Mega Billion Corporation Ltd


Crude Oil TanksMega Billion Corporation Limited is a leader in the of Nigerian Bonny Light Crude Oil (BLCO) sales market. As a privately held company, Mega Billion Corp. Nigeria Ltd is committed to and is focused on delivering reliable services to all her clients. Mega Billion Corporation Ltd is determined to continue to grow in the energy sector and to become one of the recognized leaders in the Nigerian oil and gas industry.

Simplifying Nigerian Bonny Light Crude Oil Buying, BLCO

Crude Oil Tanks Mega Billion Corporation Nigeria Limited has an excellent track record of reliability in the supply of Bonny light crude oil, BLCO. We protect our buyers with 2% Performance Bond while we also expect protection from our customers with bank instrument from the world's top banks. We deliver on TTO, TTT, CIF and FOB basis.

If you wish to purchase Bonny Light Crude Oil from a reliable seller, contact us and we commence the buyer friendly procedure to enable this.


Saturday 30 August 2014

Former NATO commander returns to Balkans hunting for Albanian oil

Fifteen years after Wesley Clark led NATO’s bombing campaign against Serbia, the retired U.S. general is back in the Balkans - looking for oil.


Clark, who was also a presidential candidate in 2004, is a director of two Canadian explorers working in Albania, Bankers Petroleum Ltd. and Petromanas Energy Inc. They’re using modern drilling techniques to revive production in one of Europe’s poorest countries, where oil was first produced in the 1920s.


“Albania has an enormous economic significance for Europe as it has a robust supply of oil, and it should be a strong component of European energy policy,” Clark said in a telephone interview.


Oil exploration is part of Albania’s strategy to repair the damage of four decades of economic isolation under the communist regime of Enver Hoxha, who built more than 700,000 concrete military bunkers before he died in 1985. Albania’s economy, where per capita income remains the lowest in Europe after Bosnia, Ukraine and Moldova, has almost doubled in size in the last decade, according to the World Bank.


Clark, who’s been on Bankers’s board since 2008 and became a Petromanas Energy director last year, was NATO’s supreme allied commander in Europe when the alliance’s bombing campaign forced Serbia to withdraw from Kosovo, where ethnic Albanians make up the majority of the population.


Horizontal Drilling


Bankers, based in Calgary, is using horizontal drilling and water flooding to revive Patos-Marinza, first discovered in 1928 and once Europe’s largest producers. Output, which had dwindled to almost nothing in 2004, is now 20,000 bpd and Bankers plans to drill 170 wells a year to boost production to almost 50,000 bpd by 2020.


“Bankers is a lower risk investment alternative that provides predictable and growing production on a significant reserves and resource base,” Darren Engels, an analyst at FirstEnergy who rates the company a buy, said this month.


Petromanas Energy, also based in Calgary, is a partner with Europe’s largest oil company, Royal Dutch Shell Plc, to hunt for new oil fields in Albania, where the geology is similar to southern Italy, home to some of Europe’s largest onshore fields.


Two wells drilled by the companies have found about 375 MMbbl of oil, according to Petromanas, which holds a 25% stake in the venture. A third, called Molisht-1 is being drilled at the moment.


“What’s happening in Albania is representative of the fact that if price of oil stands at $100 a barrel, people are looking at new opportunities,” Clark said. “If the price stays there, it has changed the geography of oil; it is happening in Albania, it is happening elsewhere in Europe.”


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Friday 29 August 2014

Afren probes $433 million on accounts after suspending directors

LONDON (Bloomberg) -- Afren Plc, the UK explorer focused on Nigeria, has expanded its investigation into unauthorized payments and is reviewing about $433 million on its half-year balance sheet. The company appointed KPMG LLP “to undertake an independent review of the accounting for the three original transactions” between the explorer and partners in 2012 and 2013, which are being examined by law firm Willkie Farr & Gallagher (UK) LLP hired by Afren, it said Aug. 29 in a statement.


...

Thursday 28 August 2014

Chariot granted new licenses in Namibia

LONDON -- Chariot Oil & Gas has announced an update on its Namibian portfolio, its repositioning in the region and forward work program across these licenses. The company has been granted a new license for blocks 2312 and 2412A -- the Central blocks -- and for Southern block 2714A.


...

Hunting to open East Africa service centers

LONDON (Bloomberg) -- Hunting Plc, a UK oil services provider, will open servicing and repair centers in Mozambique and Tanzania as explorers expand off East African shores. “The main customers are all there and we want to provide them with their kit,” Peter Rose, CFO of the London-based company, said Aug. 28 in a phone interview.


...

Carrizo Oil & Gas provides operational updates on Niobrara, Utica activities

Carrizo Oil & Gas reported an operational update, which includes initial test results from its Niobrara A bench wells. Testing flowed at an average peak 24-hr rate of 1,127 boed, including one well which tested at 1,633 boed.

Carrizo recently began production from its first multiple geological bench downspacing pilot in the Niobrara formation. The pilot consisted of eight wells in the company' s Bringelson Ranch area in Weld County. The pilot tested both B-A-B and B-B-B lateral orientations, spaced 300 ft apart, equating to 40 acre spacing. The wells were drilled with an average effective lateral of approximately 4,000 ft and completed with an average of 14 frac stages.


The average peak rate from the eight wells was 1,021 boed, 89% oil. This compares to the company’s current Area 1 type curve, which assumes an average IP rate of approximately 800 boed, 80% oil. The five B bench wells had a peak rate of 957 boed, 89% oil, while the three A bench wells had a peak rate of 1,127 boed, 88% oil. One of the A bench wells, the Bringelson Ranch 6-20, had a peak 24-hr flowrate of 1,633 boed, 87% oil, the strongest peak rate to date from the company' s Niobrara program. Carrizo operates the Bringelson Ranch wells with an approximate 29% working interest.


The company is currently drilling its second 40-acre B-A-B downspacing pilot in its Hemberger area in Weld County. Current plans call for the pilot to include three wells in the B bench and two wells in the A bench, with the laterals spaced approximately 300 ft apart. Carrizo operates the Hemberger wells with an approximate 26% working interest.


The spudder rig has arrived on the location of Carrizo' s second Utica shale well, the Brown 1H in Guernsey County, Ohio, and drilling is expected to begin shortly. The company currently plans to drill the top hole with the spudder rig and bring in a larger rig to drill the horizontal section in July. The company plans to drill the well with an effective lateral of 6,280 ft and complete it with 26 frac stages. Carrizo operates the Brown 1H well with a 50% working interest. Carrizo currently plans to keep both the spudder and larger rig active for the remainder of the year.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Tullow announces results of Kenya drilling, testing program

LONDON -- Tullow Oil has announced the results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya. The Etom-1 exploration well in Block 13T is the most northerly well drilled to date in the South Lokichar basin, 6.5 km north of the previous Agete-1 discovery.


...

Cairn hits pay at FAN-1 exploration well off Senegal

Cairn hits pay at FAN 1 exploration well off Senegal MELBOURNE, Australia Oil samples have been recovered in the FAN 1 exploration well being drilled offshore Senegal by FAR Ltd and its joint venture partners Cairn Energy PLC (Operator), ConocoPhillips


...

Tullow Oil updates on exploration and appraisal in Kenya

Tullow Oil updates on exploration and appraisal in Kenya LONDON Tullow Oil Plc (Tullow) reported the successful results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya. Etom 1 exploration well The


...

Ophir Energy moves back to exploration in Tanzania and Equatorial Guinea

Ophir Energy moves back to exploration in Tanzania and Equatorial Guinea LONDON Ophir Energy Plc (Ophir) provides an update on its operations in Tanzania and Equatorial Guinea. Successful Mzia 3 flow test The Mzia 3 appraisal well in Block 1,


...

Wednesday 27 August 2014

Well test supports potential hub development offshore Tanzania, BG says

READING, United Kingdom -- The results from a recently completed second drill-stem test (DST) on the Mzia discovery in Block 1, offshore southern Tanzania, provided further support for a hub development to supply a potential onshore LNG project, BG Group says.


...

Wintershall Libya production restart held back by infrastructure

STAVANGER, Norway (Bloomberg) -- Wintershall AG, the oil and gas unit of German chemical group BASF SE, said a lack of infrastructure is the only thing holding it back from resuming onshore oil production at full capacity in Libya. “We’re ready to start production almost any day,” Martin Bachmann, Wintershall’s executive director for exploration and production, told reporters Aug. 27 in Stavanger, on Norway’s west coast. “What we lack is the export infrastructure. One day it’s the harbors which are occupied; when they’re open, the pipelines aren’t available.”


...

Shell advances Nigerian oil field sale to meet $15 bn plan

THE HAGUE, Netherlands (Bloomberg) -- Royal Dutch Shell Plc is advancing plans to sell four fields in Nigeria to meet a $15 billion asset-sales plan. The company “has signed sales and purchase agreements for some of the oil mining leases but not all that we are seeking to divest,” Shell Petroleum Development Co. of Nigeria Ltd. said Aug. 27 in an emailed statement. “The assets under consideration are OMLs 18, 24, 25, 29 and the Nembe Creek Trunk Line, but the process has not yet concluded.”


...

Bowleven provides update on Etinde farm-out to Lukoil/NewAge

Bowleven provides update on Etinde farm out to Lukoil NewAge DOUALA, Cameroon Bowleven Plc, reported that all parties to the Lukoil NewAge Etinde farm out agreement stated on 24 June 2014 have agreed to an extension to the longstop date.


...

Circle Oil finds oil at EMD-1 Well Off Tunisia

Circle Oil finds oil at EMD 1 Well Off Tunisia TUNIS, Tunisia Circle Oil Plc, stated the preliminary results of drilling of the well EMD 1 in the Mahdia Permit, offshore Tunisia. The El Mediouni 1 well (EMD 1) is


...

Pacific Drilling gets firm contract extension for Pacific Bora Drillship

Pacific Drilling gets firm contract extension for Pacific Bora Drillship LUXEMBOURG Pacific Drilling SA reported that Star Deep Water Petroleum Limited, an affiliate of Chevron, has signed a firm contract extension for the Pacific Bora. As previously stated in our


...

RWE Dea starts gas production from the Central Treatment Plant in the Egyptian Nile Delta

RWE Dea starts gas production from the Central Treatment Plant in the Egyptian Nile Delta CAIRO, Egypt RWE Dea achieved first production from the Central Treatment Plant (CTP) of the Disouq Development Project in Egypt. Production commenced at an initial


...

Tuesday 26 August 2014

TGS announces new 3D survey offshore Sierra Leone

ASKER, Norway -- TGS has announced the acquisition of a 3D multi-client survey offshore Sierra Leone. The survey, Sierra Leone Block 4A Extension, will add 1,000 sq km of new 3D data to the existing 6,268 sq km of 3D data library in Sierra Leone.


...

Suncor approves facility to test water treatment, recycling technologies

Suncor Energy and five industry partners have announced an estimated $165 million funding commitment to sanction the construction of a dedicated Water Technology Development Centre (WTDC).


The WTDC, to be located at Suncor' s Firebag facility, will be used to test water treatment and further develop recycling technologies. The goal of the WTDC is to shorten the timeframe needed to develop and commercialize new technologies, as well as significantly enhance existing technologies.


"The WTDC will help us speed up the pace of innovation, while collaboratively managing the risks and costs of technology development," said Steve Williams, Suncor president and CEO. "We expect to see strong benefits by conducting different tests simultaneously, using process fluids in real world conditions to pilot new technologies and prove their commercial viability."


The centre is being pursued as a joint industry project convened under Canada' s Oil Sands Innovation Alliance (COSIA), with testing to begin by early 2017. In addition to Suncor, the partner companies include Canadian Natural Resources Limited, Devon Canada Corporation, Nexen Energy ULC, Shell Canada Energy and Husky Oil Operations Limited.


Knowledge


"Moving forward on the WTDC is a demonstration of the tangible progress that COSIA is making by bringing companies together to share knowledge and advance innovation," says Dan Wicklum, chief executive of COSIA. "The research and testing conducted at the WTDC will allow participating companies to test drive more technologies than could be evaluated by each company alone. This helps to deliver our vision of accelerated environmental performance improvement in Canada' s oil sands."


The structure of the joint industry project will see Suncor construct, own and operate the WTDC while collaborating with the other partners on design, construction and operations -- including specific tests. As a dedicated test facility, the WTDC is expected to overcome the barriers that are common to field testing at commercial production facilities, which are not typically designed to accommodate simultaneous testing of water treatment technologies.


Testing priorities will include minimizing fresh water use and maximizing reliability for steam assisted gravity drainage production. The facility is expected to provide industry with the opportunity to develop new ways of approaching water treatment and recycling, resulting in positive environmental, social and economic outcomes.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Monday 25 August 2014

Geo Pacific bags West African seismic contract

Geo Pacific bags West African seismic contract LIMASSOL, Cyprus SeaBird Exploration Plc (SeaBird) reported that it has been awarded a contract for a 3D seismic survey in Gulf of Guinea, West Africa for the vessel Geo Pacific. The survey will


...

Swala Energy begins seismic survey over Moshi basin in Tanzania's Pangani permit

Swala Energy begins seismic survey over Moshi basin in Tanzania' s Pangani permit MOUNT PLEASANT, Australia Swala Energy Limited (Swala) reported the start of its 2014 2D seismic data acquisition programme over the Moshi Basin located within the Pangani exploration licence


...

Sunday 24 August 2014

Tethys awarded 15-year extension to Kazakhstan gas contract

Tethys Petroleum, following the recently reported Kazakh State Reserves Committee (GKZ) approval, confirmed that it has received approval from the Ministry of Oil & Gas of the Republic of Kazakhstan (MOG) for the extension its Kyzyloi Production Contract for a further 15 years, to June 2029.


The contract area currently covers some 287 sq km, and the company is currently producing gas from the shallow Kyzyloi sandstone in this area. This contract extension will give Tethys significantly more time to produce natural gas from the area.


The reserves attributed to the Kyzyloi contract area, determined in accordance with National Instrument 51-101 of the Canadian Securities Administrators, are included in the company' s reserves evaluation for its oil and gas interests in Kazakhstan.


Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian region, with activities currently in the Republics of Kazakhstan, Tajikistan and Georgia.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Friday 22 August 2014

Explorers see promise in Egypt oil, gas when subsidies eased

Explorers in Egypt expect constraints on domestic energy prices to loosen, prompting new investment in oil and natural gas fields.


Companies including Citadel Capital SAE, Circle Oil Plc and Petroceltic International Plc expect President Abdel-Fattah El-Sisi to make good on promises to reduce subsidies of more than $20 billion a year and ease demands that producers sell fuel on the domestic market well below international prices, they said at a conference in London on June 27.


The changes would allow the government to cut the budget deficit and pay suppliers money owed for fuel, said Mohamed Shoeib, a managing director at Cairo-based Citadel. It’s a necessary first step if Egypt wants to lure back investors driven from the country by recent turmoil as it tries to both increase exports and meet surging domestic energy demand.


The government “should tackle the problem and not escape it,” Shoeib, whose company has about $10 billion invested, mostly in Egyptian energy projects, said in an interview. “It should happen very soon.”


Egypt is poised to become a net fuel importer as authorities divert gas from export projects to meet local demand, sometimes failing to pay the suppliers. The practice prevented the UK’s BG Group Plc from meeting contracted LNG shipments this year. The company has been in talks with the government about guarantees for future exports, with receivables for gas still owed by Egypt doubling in a year to March 31.


Oil Minister


Egypt plans to pay at least $1.5 billion to energy suppliers before the end of the year, or about a quarter of its debt as of April, Reuters reported June 26, citing Oil Minister Sherif Ismail.


Egyptian General Petroleum Corp., the state energy company, “is doing the best it can” to pay off the debt, said Chris Green, CEO at Circle Oil. “The key thing is reducing subsidy.”


Sea Dragon Energy Inc. plans to acquire additional assets in the country, said CEO Paul Welch. “The time is great now to get involved in Egypt.”


Oil producers receive international prices for their products in Egypt, while gas suppliers are paid only a fraction of what they could earn from exports when they sell on the domestic market, Stephane Foucaud, a London-based analyst at FirstEnergy Capital Corp., said in an interview at the conference.


“The gas price simply has to increase” and that will “unlock exploration” because some fields are not economic to drill at the current tariff, said David Thomas, COO at Petroceltic. “The country is full of opportunity. My question is, when the race will start?”


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Eni begins production at DEKA project in Egypt

Eni begins production at DEKA project in Egypt SAN DONATO MILANESE, Italy Eni, through its affiliate Ieoc Production BV and in joint venture with BP Egypt, started production from the DEKA project (Denis Karawan) through the new subsea well Denise


...

Thursday 21 August 2014

Bumi Armada inks $3 bn FPSO contract with Eni for Angola's East Hub field

Bumi Armada inks $3 bn FPSO contract with Eni for Angola' s East Hub field KUALA LUMPUR, Malaysia International offshore oilfield services provider, Bumi Armada Berhad (Bumi Armada), reported the signing of a contract between eni Angola SpA (eni Angola) and


...

Ebola cripples West Africa output as fearful workers stay home

Ebola cripples West Africa output as fearful workers stay home PAULINE BAX, SILAS GBANDIA and ELISE ZOKER SIERRA LEONE, Africa (Bloomberg) Sandi Sesay’s boss promised him three months of pay when he told the driver to stop coming to work.


...

Wednesday 20 August 2014

GeoPark finds new oil field in Chile

GeoPark Limited has announced the discovery of a new oil field in Chile. The Primavera Sur 1 well marks the first discovery of an oil field on the newly-acquired Campanario Block in Tierra del Fuego, Chile. GeoPark operates and has a 50% working interest in the Campanario Block, in partnership with Empresa Nacional de Petroleo de Chile (ENAP).


GeoPark successfully drilled and completed the Primavera Sur 1 well to a total depth of 8,025 ft.  A test conducted in the Tobifera formation, at approximately 7,750 ft, resulted in a production rate of approximately 215 gross bopd of 39.9° API. Further production testing will be required to determine stabilized flow rates and the extent of the reservoir.


Surface facilities and infrastructure have already been put into place in order to produce and commercialize the produced crude oil from this well. Seismic interpretation of the Primavera Sur prospect indicates the opportunity for further development drilling following further testing.


James F. Park, CEO of GeoPark, said, "Our new discovery on the Campanario Block demonstrates the exploration and growth potential of our new Tierra del Fuego acreage, where  our team has identified over 30 new prospects and leads to be drilled on our Isla Norte, Campanario and Flamenco Blocks. The quick cycle time from drilling a well to selling production also reflects the attractive operations and economics of the region. We are pleased to be working with ENAP on these blocks and look forward to further results from our approximately $150 million work program in Chile in 2014."


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Ghana expects Hess offshore oil field to join project lineup

ACCRA, Ghana (Bloomberg) -- Ghana, the nation seeking to increase its oil output fivefold in the next decade, expects an offshore development by Hess Corp. to join the nation’s project pipeline, according to the Petroleum Commission. Hess will drill a third appraisal well later this year on the Deepwater Tano/Cape Three Points block to establish commercial viability and reserves, Kwaku Boateng, director of special services at the commission, said in an interview.


...

Monday 18 August 2014

Sercel lands another order for 508XT system

CGG has announced that, in addition to the first two 508XT systems being delivered to the industry this month, Sercel has also sold a system to PanAmerican Geophysical for delivery in July.


The system' s X-Tech architecture allows it to combine the benefits of both cable and cable-free systems in a single platform.


Dave Pratt, Chairman, PanAmerican, said: “We are excited to be the first to deploy the 508XT in North America, having chosen the system based on its unique features which will allow us to achieve the highest levels of production while greatly reducing the number of batteries that need to be deployed and maintained.”


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

2H secures Kaombo contract

2H secures Kaombo contract RIO DE JANEIRO, Brazil 2H Offshore, an Acteon company, has been appointed by Heerema Marine Contractors (HMC) to engineer hybrid risers for Total’s Kaombo Block 32 project. HMC, together with consortium partner Technip, were awarded the


...

Saturday 16 August 2014

Scotland may hold billions of barrels of shale oil, report says

Scotland may have billions of barrels of shale oil buried under the country’s most densely populated areas, geologists said June 30.


Scotland’s central belt, running between Glasgow and Edinburgh, may have 6 billion barrels of oil in place, according to a report by the British Geological Survey. While only a fraction of the resource will end up being viable, the deposits could supplement the UK’s 3 billion barrels of proven oil reserves, held mostly in North Sea fields off Scotland’s coast.


The oil and gas industry is central to the debate on Scotland’s independence before a referendum in September. The Scottish government says existing fields in the North Sea will underpin the economy of an independent nation, while opponents say declining production from offshore reserves leaves the country vulnerable.


“This report will give reassurance to investors who wish to explore for oil and gas onshore in Scotland,” said Ken Cronin, CEO of the UK Onshore Operators Group, an industry lobby. The resources “can help replace the UK’s growing dependency on imports and balance the decline of the North Sea.”


Bowland shale


Scotland’s shale gas potential is a fraction of northwest England, the report showed. Scotland’s central belt has shale gas in place of 80.3 Tcf, according to the middle estimate in the report. That compares with 1,300 Tcf in the Bowland shale in northwest England, according to research published by the British Geological Survey last year.


Exploiting the UK’s shale resources has been opposed by environmental campaigners and property owners concerned drilling techniques, including hydraulic fracturing, risk polluting water supplies. Britain’s greater population density will likely make production more difficult than in the U.S, where a shale boom has reversed declining oil and gas output.


The UK government is offering tax breaks to shale drillers to spur development of the resource as North Sea reserves dwindle. The Bowland basin in northern England may supply local natural gas demand for half a century at extraction rates of 10% similar to U.S. fields, according to a report last year.


“Only the broad shoulders of the UK can attract investment in new energy sources and maintain the UK’s position as one of the world’s great energy hubs,” said UK Energy Minister Michael Fallon.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Friday 15 August 2014

Layne Christensen will not face charges following U.S. DOJ investigation

THE WOODLANDS, Texas -- Layne Christensen Company announced today that the U.S. Department of Justice has decided to not file any charges against the company in connection with the previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act (FCPA). The DOJ has notified Layne that it considers the matter closed.


...

Thursday 14 August 2014

Iraq’s Kurds vow to keep Kirkuk oil fields until referendum

Iraq’s semi-autonomous Kurds plan a referendum for independence and will keep troops in the nearby oil hub of Kirkuk until people there can vote on whether to join the Kurdish enclave, a regional government spokesman said.


“As a people, we have the right to be independent, but the issue is up to the Kurdish people, to be decided upon via a referendum,” Safeen Dizayee, spokesman of the Kurdistan Regional Government, said in an interview in the city of Erbil yesterday, June 30. “We now have arrived at a new reality. If the Kurdish people, through referendum, were to opt for complete independence, we want it to be done through negotiations with Baghdad, like what happened in Czechoslovakia.”


Iraq’s minority Kurds, who historically have resisted control by Arab-dominated central governments, are charting a course to independently develop oil reserves that the KRG calculates at 45 billion bbl - larger than BP Plc’s estimate for deposits in the U.S. or Nigeria, Africa’s biggest producer. Kurdish armed forces moved last month outside their region in northern Iraq and occupied the long-disputed Kirkuk oil fields after the Iraqi army fled from Islamist militants.


Iraq’s central government in Baghdad said any referendum the Kurds may hold, whether to determine the future of the city of Kirkuk and its nearby oil fields or to declare independence for the Kurdish region itself, would be unlawful. “The government doesn’t accept anything outside the constitutional way, which was voted on by the Kurds,” Ali al-Moussawi, media adviser to Iraqi Prime Minister Nouri al-Maliki, said by phone in response to Dizayee’s comments. “If they do this, it would be unilateral and unconstitutional.”


Peshmerga Deployed


The KRG and its Peshmerga armed forces will maintain control of Kirkuk and other disputed areas they hold outside their region until people there can vote on joining the Kurdish enclave, Dizayee said, without providing a date for such a referendum. Kirkuk, including Iraq’s fourth-biggest oil deposit, is an ethnically mixed area claimed also by the central government.


“The KRG can export Kirkuk oil, the same way as it exports the region’s crude” from current KRG-administered fields, Dizayee said.


By securing the oil facilities in and around Kirkuk, the Kurds would add almost 9 billion barrels to their own crude reserves. Iraq, excluding such an enlarged Kurdish-controlled region, would be left with reserves of 141 billion barrels, still the world’s fifth-largest.


Market Prices


The KRG has sold one cargo of crude that it sent by pipeline to the Turkish port of Ceyhan on the Mediterranean Sea, Dizayee said. “Oil was sold according to the market prices on the day of loading and was definitely not sold at half price,” he said. The Kurds deposited revenue from the sale at Turkey’s Halkbank, where they also plan to send money from any future sales.


Brent crude for August settlement, a global price benchmark, rose 0.1% to $112.44 a barrel at 7:44 a.m. local time on the London-based ICE Futures Europe exchange today, July 1.


KRG authorities plan to boost daily crude-export capacity from about 120,000 bbl currently to 400,000 bbl by the end of the year, with a possibility of “additional quantities from Kirkuk,” Dizayee said.


Output from the Kirkuk area has dwindled to 30,000 bpd from 650,000 since Iraq’s government shut the country’s export pipeline to Turkey in March because of sabotage, state-run North Oil Co. said in a June 19 statement.


The KRG will pay money owed to oil companies working in the Kurdish region after meeting its own financial requirements, and it plans to seek loans from international banks to help cover public expenses, he said.


Iraq’s central government only allocated enough money to the KRG this year for the Kurdish authorities to pay civil servants’ salaries for the first two months, Dizayee said. “We need approximately $1.2 billion a month for salaries and other operational and investment projects,” he said.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

ADX Energy secures 2 year extension for Kerkouane permit offshore Tunisia

ADX Energy secures 2 year extension for Kerkouane permit offshore Tunisia WEST PERTH, Australia ADX Energy Ltd (ADX) reported that the TunisianAuthorities (Comite Consultatif des Hydrocarbures) have approved a 2 year extension of the Exploration period for the Kerkouane permit


...

Wednesday 13 August 2014

NCS Survey Ltd awarded five year subsea contract with Ceona

NCS Survey Ltd awarded five year subsea contract with Ceona WESTHILL, United Kingdom NCS Survey, an Acteon company, has been awarded a five year contract for positioning services with SURF company, Ceona. Mobilisation has been successfully completed on the first


...

Tuesday 12 August 2014

Russia to shut Nord Stream Gas Pipe for maintenance for 11 days

Nord Stream, the world’s longest subsea natural gas pipeline, will halt the link from Russia to Germany for 11 days of planned maintenance.


The works will start June 24, 2014 and require a shutdown first of both lines and then of each pipe separately, Nord Stream said in a statement. Opal Gastransport, which carries natural gas onward from Nord Stream, said upstream maintenance would cut supply by 100% June 24-28 and 50% June 28 to July 4 in a maintenance schedule on its website dated June 2, 2014.


“The temporary interruption of supplies has been factored into the nominations of gas planned for Nord Stream to transport to downstream European partners during 2014,” the company said. “The schedule for these maintenance activities has been agreed and coordinated with Nord Stream’s upstream and downstream pipeline partners well in advance.”


An Gazprom led venture started work on Nord Stream, which ships Russian gas produced at Siberian fields directly to Germany under the Baltic Sea, in April 2010, 15 months after a pricing conflict with Ukraine interrupted transit shipments to European clients. While Gazprom halted supplies to Ukraine on June 16 this year in a comparable dispute, transit flows have thus far been unaffected.


The works will include annual maintenance of mechanical components, as well as testing of the automation system, Nord Stream said.


The 1,224 km Nord Stream pipeline can transport as much as 1.9 Tcf of gas annually, enough to meet more than 12% of the 28 nation EU’s demand. Gazprom cannot currently use the full capacity of Opal, a connecting pipeline onshore Germany, because of EU regulations requiring separate ownership of distribution and production assets.


The European Commission, the bloc’s regulator, may allow Gazprom to ship full volumes via Opal if the Ukraine situation remains unresolved and there are disruptions, Gazprom CEO Alexey Miller said June 16 in Moscow.


Gazprom, which has a monopoly on pipeline gas exports from Russia, supplies the fuel to Europe via the Yamal-Europe pipeline via Belarus and Poland and with gas from its storage facilities in the region as well as through Nord Stream and Ukraine.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

OMV second quarter profit falls on Libya output disruption

OMV second quarter profit falls on Libya output disruption JONATHAN TIRONE VIENNA, Austria (Bloomberg) OMV AG, reported a 37% decline in second quarter profit because of production disruptions in Libya. Net income fell to 202 million euros ($270 million), while


...

Monday 11 August 2014

Woodside acquires exploration acreage in Gabon

Woodside acquires exploration acreage in Gabon PERTH, Australia Woodside reported that it has acquired a 40% participating interest in an exploration, exploitation and production sharing contract (EEPSC) for Block F15 in the Gabon Coastal Basin. Block F15 is located 140


...

Sunday 10 August 2014

Genel’s Kurdistan oil production jumps after pipeline opens

Genel Energy Plc, the oil explorer headed by former BP Plc CEO Tony Hayward, said production jumped in June after Iraq’s Kurdistan region opened an export pipeline to Turkey.


Net production averaged 84,000 bpd in June compared with a 63,000 bpd rate for the whole of the first half, the company said in a statement.


The opening of the pipeline in May allowed the autonomous region to increase exports through Turkey, bypassing the central Iraqi network. While the government in Baghdad disputes Kurdistan’s right to sell oil directly, the regional administration has sold a cargo of oil at international prices and banked the proceeds in a Turkish bank, Genel said.


Kurdistan, which plans a referendum on independence from Iraq, has largely remained calm as Islamist militants fight the central government for control of large parts of the country. London-based Genel said its operations remain safe and secure.


Genel maintained a forecast for average output in 2014 of 60,000 to 70,000 bpd and said revenue would be $500 million to $600 million.


The pipeline will allow Kurdistan to raise exports to 200,000 to 250,000 bpd this month from 125,000 bbl early last month, Ashti Hawrami, the regional natural resources minister, said on June 18. Daily shipments may increase to 400,000 bbl by the end of the year, he said.


Iraq, excluding the Kurdish region, holds 150 billion bbl of proven crude reserves in the world’s fifth-biggest deposits. The Kurdistan regional government controls 45 billion bbl and has attracted international oil companies including Genel, Exxon Mobil Corp. and Total SA with financial terms many see as more generous than those in the rest of the country.


Genel fell 0.8% to 1,015 pence by 8:31 a.m. in London. The company said today, July 3, an exploration well off Malta was plugged and abandoned without discovering oil and gas.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Friday 8 August 2014

Seadrill gets contract for new ultra-deepwater drillship

HAMILTON, Bermuda -- Seadrill, in cooperation with indigenous partner Field Offshore Design Engineering Nigeria, has secured a contract with Esso Exploration and Production Nigeria, an Exxon Mobil subsidiary, for employment of the newbuild ultra-deepwater drillship West Saturn, in support of the ERHA North Phase 2 project in Nigeria.


...

Chad annuls CNPC licenses in dispute over $1.2 bn fine

N’DJAMENA, Chad (Bloomberg) -- Chad withdrew the licenses of China National Petroleum Corp.’s local unit after saying the company failed to pay a $1.2 billion fine for environmental violations. The government and oil exploration company failed to agree on the payment and the licenses were annulled, Ministry of Energy spokesman Bertin Djim said.


...

Planned LNG import terminal for Indonesia: GDF SUEZ continues its international development of gas infrastructures

GDF SUEZ has recently signed a new cooperation agreement protocol with Perusahaan Gas Negara (PGN), the principal Indonesian operator in the field of natural gas distribution and transportation. The agreement relates to a feasibility study for an onshore LNG terminal in northern Java. This agreement is the result of a collaboration between the Energy International business line and the Infrastructures Branch.
 
On signing the agreement, Jean-Claude Depail, EVP, in charge of Infrastructures business line for GDF SUEZ, declared that "This new agreement represents a significant milestone in developing gas infrastructure projects in Indonesia as part of a long-term strategic partnership with PGN. This partnership is an important new example of the Group' s development strategy for international gas infrastructures that will facilitate access to energy supplies for countries experiencing rapid growth."
 
Experience acquired by the GDF SUEZ Group in managing gas infrastructures has been the foundation for such cooperation agreements. PGN will benefit from technical assistance from the different units of the GDF SUEZ Infrastructures business line, particularly in terms of optimising network operations and maintenance and facilitating the commissioning of the new LNG terminal.


The current agreement follows a prior agreement signed in February 2014, which also includes plans for cooperation in training PGN employees in the field of gas technologies, both in France and Indonesia.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Thursday 7 August 2014

Lake Albert project holds 3Bbbl, Oil of DRCongo says

KINSHASA, Democratic Republic of Congo -- Oil of DRCongo, the Fleurette Group' s oil exploration subsidiary, has announced an update of the interpretation of the recently processed 3D seismic surveys acquired in 2013-14 over its prospects in Blocks I and II in Lake Albert in the Democratic Republic of Congo. The seismic campaign covered approximately 700 km offshore and 150 km onshore. Oil of DRCongo has now completed the interpretation of the seismic data. The analysis was undertaken by GeoTrace and Ecopetrol in conjunction with Sproule International, and it indicates around 3 Bbbl of oil in place.


...

TGS supports Liberia's offshore licensing round

ASKER, Norway -- TGS, as the official data provider, is supporting the Liberian government and the National Oil Company of Liberia through the international competitive bidding process for the latest Liberia Basin Bid Round. The round, which is open for three months, from August 5 to October 31, comprises four undrilled offshore petroleum exploration blocks over which TGS has comprehensive, high quality, data coverage constituting 2D in blocks LB-6, LB-7 and 2D/3D in blocks LB-16 and LB-17.


...

Wednesday 6 August 2014

C&J Energy forms fifth-largest fracturing fleet with $2.86 bn Nabors deal

Nabors Industries has signed a definitive agreement to combine its completion and production services businesses in the U.S. and Canada with C&J Energy Services, Inc.


The transaction will roughly triple the C&J stimulation fleet, which should then rank as the fifth-largest fleet in North America. The combined company will also operate the largest fluids management fleet and the second-largest workover/well-servicing fleet in North America. In addition, prospects for international expansion should be enhanced through a global alliance agreement with Nabors.


Following the completion of this transaction, Nabors will own approximately 53% percent of the combined company, which will be incorporated in Bermuda and listed on the NYSE as C&J Energy Services Ltd. In addition to the 62.54 million shares of the combined company, Nabors will also receive approximately $937 million cash, to be paid from proceeds of a public debt placement by the combined company.


The new C&J Energy Services Ltd. will be managed by the current C&J Energy Services management team, supplemented by Nabors' completion and production services workforce.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

CAMAC Energy discovers multiple oil, gas reservoirs

HOUSTON -- CAMAC Energy has announced the preliminary results of a successful Oyo field development well offshore Nigeria in OML 120. The Oyo-8 well commenced drilling operations on June 15, 2014, and has both a vertical and a horizontal section. The vertical section was designed to test for additional hydrocarbons in the previously undrilled Eastern fault block of the Oyo field.


...

Cobalt falls after SEC Angola corruption case moves forward

HOUSTON (Bloomberg) -- Cobalt International Energy Inc. fell more than 10% after it reported a government corruption investigation into its Angola operations may lead to an enforcement action against the global oil producer. Cobalt, based in Houston, received a Wells Notice from the U.S. Securities and Exchange Commission alleging violations of certain securities laws, the company said August 5 in a filing. The notice is part of an investigation dating back to 2011 examining whether Cobalt may have violated the Foreign Corrupt Practices Act in Angola, one of its biggest regions for investment and exploration.


...

Shell begins production from Bonga north west project in Nigeria

Shell begins production from Bonga north west project in Nigeria THE HAGUE, Netherlands Shell’s deep water subsidiary in Nigeria, Shell Nigeria Exploration and Production Company Ltd (SNEPCo) started oil production from the first well at the Bonga North West deep


...

Tuesday 5 August 2014

Dragon Oil sees Egypt as ‘prime’ area for expansion, CEO says

DUBAI, United Arab Emirates (Bloomberg) -- Dragon Oil Plc CEO Abdul Jaleel Al Khalifa sees Egypt as “one of the prime areas” for expansion after the explorer secured its first contract in the country. “There’s a lot of potential in small deals in Egypt,” Al Khalifa said in a phone interview. “There are also big acquisition targets available. It’s a country with its own challenges, but it’s considered to be a huge growth market for newcomers.”


...

EMAS AMC clinches $110 mn contracts for work in Asia Pacific, Africa and GOM

EMAS AMC clinches $110 mn contracts for work in Asia Pacific, Africa and GOM SINGAPORE Ezra Holdings Limited (Ezra), reported that its Subsea Services division, EMAS AMC, has been awarded several projects around the world worth close to $110 million,


...

Monday 4 August 2014

Oil supply expected to grow faster than demand, says consultancy

The IEA, on June 17, released its Medium-Term Oil Market Report. Rystad Energy, an independent oil and gas consulting group, has compared the revised IEA demand outlook with its own supply estimates derived from its global upstream database, UCube. The estimates are based on Rystad’s bottom-up analysis of 30,000 fields and 2,500 oil companies in 150 countries.


Analysis shows that oil markets have gradually been tightening over the last two years, while the outlook indicates a possible inflection point in early 2015 and an increasing downward pressure on oil prices for the coming two to three years.


The recent geopolitical outages of oil production from the Middle East and North Africa have, until now, been perfectly balanced by the increased supply of unconventional tight oil from the U.S. This predicted easing of the oil markets is partly driven by an assumption of gradual return over the next two years of oil from Libya, Iran, Iraq and Sudan, while U.S. drillers are continuing their activities with unchanged intensity and increased efficiency.


Rystad Energy now forecasts North American tight liquids production to pass 10 million bbl before 2020, making the region a net exporter of seaborne crude and petroleum products within three years.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Nigeria, Shell failing to clean oil pollution, report says

LONDON (Bloomberg) -- Nigeria’s government and Royal Dutch Shell Plc have failed to act on a United Nations 2011 report on oil pollution in Ogoniland in the Niger delta, according to an Amnesty International joint assessment. A recommendation by the United Nations Environmental Program to set up a $1 billion fund to clean up contaminated land in the region hasn’t been implemented and both the government and The Hague-based Shell have taken little action, according to the report published by Amnesty, Centre for Environment, Human Rights and Development, Environmental Rights Action, Friends of the Earth Europe, and Platform.


...

Bowleven receives government approval to develop block MLHP-7 offshore Cameroon

Bowleven receives government approval to develop block MLHP 7 offshore Cameroon DOUALA, Cameroon Bowleven, reported that the formal decree awarding the Etinde Exploitation Authorisation (EA) has been signed by the President of Cameroon. This concludes the final stage of the


...

Galp Energia comes up dry at the Tao-1 well off Morocco

Galp Energia comes up dry at the Tao 1 well off Morocco LISBON, Portugal Galp Energia has concluded the drilling of the exploration well TAO 1, located in the Tarfaya Offshore area, in the Atlantic margin of offshore Morocco, where


...

Saturday 2 August 2014

Exxon, BP Evacuate Iraq workers amid limited oil drilling impact

Exxon Mobil and BP began removing employees in Iraq as militants continued a push toward Baghdad and a battle raged for control of the nation’s largest oil refinery.


The evacuations come amid government and company assertions that Iraq’s output of almost 3 MMbpd should remain unaffected by escalating sectarian tensions. Exxon has removed some workers from the West Qurna oil field as operations continue, according to a person familiar with the company’s Iraq operations. BP has removed non-essential workers, CEO Bob Dudley said.


While violence is sweeping northern Iraq, the conflict so far spared Iraq’s crude production in the south and the Kirkuk oilfield in the north is being defended by Kurds.


“The only infrastructure that is currently producing and supplying international markets is in the south and will remain untouched,” said Kyle Stelma, managing director of Dunia Frontier Consultants, which researches Iraq for clients.


Fighters from ISIL battled government forces for control of the Baiji refinery in northern Iraq today, a day after clashes in Baquba, 55 km northeast of the capital. A military spokesman said elite Iraqi forces were defending the Baiji refinery, but the comments contradicted local police who said militants had captured the facility.


A fuel tank at the refinery caught fire after shelling by militants, according to the Salahuddin provincial police command. The refinery halted operations because its storage tanks were full, according to Iraq’s Oil Ministry.


The market impact of the clashing continued to be muted, with Brent crude little changed at $114.23 a barrel on the London-based ICE Futures Europe exchange New York.


Companies such as Chevron, Total and Marathon Oil, which are drilling in the Kurdistan region, are continuing to operate. Marathon hasn’t evacuated employees, spokeswoman Lee Warren said. Chevron’s operations continue “as normal,” spokesman Kurt Glaubitz said. Oryx Petroleum reported successful testing and a ramp up in drilling activity in Kurdistan.


The rapid battlefield success of the Islamic State in Iraq and the Levant, or ISIL, a Sunni Muslim al-Qaeda breakaway group also embroiled in battles in neighboring Syria, threatens to re-ignite a sectarian civil war in Iraq. It also risks escalating into a wider conflict that draws in the United States and Iran in defense of PM Nouri al-Maliki’s Shiite-led government three years after the withdrawal of United States forces. Iraq is the largest oil producer in OPEC after Saudi Arabia.


BP CEO Bob Dudley said the violence, which he called “terrible” and said would have “far-reaching, wide-ranging implications” for the region, isn’t likely to spread all the way to the country’s southern oil fields.


“The implications for oil production at the moment appear limited,” he told reporters yesterday in Moscow. “We are of course very vigilant.”


Anti-terrorism forces killed a Saudi fighter identified as Abu Yamama al-Dossary during the “failed attack” on the Baiji refinery. A fuel tank at the plant caught fire during the clashes. The refinery has halted operations since June 15, the police said. Baiji has about 40% of Iraq’s refining capacity, data compiled by Bloomberg show.


“Iraq will have to increase the import of oil products to make up for the loss of Baiji’s production,” Robin Mills, the head of consulting at Manaar Energy Consulting and Project Management, said “Baiji mainly supplies the north, but also Baghdad.”


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Contact Mega Billion Corporation

Contact Mega Billion Corporation