 million contract from ElectroGas for the conversion, supply and operations and maintenance, respectively, of a Floating Storage Unit (FSU) at Delimara, Malta. The FSU is for the project relating to the construction and operation of an LNG receiving terminal located at Delimara. The contract is for a duration of 18 years and 2 months.

    The FSU will commence operations in Delimara in 2016.

    View Bumi Armada press release