Futures Markets
Karoon to take stake from Woodside
Karoon Gas Australia Ltd has entered into an agreement with Woodside Energy Ltd to acquire its 66.67% interest in petroleum permit AC/P8 for the purchase price of A$1 million. The permit is located in the Australian waters of the Timor Sea approximately 500 kms north west of Darwin.
The acquisition is conditional on approval from the [...]
StatoilHydro reports duster in Bjørk prospect
Drilling of the wildcat s prospect north of the Norne field has been completed. No hydrocarbons were proven in the well.
StatoilHydro is operator for production licence 352, the Bjørk prospect in block 6608, 33 kilometres north of the Norne field in the Norwegian Sea.
The well did not reveal hydrocarbons and has been classified as dry [...]
US crude inventories add 2.8 million barrels
Crude oil prices fell on Thursday after the US Energy Information Administration reported that while distillates inventories declined more than expected in the week ending 9 November, crude oil and gasoline stockpiles grew when they had been expected to decrease over the week.
Crude oil stockpiles were 2.8 million barrels higher during the week when they [...]
Lundin oil discovery in UK North sea
Lundin Petroleum AB says that the well 21/8-3 on the Scolty and Banchory prospects reached its total depth at 4,576 meters (15014 ft). The well is located in the Central North Sea sector of the United Kingdom continental shelf (UKCS).
The well was drilled using the GSF Galaxy II jack-up rig and evaluated two reservoir [...]
Noble announces discovery in Equatorial Guinea
Noble Energy, Inc. announces a new discovery on Block “I” offshore Equatorial Guinea. The ‘I-3′ well, which tested the Yolanda prospect, encountered a high quality Miocene reservoir containing 47 feet (14 meters) of net hydrocarbon pay. Production tests from the well yielded flow rates of 371 barrels per day of condensate and 36 million cubic [...]
BPZ Energy starts oil production in Corvina
BPZ Resources, Inc. has begun oil production at the CX11 platform in the Corvina field of its offshore Block Z-1 in northwest Peru. This early production was initiated pursuant to the Company’s Initial Development Plan that requires the new wells to be put on extended production tests. This will allow the Company to start gathering [...]
WTI adds almost $3 ahead of inventories
Crude oil prices were higher on Wednesday ahead of the US Energy Information Administration’s weekly report on inventories, delayed until Thursday due to Monday’s Veteran’s Day holiday in the United States.
Prices were also pushed up by a statement from an OPEC official who said that there is no need for his organization to put more [...]
Pan Andean begins production at High Island
Pan Andean Resources confirms the start up of production of the Phoenix Exploration (’Phoenix’) well on High Island 52 in the Gulf of Mexico. Initial production rates are 5 million cubic feet of gas a day, but this is expected to rise as the operator familiarises himself with the reservoir.
Pan Andean holds a 2.15% [...]
EnCore farms out interest in Bennett Prospect
EnCore Oil plc has entered into a farm-out agreement with Wintershall Noordzee B.V. (“Wintershall”) under which Wintershall will acquire a 30 per cent. interest in southern North Sea Blocks 43/15a and 43/20a from EnCore and will assume operatorship of the Bennett prospect.
Under the terms of the farm-out agreement, Wintershall will secure a 30 per cent. [...]
Afren to buy Devon’s interests in Ghana and Angola
Afren plc has entered into an agreement with Devon Energy to acquire its interests in Ghana and Angola, comprising a 95% working interest and operatorship of the Keta Block, offshore Ghana and a 15% working interest in Angola Block 16.
The acquisition is subject to certain conditions precedent, including customary governmental approvals and, with respect [...]
WTI, Brent down more than $3 per barrel
Crude oil declined substantially in New York on Tuesday after Iran complied with a key United Nations demand in relation to its nuclear program and as the International Energy Agency revised demand forecasts down.
The IEA said that high oil prices seem to be affecting demand and cut its prediction for fourth-quarter demand by 500,000 barrels [...]
Frontera operations at Basin Edge Play Unit
Frontera Resources Corporation, an independent oil and gas exploration and production company, announced that drilling operations at the Lloyd #1 well are continuing at its Basin Edge Play Unit, Block 12, Georgia. Designed to evaluate multiple horizons in Frontera’s Basin Edge “C” Prospect, this well targets primary reservoir objectives at a total depth of approximately [...]
PGS acquires Arrow Seismic ASA
Petroleum Geo-Services ASA has acquired 18,359,070 shares in Arrow Seismic ASA (”Arrow”) at a price of NOK 96 per share. Following the transaction, PGS holds 18,359,070 shares in Arrow corresponding to approximately 78% of all issued and outstanding shares in Arrow.
In accordance with the Norwegian Securities Trading Act, PGS expects to proceed with a mandatory [...]
RIL signs PSA for offshore block in Oman
Reliance Industries Limited (RIL)’s wholly owned subsidiary Reliance Exploration and Production DMCC has signed a Production Sharing Agreement (PSA) with the government of Oman for a offshore Block No 41 in Oman deep water.
The Block measures over 20,000 sq km and water depth could increase up to 3,000 meters. The new Block is adjacent to [...]
Crude prices decline on OPEC speculation
Crude oil prices were lower on Monday on the possibility that the Organization of Petroleum Exporting Countries could decide to increase output when it meets next.
The suggestion came from Ali al-Naimi, Saudi Arabia’s oil minister, but it was unclear if the meeting he was referring to is the meeting of OPEC member nations’ heads of [...]
Ttethys to increase acerage onshore Oman
Tethys Oil AB (Tethys) has signed an agreement with Norwegian Energy Company (Noreco) affiliate Altinex for Tethys to take over its 50% interest in blocks 3 and 4 onshore Oman.
According to the agreement Tethys will enter into the second exploration phase of an EPSA covering Blocks 3 and 4. The first phase expires on December [...]
Oilex provides Pendalian-3 preliminary test results
Oilex advises that following the perforation of the interval 460– 464 & 466 – 471 metres below KB and a brief period of natural flow of 330 API crude oil, swabbing operations have now been completed at Pendalian-3 to determine the flow potential for Drill Stem Test (DST) #3. Downhole pressure gauges are being recovered [...]
Aker Kvaerner awarded drilling equipment contracts
Aker Kvaerner has been awarded two drilling equipment contracts by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) in Korea; one for a single drillship, the other one for a semi rig. The total contract value for Aker Kvaerner is approximately USD 213 million.
The scope of work for both contracts is to deliver complete [...]
WTI, Brent higher in Friday trade
Crude oil prices were higher on Friday as it remained uncertain how long or how much production will be affected at a Port Arthur, Texas refinery that was hit by a power outage and fire on Thursday and even though North Sea oil platforms shut down by bad weather were said to be coming back [...]
Reliance makes gas discovery in Krishna Basin
Reliance Industries Limited (RIL) has met with yet another success in KG-OSN-2001/1 (KG-III-5) located in the Krishna offshore basin in the east coast of India. The well (KGIII5-P1) is the second gas discovery in the Miocene clastics reservoir in the Krishna basin. This shallow water block, with an area of 1100 sq. kms, was awarded [...]