Futures Markets
Lukoil acquires assets in Uzbekistan
LUKOIL Overseas has completed a transaction with ZAO MGNK-SoyuzNefteGaz to acquire 100% of SNG Holdings Ltd. group, one of which is SoyuzNefteGaz Vostok Limited, a signatory to the Production Sharing Agreement (PSA) on the South-Western Gissar and Ustyurt Region fields in the Republic of Uzbekistan.
The transaction amount came to approximately USD 580 million. The National [...]
Crude oil declines after touching record highs
Crude oil prices were lower Friday, but not before rising to record highs first as worries continued over political tensions in South America.
West Texas Intermediate crude for April delivery was down $1.27 to $104.20 per barrel at last report from the New York Mercantile Exchange, while Brent crude dropped 24 cents to $102.37 per barrel.
Earlier [...]
Emerald updates Khurbet East field
Emerald Energy Plc provides the following update on activities in the Khurbet East field in Block 26, Syria.
The Khurbet East No.4 well, the first well to be drilled in the development phase of the field, has been successfully drilled, completed, and suspended as an oil producer. The well, located 150 metres away from the [...]
Century Petroleum updates operations
Century Petroleum Corp. provides an operations update on its High Pressure - High Temperature (HP-HT) project portfolio.
Shadyside #1 (St. Mary’s Parish, LA) started production on January 7th this year. The operator has gradually increased the choke size and production flow rates have increased. On March 2nd 2008, Shadyside #1 was producing at a rate [...]
Island farmout with Supernova Ireland
Licence 1/04 in the Porcupine Basin in the prospective Atlantic Margin off the west coast of Ireland in return for a cash only consideration of Stg£2.25m.
The Licence includes the Connemara oil field and several significant exploration prospects. Supernova has exercised its exclusive option to farm in for 10% equity in the Island operated Licence, [...]
New York crude prices break records again
Crude oil hit another record high in New York on Thursday as it rose to $105.97 per barrel before easing back slightly but still closing above $105 per barrel.
April contracts for West Texas Intermediate crude was 98 cents above Wednesday’s close at $105.50 per barrel at the close of floor trade on the New York [...]
Petroneft starts drilling at Korchegskaya
PetroNeft Resources plc, the owner and operator of Licence 61, Tomsk Oblast, Russian Federation provides an update on the progress on its 2007/08 three well drilling program and pilot production.
Drilling has now commenced on the Korchegskaya-1 exploration well, the first well to be drilled on the Korchegskaya prospect. The well was spudded on schedule on [...]
Essar bags offshore block in Vietnam
Essar Exploration & Production Limited (EEPL) has been awarded an offshore block in Vietnam’s prolific Song Hong basin. The block, which covers approximately 5,925 square kilometres, was awarded under a recent licensing round where seven offshore blocks were on offer. It is a shallow water block with average water depth of 60 to 70 meters.
The [...]
TG World’s drilling results at Tofkat 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.
BRPC has informed the joint venture participants, TG World Energy Inc., Bow Valley Alaska Corporation and Ramshorn Investments Inc., that the Tofkat #1 exploration well has [...]
WTI up $5 per barrel on session
Crude oil hit a new record high Wednesday as the Organization of Petroleum Exporting Countries held production quotas steady with no indication that they will be willing to increase production anytime soon in an effort to push prices lower.
In addition, tensions remained high in South America as Venezuela continued to place troops to its border [...]
Mosaic to commence 2008 drilling campaign
Mosaic Oil NL mobilised the Century Resources Rig 7 to the first well site, Fairymount-9 oil development well, with drilling operations expected to commence on around the 10th March.
The mobilisation represents the commencement of the Mosaic Oil 2008 drilling campaign, and the implementation of Mosaic Oil’s accelerated growth strategy following the successful capital raising by [...]
Oilex to test Sarha-1 well
Oilex Ltd has confirmed that preparations are underway to conduct Drill Stem Test #3 of the Lower Gharif Formation in the Sarha-1 well located in Exploration and Production Sharing Agreement Block 56, Oman. After a review of borehole conditions, additional cement has been squeezed behind casing to improve the isolation of the anomalous zone interpreted [...]
StatoilHydro acquires operatorship in Brazil
StatoilHydro and Anadarko have signed an agreement whereby StatoilHydro will take over the remaining 50% in the Brazilian Peregrino project. This will give StatoilHydro a 100% working interest and operatorship of the development.
In addition, StatoilHydro is acquiring Anadarko’s 25% interest in the Kaskida discovery in deepwater US Gulf of Mexico.
For these assets StatoilHydro will [...]
Significant price declines for WTI, Brent crude
Crude oil prices were significantly lower Tuesday ahead of a weekly US inventories report due Wednesday, which is expected to show that crude inventories rose for an eighth consecutive week.
Prices dropped even though indications are that the Organization for Petroleum Exporting Countries will hold production quotas steady when it meets Wednesday in Vienna.
While most OPEC [...]
Heritage Oil to spud Ugandan well
Heritage Oil expects to spud the high-impact Kingfisher-2 appraisal/exploration well in the second quarter of 2008. The operator of the neighbouring Block 2 licence, Tullow Oil, is releasing the Nabors 221 drilling rig and preparations have begun to prepare to mobilise the rig to the Kingfisher-2 site.
The Kingfisher-2 well will appraise the reservoir zones discovered [...]
StatoilHydro, Sonatrach agreement at Cove Point
Sonatrach and StatoilHydro have, signed an agreement sealing a long-term partnership at the Cove Point receiving terminal for liquefied natural gas (LNG) in the USA.
Under the terms of the contract, Sonatrach will receive access to 2 billion cubic metres per year of regas capacity at the Cove Point terminal for 15 years from beginning of [...]
Niko Resources signs PSA in Pakistan
Niko Resources Ltd. has signed four Offshore Production Sharing Agreements (PSA’s) with the President of the Islamic Republic of Pakistan and Government Holdings (PVT) Limited, through the Secretariat of the Ministry of Petroleum and Natural Resources.
Niko will have a 100% Participating Interest in the Blocks. The Blocks are located in the Arabian Sea near [...]
WTI, Brent both touch new highs
Crude oil prices were higher again on Monday, hitting new record highs in both London and New York before easing back slightly to more moderate gains.
April contracts for West Texas Intermediate crude were 60 cents higher to $102.44 per barrel at the close of trade on the New York Mercantile Exchange, but not before rising [...]
Dana Gas, Emarat sign JV agreement
Dana Gas, the Middle East’s first and largest regional private-sector natural gas company, and Emirates General Petroleum Corporation (Emarat), have agreed to form a joint venture to own, manage and operate the Middle East first common user gas pipeline, which will be completed in March this year.
Dana Gas and Emarat, along with the three end-users [...]
Afren signs PSC for two licences in Nigeria
Afren plc announces that, as part of its strategy to aggregate and commercialise stranded gas assets in Nigeria, the Company has signed Production Sharing Contracts (“PSC”) for OPL 917 and OPL 907, within the Anambra basin, onshore Nigeria.
Afren through a Joint Venture (“JV”) with Global Energy Company Limited of Nigeria (“GEC”) a leading Nigerian based [...]