Futures Markets
WTI declines to near $90 per barrel
Crude oil prices were lower again on Thursday as demand concerns continued.
Prices were up early in the session on a statement by Iran’s oil minister that contended that OPEC does not need to increase production, but declined after Federal Reserve Chairman Ben Bernanke said in testimony before Congress that he is in favor of a [...]
Carnarvon updates Thailand operations
The WB-1 (Deep) exploration well has been abandoned after testing small amounts of natural gas with approximately 750 barrels of water per day from an open hole volcanic interval between approximately 1,500 to 1,590 metres. A second, shallower, 10metre thick volcanic section at approximately 1,200 metres, that had oil shows whilst drilling but no lost [...]
Essar to acquire stake in Kenyan refinery
Essar Energy Overseas Ltd, a subsidiary of Essar Oil Limited, has entered into an agreement to acquire 50% of Kenya Petroleum Refineries Ltd. (“KPRL”), a 4 million metric tonne (MMTPA) per annum refinery in Mombasa, Kenya.The Government of Kenya holds the remaining 50% of KPRL.
Essar will acquire the stake from the existing shareholders – The [...]
Serica Energy approves gas sales agreement
Serica Energy plc says that the terms of a sale of gas from the Kambuna Field offshore North Sumatra, Indonesia, have been agreed.
The majority of the gas from the Kambuna Field will be sold to the Indonesian State electricity company Perusahan Listrik Negara (“PLN”) at an initial price of US$4.50 per million Btu escalating at [...]
Crude prices fall as US inventories jump
Crude oil prices fell Wednesday on a new inventories report from the US Energy Information Administration and after the International Energy Agency cut their projection for oil demand this year.
In its weekly US inventories report, the EIA said that 4.3 million barrels of crude oil were added to stockpiles in the week ending 11 January, [...]
Senergy acquires Floyd & Associates
Aberdeenshire oil and gas consultancy, Senergy Limited, has acquired Floyd & Associates.
This deal continues the growth of Aberdeen-based Senergy as a diversified energy services organisation providing a holistic approach to field development.
The new combined company will have a turnover in excess of £50 million and employ over 220 people.
Floyd and Associates is one [...]
Talisman announces second oil discovery in Vietnam
Talisman (Vietnam 15-2/01) Ltd., a wholly owned subsidiary of Talisman Energy Inc. has tested the Hai Su Den (HSD) exploration well offshore Vietnam. This was Talisman’s second oil discovery in Vietnam in 2007, following up on the Hai Su Trang (HST) Miocene sandstone discovery on the same offshore block announced earlier in the year.
The HSD [...]
Contact updates drilling operations
Contact Exploration Inc. updates its shareholders as to progress on the workover project in the Stoney Creek Field, the latest oil production volumes, and exploratory drilling plans in the South Stoney Creek Prospect.
In October, 2007 Contact commenced a rework program involving existing non-productive boreholes in the Stoney Creek Field. Initial results from the workover project [...]
Tethys announces new gas discovery
Tethys Petroleum Limited reports a new gas discovery with the results of the Akkulka AKK13 exploration well in Kazakhstan.
The AKK13 well was drilled some 3.6 miles (5.7 km) north-west of AKK12 to a total depth of 1.910 feet (582 metres). The well was perforated over a 20 feet (6 metre) interval between 1,621 and 1,641 [...]
WTI prices fall on demand worries
Crude oil prices were lower on Tuesday as retail sales for December were reported down and as President George W. Bush, in Saudi Arabia as part of his tour of the Middle East, urged the Organization of Petroleum Exporting Countries to hike production in an effort to make prices lower because if prices remain high [...]
Petrobras announces gas discovery in Peru
The consortium formed by Petrobras (35.15%), Repsol (41% - Operator) and Burlington Resources (23.85%) has discovered gas in Peru, in exploratory well Kinteroni X1, in Block 57, in the Cuzco province (see the figure below).
The Kinteroni discovery structure is more than 22 kilometers long and has some 115 meters of liquid gas and condensate reservoirs. [...]
Noble Energy provides block I well results
Noble Energy, Inc. dannounces a successful test in Block “I” offshore Equatorial Guinea. The ‘I-4′ well, which is on trend with the Belinda discovery on Block “O” offshore Equatorial Guinea, encountered a high quality Miocene reservoir that, when tested, yielded flow rates of 1,634 barrels per day of condensate and 28.9 million cubic feet per [...]
Aminex updates Texas drilling
Aminex PLC, the oil and gas company listed in London and Dublin provides the following progress report on the GU#38 well at South Weslaco, Hidalgo County, Texas.
GU#38 was spudded on 23 December 2007 and achieved planned total depth of 11,000 feet (3,352 metres) on 9 January in deep Frio sands which had not been reached [...]
Iran, Nigeria issues send oil higher
Crude oil prices were higher on Monday after US President George W. Bush made comments during an official visit to the Middle East which renewed worries of disruptions of oil supplies from Iran.
Mr. Bush accused Iran of backing militants and threatening the security of the world and asked that US allies in the Persian Gulf [...]
Arrow Energy signs PSC with PetroVietnam
The Directors of Arrow Energy Ltd declares that Arrow Global CBM Ltd (Arrow) signed a major Production Sharing Contract (PSC) with PetroVietnam in Hanoi.
The PSC, known as the Hanoi Trough (MVHN-01KT) Onshore PSC, gives Arrow title to a highly prospective Coal Seam Gas (CSG) tenement area of 2,743 sq km in the Hanoi Basin. The [...]
Elixir Petroleum updates Pompano project
Elixir Petroleum Limited provides an update on activities at the Pompano Project.
The operator of the Pompano Project, AnaTexas Offshore Inc. (“AnaTexas”) has advised that the Hercules 152 jack-up drilling rig commenced mobilisation to the Pompano field on 9 January 2007. Subject to weather, it is expected the drilling unit will arrive in field over the [...]
TG World updates central north slope Alaska
TG World Energy Corp. provides an update on the Alaska Central North Slope winter 2008 exploration program, which is being carried out by the project operator Brooks Range Petroleum Corporation (“BRPC” or the “Operator”), a wholly-owned subsidiary of the Alaska Venture Capital Group.
BRPC has informed the joint venture (“JV”) participants, TG World Energy Inc., Bow [...]
Economy concerns send crude prices lower
Crude oil prices were lower on Friday as concerns continued that consumption will be hurt as the global economy slows.
Following earlier predictions of recession in the US and Japanese economies, new data showed that implied the fast-growing Chinese economy might have peaked after growth of its money supply slowed and its trade surplus diminished in [...]
Amerisur Resources updates on Platanillo 2
Amerisur Resources Plc, the oil and gas explorer and developer focused on South America, provides the following update on operations in the Platanillo contract within Colombia.
In the Platanillo-2 well the ‘B’ limestone, ‘T’ sandstone and ‘U’ sandstone zones have been tested and all have produced crude oil.
A short test was performed in the ‘B’ limestone [...]
Irvine Energy acquires US oil & gas leases
Irvine Energy plc has completed the acquisition of a 50% working interest in a further 27,337.2 gross acres of oil and gas exploration and production leases in Oklahoma for a cash consideration of US$5,529,500 and unsecured loan notes of US$4 million.
The transaction completes Irvine’s acquisition of oil and gas assets from its US partner [...]