Futures Markets
Acergy, DONG signs frame agreement
Acergy S.A. declared the award of an offshore engineering and construction Frame Agreement with DONG Energy.
This award positions Acergy as a preferred contractor to support the development and execution of DONG Energy’s subsea installation work in the North Sea for a period of four years, with options existing to extend a further four years. [...]
Crude oil prices fall slightly
Crude oil prices fell slightly Friday on concerns that US inventories will continue to climb as demand is falling.
West Texas Intermediate crude for April delivery was down 43 cents to $109.90 near the close of floor trade on the New York Mercantile Exchange while Brent crude fell 9 cents to $107.45 on the ICE Futures [...]
BJ Tubular bags contract in China
BJ Tubular Services has been awarded a contract to provide hydraulic hammer conductor-driving services in China by Roc Oil (Bohai) Company. BJ will carry out these services on two offshore platforms in the Zhao Dong Block in Bohai Bay. In addition, BJ is manufacturing and supplying a range of deviated and straight drive shoes [...]
Clayton Williams updates operations
Clayton Williams Energy, Inc. provided an update on its exploration and development activities by area.
The Company has drilled two wells targeting the deep Bossier sands in East Texas: the Big Bill Simpson #1, a 19,000-foot exploratory well in Leon County (70% working interest), and the Margarita #1, a 20,000-foot exploratory well in Robertson County [...]
Total farms into new license in Nigeria
Total has signed an agreement with Nigeria’s Conoil Producing Limited to farm into the deep offshore OPL 257 license with a 40% interest. Conoil remains the operator with a 50% interest, and a local company holds the remaining 10%.
The Nigerian government has approved this transaction.
Covering an area of 372 square kilometres, OPL 257 is located [...]
WTI peaks at $111 per barrel
Crude oil prices were higher again on Thursday, peaking at a new high of $111 per barrel before sliding back slightly, as the dollar weakened again and investors looked for hedges against inflation.
Upward pressures on oil prices have been coming from more than one direction as the dollar has dropped in value.
As the dollar declines, [...]
Solana reports oil discovery in Colombia
Solana Resources Limited has successfully drilled, logged, cased and is preparing to test the Primavera-1 well located on the Guachiría Block in Colombia’s Llanos Basin.
Drilling commenced on Primavera-1 on February 20, 2008 and reached a total depth of 7,405 feet on March 1, 2008. Initial log interpretations, MDT tests and sidewall cores indicate potential oil [...]
MEO Australia announces discovery
MEO Australia Limited advises the market that following careful analysis of the production testing results and electric log data through the Heron North Elang/Plover sandstone unit, formal declaration of a discovery pursuant to clause 34 of the Petroleum (Submerged Lands) Act 1967 has been made to the Designated Authority.
Heron-2 was drilled by Seadrill’s West Atlas [...]
Sunshine sells UK assets for £15m
Sunshine Gas Limited announces that it has reached an agreement to sell its UK subsidiary, Sunshine Oil PLC, for £15 million (approx AUD$32.6m) to UK partner, Hurricane Exploration PLC.
The sale is subject to:
• Hurricane’s satisfactory completion of commercial, financial and legal due diligence of Sunshine Oil;
• Necessary shareholder approvals; and
• Hurricane and Sunshine Gas entering [...]
Crude oil prices gain despite higher US inventories
Despite crude oil inventories that were up last week, prices in New York hit another new record high Wednesday at $110.20 per barrel after dropping immediately after announcement of the new inventories figures.
Prices were higher even though consumption in the US dropped by 0.7 percent last week against an expected rise of around 1.5 percent [...]
Eni announces oil discovery in Timor Sea
Eni has made a new oil discovery in the Timor Sea, in an area jointly administered by Timor-Leste and Australia. The exploration well Kitan-1, located in the permit JPDA 06-105 some 500 km off the Australian coast, was drilled to a total depth of 3,568 meters and highlighted a significant presence of hydrocarbons.
Eni is the [...]
Kodiak provides results of Lucy project
Kodiak Energy, Inc. says that the first set of lab results relating to the Lucy Project has been returned to the company on March 7, 2008 - revealing average Total Organic Compounds (TOC) values of 3.68% with peaks of 5.7%.
The formation thickness demonstrated by the drilling logs shows approximately 60 meters. Kodiak will receive [...]
Oilex spuds Indian cambay well
Oilex advises that Cambay 23Z, the first of 6 consecutive appraisal/development wells in Cambay Field, Gujarat, India spudded at 23:00 hrs on Friday, 07 March 2008 and is currently drilling ahead below a depth of 247 metres.
The purpose of the program of 6 wells is to gather detailed lithological and reservoir fluid information in the [...]
WTI rises to near $110 per barrel
Crude oil prices hit yet another record high on Tuesday when it rose to $109.72 per barrel in New York.
By the end of the floor session on the New York Mercantile Exchange, April contracts for West Texas Intermediate crude was 86 cents over Monday’s close to $108.76 per barrel, while Brent crude was up $1.02 [...]
Swiber bags $127M EPCIC contract
The Group announced that its wholly owned subsidiary, Swiber Offshore Construction Pte Ltd, has successfully been awarded the LOI for EPCIC (Engineering, Procurement, Construction, Installation and Commission) work in Mumbai, India, from one of its long standing clients, BG Exploration and Production India Limited. The LOI is the Group’s maiden EPCIC project win in the [...]
Compton’s Basal Quartz Horizontal a success
Compton Petroleum Corporation announces the results of its first Basal Quartz horizontal well at Hooker and other recent operational activities.
Compton has successfully completed the first horizontal well in southern Alberta targeting the Hooker Basal Quartz formation utilizing multi-stage fracturing technology. The well at 9-17-17-29W4 was drilled with a 700 metre horizontal leg and is currently [...]
Lundin completes well Nyal-1 in Sudan
Lundin Petroleum AB announces that well Nyal-1, drilled on the Nyal prospect, reached Total Depth at 2,363 metres and will be plugged and abandoned as a dry hole. The well is located on dry land on the western flank of the southern Muglad Basin in Block 5B, Sudan.
Nyal-1 found the target Aradeiba and Bentiu [...]
Crude rises above $108 per barrel in New York
Crude oil prices were higher again Monday, hitting a new record at $108.17 per barrel before falling back a bit but remaining above $107 per barrel at the close of floor trade in New York.
April contracts for West Texas Intermediate crude were at $107.85 per barrel at the close on the New York Mercantile Exchange, [...]
Gulf Keystone starts seismic in Kurdistan
Gulf Keystone Petroleum Limited’s subsidiary Gulf Keystone Petroleum International Limited in partnership with Kalegran Ltd, a subsidiary of MOL Hungarian Oil and Gas Public Limited Company (MOL) and Texas Keystone Inc. (Texas Keystone), has commenced seismic acquisition in Kurdistan.
Arrakis Geodynamics Ltd., a U.S.-based upstream services company, has been contracted to acquire 2D seismic in the [...]
StatoilHydro discovery in the Barents Sea
Hydrocarbons have been proven in the Obesum prospect in the Barents Sea. StatoilHydro is the operator and has 100 percent interest in this licence.
This is the fourth find on StatoilHydro-operated licenses on the Norwegian continental shelf in 2008, and the fifth so far this year.
The drilling in production licence 228 in the Barents Sea is [...]