Futures Markets
BP in $7bn deal with Devon Energy
Oil giant BP has announced a deal with US independent oil and gas producer Devon Energy Corp which will allow it to begin exploring off the coast of Brazil.
The deal, worth $7 billion (£4.7 billion), includes almost a dozen exploration blocks in Brazil, which comprises some of the world’s biggest deepwater oil fields.
It [...]
Crude prices gain 30 percent in May
Crude oil prices rose to their highest level this year in New York as West Texas Intermediate crude for July delivery added $1.23 to $66.31 per barrel on the New York Mercantile Exchange while Brent crude was up $1.08 to $65.47 per barrel on the ICE Futures Europe exchange in London.
The recent gains in prices, [...]
Petrobras starts production at Agbami Field
Brazilian oil producer, Petrobras and partners have produced first oil from Agbami Field in Nigeria on July 29 2008. Petrobras holds a 13% share in the venture, together with StatoilHydro and Chevron, the operator.
The Nigerian companies Nigerian National Petroleum Corporation and Famfa Oil Limited are also partners in Agbami Field as concessionaries.
The FPSO (Floating [...]
Bayou Bend starts production at Eagle’s Nest
Bayou Bend Petroleum Ltd. begins production at its Eagle’s Nest field in Eugene Island Block 6. Bayou Bend and partner Contango has drilled this well as part of the Marsh Island project in the second quarter of this year.
The well commenced production on July 24, 2008 and is currently flowing at 35.1 MMCF/D and [...]
Frontera Resources updates Taribani Field
Frontera Resources Corporation, an independent oil and gas exploration and production company, provides an update of its operations at the Taribani Field Unit within Block 12, Georgia.
The Taribani Field is a large, undeveloped oil field covering an area of approximately 80 square kilometres with productive horizons situated in Miocene and Pliocene age reservoirs, which are [...]
Mart begins production from UMU-3 well
Mart Resources, Inc., an independent oil & gas company focusing on bringing African oil fields into production that are proven but have not yet been developed, commences initial oil production from the UMU-3 well located in the Umusadege field, onshore Nigeria.
Other partners in the field are Midwestern Oil and Gas Company PLC (Operator) and Suntrust [...]
Brigham provides updates on Bakken well
Brigham Exploration Company, an independent exploration, development and production company, has completed the high rate of its Carkuff 22 #1H Bakken well in its Ross Area at an early flowing rate of 1,110 barrels of oil per day.
The company’s Williston Basin oil production has grown to an estimated current net rate of approximately 1,500 barrels [...]
Tullow updates drilling operations in India
Tullow Oil Plc, a UK registered oil company operating in India, Africa, and in Europe, has failed to encounter hydrocarbons at the C1 well, located in Block CB-ON-1 in the Cambay Rift Basin of India
The well, which was spudded on 27 June reached its total depth of 1,916m on 19 July. The company announced that [...]
BP commences production from Taurt field, Egypt
BP Egypt, and its joint venture partner, Gulf of Suez Petroleum Company (GUPCO), has commenced gas production from the Taurt field in Egypt at the beginning of July.
The Taurt field is located in Ras El Bar concession, 70 kilometres offshore in the northeast of Port Said, West Nile Delta.
Partners at Ras El Bar [...]
Verenex confirms oil discovery in Libya
Verenex Energy Inc., a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya, has confirmed an oil discovery at A1-47/04 in Area 47 in the Ghadames Basin in Libya.
The A1-47/04 new field wildcat exploration well, which is located approximately 28 kilometres north of [...]
Tap Oil reports Simpson-10 well discovery
Tap Oil Limited, an oil and gas exploration and production company with interests in Australia, New Zealand, Brunei and Philippines, reports discovery at the Simpson 10 development well.
The company said that Simpson-10 has successfully intersected the reservoir objective. Logging over the Flag sandstone indicates an approximate 15 metre gross intersection of oil bearing reservoir.
Current [...]
First oil from Soco’s CNV field
SOCO International, and its partners, Petrovietnam and PTTEP Hoan-Vu, declares that the first flow of crude oil and wet gas from the Ca Ngu Vang Field (CNV) occurred on 25 July 2008. The block is operated by the Hoan Vu Joint Operating Company (HVJOC).
The joint venture partners have already drilled four development wells in the [...]
Marathon receives approval for Angola block 31
Marathon Oil Corporation, an integrated international energy company engaged in exploration and production, announces that its subsidiary, Marathon International Petroleum Angola Block 31 Limited, and its co-venturers have received approval from Sociedade Nacional de Combustiveis de Angola - Sonangol E.P. to proceed with the first deepwater oil development project on Angola Block 31, comprised of [...]
Madalena updates on Remada TT2 exploration
Madalena Ventures Inc., a publicly traded international junior Canadian oil and gas exploration company trading on the Toronto Venture Stock Exchange, provides preliminary results on the TT2 exploratory well in Tunisia.
The block which lies in the Remada Sud permit, is operated by Storm Ventures International Inc. (Storm). Madalena’s total owned subsidiary, Madalena Ventures International Inc., [...]
Tap Oil reports Simpson-9 well discovery
Tap Oil Limited, an oil and gas exploration and production company with interests in Australia, New Zealand, Brunei and Philippines, announces that the Simpson 9 development well has successfully intersected the reservoir objective.
Logging over the Flag sandstone indicates an approximate 18 metre gross intersection of oil bearing reservoir. Current operations involve the running and cementing [...]
SCAN commences seismic program for Petrobras
SCAN Geophysical ASA, an international seismic data acquisition company specialising in both marine streamer seismic and ocean bottom cable seismic, has successfully commenced the acquisition of more than 8,500 km of 2D data offshore Portugal for Petrobras International Braspetro B. V. - Portugal Branch, on behalf of a consortium formed with Galp and Partex.
SCAN’s 2D [...]
Saipem awarded new contracts in Saudi Arabia and Nigeria
Saipem, 43% owned by Italian oil major Eni, has won new onshore orders worth 1.6 billion euro in Saudi Arabia and Nigeria.
The Saudi Arabian company Saudi Aramco has awarded Saipem the lump sum turn key contract for package No 1 of the Manifa Central Processing Facilities (CPF) project, in the frame of the Manifa Field [...]
Antrim drills successful well on Fyne field
Antrim Energy Inc., an international oil and gas exploration and production company, announces that the 21/28a-10 well on the Fyne field was successfully drilled and encountered 32 ft of net oil pay in the Eocene Tay Sandstone.
The company claims that these drilling results are similar to the Fyne discovery well 21/28a-2, which tested up [...]
Verenex updates Libya operations
Verenex Energy Inc., a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya, provides an update of its operational activities in Libya.
The Company remains on track to drill 11 to 12 exploration wells in Area 47 in 2008 utilising two drilling rigs under long [...]
Bridge to drill North Piper well
Bridge Resources Corp., which is engaged in the exploration for and acquisition of natural gas and petroleum interests in the North Sea, through its total-owned UK subsidiary Bridge North Sea (Central) Limited have executed agreements with BFW Capital Management Limited and its wholly-owned UK subsidiary BFW Drilling Limited, and Vancouver-based Lariat Energy Ltd and its [...]