Futures Markets
Transeuro update on Beaver River
Transeuro Energy Corp. reports on the recent test results from the A-8 well at the Beaver River Field.
Test operations have been performed on the uppermost of three prospective intervals in the reservoir, consisting of 20m of perforations out of the entire 230m of Nahanni reservoir. Following the initial test in January, this top interval was […]
Rowan bags contract in Saudi Arabia
Rowan Companies, Inc. says that its Tarzan Class jack-up, Bob Keller, has been awarded a term drilling contract for work offshore Saudi Arabia.
The contract provides for a three-year term, over which the Company expects total revenues of approximately $201 million, and contains an option for a fourth year. The Bob Keller recently concluded work in […]
McMoRan updates GOM exploration
McMoRan announced today that the Flatrock No. 1 (“A” location) discovery well at South Marsh Island Block 212 has been ramped up and is currently producing at a rate of approximately 48.7 million cubic feet of gas per day (MMcf/d) and 750 barrels of condensate per day, approximately 12.5 MMcfe/d net to McMoRan, with flowing […]
Inventories data sends crude prices lower
Crude oil prices dropped on Thursday after the US Energy Information Administration issued its weekly inventories report a day late due to the President’s Day holiday on Monday.
Inventories of crude oil were up by 4.2 million barrels in the week ending 15 February according to the report, against an expected gain of 2.9 million barrels, […]
El Paso’s proved reserves increases 18%
El Paso Corporation announces that its proved natural gas and oil reserves at December 31, 2007, totaled 3.1 trillion cubic feet equivalent (Tcfe), including 256 billion cubic feet equivalent (Bcfe) related to its proportionate interest in Four Star Oil & Gas Company.
El Paso E&P’s 2007 oil and gas capital expenditures were $2,589 million, which included […]
Roc Oil updates operations
Roc Oil (China) Company, a wholly owned subsidiary of ROC, advises that since its last Stock Exchange Release on 13 February 2008, the Premium “Murmanskaya” jack-up rig has re-spudded the Wei 6-12E well as Wei 6-12E-1A.
The well was required to be re-spudded due to problems associated with retrieving stuck drill pipe. Wei 6-12E-1A is located […]
Lundin spuds well in Norway
Lundin Petroleum AB announces that drilling of the exploration well 15/12-19 on the Phi-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), has commenced.
The exploration well 15/12-19 with a planned depth of approximately 3,100 metres mean […]
Crude closes at record high in New York
Crude oil prices rose again to a new record at the close in New York, with gains coming on a report from the Federal Reserve in which it lowered its expectations for the economy this year, which in turn raised expectations that more interest rates are coming.
March contracts for West Texas Intermediate crude, which expire […]
RIL first gas discovery in KG
Reliance Industries Limited (RIL) announces the first gas discovery in exploratory block KG-DWN-2003/1 (KG-V-D3) of NELP-V. The block KG-DWN-2003/1 is located about 50 kilometers from Machalipatnam, in Andhra Pradesh in the deep waters of the Krishna Basin in the Bay of Bengal. It covers an area of 3288 Sq. Km. The gas discovery has been […]
EnerGulf receives drilling schedule
EnerGulf Resources Inc. advises the latest estimate for release of the drillship DeepVenture to drill the Kunene #1 well on Block 1711 offshore Namibia.
Project operator Sintezneftegaz contracted the drillship DeepVenture on behalf of itself and the other co-venturers on Block 1711 (EnerGulf, PetroSA and NAMCOR). The DeepVenture is currently drilling for ExxonMobil offshore Angola. Latest […]
Regal provides Ukraine update
Regal Petroleum plc, the independent oil & gas exploration and production company with interests in the Ukraine, Romania and Egypt, provides an update of its Ukrainian operations as follows:-
• Regal is currently finalising a Letter of Intent with Saipem S.p.A, the international drilling contractor, under which the parties have outlined terms for the provision of […]
WTI nears record high
Crude oil prices jumped to near-record levels in New York on Tuesday on concerns over what OPEC will do with production quotas and on a continuing dispute between Venezuela and the United States over oil.
March contracts for West Texas Intermediate crude added $4.55 to $100.05 per barrel just before the close of floor trade on […]
Tri-Valley’s aggressive drill campaign
Tri-Valley Corporation has completed its second Vaca Tar Sand well and is drilling its third in a major development campaign on its Pleasant Valley property near Oxnard, California.
The Pleasant Valley No 1 well successfully completed its Vaca production test and is on a full steam cycle to begin steady production. The second and third […]
Meridian provides operations update
Meridian Petroleum plc, the US-focused oil and gas company provides the following update on its strategy and operations in advance.
After a record month in January, production from Orion 36 has continued to increase in February. Average daily production for the month so far is 3.92mmcfd with a new peak production level of over 4mmcfd […]
Hercules to purchase three drilling rigs
Hercules Offshore, Inc. has entered into a definitive agreement with Transocean Inc. to purchase three jackup drilling rigs and related equipment for $320 million. The rig package includes the Adriatic III, a 350′ Marathon LeTourneau 116C, and the High Island I and the High Island VIII, both 250′ Marathon LeTourneau 82-SDCs.
All three rigs are […]
DNO updates drilling operations
The Tawke # 12 well was previously drilled to the top of the Cretaceous reservoir section using one of the larger drilling rigs, and thereafter temporarily abandoned. The well was re-entered by the new carrier rig and the Cretaceous reservoir section has been now been penetrated. A total of 131 meters of cores were taken […]
Sibir spuds Orekhovskoye well
Sibir Energy has spudded the first development well at the Orekhovskoye oil field in the Khanty-Mansiysk Autonomous District of western Siberia. The field is operated by Sibir subsidiary OAO Magma (Magma) and holds 49 million barrels of C1 and 5.3 million barrels C2 under the Russian reserves classification system.
This first development well is expected […]
StatoilHydro’s PDO for Morvin field
The Plan for Development and Operation (PDO) was today submitted to the Ministry of Petroleum and Energy.
The extreme pressure and temperature in the Morvin field represents a technological challenge and I am very pleased that we have come up with a good solution, says Knut Gjertsen, project manager.
The pressure in the reservoir is more than […]
Crude oil prices mixed on session
Crude oil prices wavered between gains and losses in New York on Friday as some investors took profits and as the Organization of Petroleum Exporting Countries cut its demand predictions for the year but dropped more hints that it might cut production if global stockpiles remain high.
About half an hour before the close of floor […]
Cabot provides operations update
Cabot Oil & Gas Corporation reports success with its initial wells at Trawick field, continued success with its horizontal drilling program at County Line in east Texas, more success at Hinton in Canada and the success of its early initiatives in the Marcellus shale in Appalachia.
Cabot will have three rigs in the field with a […]