Futures Markets
Lundin starts drilling in Caspian sea area
Lundin Petroleum AB has started drilling the Morskaya-1 exploration well in the Lagansky block, situated in the northern Caspian Sea in Russia. Lundin Petroleum has currently a 70 percent net interest in the Lagansky block.
The well, with a planned depth of 2,000 m, is targeting Triassic and Jurassic Sandstone Reservoirs. The Morskaya structure is [...]
Total acquires interests in 2 blocks in Malaysia
Total says that its wholly-owned subsidiary Total E&P Malaysia has signed a production sharing contract with national oil company Petronas.
The contract covers Blocks PM303 and PM324, located around 100 kilometres offshore Peninsular Malaysia in 50 to 80 metres of water depth.
Total E&P Malaysia will hold a 70% interest in and operate each block, alongside partner [...]
StatoilHydro contract to Schlumberger
StatoilHydro has awarded the contract for integrated drilling services to Schlumberger Norge AS for operations at Statfjord, Snorre, Gullfaks, Visund and Gjøa as well as for exploration drilling on the Norwegian continental shelf.
The agreement covers delivery of directional drilling, measurement while drilling (MWD), logging while drilling (LWD) and mud logging services.
The contract secures supply [...]
WTI in new record above $135 before decline
Crude oil touched a new record - again - in New York trade Thursday at $135.09 per barrel before declining, while Brent crude also rose, to $135.14 per barrel, before falling from Wednesday’s close.
The declines came on profit-taking and virtually no one is expecting that today’s falling oil prices are the beginning of a trend.
The [...]
Gulfsands discovers gas in GoM
Gulfsands Petroleum plc has discovered natural gas in multiple pay zones in the EI57 #16 well, located in the Eugene Island protraction area within the Gulf of Mexico.
The EI57 #16 well was drilled to a total measured depth of 12,542′ (12,260′ TVD). Gulfsands’ preliminary analysis of the well logs indicates total net pay of [...]
Pacific Energy sells California assets
Pacific Energy Resources Ltd. announces the execution of definitive agreements to sell 100% of its onshore California producing assets, which include interests in the Los Angeles Basin and the San Joaquin Basin for $135 million in cash.
The effective dates of the transactions are January 1, 2008 for the Los Angeles Basin assets and May 1, [...]
Gas discovery in the Norwegian Sea
StatoilHydro, the operator of production licence 348, now completes the drilling of exploration well 6407/8-4 S. The well is located 30 kilometres north-east of the Njord field and 9 kilometres north-west of the Draugen field.
The well has confirmed the existence of gas in Jurassic sandstone. The size of the discovery is so far not determined, [...]
Crude oil breaks $133 level
The price of crude oil rose above $133 per barrel at the close of floor trade in New York on Wednesday and continued the climb in after hours trade, at times approaching $134 per barrel not long after the close.
2016 contracts were even higher, trading above $142 per barrel during the day.
The gains came on [...]
Salamander spuds Tutung Alpha-2
Salamander Energy plc, an independent upstream oil and gas exploration and production company focused on Asia, announces the spudding of the Tutung Alpha-2 (TA-2) appraisal well in the Bontang PSC, East Kalimantan, Indonesia.
The Tutung discovery is a gas-condensate accumulation on the northern flank of the prolific Kutei Basin in East Kalimantan, Indonesia. The TA-2 [...]
Serica tests Kambuna-3 in Indonesia
Serica Energy plc provides an update on development activities in the Kambuna field, offshore North Sumatra, Indonesia.
Production tests are being carried out on the three Kambuna production wells and the results of the second test are now available.
The Kambuna-3 production well tested the Belumai reservoir over the 94 ft interval 7,152 to 7,246 ft below [...]
Total announces first gas from Jura
Total announces that it has achieved first gas from its Jura field on time and on budget. Jura is situated in the Alwyn area, 100% owned and operated by Total, and comes on stream less than a year after development was sanctioned and only 17 months after discovery.
This High Pressure/High Temperature (HP/HT) field with [...]
WTI for June touches $129.60 per barrel
Crude oil prices hit yet another new record Tuesday in New York at $129.60 per barrel after yet another declaration from the Organization of Petroleum Exporting Countries that it will not be raising production quotas anytime soon.
This time it was the president of the cartel insisting that production will not go up before OPEC’s next [...]
Pantheon provides drilling update
Pantheon Resources, the AIM-Listed oil and gas exploration company active in the Gulf of Mexico, issues this update on the drilling of the Jumonville #1 well (Bullseye Prospect) in Iberville Parish, Louisiana. Jumonville #1 is currently drilling below 10,200 feet measured depth. Intermediate casing is scheduled to be set at about 10,900ft total vertical depth [...]
Emerald Energy updates operations
Emerald Energy Plc would like to provide the following update on development operations in Syria and Colombia.
Drilling of the Khurbet East No.6, the second horizontal development well in the Khurbet East field, has commenced. It is designed as a horizontal producer in the Cretaceous Massive reservoir and is expected to take approximately [...]
White Nile acquires Nigerian oil projects
White Nile Ltd, the AIM listed oil and gas exploration company, has agreed to acquire PA Energy Africa Limited (’PAEA’), a private oil company which operates in Nigeria, for a consideration of US$1.839 million in cash and 3,132,688 new ordinary shares in the Company. The acquisition is part of White Nile’s strategy of gaining [...]
UPDATE: WTI gains just before the close of trade
Even though the price for June contracts of West Texas Intermediate crude was down 79 cents from Friday’s close near the end of the floor session on the New York Mercantile Exchange, a late surge sent prices to 76 cents above Friday’s close to trade at $127.05 per barrel on Monday afternoon.
Crude oil prices retreat slightly
Crude oil prices were lower in New York near the end of floor trade on the New York Mercantile Exchange on Monday, but for most of the morning they traded higher on refinery problems and on production news from the Organization of Petroleum Exporting Countries.
OPEC is reported to have said again that it will not [...]
Eurogas updates on Sfax permit
Eurogas Corporation declares the initiation of a drilling program for the Sfax permit offshore Tunisia. A drilling contract has been signed with SeaWolf Oil Services Ltd. to drill two firm wells and two optional wells starting with the Ras El Besh prospect. The Delta Queen, a cantilevered jack up drilling rig, will be mobilized from [...]
BG Group orders two LNG ships
BG Group plc has signed an agreement with Samsung Heavy Industries Co. Limited of South Korea for the delivery of two new-build dual-fuel diesel electric (DFDE) LNG ships. The new ships will each have a cargo capacity of 170,000 cubic metres (m3) and are scheduled to be delivered in 2010.
Martin Houston, BG Group Executive [...]
Fairfield acquires Dunlin area
Following the announcement of exclusive negotiations with the sellers in June 2007, and signature of Sale and Purchase Agreements with Shell, ExxonMobil, Statoil, and OMV in December 2007, Fairfield Energy Ltd is pleased to announce the completion of its acquisition of interests in the Dunlin, Dunlin Southwest, Osprey and Merlin fields.
Under terms of the transaction [...]