Oklahoma Pipe line boom arrest An Oklahoma man was arrested and charged on Friday with trying to destroy a natural gas pipeline with a homemade bomb, the FBI said. The Oklahoma City division of the FBI said on Friday that Daniel Wells Herriman, 40, of Konawa, Oklahoma, called Seminole County 911 emergency response on Wednesday and said he had made the device at his home, Reuters reported. He said that he put it under the above-ground pipeline on Sunday in a remote area near Okemah, about 75 miles (120 kilometres) east of Oklahoma City and set the timer
Shell is battling to contain a subsea oil leak close to the Gannet Alpha platform in the UK North Sea. The Anglo-Dutch supermajor confirmed this afternoon it was managing an oil leak in a flowline that serves the platform. There is as yet no formal confirmation of the size and scale of the spill. Shell said a light sheen was noticed in the area on Wednesday.
Excitement as Well results boost BP's hopes There is early excitement within supermajor BP about a potential development phase at a prolific oilfield on the UK Atlantic Margin after an appraisal well completed last week delivered promising results.
Petrobras chief executive Jose Sergio Gabrielli said the company will likely be fined by the Brazilian government because it cannot prove that it met rules requiring some use of locally produced equipment, a report Friday said. Prior to the seventh round of oil concessions, held in 2005, Petrobras had no way to document what portion of the oil-exploration equipment it used was produced in Brazil, the head of the state-controlled oil company said in an interview on the Globo television network, Dow Jones reported. "Petrobras will be fined because we didn't have a system in place to prove" the national content, he said.
Iranian gas flow to Turkey has been halted due to an explosion on the pipeline in Turkey overnight, a Turkish Energy Ministry official said Friday. "Repairs have been started on the Turkey-Iran pipeline. The repairs and restarting of gas flows will take one week," the official told Reuters. He said Turkey was buying additional gas from Azerbaijan and Russia to cover the shortfall caused by the explosion, which according to state-run Anatolian news agency occurred in the eastern Turkish province of Agri. Iran is Turkey's second-biggest supplier of natural gas after Russia, sending 10 billion cubic meters of gas each year. Turkey uses gas to fire half of its power plants
Singapore-based supply vessel player Swiber Holdings said Friday it has landed three new contracts worth $82 million.Swiber did not give specific contract details but said the projects were for Southeast Asian oil companies and include pipeline installation work, mobilisation of marine vessels, equipment, and personnel. All three projects will start straight away with completion targeted for the second quarter of next year. To date, Swiber has secured new contracts totalling $377 million this year.
China�s export-import bank has loaned $60 million to the drilling plan of Bolivia�s national oil company, a report said this week. The investment, reported by the La Razon newspaper of La Paz, will bolster the programme of YPFB, which told the paper earlier this year it plans an �aggressive� drilling plan that includes 15 exploratory wells and 26 for development
The trial that will determine fault in last year�s Deepwater Horizon oil spill will be split into three parts, a report said Friday. District Judge Carl Barbier in New Orleans informed parties to the case and reporters of the plans in Friday morning conference. According to the Associated Press, the first �incident stage� will cover why the Macondo well blew out and how oil came to be released. The second part will concern the various efforts to shut in the well and determine how much oil came out, the AP said. The third part will cover spill cleanup
Falcon HTV-2 is lost during bid to become fastest ever plane US military loses contact after 36 minutes with rocket-launched carbon fibre spaceplane designed to fly at 13,000mph, US military officials have lost contact with the fastest plane ever built during a hypersonic test flight over the Pacific on Thursday. The Falcon HTV-2 was launched aboard a rocket from Vandenberg air force base in California, on what at first appeared to be a flawless mission. But after separating from the rocket at the edge of space and beginning its return to Earth, the aircraft went silent during the gliding stage of the test flight, when it was due to perform a series of manoeuvres as it hurtled through the atmosphere. Officials at the US Defence Advance Research Projects Agency (Darpa) announced they had lost communication with the speeding craft at 4.21pm BST, 36 minutes into the flight.
Aberdeen-based KCA Deutag has bought Singapore company Global Tender Barges (GTB) for an undisclosed sum. KCA increased its holding in the company from 10% to 100% and said the transaction would contribute about $115 million per year to annual revenues. GTB owns three self-erect tender barges which KCA had already been operating on behalf of GTB since 2008 under a management services agreement. �This deal is a natural evolution for KCA Deutag, to acquire the remaining 90% equity, in assets that we have operated successfully on behalf of GTB for the last three and a half years,� KCA chief executive Holger Temmen said
AP Moller-Maersk will move its Maersk Deliverer semi-submersible rig between three oil companies off the West African coast under a new deal, one of the companies has announced. Australia-based African Petroleum Corporation spudded its first exploration well in the Apalis prospect on block LB-09 offshore Liberia earlier this week, one of two Liberian offshore blocks it currently holds. In its announcement, African said it had signed deals with Lukoil Overseas Cote d�Ivoire E&P and Vanco Cote d�Ivoire to release the rig for two wells each to be drilled after the Apalis well was completed. The rig would then be returned to African for an additional well.
Opec, source of more than a third of the world's oil, is unlikely to become concerned about a slide in oil prices unless Brent crude falls towards $90 a barrel, Opec delegates said today. Brent has fallen more than $20 from its peak this year of $127.02, on concern of slowing oil demand due to the European debt crisis and a weakening economic outlook for the US. Oil prices have, however, rallied over the past few days after US Department of Energy data showed the country�s crude stocks dropped the most since December last week. Opec reportedly will need to produce 31 million barrels per day to balance the market this quarter, or 1 million bpd more than current production
Australia-based ADX Energy has executed an agreement to buy back a 20% interest in the Lambouka prospect area in the Kerkouane permit, Tunisia, from compatriot Carnavale Resources.ADX added it had also cancelled an option for Carnavale to purchase an interest in part of the Lambouka prospect which extends into Italian waters. Under the agreement ADX will pay Carnavale $765,000 in past costs and issue about 11.2 million shares, of which 70% will be subject to an escrow period on a phased basis. ADX said it had also agreed to pay Carnavale $1 million from production resulting from the Lambouka-1 well, if stable commercial flows are achieved over a period of at least six month
An eagerly awaited report from the US Department of Energy offered general support to hydraulic fracturing, but also called for a range of environmental protections, including public disclosure of chemicals used in the process. With the report, the panel wades into a polarised national debate over fracking in the US. Environmentalists and industry have already criticised the group's makeup. The report acknowleged the potential of domestic shale plays, which have emerged as a rich potential source of oil and gas. �This has brought lower prices, domestic jobs, and the prospect of enhanced national security due to the potential of substantial production growth,� the report said
Australia-based Beach Energy will team with Somerton Energy in a joint venture over a new shale gas development in the Otway basin in the west of the Australian state of Victoria. The PEP 171 exploration permit will be 75% held by Beach and the remainder by Somerton, with first drilling expected to take place later this year. The permit, formerly known as VIC/0-10(1), targets the Casterton formation in the west of the basin and is the third to be acquired by Somerton since 2010
Brazilian exploration company HRT O&G Explora��o e Produ��o de Petr�leo on Wednesday spud the 1-HRT-4-AM wildcat within the SOL-T-194 Block in the Solimoes basin. The company is using the Tuscany 116 rig to drill the well to a proposed target depth of 2,730 metres to test the Juru� formation. This is the company�s fourth wildcat in the area. The Russian-UK venture TNK-BP is farming into the HRT-operated 21-block contract area.
US independent W&T Offshore has closed its acquisition of a shallow-water field and a gas processing plant in Alabama that was part of a larger deal reached last year with Shell.W&T will assume a 64.3% interest in the Fairway field, located in state waters four miles south of Dauphin Island, Alabama, in depths of between 20 and 30 feet. The company also takes a 64.3% stake in the Yellowhammer gas processing plant about 17 miles north-west of Fairway.
Canada-listed Africa Oil will transfer its stake in two production sharing agreements in the Somali territory of Puntland to Denovo Capital, in which it is soon to own 50%. Africa Oil will transfer the 60% stakes in the Dharoor Valley and Nugaal Valley agreements to Denovo in exchange for 27.8 million shares in the company Following the transaction, Denovo plans to change its name to Horn Petroleum and undertake a share consolidation on a 1 for 0.65 basis. The consolidation will follow a $40.98 million private share placement to fund Denovo�s Dharoor Valley drilling expenses, for which Africa Oil subscribed $10 million
Ghana will borrow $800 million from the state-owned China Ghana will borrow $800 million from the state-owned China Development Bank to develop its natural gas infrastructure and the first gas could be expected by the end of 2012 or early 2013, the head of the Ghana National Gas Company said. George Sipa-Adzah Yankey, who did not give any details on the loan, also said on Thursday that Ghana's gas production is expected to stabilise at around 120 million cubic feet per day, Reuters reported. The deal, which has been signed off by the cabinet but needs parliamentary approval, comes after the West African state joined Africa's club of oil-producing nations in December last year when its Jubilee field came on line
Chevron has tapped deep-water mooring specialist First Subsea to supply components for the supermajor�s Jack-St. Malo project in the Gulf of Mexico. First Subsea will provide 16 of its Ballgrab ball-and-taper mooring connectors for the Jack-St. Malo semi-submersible, located about 280 miles south of New Orleans in water depths of 2133 metres (7042 feet). �The Ballgrab Series III male connectors will be the largest produced so far and the first to comply with the new ABS Mooring Guide,� First Subsea said in a statement. The Ballgrab connector is made up of a male connector and a female receptacle
A storm is brewing at Australian minnow Cooper Energy as a rebellious shareholder makes noises about liquidating the company�s assets. The attempted coup could derail the Perth-based outfit�s attempts to court potential buyers or even install a new boss. In a letter to shareholders late on Wednesday, chairman Laurie Shervington warned that he had been approached by a minority shareholder wishing to put himself forward as a director. On arranging to meet the shareholder, Edward Scott Smith, Shervington was informed of Smith�s intention to demand a shareholder meeting, axe all existing directors and install his own nominees
FBI agents are investigating what appeared to be a bombattached to a natural gas pipeline in central Oklahoma. The device appeared to be a "pipe bomb and a wind-up clock" attached to an above-ground natural gas pipeline in a remote area five miles south of Okemah in east-central Oklahoma, a spokeswoman for the Okfuskee County Sheriff's office told Reuters. Oklahoma Highway Patrol and FBI bomb technicians removed the device from the pipeline using a robot, examined it and "rendered it safe." "It looks like it could be an explosive device," FBI spokesman Clay Simmonds told Reuters. "We're taking the steps to treat it as such."
A joint venture between Bombay-listed Forbes & Company and Malaysia�s Bumi Armada has finalised a deal to provide a floating production, storage and offloading vessel for India�s Oil & Natural Gas Corporation�s (ONGC) D1 field, off Mumbai. Forbes Bumi Armada Offshore signed a seven year charter with ONGC for the provision of the floater, with options to extend the contract annually for six years, Bumi Aramada announced on Thursday. The contract follows the notification of award issued in June and will allow the joint venture to move ahead with conversion work on the donor vessel it had already acquired for the project, Bumi Aramada chief executive Hassan Basma said.
Australian independent Beach Energy has spudded the Searcy-1 exploration well in PEL 91 on the western flank of South Australia�s Cooper basin. The well will target oil in the Upper to Mid Birkhead formation with secondary objectives in the Poolowanna formation. Joint venture partner Drillsearch Energy said Searcy-1 was estimated to hold mean prospective resource potential of up to 1.1 million barrels of oil in the Upper to Mid Birkhead sandstones. The well, which was spudded on Wednesday, is expected to take between 10 � 14 days to reach a total depth of 1959 metres with wireline logging and possible testing planned after
Trinidad and Tobago must find ways to boost exploration and open new markets to halt a steady decline in its natural gas reserves, the country's new energy minister has said. Trinidad has been struggling for years to boost output in its energy sector, which accounts for about 40% of gross domestic product and is the twin-island nation's largest destination of foreign direct investment. New data released on Wednesday showed Trinidad's proved gas reserves fell for a fourth straight year in 2010, slipping to 13.4 trillion cubic feet from 14.4 Tcf in 2009.
Price changes, increased drilling activity and improved economic conditions lifted Flotek Industries to a profitable second quarter.The Houston-based company, which provides a range of oilfield products and technologies, reported net income of $2.1 million on revenue of $55.9 million for the three months ending in June. That was compared with a $7.4 million loss on $31.2 million in revenue for the same period last year
North Sea oil output is scheduled to rise by 19% in September due to a reduced impact on supplies from maintenance at oil installations, expanding production from the home of the Brent oil benchmark. Supply is set to average 1.813 million barrels per day in September, according to provisional loading programmes cited by trading sources on Wednesday, up from 1.523 million bpd planned in August, Reuters reported. The prospect of higher output could weigh on the prices of crude cargoes and of Brent crude futures. Reduced supplies particularly of Forties crude, have been supporting Brent relative to US crude.
Petrobras Argentina, the local unit of Brazilian oil giant Petroleo Brasileiro, on Wednesday reported second-quarter net profit of ARS72 million ($17.3 million).That puts the company's profit down almost 65% from the same period a year ago, when it was ARS203 million, the Dow Jones newswire reported. "The variation of ARS131 million is due mainly to greater exploration costs in the second quarter...", Petrobras said in a statement to the Buenos Aires Stock Exchange. Petrobras also said net profit was lower because earnings didn't include income from Innova SA, a unit that was sold in March 2011. In the second quarter of 2010 Innova had operating income of ARS74 million.
A potential safety hazard was averted at Statoil�s Statfjord C platform in the North Sea when a small fire was coincidentally spotted by a passing worker, according to an incident report from the Norwegian operator. The blaze last week was caused when lubrication oil that leaked from an air compressor ignited, apparently due to heat from the compressor, the report to Norway�s Petroleum Safety Authority read. It stated a passing technican discovered the fire at the moment it broke out and raised the alarm, resulting in personnel being mustered to lifeboat stations.
The International Energy Agency (IEA) today trimmed global oil demand for 2011 warning that ongoing global economic concerns will �inevitably mean weaker oil demand to come�. �Concerns over debt levels in Europe and the US, and signs of slowing economic growth in China and India have spooked the market and raised fears in some quarters of a double�dip recession,� said the IEA in its monthly Oil Market Report published today. �From an oil market standpoint, perceived wisdom is that this must inevitably mean weaker oil demand to come.� The agency reduced forecast global oil demand by 60,000 barrels per day for 2011 while raising demand for 2012 by 70,000 bpd
UK supermajor BP said its Valhall oil platform in the North Sea is unlikely to resume operations before the end of August and Forties cargoes suffered further delays. The development adds to supply problems in a region that sets the global Brent benchmark. A fire on 13 July halted output at BP's Valhall in the Norwegian part of the North Sea, cutting further supplies already reduced due to summer maintenance work. "Production is still shut-in and will not be restarted until BP modifications have been completed, and this is not likely before the end of August," a BP spokesman told Reuters, adding that this included some repair work.
Kurdistan-focused explorer Gulf Keystone said today an independent analysis of its Sheikh Adi prospect has estimated between 1 billion and 3 billion barrels of gross-oil in place. The report was carried out by Dynamic Global Advisors based on Sheikh Adi-1 wireline logging data, core samples, 2D and 3D seismic and regional data, said the company. The volumes were calculated on the P90 to P10 basis, with a P50 estimate of 1.9 billion barrels.
A group of minority shareholders in TNK-BP reportedly are claiming damages of 87 billion roubles ($2.96 billion) against BP for being denied the opportunity to replace the UK supermajor in an Arctic exploration pact with Rosneft. TNK-BP, owned 50:50 by BP and Russian consortium AAR, had earlier this year sought to replace the UK supermajor in a planned tie-up with the Russian state oil company, which included developing three Arctic offshore blocks and a $16 billion share swap. However, BP directors on the TNK-BP board voted against the proposal.
Singapore�s Keppel Fels has delivered the fifth of seven Ensco 8500 series ultra-deepwater semi-submersible rigs to UK-based driller Ensco. The Ensco 8504 will be mobilised from Singapore to Brunei to complete deep-water sea trials and final outfitting before embarking on a three well campaign for French giant Total. The Ensco 8500 series is capable of drilling to a depth of 35,000 feet and can operate in water depths of up to 8500 feet and can be upgraded to 10,000 feet water-depth capability if required. The remaining two rigs on order are scheduled for delivery during the first and second half of next year.
Total could be about to join the scramble for oil in Africa as it opens tentative talks with Kenya�s government over exploration, a report claims. The French major has shown an early interest in one block in the East African country, the report from news wire Dow Jones read. It is unclear from the report, however, if Total is eyeing acreage onshore or offshore in Kenya. The report cited Kenyan petroleum official, Martin Heya, as saying Total Kenya Limited was in contact with the government in May with regards to acreage
Australia-listed Tap Oil has increased its stake in the Accra contract area, off Ghana, by an additional 5%. Tap said it had executed an agreement to purchase the 5% stake from joint venture partner Challenger Minerals for $1.5 million. The purchase will see the operators stake increase from 40% to 45% following the completion of the transaction, which is subject government approval and approval from the Ghana National Petroleum Corporation. The offshore Accra contract area covers an area of 2000 square kilometres with deep-water leads similar to the nearby Jubilee discovery identified on existing 2D seismic.
California-based Apple, the maker of ubiquitous devices such as the iPhone and iPod, saw its shares rise by around 4% on Tuesday to reach a market capitalisation of roughly $340 billion. ExxonMobil, meanwhile, hit by tumbling oil futures, watched its shares fall as low as $67.21, giving it a market value of about $334 billion. Apple�s surge gave it the brief distinction of holding the top spot on the list of the world�s biggest companies, a seat ExxonMobil had held for more than five years running, Reuters reported. The energy giant rallied later on Tuesday to reclaim the top spot, ending up 2.07% at $71.64 on the New York Stock Exchnage. Texas-based ExxonMobil ended the day with a market capitalisation of $348.3 billion. Apple returned to second place witha valuation of $346.7 billion.
The Indonesian government is looking to set a foreign investment condition on liquefied natural gas exports in favour of retaining supplies to feed a growing demand from domestic industries. �In future, we will only export LNG to countries that do not have their own natural resources,��director general of oil and gas at the engineering ministry, Evita Legowo told local reporters. Jakarta is working on framing new rules for exports, including a condition on direct foreign investment in Indonesia, the Globe newspaper reported citing Evita.
China's crude imports hit a one year low on a daily basis last month despite rising demand, suggesting further drawdowns in domestic stocks. Customs data showed on Wednesday that China brought in 4.58 million barrels of oil per day last month, up 2.5% from a year earlier, but down 1.4% from June. That contrasted with traders' earlier estimates that China's crude imports would have recovered last month because more cargoes were booked in May when oil prices dropped to around $105 a barrel from more than two-year highs in April, Reuters reported.
UK-based driller Ensco posted lower profits during the second quarter of the year, despite a rise in revenue, on higher expenses related to its merger with Pride International.Ensco posted a net income of $100.9 million, or $0.59 per share, during the second quarter of the year, compared to $124.8 million, or $0.89 per share, during the same period a year ago. The fall in profits came as the company posted higher operating expenses during the quarter which amounted to $417.2 million, compared to just $279.9 million the previous year.
Australia-listed Samson Oil & Gas is preparing to embark on a four well campaign in the North American states of Wyoming and Montana. Samson said the rig up of the drilling rig Evergreen Rig-22 had commenced at the Defender US33-2-29H well location on its Hawk Springs project in Goshen County Wyoming. The Defender US33-2-29H well will be drilled to a total depth of about 7450 feet and a conventional core will be taken from the Niobrara formation. Samson said the vertical pilot borehole would be plugged back to a kick-off point above the Niobrara and drilled 4300 feet horizontally within the Niobrara B.
Australia-listed Pryme Energy has finished drilling its Deshotels 13H No.1 well at its Turner Bayou Chalk project in Louisiana, the company has announced. Pryme said preparation of the well bore for installation of the Packers Plus production liner was underway after the well was completed to a depth of 19,029 feet, with installation to be completed this week. That well included a horizontal leg of 4000 feet logged to identify the extent and location of fractures as well as enabling accurate liner design. The drill rig will be moved off site after the liner is installed, and the well connected to the Deshotels 20H No1 production facility. Flow testing will commence then, due for completion by the end of August. Pryme has a 40% working interest in the Deshotels 13H No.1 well.
Perth-based Icon Engineering has been awarded a contract to supply equipment for 12 new jack-up drilling rigs. Under the multi-million dollar contract Icon said it would provide conductor tensioning units (CTUs) for jack-ups currently under construction in Singapore. CTUs apply upward tension on the drilling conductor, the outer tubular which runs from the drilling rig into the seabed, which prevents the conductor from buckling, controls lateral deflection and helps reduce vibration under wave and current loading
China�s Sinopec has finalised a US$1.76 billion deal that will see it take a 15% stake in the Australia Pacific liquefied natural gas (APLNG) project in Gladstone, Queensland. The US$1.76 billion payment from Sinopec will reduce the funding requirements of project partners Origin Energy and ConocoPhillips by US$750 million each. Origin added all the conditions had now been met for the sale of 4.3 million tonnes of LNG per annum from the APLNG project to Sinopec over a 20 year period from 2015
Argentina has postponed the auction of exploration rights to 32 offshore oil blocs that had been scheduled for this week, citing the tumult on world markets, a source at state oil company Enarsa said. "It will be postponed," the source, who requested anonymity, told Reuters. "We are going to wait for a bit, but not for long, because the idea is to launch the tender as soon as possible. I would calculate no later than October," the source told the news wire. "We are going to wait for the world situation to reorganise itself a bit." The development comes after Petrobras chief executive Jose Sergio Gabrielli, also citing the floundering global economy, said on Monday that the Brazilian giant might delay its planned $13.6 billion asset sale.
London-listed Tethys Petroleum has opened up new oil production facilities on the Doris oilfield in Kazakhstan. Tethys said oil was currently being trucked from the site at a rate of about 1500 barrels per day but expected that rate to increase to between 2000 and 25000 bpd with the opening of the new production facilities.It added output was planned to rise to 4000 bpd with the opening of a new rail-loading facility during the fourth quarter which would reduce the trucking distance by half. Tethys chairman Davind Robson said the opening of the Doris production facilities was an important step in the development of the oilfield. �The increase in production capacity and the ability to produce refinery grade crude oil is crucial to the further development of the Doris oilfield,� he said.
Rocky market conditions may prompt Brazilian giant Petrobras to put off a plan to divest $13.6 billion worth of assets, chief executive Jose Sergio Gabrielli said on Monday. Petrobras may wait until market conditions stabilise amid debt crises in Europe and the US before moving forward with the asset sale, Gabrielli said at a pre-salt conference in Sao Paulo. "We have plans to sell shares in companies where Petrobras is the owner, and this crisis could delay that plan," Dow Jones quoted him as saying. Petrobras last month announced a $224.7 billion investment plan over the next five years, part of which would be funded by the asset sale. Despite the uncertainty in global markets, Gabrielli was confident his company�s plans would not be derailed by the economic turmoil.
Thailand�s PTTEP is batting away reported six-figure sums for compensation from two rig workers caught up in a major oil spill and blast off Australia two years ago. The oil giant�s offshoot, PTTEP Australasia, is claiming it is not liable for damages for stress and an inability to work being sought by the men who were onboard the West Atlas rig which eventually exploded in the Timor sea. Peter Dowse and Bruce Taplin are chasing the Thai company for large sums of money, claiming they have been unable to work and have suffered post-traumatic stress disorder following the April 2009 incident, newspaper The West Australian reported on Monday.
Libyan rebels battling to topple the regime of national leader Muammar Gaddafi have set up a force dedicated to protecting oilfields and installations under their control, reports claim. The reports come after rebels were also accused of striking an oil pipeline feeding the capital Tripoli in an effort to further squeeze the embattled Gaddafi regime. A force is now in place to keep watch of oilfields and pipelines in case Gaddafi-backed militia attempt to disrupt or destroy them, Reuters reported on Monday. "There are forces prepared just to protect the oilfields," Ahmed Bani, defence spokesman for the rebels' National Transitional Council, told the news wire
ExxonMobil said it is selling some of its depleting natural gas assets in Indonesia's Aceh province, but will maintain a presence in the South-east Asian country. The assets being offered include the Arun field and satellite fields, and the North Sumatra Offshore field, ExxonMobil said in a statement. The companies associated with the assets are Mobil Exploration Indonesia, ExxonMobil Oil Indonesia and Mobil Indonesia LNG, the US supermajor added. Gas production from these fields, which started in the late 1960s, has been dwindling. Last year the fields produced an annual average of 215 million cubic feet of gas per day plus associated liquids, Dow Jones reported.
Irish independent Petrel Resources has moved to arrest a share price slump following the �setback� of being overlooked by Iraqi officials in the latest oil licensing round. The London-listed minnow pointed out that �no junior or smaller independent oil companies� made it into the next stage of the country�s fourth licensing round announced on Monday. Petrel was one of only nine companies axed from the list of original applicants with the company�s shares chopped almost 18% as a result.
Rig owner Noble Corporation is taking one of its units out of warm stacking in the Gulf of Mexico as it pens a fresh contract in the Mediterranean. The NYSE-listed player has also tied up a five-month extension for a rig from Mexico�s Pemex and signed a one-year deal for another with Wintershall. Gujarat State Petroleum Corporation has snapped up the semi-submersible drilling rig Noble Paul Romano for a six-well drilling project off Egypt, Noble reported. The unit has been warm-stacked in the US Gulf of Mexico since June last year but is expected to start the new 180-day gig in October at $325,000 a day. The figure excludes any mobilisation revenues. The contractor also has the option of extending the deal for up to four more wells
Baker Hughes has locked up a two-year contract from Lukoil for service work in Iraq�s West Qurna field. The Houston-based service company said Monday that it will ovesee project management, drilling and completion services for 23 wells in the area, which is about 30 miles west of Basra. It will also be taking on additional contractors, including up to five drilling rigs and three workover rigs.
Netherlands' top court on Monday ordered the suspension of the Bergermeer gas storage project, the largest in Europe, citing objections by environmentalists and local residents who fear earth tremors.The storage project, along with the soon-to-be-completed liquefied natural gas terminal in Rotterdam, is an important part of the Netherlands' plan to become a European hub for natural gas once it stops exporting gas in 2025. The Bergermeer gas storage project was intended to store up to 4.1 million cubic metres of gas when completed, and would be operated by Abu Dhabi National Energy Company (TAQA), the majority owner
The Oslo-listed player also revealed on Monday that its second-quarter net profit has grown despite a drop in revenues as it chopped expenses.Songa is considering the issuance of a $250 million bond loan before the end of the year to finance the initial yard installments in two harsh environment semi-submersibles on order, it wrote on Monday. The payments are due in September and December this year with Songa�s own data indicating they are both due for delivery in the end of 2014 under contract with Statoil. �Furthermore, under the prevailing market conditions, other alternative sources of debt financing are also being pursued.�
India's Oil & Natural Gas Corporation (ONGC) is talking to supermajor Shell, BG Group and Eni to sell stakes in its Indian Ocean deepwater developments, according to reports. ONGC is already co-operating with Shell, BG and Eni in a number of other blocks, and talks had been under way for some time, Dow Jones quoted the Financial Times as reporting, citing ONGC chairman AK Hazarika.ONGC seeks a partner on the technical front to expand the development of its 85 deepwater blocks in the Indian Ocean, Hazarika said without giving a
Norwegian operator Statoil has hit oil in the 16/2-8 appraisal well on the Aldous South prospect in PL265 in the Norwegian North Sea. Statoil said a 65 metre oil column had been identified in the Jurrasic sandstone and data gathered confirmed �excellent� reservoir quality. It added preliminary volumes were estimated to be between 200 million and 400 million barrels of oil equivalent and it expected additional upside in the licence both north and south of the discovery. �Aldous Major South is a considerable oil discovery in one of Statoil�s core areas,� Statoil�s senior vice president for Exploration on the Norwegian continental shelf, Gro G Haatvedt said.
Shares in Max Petroleum have soared on Monday after the London-listed independent announced an oil discovery in Kazakhstan.The independent has struck 17 metres of net oil pay at the KZIE-1 exploration well on the East Kyzylzhar 1 prospect, it announced. �Reservoir quality appears excellent with porosities ranging from 20% to 30%,� the company wrote after drilling reached total depth of 1620 metres. The strike was found in two Jurassic sandstone reservoirs. �The company is running production casing in the well, which is expected to be completed and placed on test production in approximately 60-90 days.� News of the find sent Max�s shares soaring over 13% in early trading in London before falling back to a climb of over 11% at the time of writing.
BP is picking up the drilling costs of a UK independent as it farms into an exploration block off southern Africa. The UK supermajor has taken a large chunk of Block 2714A off Namibia from Enigma Oil & Gas, an offshoot of Chariot Oil & Gas. BP has taken half of Chariot�s 50% interest in the block leaving it with a 25% slice in licence 20 in the Orange Basin, covering an area of 5481 square kilometres. Brazilian oil giant Petrobras at the end of June became operator of the block with a 50% stake
UK construction company Interserve has bagged �70 million ($114.9 million) worth of contracts related to the development of the giant North Field in Qatar.Interserve said its associated company, Gulf Contracting, had sealed a �60 million deal with Japan�s JGC Corporation, which is building the gas-processing facilities for the major Barzan onshore project. Interserve will construct office and administration buildings and associated infrastructure for JGC and provide temporary accommodation. The Barzan project is expected to produce 1.4 billion cubic feet of North Field gas per day and the first phase of the three-phase development is expected to come on stream by 2014.
London-listed Range Resources said today it has hit oil during production drilling on the Morne Diablo Block in Trinidad & Tobago.The well, which is the first of a 21 well programme, showed indications of around 145 feet of net oil play, said Range in a statement. Range recently acquired three onshore licences in Trinidad & Tobago from SOCA Petroleum and has said it plans to push forward with an aggressive drilling programme
Australian engineering and construction giant Clough has agreed to sell its marine construction business to Malaysia�s SapuraCrest for A$127 million (US$131.6 million) Clough�s marine construction division comprises the Java Constructor offshore construction vessel and other assets that are used for platform, pipeline and subsea equipment installation. Clough added the deal would also include its interest in the Clough Helix joint venture, which operates the Normand Clough vessel, and its investments in specialist engineering businesses OFI and Peritus
UK independent Heritage Oil has spudded the Miran West-3 appraisal well on its Miran gas field in the Kurdistan region of Iraq. The well will appraise the Jurassic and Cretaceous reservoir formations on the flanks of the Miran West structure, which the company estimates to hold between 6.8 trillion and 9.1 trillion cubic feet of gas. It also estimates the structure to hold between 42 million and 71 million barrels of condensate and 53 million to 75 million barrels of oil. "The spudding of Miran West-3 begins our active multi-well exploration and appraisal drilling programme in Kurdistan,� Heritage chief executive Tony Buckingham said
A $236 million deal between Australia�s Linc Energy and Houston-based ERG Resources is back on after the former had planned to terminate the contract, avoiding a potential legal battle.The two companies entered into an agreement in June for Linc to acquire 14 producing oilfields in the US Gulf Coast region of Texas and Louisiana from ERG. However, last month Linc exercised its right to terminate the agreement after notifying ERG of alleged title defects identified during due diligence enquiries and closing preparation and said it would pursue other opportunities in the US instead. This led to ERG launching legal action and seeking an order that Linc�s US subsidiary, Linc Gulf Coast Petroleum, perform the contract or pay $75 million in damages
Crude fell more than $2 a barrel on Monday after rating agency Standard & Poor's (S&P) downgraded the United States' top-tier credit rating, raising concerns on the outlook for demand in the world's biggest oil consumer.US oil fell as low as $83.68 a barrel and traded at $84.54, posting losses for five of the last six trading sessions. Brent futures slumped as low as $106.20, the lowest since the close of 27 June, and traded at $107.20.
Indian engineering giant Larsen & Toubro (L&T) has won three contracts worth $889 million from companies based in the United Arab Emirates and Thailand. The first contract was awarded by Abu Dhabi National Oil Company subsidiary, Abu Dhabi Marine Operating Company, for engineering, procurement, construction and installation work on the early production project phase-1 of the Nasr & Umm Lulu field development projects, off Abu Dhabi. L&T said the $450 million contract included the installation of four wellhead towers and a manifold tower platform, connecting bridges and associated subsea pipelines.
COLUMBUS, Ohio -- A memo that appears to coach buyers of oil and gas drilling leases to use deceptive tactics on unsuspecting landowners has provoked a state investigation and spirited debate in rural Ohio, the latest frontier in America's quest for new energy resources. The tale of the found memo - unauthenticated but with language similar to that used by a seller familiar to Greene County residents - features aggressive marketers, zealous environmentalists, and vulnerable residents
Major disturbance after Tottenham police shooting Petrol bombs have been thrown at police and a shop, two patrol cars and a bus set on fire in a disturbance in Tottenham, north London. The incident began after a protest over the fatal shooting of a young man by police on Thursday turned violent. About 300 people have gathered outside the police station on the High Road. Members of the community had taken to the streets to demand "justice" after the shooting of a 29-year-old father-of-four, named locally as Mark Duggan. The BBC's Ben Ando, who is at the scene, described the situation as a "stand off".
U.S. official: About two dozen U.S. deaths in Afghan copter crash Most of those killed when a Chinook helicopter crashed in eastern Afghanistan overnight were U.S. Navy SEALs, two U.S. government officials said."It's a big loss" for the SEALs," one of the officials said. The numbers are high.""It is believed that about two dozen Special Operations Forces, including some from other services, were on board the aircraft, in addition to the Army crew flying the craft."
US man charged over Facebook spam turns himself in Sanford Wallace, Sanford Wallace, who is known as the "Spam King", surrendered to FBI agents in California. Prosecutors allege he developed a program that breached Facebook spam filters and lured users to submit their account details. Mr Wallace denies the charges, which carry prison sentences of up to 10 years. He has been released on $100,000 (�61,000) bail.
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