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NEWS

  • Thailand to Auction 29 Oil, Gas Blocks in Feb-2015

    Thailand plans to kick off a new auction round in Feb-2015 for petroleum concessions on 29 onshore and offshore blocks. The auction round, the 21st, will be the first since 2007, with a domestic political crisis partly responsible for the interruption in auctions. Interested investors must submit proposals by...

    Thailand to Auction 29 Oil, Gas Blocks in Feb-2015
    Others

    Thailand plans to kick off a new auction round in Feb-2015 for petroleum concessions on 29 onshore and offshore blocks. The auction round, the 21st, will be the first since 2007, with a domestic political crisis partly responsible for the interruption in auctions. Interested investors must submit proposals by 18-Feb-2015.

    Of the 29 blocks up for auction, six are offshore, in the Gulf of Thailand, and 23 are onshore, mostly in the northeast. The blocks on offer will allow Thailand to tap an estimated volume of 1-5 Tcf of natural gas and 20-50 MMbbl of crude oil.

    Source: Reuters

  • Total Names Patrick Pouyanne as CEO

    Total has named Patrick Pouyanne, currently head of refining and chemicals, as its new CEO.Total is devising a new strategy after a costly three-year drive to increase drilling spending failed to yield significant results. It had also started to cut capital expenditure after years of record-high investments,...

    Total Names Patrick Pouyanne as CEO
    Headlines

    Total has named Patrick Pouyanne, currently head of refining and chemicals, as its new CEO.

    Total is devising a new strategy after a costly three-year drive to increase drilling spending failed to yield significant results. It had also started to cut capital expenditure after years of record-high investments, under pressure from shareholders demanding bigger payouts.

    Source: Reuters

     

  • BP Awards Tangguh FEED Contracts

    BP has awarded FEED contracts for its $12-billion Tangguh Expansion Project (Train 3) located in Indonesia. The project will add 3.8 MMTPA liquefaction capacity to Tangguh, bringing total capacity to 11.4 MMTPA.In addition to the award of the onshore FEED, BP and the Tangguh partners signed a sales and...

    BP Awards Tangguh FEED Contracts
    Others

    BP has awarded FEED contracts for its $12-billion Tangguh Expansion Project (Train 3) located in Indonesia. The project will add 3.8 MMTPA liquefaction capacity to Tangguh, bringing total capacity to 11.4 MMTPA.

    In addition to the award of the onshore FEED, BP and the Tangguh partners signed a sales and purchase agreement with Indonesia’s state owned electricity company PT. PLN (Persero) to supply up to 1.5 MMTPA of LNG from 2015 to 2033. Supply will initially be provided from Tangguh’s existing two LNG trains. The agreement commits 40% of annual production from Train 3 to the domestic market.

    The onshore FEED is planned for 12 months, with scope covering the new LNG Train, LNG jetty and associated infrastructure.

    View BP press release

  • Amerisur Expands Footprint in Colombia

    Amerisur Resources has presented to the Agencia Nacional de Hidrocarburos (ANH) a request for a partial assignment of interest in the exploration contract Put-30, awarded to Talisman Energy in the Ronda Colombia 2014 licensing round.Amerisur has formed a joint venture with Talisman with the parties owning 50%...

    Amerisur Expands Footprint in Colombia
    Others

    Amerisur Resources has presented to the Agencia Nacional de Hidrocarburos (ANH) a request for a partial assignment of interest in the exploration contract Put-30, awarded to Talisman Energy in the Ronda Colombia 2014 licensing round.

    Amerisur has formed a joint venture with Talisman with the parties owning 50% and 50% respectively. Talisman is the current operator on the block but the joint venture is studying the potential for Amerisur to operate this contract. The successful bid included an additional royalty to the state of 4% (X Factor) above the baseline 8% royalty and a total work program of $26.9 million during the first 36 month exploration phase, to include 209 km of 2D seismic acquisition and the drilling of one exploration well.

    The Put-30 block covers approximately 38,514 hectares and lies within the Putumayo Basin.

    View Amerisur press release

  • Data analysis Shell Tastes Success at Leopard-1 Well Off Gabon

    Shell announced a frontier exploration discovery offshore Gabon. The well Leopard-1, located in BCD10 License, encountered a substantial gas column with around 200m net gas pay in a pre-salt reservoir.Leopard-1 is located around 145 km off the Gabonese coast, west of Gamba. It was drilled in water 2,110m deep...

    Shell Tastes Success at Leopard-1 Well Off GabonData analysis
    Headlines, Exploration

    Shell announced a frontier exploration discovery offshore Gabon. The well Leopard-1, located in BCD10 License, encountered a substantial gas column with around 200m net gas pay in a pre-salt reservoir.

    Leopard-1 is located around 145 km off the Gabonese coast, west of Gamba. It was drilled in water 2,110m deep to a total vertical depth of 5,063m. Shell and partners are planning to undertake an appraisal program to further determine the resource volumes.

    Ownership of BCD10: Shell (75%, operator) and CNOOC (25%).

    View Shell press release

  • Gazprom Raises 2014 Investments to $25 Billion

    Gazprom has increased its 2014 investment program by RUB 220 billion from the previous plan to RUB 1.03 trillion (US$25 billion).The company added that it plans to spend RUB 816.6 billion on capital investments this year, up RUB 115.5 billion from the previous plan, as it aims to invest more into its gas...

    Gazprom Raises 2014 Investments to $25 Billion
    Headlines, Projects & Capex

    Gazprom has increased its 2014 investment program by RUB 220 billion from the previous plan to RUB 1.03 trillion (US$25 billion).

    The company added that it plans to spend RUB 816.6 billion on capital investments this year, up RUB 115.5 billion from the previous plan, as it aims to invest more into its gas transportation and production projects.

    Source: Reuters

  • Data analysis InterOil Hits Pay at Raptor-1 Well in PNG

    InterOil has hit hydrocarbons at the Raptor-1 well in PPL475 in Papua New Guinea. The company intersected 200m of Kapau limestone during drilling, with wireline logs indicating the presence of hydrocarbons.InterOil will now carry out well testing to shore up the hydrocarbon type, column, flow rate and...

    InterOil Hits Pay at Raptor-1 Well in PNGData analysis
    Exploration

    InterOil has hit hydrocarbons at the Raptor-1 well in PPL475 in Papua New Guinea. The company intersected 200m of Kapau limestone during drilling, with wireline logs indicating the presence of hydrocarbons.

    InterOil will now carry out well testing to shore up the hydrocarbon type, column, flow rate and reservoir quality.

    The company also reported that its Bobcat-1 well in PPL476 was successfully drilled through the Orubadi seal section and into the Kapau limestone. InterOil is now preparing to drill further into the target zone.

    Ownership of PPL475: InterOil (65.2%, operator), Pacific Rubiales Energy (12.9%) and Other minority interest holders (21.8%).

    Ownership of PPL476: InterOil (78.1%, operator) and Other minority interest holders (21.8%).

    View InterOil press release  

  • Data analysis Shell Strikes Deals for Nigerian Assets

    Shell has signed sales agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country. The assets include Shell's 30% stake in oil mining leases (OML) 24, 25, 29 and the Nembe Creek Trunk Line (NCTL).The sale process "has not yet fully concluded...

    Shell Strikes Deals for Nigerian AssetsData analysis
    Headlines, Global Deals

    Shell has signed sales agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country. The assets include Shell's 30% stake in oil mining leases (OML) 24, 25, 29 and the Nembe Creek Trunk Line (NCTL).

    The sale process "has not yet fully concluded but we can confirm that we have now signed sales and purchase Agreements for these Oil Mining Leases and the NCTL", a Shell spokesman said. "Nigeria remains an important part of Shell's portfolio, where we will continue to have a significant onshore presence in oil and gas, and which has clear growth potential, particularly in deep-water and onshore gas," he added.

    Source: Reuters

  • British Columbia to Unveil Details of New LNG Tax Shortly

    British Columbia is set to unveil the details of its long-awaited LNG tax regime within days, which could sway investment decisions on several proposed export terminals in the Canadian Pacific Coast province. The provincial government has promised the legislation will be introduced this week.That should...

    British Columbia to Unveil Details of New LNG Tax Shortly
    Headlines

    British Columbia is set to unveil the details of its long-awaited LNG tax regime within days, which could sway investment decisions on several proposed export terminals in the Canadian Pacific Coast province. The provincial government has promised the legislation will be introduced this week.

    That should provide some much needed clarity for companies such as Petronas, which threatened this month to delay its $11 billion LNG project by more than a decade unless a favorable tax deal was reached by the end-Oct-2014.

    With the tax picture crystallizing, Petronas also plans to make an investment decision on its export terminal in mid-Dec-2014, while Singapore-based Woodfibre LNG is expected to decide on a smaller project in early 2015.

    Source: Reuters

  • Noble Appoints David L. Stover as President & CEO

    Noble Energy has elected David L. Stover as President and CEO, succeeding Charles D. Davidson. Mr. Stover has previously been serving as the company's President and COO.Mr. Davidson will continue to serve as the company's Chairman until the 2015 annual meeting at which time he will be leaving the...

    Noble Appoints David L. Stover as President & CEO
    Others

    Noble Energy has elected David L. Stover as President and CEO, succeeding Charles D. Davidson. Mr. Stover has previously been serving as the company's President and COO.

    Mr. Davidson will continue to serve as the company's Chairman until the 2015 annual meeting at which time he will be leaving the Board of Directors. The Board also announced that it intends to elect Mr. Stover as Chairman of the Board immediately following the 2015 meeting.

    View Noble press release

  • Data analysis Mart to Acquire 45% Interest in OML 18, Nigeria

    Mart Resources has entered into an agreement with Shell, Total and Eni, pursuant to which a special purpose company owned directly or indirectly by the consortium members will acquire a 45% participating interest in OML 18, Nigeria. The remaining 55% participating interest of license will be retained by the...

    Mart to Acquire 45% Interest in OML 18, NigeriaData analysis
    Headlines, Global Deals

    Mart Resources has entered into an agreement with Shell, Total and Eni, pursuant to which a special purpose company owned directly or indirectly by the consortium members will acquire a 45% participating interest in OML 18, Nigeria. The remaining 55% participating interest of license will be retained by the Nigerian National Petroleum Corporation.

    In consideration for its indirect working interest in OML 18, Mart has advanced $134 million, representing its proportionate share of the initial bid deposit paid by the consortium to the sellers, the remaining closing cash consideration and transaction costs and initial working capital for consortium special purpose company.

    View Mart press release

  • Donnycreek to Merge with Contact Exploration

    Donnycreek Energy has entered into an agreement with Contact Exploration whereby Contact and Donnycreek will merge to form a new, amalgamated corporation to be named "Kicking Horse Energy Inc". The Merger will consolidate the companies' interests in the Deep Basin including their working...

    Donnycreek to Merge with Contact Exploration
    Others

    Donnycreek Energy has entered into an agreement with Contact Exploration whereby Contact and Donnycreek will merge to form a new, amalgamated corporation to be named "Kicking Horse Energy Inc". The Merger will consolidate the companies' interests in the Deep Basin including their working interests in their Kakwa (East), Alberta property.

    Donnycreek holds a 50% WI in 16.75 gross sections at the Kakwa property. Contact is the 25% WI operator of the Kakwa property. Based on current WI production, Kicking Horse will have approximately 3 MBOE/d of Montney production from the Kakwa property (52% gas).

    The merger also includes Donnycreek's operated working interest in 380 gross sections of petroleum and natural gas rights at Wapiti (75% WI) and West Kakwa (Chicken) (40% WI) as well as twogross sections (24% WI) and two gross sections (64% WI) contiguous to the Kakwa property; and Contact's 100% working interest in 11 additional gross sections at West Kakwa; 27 gross sections at Chime and 23 gross sections at Pinto.

    View Donnycreek press release

  • Record Interest in Danish Oil, Gas Licensing Round

    Denmark has received a record number of applications for oil and gas permits in its latest licensing round, including from A.P. Moller-Maersk, Shell and Hess. The Danish Energy Agency said it had received 25 applications from 15 companies.The licensing round was restricted to the south-western end of Danish...

    Record Interest in Danish Oil, Gas Licensing Round
    Others

    Denmark has received a record number of applications for oil and gas permits in its latest licensing round, including from A.P. Moller-Maersk, Shell and Hess. The Danish Energy Agency said it had received 25 applications from 15 companies.

    The licensing round was restricted to the south-western end of Danish waters, but there were no specific areas or blocks involved. The licences will be awarded in 2015.

    The agency said it would launch the next licensing round in 2016.

    Source: Reuters

  • Statoil: New Oil Resources Proved in Grane Area, Norway
    Headlines, Projects & Capex

    Statoil has proved new oil resources in the D-structure in the vicinity of the Grane Field in PL169, North Sea. Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25m in the Heimdal Formation. The estimated volume of the discovery is in the range of 30-80 MMbbl of recoverable oil.

    The D-structure is located on the Utsira High, just 7 km north of the Grane Field and in the immediate proximity of the Grane F oil discovery made by Statoil in 2013. The D-structure was originally penetrated in 1992 by well 25/8-4, which encountered just 1m of oil corresponding to about 6 MMbbl.

    May-Liss Hauknes, Statoil VP (Exploration-North Sea) stated: “Well 25/8-18 S appraised the D-structure and proved substantial additional oil volumes in an excellent sandstone reservoir. This is a result of a recent re-evaluation of the area done by the partnership. New seismic and improved subsurface mapping have given us new confidence in the D-structure and allowed to mature it towards a drilling decision.”

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

    View Statoil press release

  • Ophir Flows Gas from Fortuna-2, Equatorial GuineaData analysis
    Exploration

    Ophir Energy has successfully completed testing the Fortuna-2 appraisal well in Block R, Equatorial Guinea. 

    After successfully drilling and coring the Fortuna-2 well, a drill stem test (DST) was conducted to prove the deliverability of the Fortuna gas field.  The DST achieved a sustained flow rate of 60 MMcf/d. Based on the expected operating conditions of the FLNG facility, the well is estimated to have been able to deliver a production rate of 180 MMcf/d via the 5" drill pipe that was used for the DST. The Fortuna Field complex has estimated mean recoverable resources of 1.3 Tcf and will form the first phase of the FLNG development. The award of the upstream and midstream FEED contracts is planned in early 2015. FID is expected in 2016 and first gas in 2019.

    Ownership of Block R: Ophir (80%, operator) and GEPetrol (20%).

    View Ophir press release

    View Ophir's Equatorial Guinea webpage  

  • Egdon Spuds UK's Burton on the Wolds Prospect Data analysis
    Exploration

    Egdon Resources has spud the Burton on the Wolds prospect, located in UK’s PEDL201. The vertical well will be drilled to a depth of around 1,000m and is expected to take around 26 days.

    The Burton on the Wolds prospect is defined on proprietary 2D seismic data which was acquired by Egdon in May-2011. The mean combined prospective resources for the two target objectives, as calculated by Egdon are estimated to be 3.8 MMbbl of oil.

    Ownership of PEDL201: Egdon (32.5%, operator), Celtique Energie (32.5%), Terrain Energy (12.5%), Corfe Energy (12.5%) and Union Jack (10%).

    View Egdon press release

    View Egdon's UK operations webpage

  • Data analysis JKX Hits Pay at E-303 Well in Ukraine's Elizavetovskoye...

    JKX Oil & Gas announced that testing of the E-303 well in the Elizavetovskoye Field in Ukraine indicated a gross pay of 167m spread over eight reservoir horizons. JKX CEO Dr. Paul Davies said: "Bringing the deep sandstone reservoirs of the Elizavetovskoye Field on-stream is technically...

    JKX Hits Pay at E-303 Well in Ukraine's Elizavetovskoye FieldData analysis
    Exploration

    JKX Oil & Gas announced that testing of the E-303 well in the Elizavetovskoye Field in Ukraine indicated a gross pay of 167m spread over eight reservoir horizons. 

    JKX CEO Dr. Paul Davies said: "Bringing the deep sandstone reservoirs of the Elizavetovskoye Field on-stream is technically challenging and will require extended completion and testing. We are optimistic that the sandstone reservoirs will produce at commercial rates in line with the nearby wells. We will provide further updates as the work progresses."

    View JKX press release

  • Mexico's Alfa to Raise $1 Billion for Energy Projects

    Mexican conglomerate Alfa plans to issue about $1 billion worth of shares so it can invest in Mexican energy projects in shale gas, conventional hydrocarbons and electricity.In 2015, Alfa will seek joint ventures with Pemex, particularly in three onshore mature fields. CFO Ramon Leal said that the company was...

    Mexico's Alfa to Raise $1 Billion for Energy Projects
    Headlines, Projects & Capex

    Mexican conglomerate Alfa plans to issue about $1 billion worth of shares so it can invest in Mexican energy projects in shale gas, conventional hydrocarbons and electricity.

    In 2015, Alfa will seek joint ventures with Pemex, particularly in three onshore mature fields. CFO Ramon Leal said that the company was also looking at a possible alliance or additional investment with Pacific Rubiales Energy.

    Source: Reuters

  • Total CEO Dies in Plane Crash

    Total CEO Christophe de Margerie was killed when a business jet collided with a snow plough during takeoff at Moscow's Vnukovo International Airport.There was no immediate word on the cause of the collision. Visibility was 350m at the time, the airport said, adding that civil aviation authorities has...

    Total CEO Dies in Plane Crash
    Headlines

    Total CEO Christophe de Margerie was killed when a business jet collided with a snow plough during takeoff at Moscow's Vnukovo International Airport.

    There was no immediate word on the cause of the collision. Visibility was 350m at the time, the airport said, adding that civil aviation authorities has launched an investigation.

    View Total press release

  • Data analysis Africa Hydrocarbons Plugs BHN-1 Well in Tunisia

    Africa Hydrocarbons announced that re-completion operations of the Abiod limestone in its BHN-1 well on the Bouhajla Permit in Tunisia have not concluded successfully. The well is now being plugged and abandoned.Africa Hydrocarbons CEO John Nelson stated: "All reasonable attempts to determine the...

    Africa Hydrocarbons Plugs BHN-1 Well in TunisiaData analysis
    Exploration

    Africa Hydrocarbons announced that re-completion operations of the Abiod limestone in its BHN-1 well on the Bouhajla Permit in Tunisia have not concluded successfully. The well is now being plugged and abandoned.

    Africa Hydrocarbons CEO John Nelson stated: "All reasonable attempts to determine the hydrocarbon potential of the BHN-1 well were undertaken. The perforation and acid stimulation were completed as planned but no hydrocarbons were recovered suggesting the fractures encountered at BHN-1 are not open and effectively connected, which was the primary risk at BHN-1. Despite the disappointment, the results of the BHN-1 well does not affect the prospectivity of the remaining structures and plays contained on the block."

    View Africa Hydrocarbons press release

  • Shell's Midstream Unit Launches IPO

    Shell's Midstream unit has launched an IPO of 37.5 million common units, representing limited partner interests. The common units are expected to be listed on the NYSE under the ticker symbol “SHLX.” The underwriters of the offering will have a 30-day option to purchase up to an additional 5.6...

    Shell's Midstream Unit Launches IPO
    Others

    Shell's Midstream unit has launched an IPO of 37.5 million common units, representing limited partner interests. The common units are expected to be listed on the NYSE under the ticker symbol “SHLX.” The underwriters of the offering will have a 30-day option to purchase up to an additional 5.6 million common units from Shell Midstream Partners.

    The common units being offered represent a 27.2% limited partner interest in Shell Midstream Partners, or a 31.3% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Royal Dutch Shell, through certain of its subsidiaries, will own the remaining limited partner interest in Shell Midstream Partners, as well as its 2% general partner interest.

    Barclays, Citigroup, Morgan Stanley and UBS Investment Bank are acting as book-running managers for the offering. Credit Suisse, Goldman Sachs, JP Morgan, Wells Fargo, RBC Capital Markets and Credit Agricole are acting as co-managers.

    View Shell press release

  • Halliburton Profit Up 70% on Strong Demand

    Halliburton reported a 70% YoY rise in its Q3-2014 net income to $1.2 billion, helped by stronger drilling activity and demand for production services in North America.The company also posted a 16% YoY rise in Q3-2014 revenue to $8.7 billion.Source: Reuters

    Halliburton Profit Up 70% on Strong Demand
    Results & Reports

    Halliburton reported a 70% YoY rise in its Q3-2014 net income to $1.2 billion, helped by stronger drilling activity and demand for production services in North America.

    The company also posted a 16% YoY rise in Q3-2014 revenue to $8.7 billion.

    Source: Reuters

  • Data analysis Dong Sells Stenlille Gas Storage Facility for $385 Million

    Dong Energy has entered into an agreement with Energinet.dk to sell its stake in Dong Storage for DKK 2.25 billion (US$385 million) on a debt and cash free basis. The facility has a working gas volume of 575 Mcm, which is approximately 57% of the total Danish gas storage capacity.The purchase price also...

    Dong Sells Stenlille Gas Storage Facility for $385 MillionData analysis
    Headlines, Global Deals

    Dong Energy has entered into an agreement with Energinet.dk to sell its stake in Dong Storage for DKK 2.25 billion (US$385 million) on a debt and cash free basis. The facility has a working gas volume of 575 Mcm, which is approximately 57% of the total Danish gas storage capacity.

    The purchase price also includes a payment from Energinet.dk relating to an earn-out that was part of Dong’s divestment of Lille Torup Gas Storage Facility in 2007 to Energinet.dk.

    View Dong press release

  • Baker Hughes Ink MoU with Xcite for Bentley OilfieldData analysis
    Others

    Xcite Energy has entered into an MOU with Baker Hughes, which sets out the principles for the provision of oilfield services for the Bentley Field including the supply of drilling and completion services, well engineering, electronic submersible pumps and reservoir engineering.

    Baker Hughes will work to develop innovative, field specific technical and commercial oilfield services for Bentley, which maximize the economic recovery from the field and the economic return for all stakeholders.  

    View Xcite press release

    View Xcite's Bentley Field webpage

  • Data analysis President: First Oil Discovery in Paraguayan Chaco Region

    President Energy has made the first ever oil discovery in the Paraguayan Chaco region at the PY-PE- L x-1 (Lapacho) well. The well has discovered two conventional oil bearing pay zones in the Devonian Icla Formation at a depth of 3,926m. The well is now setting casing at the base of the Icla Formation at a...

    President: First Oil Discovery in Paraguayan Chaco RegionData analysis
    Exploration

    President Energy has made the first ever oil discovery in the Paraguayan Chaco region at the PY-PE- L x-1 (Lapacho) well. The well has discovered two conventional oil bearing pay zones in the Devonian Icla Formation at a depth of 3,926m. The well is now setting casing at the base of the Icla Formation at a depth of 4,127m before drilling ahead to test the target being the underlying Devonian Santa Rosa Formation.

    Combined net sand thickness is 20m with an average porosity of 6%. Logging shows the extensive development of conductive natural fractures. Side wall cores are bleeding live oil and hydrocarbon type appears to be light oil and condensate. It is intended that production flow testing will be conducted by end-Nov-2014 when the well reaches final depth, together with such testing of the Santa Rosa Formation as may be appropriate. 

    The company believes that given the ‘good matrix porosity and abundant natural fractures’, hydrocarbon flow rates from the Icla pay zones are expected to be commercial on a stand-alone basis.

    View President press release

  • Saudi Arabia, Kuwait Halt Output from Khafji Oilfield

    Production from Saudi Arabia and Kuwait’s jointly run Khafji oilfield, which produces between 280-300 Mbbl/d, has been temporarily shut down."The shutdown was not aimed at OPEC policy and ultimately may not affect production, given spare capacity, but the current market environment makes...

    Saudi Arabia, Kuwait Halt Output from Khafji Oilfield
    Projects & Capex

    Production from Saudi Arabia and Kuwait’s jointly run Khafji oilfield, which produces between 280-300 Mbbl/d, has been temporarily shut down.

    "The shutdown was not aimed at OPEC policy and ultimately may not affect production, given spare capacity, but the current market environment makes such workovers easier," said sources.

    Source: Reuters

  • Vallianz Wins $64 Million Charter Contracts

    Vallianz Holdings has secured charter contracts worth $64 million for operations in Mexico, West Africa and the Asia Pacific region. The company will be supplying vessels ranging from anchor handling tug supply vessels, platform supply vessels and barges for periods of up to three years.Vallianz CEO Darren...

    Vallianz Wins $64 Million Charter Contracts
    Others

    Vallianz Holdings has secured charter contracts worth $64 million for operations in Mexico, West Africa and the Asia Pacific region. The company will be supplying vessels ranging from anchor handling tug supply vessels, platform supply vessels and barges for periods of up to three years.

    Vallianz CEO Darren Yeo commented: “These Letters of Award and new charter contracts mark our entry into Mexico and West Africa which is in line with the Group’s strategy to diversify our geographical presence.”

    View Vallianz press release

  • Bagheera Probe in Cooper Basin Disappoints Senex Data analysis
    Exploration

    Planet Gas reported that Senex Energy has received disappointing results from the Bagheera East-1 exploration well’s drill stem tests (DSTs). The well located in Cooper Basin’s PEL 514 was drilled to a depth of 2,547m. It encountered oil shows in the Birkhead and Poolowanna formations, as well as the Hutton sandstones, but two DSTs revealed there were no movable hydrocarbons in the well.

    Bagheera East-1 is now being plugged and abandoned.

    Ownership of PEL 514: Senex Energy (80%, operator) and Planet Gas (20%).

    View Planet Gas press release

  • Data analysis Transfield Receives $876 Million Ferrovial Bid

    Transfield Services has received a proposal from Ferrovial Servicios to acquire 100% of the issued shares in Transfield for $876 million.Diane Smith-Gander, Transfield Services Chairman said: “The Board of Transfield Services has considered Ferrovial’s proposal with the Company’s advisers...

    Transfield Receives $876 Million Ferrovial BidData analysis
    Headlines, Global Deals

    Transfield Services has received a proposal from Ferrovial Servicios to acquire 100% of the issued shares in Transfield for $876 million.

    Diane Smith-Gander, Transfield Services Chairman said: “The Board of Transfield Services has considered Ferrovial’s proposal with the Company’s advisers and has formed the view that the price of $1.95 per share does not reflect the underlying value of Transfield Services shares”.

    The company believes that shareholders interests are best served by conducting exploratory discussions with Ferrovial to determine whether a proposal which would deliver better value to shareholders, can be put forward. As part of these exploratory discussions, Transfield Services is prepared to provide Ferrovial with limited due diligence information on a non-exclusive basis.

    View Transfield press release

  • Data analysis QEP Exits Midstream Business for $2.5 Billion

    QEP Resources has entered into an agreement to sell its midstream business to Tesoro Logistics LP in an all cash transaction valued at $2.5 billion. QEP will retain ownership of Field Services’ Haynesville Gathering System.Chuck Stanley, Chairman, President and CEO of QEP noted: “Post-closing, QEP...

    QEP Exits Midstream Business for $2.5 BillionData analysis
    Headlines, Global Deals

    QEP Resources has entered into an agreement to sell its midstream business to Tesoro Logistics LP in an all cash transaction valued at $2.5 billion. QEP will retain ownership of Field Services’ Haynesville Gathering System.

    Chuck Stanley, Chairman, President and CEO of QEP noted: “Post-closing, QEP will emerge as a more competitive and financially strong independent E&P company with assets in two of North America’s most prolific crude oil provinces, the Williston and Permian basins, and low-cost, high quality natural gas properties in the Rocky Mountains and in northwest Louisiana. The sale of our midstream business is a significant milestone in the strategic repositioning of our company, as we believe QEP will be better positioned to deliver continued growth in production and Adjusted EBITDA in 2015 and beyond.”

    View QEP press release

    View Tesoro press release

  • Highlights of the Week Ending 18-Oct-2014

    Global DealsM&A activity surpassed the previous week with deal value totaling $16.2 billion. The biggest deal of the week was Targa Resources'acquisition of Atlas Energy's midstream assets for $7.7 billion. Chesapeake'sagreement to sell certain Marcellus and Utica assets to...

    Highlights of the Week Ending 18-Oct-2014
    Headlines, Global Deals, Projects & Capex, Exploration

    Global Deals

    M&A activity surpassed the previous week with deal value totaling $16.2 billion. The biggest deal of the week was Targa Resources' acquisition of Atlas Energy's midstream assets for $7.7 billion. Chesapeake's agreement to sell certain Marcellus and Utica assets to Southwestern Energy for $5.37 billion, followed Targa's acquisition as the second biggest deal of the week.

    Statoil-Petronas deal took the third place valuing at $2.3 billion. Under the agreement, Statoil sold its 15.5% stake in the Shah Deniz Field, 15.5% share in the South Caucasus Pipeline Company (SCPC), 15.5% share in the SCPC holding company, and 12.4% share in the Azerbaijan Gas Supply Company to Petronas.

    Mid-week, American Midstream Partners announced the acquisition of Costar Midstream from Energy Spectrum Partners VI LP and Costar management for $470 million.

    As the previous week, this week also there are few assets rumored to be on the market. Reliance Industries is rumored to be seeking a buyer for its stake in the Eagle Ford Basin oil and natural gas joint venture with Pioneer Natural Resources, a sale that could raise up to $4.5 billion. Samson Energy is rumored to sell its offshore Gulf of Mexico assets that could fetch more than $1 billion.

    Exploration

    The week was seasoned by many significant discoveries. CNOOC encountered pay at its second of two exploration wells to be drilled in the Beibu Gulf Block 22/12 located in the South China Sea. Statoil made its seventh gas discovery at the Giligiliani-1 exploration well off Tanzania. Lundin also made a 'big' oil and gas discovery at the Alta prospect in the Norwegian Arctic.

    Dubai Petroleum Establishment also cheered hitting 'significant' volumes of gas in its T-02 deep gas exploration well.

    Projects & Capex

    While production resumed at Nexen-operated Rochelle Field, Petrobras and CNOOC brought Iracema South and Enping 24-2 fields (respectively) online.

    In Australia, Santos GLNG fed natural gas into its 420-km gas transmission pipeline for the first time via its primary compressor station in the Fairview Field in south-west Queensland.

    Meanwhile, Chevron made an FID on the first stage of its Indonesia Deepwater Development project, but delayed a decision on the second phase of the project. 

  • Chevron Makes FID on Indonesia's IDD Project

    Chevron has made an FID on the first stage of its Indonesia Deepwater Development project, but delayed a decision on the second phase of the project. The project, which includes the Bangka (first stage), Gendalo, Gehem, Gandang and Maha fields off eastern Borneo, is the country's first...

    Chevron Makes FID on Indonesia's IDD Project
    Headlines, Projects & Capex

    Chevron has made an FID on the first stage of its Indonesia Deepwater Development project, but delayed a decision on the second phase of the project. The project, which includes the Bangka (first stage), Gendalo, Gehem, Gandang and Maha fields off eastern Borneo, is the country's first ultra-deepwater natural gas integrated project.

    A timeline to make a decision on the second stage of the project - development of the Gendalo and Gehem fields - will slip from this year. The delay comes as Indonesia is turning to foreign supplies to keep up with rapidly growing domestic gas demand.

    Chevron expects the Gendalo and Gehem fields to produce a maximum of 1.1 Bcf/d of natural gas and 47 Mbbl/d of condensate.

    Source: Reuters

  • Data analysis Eagle Materials to Buy CRS Proppants for $225 Million

    Eagle Materials has entered into an agreement to acquire CRS Proppants for $225 million.CRS operations comprise a northern-white frac-sand mine and processing facility in Wisconsin that is currently being expanded from approximately 1-2 MMTPA capacity.View Eagle Materials press release

    Eagle Materials to Buy CRS Proppants for $225 MillionData analysis
    Global Deals

    Eagle Materials has entered into an agreement to acquire CRS Proppants for $225 million.

    CRS operations comprise a northern-white frac-sand mine and processing facility in Wisconsin that is currently being expanded from approximately 1-2 MMTPA capacity.

    View Eagle Materials press release

  • Eni, KOGAS Ink Strategic Alliance Agreement
    Others

    Eni signed a cooperation agreement with KOGAS to further strengthen their relationship in a number of areas, particularly in the upstream and LNG sectors.

    Eni and KOGAS expect the cooperation agreement to facilitate the LNG development of Area 4 in Mozambique. Area 4’s total resources are estimated to be approximately 85 Tcf of gas in place and is ready to enter in the development phase in 2015.

    Current ownership in Area 4: Eni (50%, operator), CNPC (20%), Galp Energia (10%), Korea Gas (10%) and ENH (10%).

    View Eni press release

    View Eni's Feb-2014 presentation

  • Pacific Rubiales, Pemex to Explore Mexican Oil, Gas Assets

    Pacific Rubiales Energy has entered into a three-year MoU with Pemex to jointly explore oil & gas business opportunities in Mexico.The MoU establishes a cooperative framework in order to exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of...

    Pacific Rubiales, Pemex to Explore Mexican Oil, Gas Assets
    Others

    Pacific Rubiales Energy has entered into a three-year MoU with Pemex to jointly explore oil & gas business opportunities in Mexico.

    The MoU establishes a cooperative framework in order to exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest. These may include upstream, midstream, human capital, and environmental and safety, knowledge and opportunities.

    View Pacific Rubiales press release

  • GPK Declares Commerciality for Shewashan Discovery

    GPK has declared the Shewashan light oil discovery, in the Khalakan PSC, commercial and is preparing the field development plan (FDP) for submission to the government.Shewashan-1 produced light oil on test from reservoir zones in the Cretaceous Shiranish, Kometan and Qamchuga formations. The Shewashan-1...

    GPK Declares Commerciality for Shewashan Discovery
    Projects & Capex

    GPK has declared the Shewashan light oil discovery, in the Khalakan PSC, commercial and is preparing the field development plan (FDP) for submission to the government.

    Shewashan-1 produced light oil on test from reservoir zones in the Cretaceous Shiranish, Kometan and Qamchuga formations. The Shewashan-1 well will now be put on production to gather data ahead of the final FDP approval. 

    View GPK press release

  • 44 Million Acres Offered in GoM Lease Sale

    The Bureau of Ocean Energy Management (BOEM) announced that it will offer nearly 44 million acres off Louisiana, Mississippi, and Alabama in a sale that will include all available unleased areas in the Central Gulf of Mexico Planning Area.HighlightsEstimated recoverable resources of 460-894 MMbbl of oil and...

    44 Million Acres Offered in GoM Lease Sale
    Others

    The Bureau of Ocean Energy Management (BOEM) announced that it will offer nearly 44 million acres off Louisiana, Mississippi, and Alabama in a sale that will include all available unleased areas in the Central Gulf of Mexico Planning Area.

    Highlights

    • Estimated recoverable resources of 460-894 MMbbl of oil and 1.9-3.9 Tcf of natural gas
    • 7,477 blocks, located from 3-230 nautical miles offshore, in water depths ranging from 3m to 3,400m

    View BOEM press release

  • Odfjell, William Jacob Management Form an Alliance

    Odfjell Drilling and William Jacob Management (WJM) announced the signing of a cooperation agreement under which the companies will mutually deliver engineering services of offshore drilling facilities to the global energy market. The services will include conceptual and FEED studies, project planning,...

    Odfjell, William Jacob Management Form an Alliance
    Others

    Odfjell Drilling and William Jacob Management (WJM) announced the signing of a cooperation agreement under which the companies will mutually deliver engineering services of offshore drilling facilities to the global energy market. The services will include conceptual and FEED studies, project planning, procurement, commissioning / startup, construction management and maintenance.

    Under the agreement, WJM will also provide engineering and project management services to complement and strengthen the execution teams of Odfjell’s projects globally.

    View Odfjell press release

  • Lundin Drills Duster at Vollgrav Prospect in North SeaData analysis
    Headlines, Exploration

    The Norwegian Petroleum Directorate (NPD) reported that Lundin Petroleum has drilled a duster at its Vollgrav prospect (33/12-10 S) in the northern North Sea's PL631. The well was drilled to a depth of 3,072m in a water depth of 140m. The well has now been permanently plugged and abandoned.

    The primary and secondary exploration targets for the well were to prove petroleum in reservoir rocks from the Late Jurassic (intra Draupne formation sandstone) and Eocene periods, (Hordaland group), respectively.

    The well did not encounter a reservoir in the Draupne Formation. In the Hordaland group, the well encountered about 35m of very good quality reservoir sandstone. Neither of the reservoirs showed traces of petroleum.

    View NPD press release

  • Data analysis WesternZagros Wraps Sarqala-1 Workover in Kurdistan

    WesternZagros Resources has completed the workover of the Sarqala-1 well in the Garmian Block, Kurdistan. The purpose of the workover was to install larger tubing to replace the subsurface safety valve and increase the flow capacity of the well. The company tested the well at rates of up to 11.5 Mbbl/d of...

    WesternZagros Wraps Sarqala-1 Workover in KurdistanData analysis
    Exploration

    WesternZagros Resources has completed the workover of the Sarqala-1 well in the Garmian Block, Kurdistan. The purpose of the workover was to install larger tubing to replace the subsurface safety valve and increase the flow capacity of the well. The company tested the well at rates of up to 11.5 Mbbl/d of 40° API oil from the Jeribe/Upper Dhiban reservoir.

    WesternZagros CEO Simon Hatfield said, "Our expectations were that the workover would result in an increased production capacity in the range of 8-10 Mbbl/d, so we are pleased with this strong test result, which was accomplished without any stimulation of the reservoir".

    The Sarqala-1 well previously produced over 1 MMbbl of light oil at an average flow rate of 5 Mbbl/d of oil during an extended well test in 2011 and 2012.

    Following the completion of this post-workover test at Sarqala-1, the company plans to move the workover rig to the Hasira-1 well to commence the testing of the light oil discovery in the Mio-Oligocene reservoir, anticipated to commence in early Nov-2014.

    View WesternZagros press release

  • Vaalco Begins Six-Well Drilling Campaign Off Gabon

    Vaalco Energy has begun a new six-well drilling campaign off Gabon on its Etame Marin Block. The development drilling campaign follows the recent on-schedule installation of the Etame platform and the Southeast Etame/North Tchibala (SEENT) platform.All six wells in the current drilling campaign are...

    Vaalco Begins Six-Well Drilling Campaign Off Gabon
    Exploration

    Vaalco Energy has begun a new six-well drilling campaign off Gabon on its Etame Marin Block. The development drilling campaign follows the recent on-schedule installation of the Etame platform and the Southeast Etame/North Tchibala (SEENT) platform.

    All six wells in the current drilling campaign are development wells and Vaalco has spudded the first well, Etame 8-H, using the contracted Transocean’s Constellation II jack-up rig. The rig will be used to drill two additional development wells (Etame 9-H and 10-H), each targeting the Gamba sand formation in the Etame Field. First oil production from the Etame 8-H well is expected in Dec-2014.

    The rig will then be mobilized to drill three additional development wells from the SEENT platform, beginning with a well to be drilled in the Southeast Etame Field. The remaining two development wells in the six-well campaign will target Dentale sand formations in the North Tchibala Field.

    The newly installed Etame and SEENT platforms are each equipped with eight well slots to provide for the option to drill up to five additional development wells from each platform after the completion of the current campaign.

    View Vaalco press release

  • Schlumberger Q3-2014 Profit Grows 13% on Higher Drilling

    Schlumberger posted a 13% YoY increase in Q3-2014 net profit to $1.95 billion, helped by strong drilling activity in North America.The company also reported that the Q3-2014 revenue from its US operations rose 18% YoY to $4.26 billion, accounting for a third of total revenue. Revenue from the company's...

    Schlumberger Q3-2014 Profit Grows 13% on Higher Drilling
    Results & Reports

    Schlumberger posted a 13% YoY increase in Q3-2014 net profit to $1.95 billion, helped by strong drilling activity in North America.

    The company also reported that the Q3-2014 revenue from its US operations rose 18% YoY to $4.26 billion, accounting for a third of total revenue. Revenue from the company's international business also rose 5% YoY to $8.31 billion, as its resilient Middle East and Asia businesses trumped "significant headwinds" in Northern Iraq and sanctions against Russia.

    Source: Reuters

    View Schlumberger press release

  • Data analysis FMC Bags Subsea Contract for Edradour, Glenlivet Fields

    FMC Technologies has received an order from Total to supply subsea systems for its Edradour and Glenlivet fields offshore in the West of Shetland area.FMC' scope of supply consists of subsea equipment including manifolds and associated connections and controls equipment, wellhead systems, subsea tie back...

    FMC Bags Subsea Contract for Edradour, Glenlivet FieldsData analysis
    Others

    FMC Technologies has received an order from Total to supply subsea systems for its Edradour and Glenlivet fields offshore in the West of Shetland area.

    FMC' scope of supply consists of subsea equipment including manifolds and associated connections and controls equipment, wellhead systems, subsea tie back connection equipment and a subsea production tree.

    View FMC press release

  • Oryx Buys 85% Interest in AGC License

    Oryx Petroleum has acquired an 85% stake in the AGC Central License located in the joint development offshore area between Senegal and Guinea Bissau.The acquired assets comprise of 3,150 sq km offshore license area in water depths ranging from 100m to 1,500m. The license has an initial three year exploration...

    Oryx Buys 85% Interest in AGC License
    Others

    Oryx Petroleum has acquired an 85% stake in the AGC Central License located in the joint development offshore area between Senegal and Guinea Bissau.

    The acquired assets comprise of 3,150 sq km offshore license area in water depths ranging from 100m to 1,500m. The license has an initial three year exploration phase with a commitment to acquire 750 sq km of 3D seismic data.

    Post-transaction ownership of AGC Central License: Oryx (85%, operator) and L'Entreprise AGC (15%).

    View Oryx press release

  • Data analysis Chesapeake Sells Marcellus, Utica Assets for $5.4 Billion

    Chesapeake Energy has executed an agreement to sell certain Marcellus and Utica assets to Southwestern Energy for $5.37 billion. The transaction is expected to close in Q4-2014.Chesapeake has agreed to sell approximately 413,000 net acres and approximately 1,500 wells in Northern West Virginia and Southern...

    Chesapeake Sells Marcellus, Utica Assets for $5.4 BillionData analysis
    Headlines, Global Deals

    Chesapeake Energy has executed an agreement to sell certain Marcellus and Utica assets to Southwestern Energy for $5.37 billion. The transaction is expected to close in Q4-2014.

    Chesapeake has agreed to sell approximately 413,000 net acres and approximately 1,500 wells in Northern West Virginia and Southern Pennsylvania, of which 435 are in the Marcellus and Utica formations, along with related property, plant and equipment. Average net production from these properties was approximately 56 MBOE/d (45% liquids) during Sep-2014. As of 31-Dec-2013, net 1P reserves associated with these properties were approximately 221 MMBOE.

    View Chesapeake press release

  • Baker Hughes Q3-2014 Profit Up on Higher Rig Activity

    Baker Hughes posted a 10% YoY rise in Q3-2014 net profit to $375 million, driven by a boom in drilling in North American shale oil fields.Revenue rose 8% YoY to $6.25 billion with revenue from North America up by 11% YoY to $3.16 billion, and Middle East and Asia Pacific revenue up by 6% YoY to $1.1...

    Baker Hughes Q3-2014 Profit Up on Higher Rig Activity
    Results & Reports

    Baker Hughes posted a 10% YoY rise in Q3-2014 net profit to $375 million, driven by a boom in drilling in North American shale oil fields.

    Revenue rose 8% YoY to $6.25 billion with revenue from North America up by 11% YoY to $3.16 billion, and Middle East and Asia Pacific revenue up by 6% YoY to $1.1 billion.

    Source: Reuters

  • Maersk Gets Two-Year Contract Extension from Chevron
    Others

    Chevron has extended the current contract for the ultra-deepwater semi-submersible Maersk Deliverer expiring in Jun-2015 by two years. Maersk Deliverer has since 2012 been working for Chevron on the Tombua Landana Field off Angola.

    The estimated revenue potential from the extension is $387 million plus compensation for cost escalations over the contract period.

    View Maersk press release

    View Chevron's Tombua Landana brochure

  • Woodside Q3-2014 Output Climbs 15%

    Woodside Petroleum reported a 15% YoY rise in Q3-2014 production to 25.2 MMBOE. The hike in production was mainly due to higher LNG and condensate output at the North West Shelf and Pluto LNG projects and the re-start of the Vincent FPSO in late 2013.The company also posted a 46% YoY jump in Q3-2014 revenue...

    Woodside Q3-2014 Output Climbs 15%
    Results & Reports

    Woodside Petroleum reported a 15% YoY rise in Q3-2014 production to 25.2 MMBOE. The hike in production was mainly due to higher LNG and condensate output at the North West Shelf and Pluto LNG projects and the re-start of the Vincent FPSO in late 2013.

    The company also posted a 46% YoY jump in Q3-2014 revenue to $1.95 billion, reflecting higher LNG and condensate sales volumes and higher LNG realized pricing at Pluto.

    Woodside, which is looking to make a decision in 2015 on whether to build the Browse FLNG project, also revised up its full-year production target to 93-95 MMBOE from 89-94 MMBOE for 2014.

    Source: Reuters

    View Woodside’s Q3-2014 report

  • Pemex, NuStar to Develop Pipeline Infrastructure

    Pemex and NuStar Energy have signed an LoI for a proposed JV in which the two companies will develop new pipeline infrastructure to transport LPG and refined products from the US into Mexico.Under the proposed JV, the companies will jointly fund construction of new pipeline and storage assets, and NuStar...

    Pemex, NuStar to Develop Pipeline Infrastructure
    Headlines

    Pemex and NuStar Energy have signed an LoI for a proposed JV in which the two companies will develop new pipeline infrastructure to transport LPG and refined products from the US into Mexico.

    Under the proposed JV, the companies will jointly fund construction of new pipeline and storage assets, and NuStar would manage construction and operation of those assets. LPGs and refined products will be delivered from Mont Belvieu and Corpus Christi, Texas, to Nuevo Laredo and Burgos-Reynosa, Mexico.

    The new pipeline and terminal facilities will be integrated with NuStar’s existing pipeline infrastructure.

    Based on current projections, the projects are expected to be completed and placed into service in H2-2016.

    View NuStar press release

  • Data analysis Soco Tastes Success at LXM-101 Well Off Congo

    Soco International has discovered oil shows at its Lidongo X Marine 101 well (LXM-101) in the Marine XI Block off Congo (Brazzaville). Drilling shows and early log interpretation indicated approximately a 50m grosss interval.Located 23 km north-west of Pointe Noire in a water depth of approximately 45m, the...

    Soco Tastes Success at LXM-101 Well Off CongoData analysis
    Exploration

    Soco International has discovered oil shows at its Lidongo X Marine 101 well (LXM-101) in the Marine XI Block off Congo (Brazzaville). Drilling shows and early log interpretation indicated approximately a 50m grosss interval.

    Located 23 km north-west of Pointe Noire in a water depth of approximately 45m, the well was drilled to a total depth of 2,665m after penetrating the target hydrocarbon zone. Due to the tight nature of the reservoir sands a 20m section has been selected for testing. The zone will be tested after a 7" liner is set and cemented. Testing, including utilizing a stimulation frac, is expected to take approximately three weeks.

    Ownership of Marine XI Block: Soco (40.39%, operator), WNR (23%), SNPC (15%), AOGC (13.11%) and PetroVietnam (8.5%).

    View Soco press release