Futures Markets
New high for crude on revised price prediction
Crude oil prices shot to a new high at $127.82 per barrel on Friday in New York after Goldman Sachs (NYSE: GS) upped its prediction for oil prices in the second half of the year to $141 per barrel, from its previous forecast of $107 per barrel.
Prices also rose on speculation that demand for diesel […]
Nautical reports farm out agreement
Nautical Petroleum plc has entered into a farm out agreement with Canamens Energy North Sea Limited (Canamens) whereby Canamens will acquire a 30% interest in the North Sea Block 8/25a.
Under the terms of the agreement, Canamens will fund their ongoing 30% interest of the current well plus a portion of Nautical’s costs.
The farm out terms […]
Tower updates African activities
Tower Resources plc provides the following update on its exploration activities in Namibia and Uganda.
In Namibia seismic interpretation has confirmed the presence of giant structures which could contain 10 billion barrels, unrisked, from three prospects. In Uganda processing and interpretation of seismic is continuing and a well is being planned before the end of 2008.
Processing […]
Otto encounters gas in Turkey
Joint venture partners Otto Energy Limited and Incremental Petroleum have declared that their fourth well in their current drilling program has encountered gas in the uppermost primary objective of the well.
The Arpaci-2 well encountered gas while drilling into the uppermost of the reservoir targets around 169 meters. Due to the high pressures and substantial mud […]
Crude prices down in volatile trade
On a day when options allowing investors to bet on whether oil prices will go up or down expired, crude oil prices were down after early gains in volatile trade.
West Texas Intermediate crude for June delivery was as high as $126.64 per barrel, short of Tuesday’s record high, and as low as $120.75 per barrel […]
Petroceltic provides operational update
Petroceltic International plc announces that approval has been granted for the Isarene permit in Algeria to enter the second exploration period. The second period officially commenced on April 26th 2008 and is in force for two years until April 25th 2010.
Petroceltic has retained 70 per cent of the original Isarene Permit area (7,520 sq. […]
Lundin announces new discovery
Lundin Petroleum AB announces an oil and gas discovery on the Pi-North prospect located in Block 6/3 and 15/12, production license PL 292, in the North Sea sector of the Norwegian Continental Shelf (NCS).
The exploration well 15/12-19 encountered oil and gas in sandstones of Jurassic and Triassic/lower Jurassic age (Sleipner and Skagerak formation, respectively). […]
Mart updates on Umusadege field
Mart Resources, Inc. and its partners Midwestern Oil and Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited announce the following update on production from the Umusadege field, onshore Nigeria.
The initial two-week flow period from the XIIb zone in the Umu-1 well showed strong reservoir performance. The choke size was progressively increased throughout the […]
StatoilHydro reports rwo new discoveries
StatoilHydro has discovered hydrocarbons in two wells in the Oseberg area in the Norwegian offshore sector of the North Sea.
The first discovery was made in a long-reach exploration well from the Oseberg C platform, targeting the Cook Formation in the Theta structure.
The well is designed to be converted to a producer within 45 days […]
Petrofac wins contract in North Sea
Petrofac is expanding its Southern North Sea (SNS) operations after being awarded a two-year contract, worth approximately £10 million, by Centrica Resources Limited (Centrica).
The contract has been won by Petrofac’s Facilities Management business and entails modifications, maintenance and management services to expand the Grove field, which is located approximately 130km east of Great Yarmouth […]
Aladdin to acquire 4 licences in Russia
Aladdin Oil & Gas Company ASA has entered into a letter of intent to acquire 80 percent of four Russian oil licences in the Orenburg-area for USD 17, 5 million. One of the licences is presently in production and produces approximately 250 barrels of oil per day. The total reserves, C1 and C2, are estimated […]
Crude oil prices keep going up
Crude oil prices hit another new high at $126.98 per barrel in midday trade in New York after reports that Iran will cut oil production.
Officials in Iran later denied that any cuts were forthcoming but confirmed that the possibility of doing so has been discussed.
Heating oil hit a new record in New York as well […]
Oil Search signs PSC in Kurdistan
Oil Search Limited has signed a Production Sharing Contract (PSC) for the 632 square kilometre Shakal Block with the Kurdistan Regional Government (KRG) in Iraq.
The Shakal Block lies in the southeastern fairway of the prolific Zagros Fold belt of Kurdistan and lies immediately south east and on trend with the Pulkhana Field, which has reported […]
Faroe begins drilling of Topaz well
Faroe Petroleum announces that the drilling of the Topaz well 49/2a-X (in Block 49/2a in the UK Southern Gas Basin), has been commenced by the Noble Al White rig.
This undeveloped gas field (discovered in 1987) straddles Blocks 49/1a and 49/2a and is located 14 kilometres south east of the producing Schooner field in which […]
Island to sell Netherlands assets
Island Oil & Gas PLC’s wholly owned subsidiary, Island Oil & Gas BV (IOGBV), has signed a Term Sheet with Delta Hydrocarbons B.V. (Delta) for the sale of the entire issued share capital of Island Netherlands BV (INBV) to Delta, subject to execution of the fully termed sale and purchase agreement .
The assets (the ‘Assets’) […]
Crude reaches new record before declining
The price of crude oil hit another new record high at $126.40 per barrel in New York before falling back to trade at $124.15 per barrel near the close of floor trade on the New York Mercantile Exchange, $1.81 lower than Friday’s close.
Brent crude was last reported to be trading down $1.87 to $123.53 per […]
MOL signs agreement with ONGC
MOL Hungarian Oil and Gas Plc. has signed a farm-out agreement with Oil and Natural Gas Corporation Limited (ONGC) to acquire 35% interest in an onshore exploration block in North-West India. This acquisition is in accordance with the recently signed Memorandum of Understanding with ONGC.
The HF-ONN-2001/1 Block - with area extent of 1,513 sqkm […]
Bridge provides drilling update
Bridge Resources Corp. announces that the Bridge North Sea Ltd Durango 48/21a-4z well has confirmed highly porous gas bearing reservoir.
The top of the Leman Sand reservoir was penetrated on prognosis four feet high to the original 1967 48/21-1 discovery well located 350m east that tested 20.8 mmcfgd and 628 bopd. The sand in the current […]
Victoria reports Donga-4 results
Victoria Petroleum NL has been advised by Bow Energy Ltd (BOW) that a completion and swab test carried out on Donga-4, located in Surat Basin permit ATP 805P, this week recovered 27.5 barrels of fluid interpreted as mostly completion and drilling fluid with no hydrocarbons. This is despite a small recovery of oil from a […]
UPDATE: WTI ends week up 8.3 percent
June contracts for West Texas Intermediate crude oil were at $125.96 per barrel, a gain of $2.27 on the day and up 8.3 percent for the week, at the end of floor trade on the New York Mercantile Exchange on Friday after going as high as a new record $126.20 per gallon earlier in the […]