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MILAN, Italy -- Eni has made an important gas and condensates discovery in the Nyonie Deep exploration prospect located in block D4, approximately 13 km from the coast of Gabon and 50 km from the capital city Libreville. Preliminary estimates suggest the new gas discovery is significant, with initial potential in place estimated at 500 MMboe.
UMW Oil & Gas Corporation Berhad (UMW-OG) reported that its wholly-owned subsidiary UMW Offshore Drilling Sdn Bhd (UOD) has received a Letter of Award (LOA) from Frontier Oil Corporation (FRONTIER) for provision of a jack-up rig and associated services in respect to the KJF-1 and KJF-2 Drilling Programme in the KJF Field SC50 Block (formerly Calauit Field), offshore Palawan in the Philippines. The contract will be utilising UMW Naga 7, its new-build jack-up drilling rig from CHMI shipyard in Shenzhen, China.
The contract is for a duration of 120 days with an option for an extension of a further 180 days and is planned to commence around middle of January, 2015. The contract has a value of approximately $20 million for the firm duration period.
UMW-OG President, Rohaizad Darus said, “This new contract for our newly built UMW Naga 7 underlines our continued commitment to geographical expansion. The earlier contract awarded by Nido Petroleum for UMW Naga 5 opened the door for us into the Philippines market. We hope UMW Naga 7 will further solidify our presence in this new emerging and exciting market. Just like our business model in Vietnam, we break into the market and develop it further with more contracts.”
UMW Naga 7 is scheduled to be delivered by end of December this year. UMW-OG already took delivery of UMW Naga 5 in April this year which is currently working in Baragatan field in the Philippines. The company is expecting the delivery of another two rigs, UMW Naga 6 and UMW Naga 8, in September 2014 and September 2015, respectively. It has also commenced operation of UMW-INSTEP Drilling Academy (UIDA) in March this year to train the required operational personnels to support its growth.
Rohaizad added, "We will continue to develop new markets for our rigs as part of our long term strategy to diversify our revenue streams and to provide wider platform for our global expansion. Besides focussing on traditional oil and gas producing countries in this region like Malaysia, Vietnam, Thailand and Indonesia, we are also developing new markets in countries such as Myanmar and Philippines which are aggressively carrying out exploration and development activities.”
UMW Naga 7 is a three legged Independent Leg Cantilever jack-up rig designed by GustoMSC and is capable to drill at 375 ft water depth and drilling depth of 30,000 ft.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
LONDON (Bloomberg) -- Afren Plc shares plunged the most on record in London trading after the UK explorer focused on Nigeria and Kurdistan suspended two top executives amid a probe into unauthorized payments. The shares fell as much as 34%, the most since March 2005, and were 29% down at 106 pence by 10:51 a.m. The stock was the worst performer on the FTSE All-Share Index.
BGP completes 3D seismic acquisition offshore Gabon for Perenco ZHUOZHOU, China BGP Pioneer successfully completed Perenco Oil & Gas Gabon 3D seismic acquisition project of approximately 1500 sq km offshore Gabon. The project was challenging as it included undershoot operations
LONDON (Bloomberg) -- Tullow Oil started burning gas off Ghana to sustain production at its largest project. “We are still injecting majority of the gas,” COO Paul McDade said in a phone interview. Flaring “is assisting us, while we are waiting for the gas plant” to “sustain target production,” he said.
HOUSTON -- ConocoPhillips has completed the transaction with Oando Energy Resources (OER), a subsidiary of Oando PLC, for the sale of its Nigeria upstream business for a total sales price, after customary adjustments, of $1.5 billion. The sales price is inclusive of $550 million of deposits received, approximately $900 million received at closing, plus $33 million in deferred payments. The sales price less the cash in the business at closing, approximately $100 million, generated net proceeds of approximately $1.4 billion, after customary adjustments. The company expects to recognize an after-tax gain of approximately $1.1 billion for the sale.?
JOHANNESBURG, South Africa (Bloomberg) -- SacOil Holdings Ltd. is in talks to buy what could be the South African oil and gas company’s first production asset, Chairman Tito Mboweni said. The Johannesburg-based company has “the possibility of an OML,” or oil-mining license, for a project that is in production phase in Nigeria, the continent’s largest economy and crude producer, Mboweni, 55, said in an interview. He declined to provide more detail on the stage of negotiations or the location of the asset.
ABS, a provider of classification services to the global offshore industry, has entered into a joint development project (JDP) with South Korea' s Daewoo Shipbuilding & Marine Engineering (DSME) to develop the industry' s first LNG fueled drillship.
The JDP will address challenges associated with storing and managing cryogenic LNG safely by combining DSME' s experience developing and applying LNG technology to floating structures with ABS' technical standards and experience working on a number of gas-fueled, LNG and regasification unit projects.
"This project builds on years of collaboration between ABS and DSME to evaluate innovative design concepts and new approaches that serve the needs of our clients and feature enhanced safety and efficiency standards," says Dr. Hoseong Lee, ABS V.P., Global Korea Business Development and ABS Korea Energy Technology Center in Busan. "We are targeting the Gulf of Mexico as a key market for an LNG fueled drillship where, given the abundance of affordable shale gas resources in the U.S., LNG as a marine fuel makes good economic sense."
To initiate the project, DSME has performed a concept design, comparison between two types of LNG storage tanks and analysis of the fuel gas supply system that will be installed on the drillship. ABS' scope of work calls for concept design review, basic engineering review and a risk assessment of the tank space and access area, fuel gas supply system, machinery space and access area and associated configurations.
The verification aspect of the JDP will rely on ABS' experience as the preferred classification society for the offshore and energy industry for more than 60 years and its experience leveraging these capabilities to help industry move LNG-as-fuel and other gas developments forward.
"Many North American vessel owners and operators are making the switch to LNG to achieve substantial operating savings by reducing fuel consumption and lowering emissions to meet the strict sulfur requirements in the North American Emissions Control Area," says ABS E.V.P., Energy Development Ken Richardson. "ABS already has taken the critical first step to develop guidance that addresses the first application of LNG technology on U.S. flagged support vessels for Gulf of Mexico operations. An LNG fueled drillship is another groundbreaking concept that illustrates how deepwater applications are evolving."
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
Ophir Energy completes acquisition of Junon 3D seismic survey offshore Seychelles WEST PERTH, Australia WHL Energy Limited (WHL Energy) reported the 1,528 sq km Junon 3D seismic survey has been completed. The specialist seismic acquisition vessel M V Polar Duchess
GMS confirms contract extensions for two SESV vessels in the MENA region ABU DHABI Gulf Marine Services (GMS), confirmed that contract extensions have been exercised for two of its Small Class vessels in the MENA region. The first extension is
Cairn Energy resumes drilling at the FAN 1 well offshore Senegal MELBOURNE, Australia FAR Ltd (FAR) reported that drilling has resumed on the FAN 1 well offshore Senegal. FAR had previously stated a modification to the Senegal drilling programme in
The naming ceremony for Odfjell Drilling' s new ultra-deepwater drilling unit, Deepsea Aberdeen, was held on June 25, the company has reported.
Mrs Karen Jones, representing BP, the lady sponsor of the new ultra-deepwater unit, bestowed good luck for the rig and its crew.
The sea trials will roll out from July-August. Odfjell Drilling is expected to take delivery of Deepsea Aberdeen in October/November. From Okpo in South Korea, Deepsea Aberdeen will sail to Singapore and Mauritius, Cape Town and Las Palmas before the rig’s first long trip finally ends West of Shetland to start up drilling operations for BP in first-quarter 2015.
Deepsea Aberdeen is a sixth generation ultra-deepwater and harsh environment semisubmersible of enhanced GVA 7500 design. The semisubmersible will perform drilling operations West of Shetland under a seven-year contract with BP.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
The National Energy Board (NEB) has approved a Geophysical Operations Authorization (GOA) application from TGS-NOPEC Geophysical Company (TGS), Petroleum GeoServices (PGS) and Multi Klient Invest (MKI) to conduct a 2D offshore seismic survey program (the Project) in Baffin Bay and Davis Strait over five years during the open water season. MKI will be the Project operator.
The Board recognizes the importance of fostering better understanding and communication with all stakeholders that take part in Board processes. Due to the high degree of public interest in this application, the NEB authorized Board Member David Hamilton, under section 15 of the National Energy Board Act, to report and make recommendations on the Project application. The public was then invited to submit written comments to the Board and provide oral comments on the Project at public meetings.
The Board conducted public meetings in Pond Inlet, Clyde River, Qikiqtarjuaq and Iqaluit from 29 April to 2 May 2013. Transcripts from the meetings and all environmental assessment materials are available on the NEB website on the Project’s public registry pages.
Never before has there been this level of public participation in the Board’s Environmental Assessment process for a GOA. Written comments from the public and information gathered from community meetings informed Mr. Hamilton’s report, which was considered by the Board before making its decision. The Environmental Assessment report concluded that with the implementation of MKI’s commitments, environmental protection procedures and mitigation measures, and compliance with the Board’s regulatory requirements and conditions, the Project is not likely to result in significant adverse environmental effect.
The GOA issued by the Board is subject to 15 conditions. The conditions include the requirements for MKI to make status updates of environmental commitments and marine mammal observer reports accessible to the public. The marine mammal observer reports may provide information on sightings of whales and birds in offshore areas that would not otherwise be available to the public. MKI is also required to conduct Project update meetings in interested communities.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
HOUSTON -- Harvest Natural Resources has signed a declaration of commerciality (DOC) with the Gabonese Republic pertaining to the Dussafu Block offshore Gabon. Furthermore, on July 17, 2014, Gabon awarded an exclusive exploitation authorization (EEA) for the development and exploitation of oil discoveries on the Dussafu Block.
MADRID, Spain (Bloomberg) -- Repsol SA’s second-quarter profit beat analyst estimates as bigger refining margins and output from new wells helped Spain’s largest oil producer counter stoppages due to rebel hostilities in Libya. Adjusted net income was 390 million euros ($524 million) compared with 401 million euros a year earlier, the company said in a statement July 24.
GDI awards N KOM contracts worth $110 mn DOHA Gulf Drilling International (GDI) Limited, a subsidiary of Gulf International Services (GIS), has awarded two contracts worth $110 million to Nakilat Keppel Offshore & Marine (N KOM), a joint venture shipyard
Woodside advises that it has finalised an agreement with Chariot Oil & Gas to farm-in to the prospective Doukkala Basin offshore north western Morocco.
Under the agreement Woodside acquires an initial 25% participating interest in the Rabat Deep Offshore permits I-VI. The agreement includes an option to acquire an additional 25% and operatorship in these permits for a capped well carry obligation. The agreement is also subject to required government approvals.
These undrilled permits are 10,782 sq km in area and water depths range from 150 to 3600 m.
Woodside CEO Peter Coleman said the farm-in provided an opportunity to secure a large acreage footprint in an emerging petroleum province that is prospective for both oil and gas.
“Exploration in this basin aligns with our strategy to secure new international growth opportunities in frontier and emerging basins characterised by materiality and quality,” said Mr Coleman.
“This opportunity has been supported by Woodside’s disciplined approach to studying regional petroleum systems, including the Atlantic margins, and is a good fit with our core capabilities in deepwater exploration and production.”
The Rabat Deep permits complement Woodside’s acreage position in the nearby Canary Islands and are a further demonstration of continued efforts to build a global exploration portfolio.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
ROME (Bloomberg) -- Eni SpA crews in Angola, Africa’s second-largest crude oil producer, upgraded a production vessel for new pumping this year as the southwest African country targets output rivaling its bigger competitor, Nigeria. Eni plans to start production within five months as operator of Block 15-06’s West Hub fields, estimated to hold reserves of 200 MMbbl, and boost flows to 80,000 bpd, documents on the Rome-based company’s website show.
MAPUTO, Mozambique (Bloomberg) -- Mozambique’s state petroleum company is building a port city to help develop the largest natural-gas discoveries in a decade offshore the southern African country. The 18,000-hectare (44,500-acre) Palma development in the country’s northern Cabo Delgado province will feature residences, industry, stores, parks, farming and tourist attractions constructed through a unit, Empresa Nacional de Hidrocarbonetos EP, or ENH, said in a statement. Public hearings on the proposal are being held today, July 23, in Maputo, the capital, after previous sessions in Pemba and Palma, it said.
TRIPOLI, Libya (Bloomberg) -- Libya is preparing a new pricing strategy for its crude exports after a sales offer last week failed because potential buyers offered “unacceptable” prices, according to state-run National Oil Corp. Libya plans to offer different crude prices before the end of next month that will compensate customers for the additional risk of loading oil in the country, Ahmed Shawki, marketing director at National Oil, said by phone from Tripoli. The country reduced July export prices for seven grades of crude by as much as $1.90 a barrel, according to a price list from National Oil obtained by Bloomberg News on July 18.
CAPE TOWN, South Africa (Bloomberg) -- A South African environmental group renewed its call for a moratorium on shale-gas fracing, as the government moves closer to a decision on whether to allow the process opponents say imperils water quality.
Gazprombank’s GPB Global signs oil exploration deal in Ethiopia WILLIAM DAVISON MOSCOW (Bloomberg) GPB Global Resources, a unit of Russia’s state owned Gazprombank Group, may invest about $60 million searching for petroleum in northeastern Ethiopia, Executive Director for Corporate Communications
Polarcus Limited has received a Letter of Intent for a 3D marine seismic acquisition project for an undisclosed client offshore West Africa.
The project, subject to the execution of a service contract, is expected to run for approximately one month.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
Serinus Energy commences drilling Winstar 12bis development well CALGARY Serinus Energy Inc (Serinus) reported that the Winstar 12bis (WIN 12bis) development well has commenced drilling. WIN 12bis is located in the eastern portion of the Sabria Field in central Tunisia.
Eni signs deal to expand oil, gas exploration in Congo BRAZZAVILLE – The Congolese Minister of hydrocarbons, Andre Raphael Loemba, and Eni CEO, Claudio Descalzi, in the presence of President of Congo Dennis Sassou Nguesso and the Italian Prime Minister,
Petrobras started-up, on June 21, the Extended Well Test (EWT) in the evaluation area known as Iara, on block BM-S-11, some 300 km off the coast and at a water depth of approximately 2,200 m. The EWT is part of the Discovery Evaluation Program, approved by Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP).
The test is being conducted on well 3-BRSA-1132-RJS (RJS-706), in the western section of the Iara Evaluation Plan, using FPSO Dynamic Producer. The well’s initial production of 29,000 bopd is similar to the production of the wells that are currently producing for commercial purposes in the Santos basin pre-salt, indicating the area’s potential.
This EWT, the first to be carried out in Iara, will enable the acquisition of important data for the development of this discovery, which took place in 2008.
The Evaluation Plan will expire at the end of 2014, at which time the consortium must submit the declaration of commerciality to the ANP.
Petrobras is the operator of the consortium (65%), in partnership with BG E&P Brasil Ltda (25%) and Petrogal Brasil S.A (10%).
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AGR secures well management contract for Hunt Oil’s first operation in Benin OSLO AGR has been awarded a contract to provide Well Project Management services to Dallas based ‘Hunt Oil’ for the drilling of one exploration well plus one future
Mubadala Petroleum signs cooperation agreement with Somalia ABU DHABHI Mubadala Petroleum has signed a cooperation agreement with the Ministry of Petroleum and Mineral Resources of the Federal Republic of Somalia. During the first half of 2014, a high level engagement
Eco Atlantic to farm out stake in block 2012A off Namibia to Tullow Kudu TORONTO Eco Atlantic Oil & Gas Ltd (Eco Atlantic) reported that it has executed a Farm out agreement (the Agreement) with Tullow Kudu Limited, a wholly
Foster Wheeler wins Hamada oilfield FEED contract in Libya ZUG Foster Wheeler AG reported that a subsidiary of its Global Engineering and Construction Group, in joint venture with Taknia Libya Engineering Company (Taknia), has been awarded a front end engineering
The Norwegian Petroleum Directorate has granted Det norske oljeselskap ASA a drilling permit for well 2/9-5 S. Well 2/9-5 S will be drilled from the Mærsk Giant drilling facility.
The drilling program for well 2/9/-5 S relates to drilling of a wildcat well in production license 494. Det norske oljeselskap is the operator with an ownership interest of 30%. The licensees are Bridge Energy Norge AS with 30%, Dana Petroleum Norway AS with 24% and Fortis Petroleum Norway AS with 16%. Production license 494 was awarded in APA 2008.
The area in this production license is located in the southern part of the North Sea and consists of the north-eastern part of block 2/9. Well 2/9-5 S is the first exploration well in this production license.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
HOUSTON -- Deep Down, a services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, has been awarded a contract to supply vessel-based equipment and personnel at an umbilical and flexible flow line recovery and re-installation project located offshore West Africa.
ABERDEEN, United Kingdom -- KCA Deutag has been awarded a $170-million contract by Sonangol Pesquisa e Produção, S.A., for the provision of the Ben Rinnes jackup rig in Angola. The two-year agreement, which comes with a two-year extension option, will see KCA Deutag’s offshore division provide drilling and completion services, in various offshore locations in Angola.
Deep Down secures work offshore West Africa HOUSTON Deep Down Inc (Deep Down), reported that it has been awarded a contract to supply vessel based equipment and personnel at an umbilical and flexible flow line recovery and re installation project
TRIPOLI, Libya (Bloomberg) -- Two ports in eastern Libya that reopened this month after a yearlong protest may still be weeks from exporting crude because the terminals need maintenance work first, according to a ministry official. The nation’s government gave the go-ahead on July 6 for operations to resume at Es Sider and Ras Lanuf, the largest and third-largest terminals. Work on the two facilities may take until the beginning of August, Oil Ministry Measurement Director Ibrahim Al Awami said July 16.
Saipem wins contracts for FPSO' s in Brazil, Angola worth a total $600 mn SAN DONATO MILANESE Saipem has been awarded contracts for the extension of leasing and upgrading works of the Cidade de Vitoria FPSO (Floating Production Storage and Offloading
Repsol has made a new hydrocarbons discovery in the Teak field, offshore Trinidad and Tobago, in the TSP block east of the island of Trinidad. The find in the TB14 well has upgraded the northern portion of the Teak B field that was not known to exist before. The newly-discovered area is estimated to contain over 40 MMbbl of oil in place, which increases the field’s current reserves, extends its productive life and adds new output.
Repsol operates the field with a 70% interest, partnered by co-venturers Petroleum Company of Trinidad and Tobago (Petrotrin) and The National Gas Company of Trinidad and Tobago (NGC), with a 15% stake each.
Repsol and its partners are carrying out a drilling campaign to add new resources and production to the TSP block, which has been producing since the 1970s. The program includes new drilling throughout 2014.
The TB14 well, which has produced 1,200 bopd in testing, adds to the start-up in June of the TB13 well, which added 1,384 bopd to the field’s output. The new wells add 24% to the block’s existing production, which averaged 10,900 bopd during 2013.
The drilling programs in Trinidad and Tobago have been benefitted by fiscal reforms implemented by the government in the last few years to incentivise exploration and production in mature fields. This has resulted in increased rig activity, additional production and new reserves.
Repsol and its partners continue to work in the area, expecting to complete at least two more wells during the current year, with further drilling scheduled for the following years.
Repsol has boosted its exploratory activity in the last few years with significant success, with more than 50 discoveries since 2008, including some of the world’s largest finds in the period.
In 2013, Repsol posted the highest reserve replacement rate amongst its peers at 275%, which also beat the company’s own reserve addition targets for a third consecutive year to reach a total 1.515 billion boe.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
Tangiers Petroleum provides TAO 1 operational update WEST PERTH Tangiers Petroleum Limited (Tangiers) provided an update on the drilling of the TAO 1 exploration well, located offshore Morocco. No major operational issues have occurred to date and the well is
LONDON -- Tullow Oil has announced that the Gardim-1 exploration well, drilled on the eastern flank of the Chew Bahir basin in the South Omo license, onshore Ethiopia, has reached a total depth of 2,468 m in basement, without encountering commercial oil. The well intersected lacustrine and volcanic formations, similar to those found in the Shimela-1 well on the north-western flank of the basin. Minor intervals with thermogenic gas shows were intersected just above basement. The well will be plugged and abandoned and drilling operations will now be demobilized whilst these results are integrated into the regional basin model.
LONDON (Bloomberg) -- Africa has surpassed the Middle East as the oil-and-gas producing region that attracts the second-highest number of the best-paid staff, international advisory firm Von Essen Group said. Africa accounts for 13% of advertised roles that pay more than $170,000 for oil and gas experts, second only to Europe, London-based Von Essen said in an emailed statement.
AJDABIYA, Libya (Bloomberg) -- Rebels in Libya’s east committed to keeping open the country’s largest oil port, Es Sider, and dissociated themselves from a protest that shut a smaller crude export terminal. Brent traded near the lowest in three months. “This incident, in the port of Brega, has no impact on the agreement with the government to open Es Sider and Ras Lanuf,” said Ali al-Hasy, a spokesman for the self-declared Executive Office for the Barqa region. “We stand by the agreement with the government. Es Sider and Ras Lanuf will stay open.”
African Petroleum to farm out interest in block CI 509 offshore Cote d’Ivoire LONDON African Petroleum Corporation (African Petroleum) reported that it has entered into an agreement with Buried Hill Africa Limited (Buried Hill) to farm out a 10% interest
African Petroleum to acquire 3D seismic offshore Sierra Leone LONDON African Petroleum Corporation (African Petroleum) reported that its wholly owned subsidiary African Petroleum Sierra Leone Limited has signed a contract to acquire more than 1,000 sq km of 3D seismic
Russia’s Ministry of Construction, Housing and Utilities has granted a construction permit to South Stream Transport for the South Stream gas pipeline.
The permit enables the company to start the construction of the technical infrastructure, as well as all onshore strings of the pipeline, four micro-tunnels and a 3-km gas branch to connect South Stream to Gazprom' s Unified Gas Supply System.
As provided by the permit, South Stream Transport will start developing a construction site near Anapa and building access roads. In addition, the company will take on the delivery of construction machinery; equipment and materials; and arrange for the protection of rare plants and animals.
Pipe laying in Russia' s territorial waters is due in November 2014, upon obtaining a permit from the nation’s Ministry of Natural Resources and Environment.
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The 2014-2018 Petrobras Business Plan foresees the allocation of $10 billion in the oil and gas sector, including projects related to pipelines for gas transportation from the Pre-Salt area, such as Rota 3. Last week Tenaris was awarded the supply in this important project and will provide, starting in the first half of 2015, 373 km of welded pipes.
The scope of the project foresees 22-in. pipes for the onshore section between Maricá and ItaboraÃ, 24-in. pipes in the shallow offshore stretch, and 20-in. pipes in the stretch located in water depths varying from 1,500 to 2,300 m.
The pipes will be produced in the most advanced Tenaris production line in Brazil, the result of an investment of $180 million. The new U-O forming presses produce pipes of greater thicknesses and higher steel grades, capable of withstanding the hostile environments in the exploration of ultra-deep waters, which include high pressures and the transportation of hydro carbonates in sour environments and high levels of corrosion.
Expected to be in operation by 2016/17, Rota 3 will link the areas of Franco (SP) and Maricá (RJ), assuring the increase of oil production from the Pre-salt layer, and guaranteeing the transportation of natural gas extracted from the Pre-Salt to Comperj (RJ Petrochemical Complex) in Itaboraà - a project in which Confab Equipamentos and Tenaris in Brazil participated with the supply of furnaces, towers and pipes. The gas pipeline will have the capacity to transport 21 million cubic meters of gas per day.
"The Rota 3 project represents an important step in the development of the oil and gas sector in Brazil, especially with regards to Pre-Salt challenges. Tenaris has been preparing to be part of this project for a long time. We constantly invest in the innovation of our processes and in the diversification of our products, searching for excellence and for the technological leadership that our customers, such as Petrobras, demand to meet these challenges,” says Tenaris' s President in Brazil, Renato Catallini. "We also count on Usiminas as our strategic partner in Brazil, which will supply part of the X65 sour service steel, developed in partnership with Petrobras, reinforcing our commitment to local content and demonstrating the solidity and strength of our industrial value chain for the country’s offshore energy sector".
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DUBLIN, Ireland (Bloomberg) -- Falcon Oil & Gas Ltd. expects to be awarded a permit to start exploration at its shale plot in the Karoo basin in South Africa in the second half of the year after technical regulations are published. “Our focus will be South Africa over the next 12 months,” CEO Philip O’Quigley said in an interview. The Dublin-based company, which signed a five-year exclusive co-operation agreement with Chevron Corp. in 2012, may sell a stake in the asset following the approval.
TRIPOLI, Libya (Bloomberg) -- Libya, the north African country whose crude exports collapsed last year amid protests and political feuding, will seek to revive shipments in a way that avoids oil-market disruption, its governor for OPEC said. Protesters in the east of the country with Africa’s largest oil reserves reopened two ports at the start of this month, ending a yearlong blockade that helped decimate the nation’s supplies. Brent crude, the global benchmark, slid about 3.3% since the rebels said the terminals would restart.
Ophir Energy has reported that drilling operations have now concluded on the Okala-1 well in the Mbeli Block offshore Gabon. Ophir has a 50% net operated interest.
The well was drilled by the Vantage Titanium Explorer drillship to a depth of 4,229 m MD targeting Cretaceous sands in the pre-salt section. The well encountered a thick section of Aptian salt as prognosed and well developed sandstones in the Gamba and Dentale formations.
However, there were no significant hydrocarbon shows in the target reservoirs. Ophir’s share of the Okala-1 well costs was partially covered by carries from the company’s JV partners.
The Vantage Titanium Explorer will now move to Equatorial Guinea to begin a campaign of three exploration and appraisal wells on Block R.
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Petroceltic completes sale of stake in Algerian PSC DUBLIN Petroceltic International Plc (Petroceltic), reported the completion of its sale of an 18.375% interest in the Isarene PSC to Sonatrach, the National Oil and Gas Company of Algeria. The assignment was
Aquatic appoints Martin Charles as new regional general manager ABERDEEN Aquatic Engineering & Construction Ltd, an Acteon company, has appointed Martin Charles as regional general manager, Europe, Middle East and Africa (EMEA). This appointment contributes to Aquatic’s business strategy for
Eni’s CEO, Claudio Descalzi, signed in Hanoi with PetroVietnam President and CEO, Do Van Hau, a Production Sharing Contract (PSC) for the exploration of the offshore Block 122.
Block 122 covers an area of 6,900 sq km in the Phu Khanh Basin, in waters depth up to 2,000 m. The exploration period will last 7 years, subdivided in 2 phases.
This new agreement confirms Eni’s interest to continue and consolidate its presence in Vietnam, where the company returned in 2012 and operates already three offshore exploration blocks.
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Brent oil trades near three week low on Libya supply, WTI Steady BEN SHARPLES NEW YORK (Bloomberg) Brent traded near the lowest price in more than three weeks as Libya prepares to increase exports and amid speculation that Iraqs crude
Petroleo Brasileiro SA, the biggest crude producer in ultra-deep waters, is offering more than $2 billion in drilling-service contracts, some under revised terms after suppliers complained about the original agreements, said two people with direct knowledge of the bidding process.
Petrobras is reissuing a drilling services contract after a reduction in the company’s rig fleet eroded suppliers’ margins, the people said, asking not to be identified because the process hasn’t been made public. The state-run producer is also offering wireline and well completion contracts, they said.
Halliburton Co., Baker Hughes Inc. and Schlumberger Ltd. probably will participate, one of the people said. Petrobras’ press department in Rio didn’t respond to requests for comment made by telephone and email. Halliburton, Baker Hughes and Schlumberger didn’t reply to emails and phone calls.
Shares of Halliburton extended gains to be up 0.8% to $71 at 2:03 p.m. in New York while Baker Hughes reversed losses and rose 0.4% to $74.26. Schlumberger was down 0.2% after falling as much as 0.7%. Petrobras dropped 0.4% to 17.13 reais in Sao Paulo.
Petrobras pumps 90% of Brazil’s oil and gas, giving it leverage over service companies in the country. Petrobras’ contracts often allow for revisions even after they are awarded. Halliburton CEO David Lesar said Jan. 21 that all service companies in Brazil were “seeking relief” and that deepwater drilling activity was below expectations.
Suppliers including Baker Hughes and Halliburton have cut staff in Brazil over the past year to adjust to lower-than-expected demand for services as Petrobras seeks to contain costs. The company trimmed its five-year business plan to $220.6 billion earlier this year.
Spending on new refineries has surpassed expectations and production has missed targets in recent years, curbing profits. Petrobras also subsidizes fuel imports, contributing to the largest cash-flow deficit and highest debt levels of any publicly traded oil producer.
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