Futures Markets
Aminex updates Malak-1 well
Aminex PLC provides the result of the Malak-1 exploration well in Egypt.
Malak-1, the first in a three well programme on the West esh el Mellahah concession (“WEEM-2”) in the onshore Gulf of Suez and operated by an associated company, Aminex Petroleum Egypt Ltd., reached a total depth of 3,692 metres and obtained positive gas readings […]
Petrofac secures award for Kashagan
Petrofac, the international oil & gas facilities service provider, has secured an additional award at the Kashagan facility in Kazakhstan, operated by Agip KCO.
The award, with a US$105 million lump-sum scope and a US$10 million optional scope, is to engineer and procure a fourth sales gas compressor train within the gas and LPG plant […]
Eni inks MoU with Qatar Petroleum
Eni signed a Memorandum of Understanding with Qatar Petroleum International (QPI), a wholly owned subsidiary of Qatar Petroleum (QP), to seek joint investment opportunities in international projects in the exploration and production sector. The MoU was signed on behalf of QPI by H.E. Abdullah Bin Hamad Al-Attiyah, Qatar’s Deputy Premier and Minister of Energy and […]
Leed provides operational updates
Leed Petroleum PLC announces that drilling operations are now underway for the Eugene Island A-7 well. The well was spudded on 17 April 2008 and will test a development objective as well as other exploration zones. The A-7 well is expected to reach total depth in the third quarter of 2008 and the results of […]
WTI at $117 per barrel in after-hours trade
Crude oil prices set records for the fifth session in a row Friday as West Texas Intermediate crude hit $117 per barrel in after-hours trade after ending the floor session on the New York Mercantile Exchange at $116.69 per barrel, a gain of $1.83.
Both the after-hours level and the price at the close are record […]
CanArgo resumes testing at Manvi
CanArgo Energy Corporation has announced that well testing operations resumed today at its Manavi-12 well in Georgia. The Manavi-12 (M12) well was drilled to a total depth of 16,762 feet (5,109 metres) in December 2006 having encountered a number of significant hydrocarbon shows throughout the Cretaceous carbonate interval, which was the primary target in the […]
Aker Solutions signs alliance in Germany
Aker Solutions has signed an exclusive alliance partner contract with Shell Deutschland Oil GmbH (SDO) for the provision of engineering services (EPCm) for the SDO refineries in Germany. The contract duration is five years, with the option to extend by two additional two year periods.
The refineries covered by the agreement include Refinery Heide, Refinery […]
Norse updates BM-CAL-5 block
Norse Energy Corp. ASA in partnership with Petrobras (Operator), Queiroz Galvão Oil & Gas and El Paso announces that the consortium has been granted the environmental license to drill exploration wells in the BM-CAL-5 block. NEC ownership in this block is 18.3%.
The first well (Copaiba) will be drilled about 17 km offshore, in Bahia state, […]
Oil prices retreat on stronger dollar
Crude oil prices hit yet another new record high at $115.54 per barrel in overnight trade, but Thursday’s rebound by the US dollar against the euro sent the price of oil lower during the session.
At just before the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for May delivery […]
Groundstar update on Egypt and Guyana
Groundstar Resources Limited holds a 20% working interest in the onshore West Esh El Mallaha (WEEM) Block located within the prolific oil producing Gulf of Suez Basin.
Drilling of the Malak-1 exploration well has reached a total depth of 12,116 ft. Encouraging results were obtained from various intervals showing elevated gas readings. These gas readings are […]
Linn to sell all interests in Appalachian
Linn Energy, LLC has agreed to sell all of its interests in oil and gas properties in the Appalachian Basin, including its Marcellus Shale acreage, to XTO Energy Inc. for cash consideration of $600 million, subject to closing adjustments. The Company will use proceeds to reduce indebtedness under its credit facility and anticipates closing on […]
SDRL reports contract extensions
Seadrill Limited provides updates on the semi-submersible drilling rig West Aquarius and the deepwater drillship West Polaris.
ExxonMobil has exercised the option to extend the contract for West Aquarius from three to four years. Estimated contract value for West Aquarius for the full four-year period is approximately US$750 million, up from approximately US$579 million for the […]
More record highs for crude oil
Crude oil prices reached a new record high in New York on Wednesday, supported by concerns that there won’t be enough supply this summer in the United States and by global demand even though US demand has dropped by around 1 percent per week in each of the past few weeks.
Prices were also pushed upward […]
Maersk Oil makes discovery
As operator for DUC, Maersk Oil has encountered hydrocarbons in the Bo-3X exploration well on the Bo South prospect located approximately 5 kilometers south of the Valdemar - Bo field in the A.P. Moeller - Maersk Concession Area. The Bo-3X well was spudded on March 22, 2008 by the Energy Endeavour and was drilled to […]
Urals update on Dulisma field
Urals Energy, a leading independent exploration and production company with operations in Russia, today announces an update on the development of the Company’s Dulisma field, East Siberia.
Highlights
• Successfully completed appraisal of well #105 with higher than expected flow results
• Second new drilling rig delivered to the field on schedule
• Completed preparatory work for the Central […]
Premier inks gas sales agreement
Further to the signing of Heads of Agreements for gas sales from their operated West Natuna Sea Block A in Q4 2007; Premier Oil announce that three fully termed Gas Sales Agreements have been signed in Jakarta.
The three contracts are with Sembcorp Gas Pte Ltd. (Sembcorp), PT Pelayanan Listrik Nasional Batam (PLN) and PT Universal […]
WTI at new record near $114 per barrel
Crude oil rose to a new record high in New York on Tuesday, touching $113.93 per barrel before pulling back slightly in afternoon trade.
Prices were supported by a generally weak dollar was well as by continued supply disruptions in Nigeria and by news of port closures in Mexico due to bad weather.
May contracts for West […]
Superior updates on Gayla 1
Superior Oil and Gas Co. completed two tests on the Mississippi Formation in its Gayla No. 1 Well located in the Eddington Field in Section 14, Township 17 North, Range 3 West, Logan County, Oklahoma. The tests were run by Millennium, Inc., an independent Oklahoma City oil and gas service company.
The tests produced 30 […]
Blake Offshore wins drilling contract
Blake Offshore has recently entered into a contract with Pacific Energy Alaska Operating, LLC, a subsidiary of Pacific Energy Resources, Ltd. The contract term is for a three-year initial term to utilize the Blake Rig 151 for drilling in the Cook Inlet off the coast of Alaska. The contract is valued at $156 million. Mobilization […]
El Nino drill program underway in DRC
El Nino Ventures Inc. says that their 2008, 25,000 meter drill program is underway in the DRC.
The company will drill a minimum of 25,000 meters over the next 5 months. The Company will do a minimum of 12,500 meters of RC drilling and 12,500 meters of Diamond Drilling. On April 12, 2008 the first RC […]