Futures Markets
Frontera updates Taribani operations
Frontera Resources Corporation, an independent oil and gas exploration and production company, announced an update of its operations at the Taribani Field Unit within Block 12, Georgia.
Plans have now been finalized and are underway for the continuation of Zone 9 development operations at the Taribani Field. After a period of delay beginning in late December [...]
Petrobras is highest bidder for 22 blocks
Petrobras was the highest bidder for 22 blocks in Lease Sale 206, offered by the Minerals Management Service (MMS), the United States’ regulatory agency that manages offshore activities. Petrobras was well positioned among the main bidders and made a total investment in the order of $178.9 million.
The lease sale, which included the participation of a [...]
Lease sales in GoM attract $3.7 billion
Two federal sales of offshore oil and natural gas leases in the Eastern and Central Gulf of Mexico attracted more than $3.7 billion in high bids, inaugurating enhanced revenue sharing with oil and gas producing Gulf states, instituting higher royalty rates and underscoring the region’s continuing importance as a vital source of domestic energy production [...]
Compton reports 9% increase in reserves
During 2007 Compton Petroleum Corporation achieved solid proved plus probable reserve additions at competitive finding and development costs. We successfully completed our 322 well drilling program, replacing 192% of our 2007 production at an all-in Finding, Development, and Acquisition cost (FD&A) of $9.98/boe, excluding change in future capital, and $12.89/boe, including change in future capital.
Compton’s [...]
EPL provides operational update
Energy Partners, Ltd. has provided results from the Central Gulf of Mexico Lease Sale 206 and an update on its operations.
The Company was the high bidder on eight leases at the Central Gulf of Mexico Lease Sale 206 held yesterday in New Orleans, LA. The eight high bid lease blocks cover a total of 37,448 [...]
Petrofac awarded Jihar gas plant project
Petrofac, the international oil & gas facilities service provider, has received a letter of intent for the award of a Euros €291 million (US$454 million) lump-sum contract by the Hayan Petroleum Company in Syria to construct a gas treatment plant.
The plant will be built on the Jihar field in the Hayan Block, located near to [...]
Crude prices lower again on session
Crude oil prices were lower Thursday, with prices for May contracts of West Texas Intermediate falling below $100 per barrel for the first time in 15 days during the session before regaining some of those losses.
Much of the declines were attributed to profit-taking after record high prices earlier.
May WTI ended the session down 93 cents [...]
Total acquires acreage in Alaska
Total announces that its wholly owned subsidiary Total E&P USA, Inc. has acquired a 30% working interest from Chevron in several onshore Alaskan exploration blocks known as White Hills. Chevron is the operator with a 70% interest.
Located onshore in Alaska, 40 kilometres Southwest of Prudhoe Bay, the blocks cover an area of approximately 2,000 square [...]
Nexus increases Crux reserves
Hydrocarbon reserves in Nexus Energy Limited’s (Nexus) Crux field in the Browse basin have been increased substantially following the highly successful drilling of the Crux-3 and Crux-4 appraisal wells.
Reserves in the Crux field, in exploration permit AC/P23, off the north west coast of Western Australia, have been increased as follows:
• The Proved plus Probable [...]
Marathon apparent winner in 15 blocks
Marathon Oil Corporation announces that the Company was the apparent high bidder on 15 blocks offered in the Central Gulf of Mexico Lease Sale No. 206 conducted by the Minerals Management Service (MMS). Representing a total investment of approximately $121 million net to the Company, two blocks are 100 percent Marathon and the remaining 13 [...]
WTI prices drop more than $5 per barrel
Crude oil prices dropped significantly on Wednesday on a decline in demand and even though US inventories grew much less than had been expected last week.
The US Energy Information Administration reported that crude oil stockpiles were up by just 200,000 barrels in the week ending 14 March when they had been expected to gain 2.1 [...]
Stratic’s first gas from Ayazli field
Stratic Energy Corporation announces that gas production commenced last Friday from its Ayazli gas field, in the Black Sea offshore Turkey.
Ayazli is the third gas field to start production under Phase 1 of the South Akcakoca Sub Basin development; the Akkaya and East Ayazli gas fields commenced production last year. Initial flow rates from [...]
Hess updates Pony #2 well
Hess Corporation provides the results of its Pony #2 appraisal well located on Green Canyon Block 468 in the deepwater Gulf of Mexico.
The appraisal well was drilled at a location 1.5 miles northwest of the discovery well and reached a measured depth of 32,900 feet. The Pony #2 well encountered the objective target sands in [...]
EnCore secures drilling rig
EnCore Oil plc announces that the semi-submersible rig SEDCO 704 has been contracted for the exploration drilling of the Cladhan prospect (also known as ‘Bowstring East’) on UK North Sea block 210/29a. EnCore holds a 26.6 per cent. interest in the licence and Sterling Resources (Sterling), the operator, holds a 39.9 per cent. interest.
ADTI has [...]
Aminex makes gas discovery in Tanzania
Aminex PLC reports a successful result from the drilling of Kiliwani North -1 (“KN-1”), offshore Tanzania in the Nyuni/East Songo-Songo licence area.
KN-1 has intersected a substantial gas column in Lower Cretaceous sandstones, the same reservoir that produces gas commercially in the neighbouring Songo-Songo gas field. Electric logging has been completed and formation pressures taken [...]
Matra awarded new license in Hungary
Matra Petroleum plc, the oil and gas E&P company focused on Central Europe and Russia reports the award of the Mezocsokonya Exploration License in Hungary. The new license covers a total of 383 sq km and is the central area surrounded by the Inke Concession already held by Matra.
This area became available for application [...]
Mediterranean updates Tunisia drilling
Mediterranean Oil & Gas plc provides the following operational update on its exploration well Teboursouk 1 (TEB1) in Tunisia (Range Operator; MOG 25%).
CTF - Rig 06 is currently drilling at 1616 m of depth. During the week the well drilled an alternance of beige to dark limestones and dark marls both rich in organic matter. [...]
WTI, Brent each drop more than $4 per barrel
Crude oil prices declined significantly Monday after bad news overnight had traders worried about growing sings that the US economy is in real trouble, which could cut demand for oil and oil products.
April contracts for West Texas Intermediate crude dropped $4.53 to close at $105.68 per barrel on the New York Mercantile Exchange, but not [...]
DNO updates Kurdistan projects
DNO provides an update on the projects in Kurdistan - Northern Iraq.
DNO has signed revised agreements with the Kurdistan Regional Government (KRG) amending the production sharing contract it holds for the Dohok and Erbil license areas. The Dohok area has been divided into two license areas, one for the Tawke oil field and one for [...]
Antrim drilling on the Fyne field
Antrim Energy Inc. commences drilling on the Antrim-operated Fyne Field in the UK Central North Sea Block 21/28a (Antrim WI 75%, First Oil Expro Ltd. WI 25%).
The Fyne drilling program will target the Eocene Middle Tay Sandstone, which previously tested at rates up to 3,600 bopd of medium gravity (25° API) oil from [...]