Futures Markets
Leed Petroleum updates drilling activities
Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announced the successful drilling of the secondary target zone on the Eugene Island A-6 development well, which was spudded on Sept. 16, 2007.
Analysis of the well logs acquired over the secondary target zone indicate a productive gas […]
Southwestern provides reserves update
Southwestern Energy’s estimated proved oil and gas reserves totaled 1,450 Bcfe at December 31, 2007, up 41% from 1,026 Bcfe at the end of 2006. Approximately 96% of the company’s year-end 2007 estimated proved reserves were natural gas and 64% were classified as proved developed, compared to 95% and 65%, respectively, in 2006.
Southwestern operates […]
Horizon takes stake in 3 Thai concessions
Horizon Oil Limited advises that it has today signed a farm-out arrangement with Pearl Energy Limited, a wholly owned subsidiary of Aabar Energy PJSC, to acquire 20% participating interests in three exploration concessions in the Gulf of Thailand.
Under the terms of the transaction, Horizon Oil will pay 40% of the seismic and drilling costs of […]
Crude peaks at new high
Crude oil prices were up Thursday, reaching a new high in New York, on a number of issues that included a weaker US dollar and the likelihood that the Organization of Petroleum Exporting Countries will not raise production quotas when it meets next month.
What were characterized as “small” disruptions in supply from Nigeria and Iraq, […]
Africa Oil updates Somalia operations
Africa Oil Corp. has entered into a contract for a drilling rig to begin drilling in our Puntland concessions during 2008. The contract effective date is February 19th, 2008 and covers the drilling of two wells with a two well option. It is a standard day rate contract and was negotiated at competitive rates. Drilling […]
Niko reports eighth gas discovery
Niko Resources Ltd. reports a new gas discovery in the NEC 25 block located in the Mahanadi offshore basin, off the Orissa coast in the Bay of Bengal. This shallow water block covering an area of 10,775 sq. km. in water depths ranging between 20-600 meters was awarded under the bidding round of NELP I. […]
TG World updates North Shore #1
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.
Certain information set out in this News Release constitutes forward-looking information, including information concerning anticipated exploration activities in Alaska and the timing of commencement of drilling […]
WTI, Brent prices down after setting new records
Crude oil prices in New York and London hit new records before falling back to declines for the session on US inventories reports that exceeded expectations.
The US Energy Information Administration reported that crude oil stockpiles were up by 3.2 million barrels in the week ending 22 February, much more than the 2.4 million barrel gain […]
Elixir updates on Pompano project
Elixir Petroleum Limited reported that the Hercules 152 jack-up drilling rig, which successfully drilled Well SL 103229 #1 Well #1) has been moved to the ‘A’ Production Platform and has spudded Well SL 103230 #1 (Well #2) at the Pompano Gas Project offshore Texas.
Well #2 is being directionally drilled to approximately 9,360 feet measured depth […]
Argenta discovers oil in Argentina
Argenta Oil & Gas Inc. provides initial results of its first exploration well on its 100% owned Loma El Divisadero property in the Neuquen Basin, Argentina.
The LEDO x-2 well was drilled to a total depth of 5,294 feet and 7 inch casing was run and cemented at 4,694 feet. The well tested 19 degrees API […]
Lukoil begins new production facility
Turgai Petroleum, a joint venture with the equal interests of LUKOIL Overseas and PetroKazakhstan (part of CNPC group) commissioned a new modular water injection pump station at the Kumkol field in the Kyzylorda Region of Kazakhstan.
The construction of the station, the assembly and the start-up of equipment has lasted for 10 months. The investments totaled […]
WTI back above $100 per barrel
Crude oil prices were higher again on Tuesday, closing above $100 per barrel in New York and closing in on that level in London.
April contracts for West Texas Intermediate crude added $1.53 to $100.74 per barrel on the New York Mercantile Exchange, while Brent crude jumped $1.64 to $99.33 per barrel on the ICE Futures […]
Monarch update on well 15/18a-12
Monoil (UK) Limited, a wholly owned UK subsidiary of Monarch Energy Limited provides the following update on the 15/18a-12 (Maria) well.
The well reached total depth of 5,865 feet measured depth (MD) on February 17, 2008 with logging operations completed on February 23, 2008. During drilling operations severe hole problems were encountered, and as a result […]
Dana Gas, Ikarus Petroleum join forces
Dana Gas has signed a Memorandum of Understanding (MoU) with Ikarus Petroleum Industries, a major Kuwaiti established company with ownership in several petrochemical ventures in the GCC states.
The MoU was signed last week by Rashid Saif Al Jarwan, General Manager of Dana Gas, and Suhail Abograis, Chief Executive Officer of Ikarus Petroleum agreement to […]
Yangarra updates on production
Yangarra Resources Ltd. exited 2007 with daily net production of 515 boe/d, 90% weighted to natural gas. The Company reports that current daily sales production is approximately 540 boe/d and provides the following operations update of Company activity.
Yangarra drilled, completed and tied in two Bow Island wells late in 2007. The wells have performed to […]
Crude oil prices up on geopolitical issues, weather report
Crude oil prices were higher again on Monday on continuing worries about Turkish military operations inside northern Iraq and on new warnings from Iran concerning international sanctions against that nation over its nuclear ambitions.
Prices were also supported by forecasts for colder weather in parts of the United States that will increase demand for heating oil.
West […]
CEPSA farms into Pan Andean blocks
Pan Andean has agreed terms on which CEPSA, a major international Spanish based oil company, will joint venture Blocks 114 and 131 in the Ucayali jungle of Peru. Previous drilling proved a working oil system in the Blocks. The joint venture is part of the Pan Andean strategy to reduce financial exposure whilst accelerating drilling […]
Maersk signs agreement with PEMEX
PEMEX Exploracion y Production and MAERSK OLIE OG GAS A/S. signed a non-commercial General Cooperation Agreement regarding research scientific and technological development agreement.
PEMEX Exploracion y Production General Manager, Carlos A. Morales Gil, and Mr. Jørgen Liboriussen, Senior Vice-president signed the agreement.
This agreement follows up on the State Visit the Mexican President, Felipe Calderon Hinojosa made […]
Tullow provides exploration update
Tullow Oil plc (Tullow) announces an oil discovery on the Odum-1 exploration well in Ghana and the decision to suspend the Ngassa exploration well and redrill from an alternative location.
Odum-1, the second exploration well drilled on the West Cape Three Points licence offshore Ghana, has discovered a commercial light oil accumulation based on the results […]
Crude prices up on Turkish incursion into Iraq
Crude oil prices were slightly higher Friday on reports that at least several hundred Turkish troops have crossed the border into northern Iraq in an escalation of the conflict with Kurdish militants.
The incursion is in response to attacks on Turkish territory by Kurds who are trying to establish autonomy in southeastern Turkey.
The move renewed fears […]