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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
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.
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.
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
China Oilfield Services Limited (COSL) has reached a settlement agreement with Statoil ASA concerning a dispute related to stand-by fees for operating platforms.
Prior to this, there were disputes between COSL Offshore Management AS (COM), a Norway-based subsidiary of COSL and Statoil Petroleum AS, a subsidiary of Statoil, regarding stand-by fees for two semi-submersible platforms stemming from the installation of third-party equipment.
COM filed a lawsuit with Norway Stavanger District Court in 2013 against Statoil Petroleum AS, claiming a compensation sum aggregating approximately RMB924 million equivalent and overdue interest. Upon acceptance by the Court as a case eligible for further proceedings and after going through the inquisitorial procedures, the two parties conducted settlement negotiations at time and according to procedures specified by the Court.
Statoil Petroleum AS recently agreed to a one-off settlement sum of $65 million payable to COM (about RMB404 million) to release both parties from the previous disputes. After taking into account the ongoing business relationship between the two companies, also considering potential litigation costs, and uncertainties and risks of the final outcome, COSL has agreed to the terms of settlement, and has undertaken to withdraw the lawsuit against Statoil from the Norway Stavanger District Court. The settlement sum will be recognized as revenue for the current period.
COSL' s three semi-submersible platforms that are currently providing drilling services to Statoil are operating as usual.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
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.
The Technip DeepOcean PRS Joint Venture (JV) was awarded by Statoil a new frame agreement for Pipeline Repair System (PRS) Pool services. Starting on December 1st, 2014, the agreement will have a firm duration of five years as well as three optional periods of two years each. The contract was sent out on competitive tender by Statoil in December last year and will replace the existing one which was awarded to Technip by Statoil in 2005 for subsea services, comprising maintenance and preparation of equipment utilized for PRS.
This agreement will ensure pipeline contingency for the PRS Pool members currently covering up to 15,000 km of pipeline. The scope of work includes: The management, administration, operation and maintenance of the PRS equipment, Mobilisation/demobilisation and offshore operations related to the use of the PRS equipment, Studies, engineering, procurement and fabrication for PRS Pool.
The geographical location for performing the work will primarily be at the premises provided by Statoil at Killingoy in Haugesund, Norway, while the offshore operations will mainly cover the North Sea. Area of operation may be extended globally based on Statoil' s future requirements.
This JV builds on existing relationships and combines the know-how, technical resources, complementary personnel expertise of both companies to serve Statoil’s needs to develop PRS.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By ExportGeneral Corporation and services, UK, online.
