Futures Markets
West Siberian’s reserves increased by 48%
In 2007, West Siberian Resources Ltd successful exploration and development program added net proven and probable oil reserves of 64.8 million barrels. The net proven oil reserves increased by 48 per cent to 162.9 million barrels. Proven and probable (2P) reserves increased by 18 per cent to 361.0 million barrels. The increase in 2P reserves [...]
Aker Kvaerner signs contract with Repsol YPF
Aker Kvaerner has been awarded its first subsea contract from Spanish oil company Repsol YPF. The deal is for the delivery of a subsea production system to the Montanzo and Lubina projects off the east coast of Spain. This is Aker Kvaerner’s first subsea project in the region. Contract value is undisclosed.
Scope of work [...]
Unicorp 257% growth in proved reserves
Total proved reserves for Unicorp, consisting of Proved Developed Producing (PDP); Proved Developed Behind Pipe (PDBP) and Proved Undeveloped (PUD) were 571 thousand barrels of oil equivalent (Mboe), an increase of 257% from the 159.8 Mboe reported as of December 31, 2006. The reserve report was compiled by Hite & Associates, a certified independent reserve [...]
Faroe acquires 14% interest in Norwey
Faroe Petroleum, the oil and gas company working in the Atlantic Margin, the North Sea and Norway, has agreed to acquire a 14% interest in Norwegian Licence PL289 from Gaz de France Norge on a promoted basis. PL289 contains the substantial Marsvin prospect which is scheduled to be drilled in April 2008.
The Licence is located [...]
TGS reports multi-client 3D survey
TGS-NOPEC Geophysical Company ASA (TGS) announced today that it will acquire a new multi-client 3D seismic survey in the South Additions of the West Cameron and East Cameron areas of offshore Louisiana. The company has again contracted Reservoir Exploration Technology ASA (RXT) to perform the acquisition of the 2000 square kilometer Cameron SaD Phase 1 [...]
Crude prices lower on gains in US inventories
Crude oil prices fell Wednesday as the US Energy Information Administration reported that inventories of crude, gasoline, and distillates all advanced last week while demand declined and refinery capacity dropped by 0.7 percent to 84.3 percent.
Stockpiles of crude oil added almost three times the expected amount, growing by 7 million barrels to 300 million barrels, [...]
Gulfsands to develop Khurbet discovery
Gulfsands Petroleum plc has received approval from the Syrian Ministry of Oil and Mineral Resources and the Syrian Petroleum Company (”SPC”) for commercial development of the Khurbet East Field. Development of the Cretaceous Massive Reservoir (”Massive Reservoir”) within the Field will commence immediately.
The Khurbet East Oil Field is within Block 26 in North East [...]
Canoro’s future production plans
Canoro confirms that the current production results reported are consistent with the test results earlier reported during the completion of the Amguri 10B and 11 wells. As reported, Amguri 10B tested 558 boe/d, while Amguri 11 tested 3,190 boe/d from three zones in the Barail. Both of these tests were conducted at wellhead pressures of [...]
Providence begins drilling of AJE 4
Providence Reources Plc confirm that in conjunction with its AJE Partners (comprising Yinka Folawiyo Petroleum Company Limited (”YFP”) acting as the Operator, Chevron Nigeria Deepwater H Limited (”CDHL”) acting as the Technical Adviser, Vitol Exploration Nigeria Limited (”Vitol”), Energy Equity Resources Aje Limited (”EER”) and P.R. Oil and Gas Nigeria Limited (”Providence”), drilling of the [...]
Roc Oil begins Perth drilling program
Roc Oil (WA) Pty Limited, a wholly owned subsidiary of ROC, commencea a two well exploration/appraisal drilling programme in WA-286-P, in the North Perth Basin, offshore Western Australia.
At 0100 hours (local time) on 3 February 2008, the Premium “WilCraft” jack-up drilling rig commenced drilling the Lilac-1 exploration well, in 33 metres of water approximately 2.5 [...]
Total signs agreements with PDVSA
Total reports the signature of two joint study agreements with PDVSA concerning the Junin 10 block in the Orinoco Belt in Venezuela.
Signed by Christophe de Margerie, Chief Executive Officer of Total, and Rafael Ramirez, Minister of Energy and Petroleum of the Bolivarian Republic of Venezuela and President and Chief Executive Officer of PDVSA, the state-owned [...]
Empire to drill Moriary well
Empire Oil & Gas reported that the Western Australian State Government’s Department of Industry and Resources Petroleum Division provided formal approval on Friday 1 February 2008 for the Operator of the EP 426 Permit, Empire Oil Company (WA) Limited, to drill the Moriary-1 well.
Empire has also settled and received on 1 February 2008 an Access [...]
Cheyenne Energy to sell Valhalla asset
Cheyenne Energy Inc. has entered into a binding agreement with Bastion Energy Ltd., an arm’s length purchaser, for the sale of certain of its producing assets in the Valhalla area.
The Valhalla assets represent approximately 19 BOE/D of production. The agreement is the result of a formal sales process and proceeds from the sale will [...]
Cleansweep oilfield starts production
South Australian based oil exploration and production Company, Stuart Petroleum Limited says that the Cleansweep Oilfield has commenced production and is online at an initial rate of 120 barrels of oil per day.
The Managing Director of Stuart Petroleum, Mr Tino Guglielmo said, “Production from the Cleansweep Oilfield will provide a valuable increment to Stuart’s production, [...]
Chevron completes Big Foot well
Chevron Corporation successfully completes an appraisal well at its Big Foot prospect in the deepwater Gulf of Mexico. Big Foot is located in over 5,000 feet of water on Walker Ridge 29, approximately 225 miles south of New Orleans, and 180 miles offshore. The appraisal well, Big Foot no. 3, Sidetrack no. 2, confirmed the [...]
Crude prices fall on US job losses
Crude oil prices fell Friday after the Labor Department said that the economy lost 17,000 jobs in January, the first time jobs haven’t been added in a month in more than 4 years, strengthening fears that demand could decline.
Meanwhile, the Organization of Petroleum Exporting Countries decided at a meeting in Vienna to hold production quotas [...]
StatoilHydro finds gas in the Norwegian Sea
StatoilHydro ASA, operator of production licence 312, has completed the drilling of wildcat well 6407/6-6 in the Norwegian Sea.
The purpose of the well was to investigate the potential for gas in sandstone of the Middle Jurassic Age in a prospect called Gamma. The prospect is located about eight kilometres southeast of the Mikkel field. [...]
Whiting completes North Dakota Bakken well
Whiting Petroleum Corporation has completed the Liffrig 11-27H well flowing at a daily rate of 2,247 barrels of oil and 1.7 million cubic feet (MMcf) of gas or 2,530 barrels of oil equivalent (BOE) during a 24-hour test of the Middle Bakken formation at a vertical depth of approximately 9,920 feet. The well was drilled [...]
CGGVeritas completes Walker Ridge survey
CGGVeritas declares the completion and delivery of the Fast-Trax 3D PSDM from its first wide-azimuth (WAZ) 3D multi-client program covering 476 lease blocks in the Walker Ridge area of the Gulf of Mexico.
Tim Wells, President, Western Hemisphere, said through timely data acquisition and utilization of advanced high-end processing and imaging technologies, we are able to [...]