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LONDON (Bloomberg) -- Tullow Oil Plc, a UK exploration company, is in talks with Namibia’s government to withdraw from the $2 billion Kudu gas project as it shifts investments to other parts of Africa. Tullow, which has a number of large oil developments in western and eastern Africa, needs to allocate capital to those, the London-based company said Oct. 31 in an email. Tullow has a 31% stake in the Kudu project.
Hijackings of small oil tankers by armed gangs are increasing in Southeast Asia, home to the shortest sea-trade route between the Middle East and China, even as pirate attacks globally fell for a third year.
LONDON -- Kenya will need to focus on providing a competitive and stable fiscal environment if it is to fully exploit its offshore gas industry and attract investors ahead of Mozambique and Tanzania, says an analyst with research and consulting firm GlobalData. Reece Straker, GlobalData’s Upstream Oil & Gas Analyst, states that while Kenya is currently behind Tanzania and Mozambique in terms of discoveries, exploration interest has increased since Tullow’s first offshore discovery at block L8, announced in September 2012.
LONDON -- Tullow Oil has announced the results of a series of recent exploration and appraisal activities conducted in blocks 10BB and 13T onshore Kenya. The Kodos-1 exploration wildcat in Block 10BB is the first well drilled in the Kerio basin, northeast of the successful South Lokichar basin. Hydrocarbon shows were encountered in Kodos-1, which indicates the presence of an active petroleum system. However, reservoirs were mixed quality alluvial sands close to the basin boundary fault at this well location.
LONDON -- Chariot Oil & Gas has opted not to apply for a new exploration license in the Northern Blocks 1811A&B, offshore Namibia, with the current license due to lapse on Oct. 26. Chariot analyzed significant amounts of proprietary seismic and well data, as well as integrated information from third party drilling activity to study the possibility for long range hydrocarbon migration to the Zamba prospect.
TRIPOLI, Libya (Bloomberg) -- OPEC needs to reduce crude output by at least 500,000 bpd, Libya’s governor to the group said, the first time since prices plunged into a bear market that a representative from a member nation has suggested how much production should be cut. Oil markets are oversupplied by about 1 MMbpd, Samir Kamal, Libya’s OPEC governor, said by email Oct. 22. His comments reflected personal views, not the official Libyan position, he said. Libya shouldn’t be expected to reduce its own oil output because the country is still struggling to restore production that has been disrupted for more than a year by political conflict, he said.
Shell makes Leopard gas discovery offshore Gabon LONDON Shell reported a frontier exploration discovery offshore Gabon, West Africa. The well Leopard 1, encountered a substantial gas column with around 200 m net gas pay in a pre salt reservoir. Leopard
LONDON (Bloomberg) -- Somalia plans to begin producing oil and gas offshore for the first time within six years and is in talks with state governments about how revenue will be shared, Petroleum Minister Daud Mohamed Omar said. The Horn of Africa country, which has been immersed in conflict for more than two decades, is proceeding tentatively on exploration to avoid creating new tensions, Omar said at the Somalia Oil & Gas Summit in London. Somali President Hassan Sheikh Mohamoud said in August the government expects to complete an assessment of its oil and gas potential this year.
LDD completes platform jacket foundation installation, offshore Gabon CORNWALL, United Kingdom LDD has successfully finished a specialist foundation installation for the Etame Marin block field expansion project, offshore Gabon, West Africa.The company completed the very remote installation safely and on
LONDON (Bloomberg) -- Genel Energy Plc, the oil explorer headed by former BP CEO Tony Hayward, discovered oil at its Moroccan project while it continues testing for definitive results. The company has “encountered oil during drilling operations” in a well in the Sidi Moussa block offshore Morocco, Serica Energy Plc, Genel’s partner in the project, said in a statement Oct. 20. “Preparations are under way to perform cased hole testing.”
Polarcus awarded 3D seismic acquisition project offshore West Africa DUBAI Polarcus has signed a Letter of Intent (LOI) with an undisclosed client for a 3D marine seismic acquisition project offshore West Africa. The project, subject to the execution of a
KBR Daewoo consortium wins FLNG FEED contract for EPCIC HOUSTON KBR has reported that the KD consortium, consisting of KBR and Daewoo Shipbuilding & Marine Engineering (DSME), has been awarded a front end engineering design (FEED) contract by Eni East
Emas successfully completes $120 million project offshore West Africa SINGAPORE EMAS has recently completed a $120 million project for VAALCO Gabon (Etame) offshore Gabon in West Africa using the new build Lewek Constellation on her inaugural installation project. The work
PERTH, Australia -- Woodside has finalized an agreement with Noble Energy and Glencore to farm in to the Tilapia Production Sharing Contract (PSC) off the coast of Cameroon. The 3,875 sq km block is located within the Douala basin, offshore southwest Cameroon in water depths ranging from the shoreline to 1,100 m.
MADRID (Bloomberg) -- Oil output at Repsol SA, Spain’s largest energy company, jumped 6.3 percent in the third quarter after Libyan production recovered as rebel hostilities in the African country subsided.
MADRID (Bloomberg) -- Oil output at Repsol SA, Spain’s largest energy company, jumped 6.3 percent in the third quarter after Libyan production recovered as rebel hostilities in the African country subsided.
MAPUTO, Mozambique (Bloomberg) -- More than half a dozen yellow tower cranes planted in the hillside above Mozambique’s capital are visible from a single vantage point at Anadarko Petroleum Corp.’s office. There are more poised along the beachfront in the other direction. “That’s anticipation,” said John Peffer, country manager for The Woodlands, Texas-based oil and gas explorer. Peffer’s referring to the prospect of developing the world’s largest natural-gas discovery in a decade off Mozambique’s northern coast. It’s a resource that could help the economy in one of Africa’s poorest countries grow 10-fold by 2035, according a Standard Bank Group Ltd. report.
ADDIS ABABA, Ethiopia (Bloomberg) -- Ethiopia will grant Tullow Oil an extension to its exploration license after the company reported “encouraging” results in its search so far, Mines Minister Tolesa Shagi said. “We will definitely grant them because they’ve done so much and we appreciate whatever they’ve tried to do,” Tolesa said in a phone interview from the capital, Addis Ababa Oct. 14. “We try to assist them as much as possible.”
Statoil, Exxon make new gas discovery offshore Tanzania STAVANGER, Norway Statoil and co venturer ExxonMobil has reported the Giligiliani 1 exploration well has resulted in a new natural gas discovery offshore Tanzania. The discovery of an additional 1.2 Tcf of
Afren fires CEO, COO for ‘gross misconduct’ in undisclosed deals JIM EFSTATHIOU JR. and DAVID STRINGER LONDON, (Bloomberg) Afren fired CEO Osman Shahenshah and COO Shahid Ullah for gross misconduct following an investigation into unauthorized payments. Afren, which operates in
Eni has achieved the important production goal of 25,000 bopd at the Nikaitchuq field, in which the company is operator with a 100% interest. The field, located offshore the North Slope of Alaska in a water depth of 3 m, holds reserves estimated at 200 MMbbl of crude oil. Nikaitchuq production, which began in January 2011, is the first operated by Eni in the Arctic.
Development of Nikaitchuq includes the drilling of wells and the construction of facilities both on land and on an artificial island built by Eni in the Beaufort Sea. The location’s extreme climate and environmental constraints required the application of Eni’s proprietary technologies and expertise to drill multilaterals horizontal wells and to build one of the most advanced production facilities in the North Slope, with maximum environmental compatibility and high operating efficiency.
Nikaitchuq horizontal wells are the most complex wells drilled by the industry to date in Alaska, with a lateral displacement that extends up to 22,000 ft. The field treatment plant is able to handle 40,000 bpd of crude oil and up to 120,000 bpd of water. Nikaitchuq production is transported through the Trans-Alaska Pipeline to be sold on the market without the need for further treatment. Eni is now working toward achieving the new production target of 30,000 bopd in the next 12 months.
In the United States, Eni owns interests in 200 leases in the Gulf of Mexico and 530 leases in unconventional plays (shale gas and shale oil) onshore Texas. In addition, Eni owns interests in 100 leases in the North Slope of Alaska, which include Nikaitchuq and 30% of the Oooguruk oil field, which has been in production since 2008. Total Eni’s daily net production is approximately 100,000 boe (75% operated).
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.
LONDON -- Perenco, an independent E&P company, failed to find a commercial hydrocarbon pay with its Sputnik-1 exploration well offshore Gabon. Perenco’s Sputnik-1 well, which was targeting a pre-salt structure in Gabon’s offshore Arouwe block, encountered a noncommercial hydrocarbon pay in up to 300 m of net sandstone reservoir.
North Dakota, the second-largest U.S. oil-producing state amid booming output from shale, plans to punish crude explorers that fail to curtail the burning of natural gas as waste.
Energy companies that don’t curb so-called gas flaring will face limits on the amount of oil they can pump from the Bakken shale formation, the North Dakota Industrial Commission said in a statement today, July 1.
North Dakota is cracking down on flaring that increases air pollution and also casts a glow in the night sky that can be seen miles away from remote well sites. Oil companies routinely burn off gas that emerges along with crude from wells when local pipelines or demand are insufficient to absorb the fuel.
North Dakota’s daily crude output surpassed 1 MMbbl in April for the first time in history, making the state a bigger oil supplier than OPEC members Ecuador or Qatar. In the U.S., Texas is the only state that pumps more crude than North Dakota, according to the Energy Department.
The industrial commission wants a 26% reduction in gas flaring statewide by the fourth quarter of this year and another 23% by the first quarter of 2015, according to the statement. The commission is comprised of Governor Jack Dalrymple, Attorney General Stenehjem Wayne and Agriculture Commissioner Doug Goehring.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.
WASHINGTON, D.C. -- The price of North Sea Brent crude oil has fallen to around $91/bbl, the lowest level in more than two years and about 21% lower than its year-to-date peak of $115/bbl on June 19, the Energy Information Administration has reported. Before its recent decline, average monthly Brent spot prices had traded within a narrow $5/bbl range, from $107 to $112/bbl, for 13 consecutive months through July 2014.
JOHANNESBURG, South Africa (Bloomberg) -- South Africa may split rules for the nascent oil and gas industry from its amended mining laws should the government find the regulations are at odds with the constitution, the mineral resources minister said. The government is testing whether the changes to the Mineral and Petroleum Resources Development Act are constitutional after they were passed by Parliament earlier this year. There are “interesting opinions in that regard,” Ngoako Ramatlhodi told reporters in Johannesburg Oct. 8. Oil, gas and mining “are different animals, therefore justifying different sorts of rules,” he said.
WASHINGTON, D.C. (Bloomberg) -- Angola, Africa’s biggest oil producer after Nigeria, plans to increase output to 2 MMbpd by 2017, according to Finance Minister Armando Manuel. That would be two years behind an earlier target. Angola will budget next year for oil prices from $88 to $92/bbl, said Manuel, who is urging the Organization of Petroleum Exporting Countries to take steps to avoid more declines. Brent is down 16% this year in London, the most since a 51% drop in 2008.
Four wastewater wells used in oil and natural gas drilling may be responsible for triggering 20% of all earthquakes in the central and eastern U.S. from 2008 to 2013, according to a study published in the journal Science.
The wells are used to dispose of high volumes of wastewater released from underground rocks when they are fractured using modern oil-drilling techniques. The four wells are likely responsible for a dramatic rise in earthquakes near Oklahoma City since 2009, according to the research.
Oklahoma has had more earthquakes than California so far this year, making it the most seismically active state in the continental U.S. and raising suspicions that drilling activity is influencing a surge in temblors there. The state had 238 earthquakes with a magnitude 3.0 or greater through June, more than double the number in California, which has historically ranked second in earthquakes behind Alaska.
Scientists studied wastewater-injection volumes, geologic information and data from earthquake sensors to show that fluids pumped into the wells increased underground pressures and spread them. The area of elevated underground pressure grew in a way that overlapped with a “migrating front” of earthquakes centered near Oklahoma City.
The data showed that water pumped into wastewater wells can increase and affect underground pressures as far away as 35 km (22 miles), potentially triggering earthquakes at faults that would have previously been considered too distant.
Researchers from Cornell University, University of Colorado, Columbia University, and the U.S. Geological Survey collaborated on the study.
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Cairn hits pay at FAN 1 exploration well off Senegal EDINBURGH, Scotland Cairn together with its JV partners has reported that the FAN 1 exploration well, offshore Senegal, has discovered oil. The well, located in 1,427 m water depth and
Cairn hits pay at FAN 1 exploration well off Senegal EDINBURGH, Scotland Cairn together with its JV partners has reported that the FAN 1 exploration well, offshore Senegal, has discovered oil. The well, located in 1,427 m water depth and
READING, United Kingdom (Bloomberg) -- BG Group Plc said it received $350 million as part of a commitment by the Egyptian government to pay back outstanding debts to the energy industry. The payment reduces BG’s domestic receivables balance to around $1.2 billion, the Reading, England-based company said Oct. 6 in a statement.
Subsea 7 awarded contract in the Ivory Coast LUXEMBOURG Subsea 7 has been awarded a contract in the Ivory Coast by CNR International (Cote d’Ivoire) SARL (CNR International) in support of its Baobab Field Phase III development. The scope of
Aubrey McClendon, the U.S. shale wildcatter who’s raised $10 billion in capital since getting fired from Chesapeake Energy Corp. last year, acquired a stake in an Oklahoma pipeline project.
An affiliate of McClendon’s American Energy Partners LP contributed natural gas lines in exchange for a minority interest in Tall Oak Midstream LLC’s planned 250-mi pipeline and processing network, Oklahoma City-based Tall Oak said in a Business Wire statement today, June 25.
McClendon’s company also dedicated drilling prospects spread throughout six Oklahoma counties to the new network, according to the statement. Casey Nikoloric, a Tall Oak spokeswoman with the public-relations firm Ten 10 Group, said the size of the acreage commitment wasn’t disclosed.
American Energy, also based in Oklahoma City, has an option to increase its stake to as much as 50%. McClendon announced plans on June 18 to expand his growing shale empire into the pipeline business, with backing from buyout firm The Energy & Minerals Group.
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Devon Energy Corporation has entered into a definitive agreement to sell all of its non-core U.S. oil and gas properties to Linn Energy for $2.3 billion, or approximately $1.8 billion after tax.
The agreement covers Devon’s remaining assets targeted for divestiture and includes properties in the Rockies, onshore Gulf Coast, and Mid-Continent regions of the U.S.
“With the sale of our remaining non-core assets, the portfolio transformation that we announced late last year is now complete,” said John Richels, president and CEO of Devon. “In a short period of time we transformed our portfolio through three significant steps: the accretive Eagle Ford entry, the innovative creation of EnLink Midstream, and the sale of our non-core properties. The sale of Canadian and U.S. non-core properties over the past few months has generated in excess of $5 billion of proceeds at an accretive multiple of nearly 7 times 2013 EBITDA.”
“Devon is now concentrated in some of the most attractive North America resource plays, with liquids expected to approach 60% of our production by year-end and multi-year oil production growth projected to be in excess of 20%,” said Richels.
Devon’s production from these non-core U.S. assets is currently 275 million cubic feet of gas equivalent per day, of which approximately 80% is natural gas. At December 31, 2013, proved reserves associated with these properties amounted to 1.242 Tcf of gas equivalent. EBITDA accompanying these assets totaled $350 million in 2013.
The transaction is subject to customary terms and conditions and is expected to close in the third quarter of 2014, with an effective date of April 1, 2014.
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LONDON (Bloomberg) -- BG Group and its partners discovered natural gas at a well off Tanzania, adding reserves for a planned export plant in the East African country. The Kamba-1 well in Tanzania’s block 4 found 1.03 Tcf of gas, according to a statement from Ophir Energy Plc, which holds a 20% interest in the block. That’s probably enough to justify a third production unit at a proposed gas-export plant, it said.
LONDON (Bloomberg) -- Afren Plc shares rose the most in six weeks in London trading after the UK explorer said it sees no evidence of further improper payments. Afren, which operates in Nigeria and Kurdistan, is undergoing an independent review by law firm Willkie Farr & Gallagher LLP after its CEO and three senior managers were suspended in July and August for allegedly receiving unauthorized payments.
Denbury Resources Inc., an E&P focused on EOR utilizing CO2 in the Gulf Coast and Rocky Mountain regions, has announced the appointment of Brad Kerr as senior V.P. of planning, technology, CO2 supply and pipelines. In his role, Kerr will oversee Denbury' s long-range development plan, CO2 supply and pipeline operations.
Kerr is assuming the role formerly held by Charlie Gibson, who has been appointed to the newly created position of senior V.P. of production operations. In his new role, Gibson will oversee all of Denbury' s hydrocarbon producing assets, with a focus on implementing various operational improvement initiatives and best practices across the company' s operating regions.
Kerr has 31 years of oil and gas industry experience, serving in various roles at Shell and at Exxon Mobil. His responsibilities included providing operational and technical leadership, new technology implementation, and reservoir engineering for diverse oil and gas exploration and development projects, including EOR and unconventional drilling projects in Alaska, West Texas, the Rockies, Europe, the Middle East, Africa and Asia.
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