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Summary The EIA drilling productivity report has been used to estimate decline rates in the Bakken, Eagle Ford and Permian light tight oil (LTO or shale) plays (Figure 1). The objective is to estimate how far production will fall in these plays in light of the sharp decline in US rig count.
Marksmen Energy Inc. (TSX VENTURE:MAH)(OTCQB:MKSEF) is pleased to announce that Marksmen has participated in the drilling of a well operated by its joint venture partners, Hocking Hills Energy and Well Services LLC ('HHE') and Chuck Henry Energy LLC ('CHE') The well drilled is a Cambrian Knox remnant oil well, the Delong-Davis Unit #1, in Pickaway County, Ohio.
San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, announces that Jeremy Boak, a long-standing Non-Executive Director of the Company, has accepted a position as Director of the Oklahoma Geological Survey at The University of Oklahoma. In this role he will be unable to act as a Director of an oil and gas company.
EXCO Resources, Inc. (NYSE: XCO) today announced operating and financial results for the second quarter 2015.
Zoloto Resources Ltd (OTC Pink: ZRSCF) with gold milling operations in Ecuador continues to expand its Ecuador operations through the acquisition of interests in proven producing oil reserves. The Company is projecting that it will be producing 50 to 60 barrels of oil per day by the end of September, 2015 and up to 100 barrels per day by the end of 2015.
The subsea sector is highly consolidated with just five players servicing the $12billion annual requirements of the global E&P community. The two largest, FMC and OneSubsea, account for approximately two-thirds of the market but despite this, have shown no signs of resting on their laurels, forging strategic partnerships to reshape and redefine the commercial landscape.
About 700 million barrels of crude oil stored in four sites along the US Gulf coast seems to have recently inspired the imagination of a cash-strapped Congress. With US crude production nearing record highs and prices falling below $50/b, federal lawmakers are pushing to sell millions of barrels from the US Strategic Petroleum Reserve to fund bills with little, or nothing, to do with energy.
NEOS today announced the promising findings from a regional oil & gas prospectivity study that it completed in Lebanon. NEOS believes a frontier oil & gas province is now emerging in the country.
Sterling Energy plc (Ticker Symbol: SEY), together with its subsidiary undertakings (the 'Group' or 'Sterling'), the AIM listed upstream oil and gas company with interests in Africa, today announces its results for the six month period ending 30 June 2015. Financial summary Cash as at 30 June 2015 of $112.
BG Group plc, today confirms that the recommended cash and share offer for the Company to be made by Royal Dutch Shell plc ('Shell') has received unconditional merger clearance from the Brazilian competition authority ('CADE'). The unconditional clearance follows CADE's initial approval of the combination on 8 July 2015, and the expiry of the 15 day period during which CADE's decision could be appealed.
MX Oil plc, the AIM quoted oil and gas investment company, is pleased to announce that drilling has commenced of the Aje 5 production well located in the proven Aje Field on the OML 113 licence offshore Nigeria. Once Aje 5 has been drilled and completed, which is expected to take approximately 70 days, the rig will proceed to re-enter and complete the Aje 4 well.
| Monday, July 27, 2015
Greka Drilling Limited (AIM: GDL), the largest independent and specialised unconventional oil & gas driller in Asia, is pleased to provide an operations update for H1 2015. OPERATIONAL HIGHLIGHTS - 28 wells drilled during H1 2015 (H1 2014: 19 wells), of which: 19 wells drilled in China 2 Laterals 17 Verticals and directionals 9 wells drilled in India 18 wells drilled (64%) for Green Dragon Gas Ltd.
Oil price The oil price looks like barring a miracle that it will have another down week, WTI has not only crashed through the $50 support but the $49 level too as a combination of stock build and oversupply gives the market the jitters. At this level WTI is now well over 20% off its June peak of $61.
The Company has previously announced that James Ellerton (Sefton's former Executive Chairman) initiated legal proceedings in the State of Colorado against the Company in May 2015 (the 'Ellerton Action'). The Company announced on 10 July 2015 that Mr.
Red Emperor Resources NL (ASX | AIM: RMP) is pleased to announce that it has today received formal notification from the Department of Energy of the Republic of the Philippines that approval for the assignment of the Company's 15% working interest in Block SC55 has been granted. This was the final condition precedent to be met with respect to Red Emperor's farmin agreement with Otto Energy Limited (ASX: OEL), as announced on 2nd March 2015.
Cuadrilla plans to appeal Lancashire County Council's (LCC) Development Control Committee's decisions last month to refuse planning consent for two applications for temporary shale gas exploration sites. The applications sought planning permission to drill, hydraulically fracture and test the flow of gas from up to four exploration wells on each of two sites, one at Preston New Road and the other at Roseacre Wood.
AWE Limited (ASX: AWE), as Operator of Exploration Permit 455 in the Perth Basin, Western Australia, advises that after consultation with Joint Venture partner, Titan Energy Limited (ASX: TTE), it will not proceed with Phase 2 of the Drover-1 exploration program and will not hydraulically fracture stimulate the well. Results from the Diagnostic Fracture Injection Test (DFIT), completed in April 2015, and analysis of the core samples and wireline data taken in 2014 have provided sufficient information for AWE's assessment of the shale gas potential in the southern extent of its Perth Basin acreage and no further work is required at this location.
Rig productivity increases dramatically as the rig count in an area decreases-data from the EIA show productivity increases as much as 50%! It means US oil production will not follow anywhere close to the same trajectory the rig count has (i.e.
Global Petroleum Limited - AIM: GBP, ASX: GBP - the oil and gas exploration company presently focused on emerging plays in Africa and the Mediterranean, announces an update in relation to the Company's assets, its acquisition strategy, and a programme to reduce corporate costs in response to the current oil and gas operating environment. Asset update Global's permit applications in Italy cover four contiguous blocks in the southern Adriatic offshore Puglia, adjoining the median line with Albanian waters.
Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to announce it has entered into an agreement with Canamens Limited ('CL') and Sector Spesit IV, a sub-fund of Sector Umbrella Trust ('SS4') to cancel future royalty payments due to them from production from Roxi's BNG asset in return for the issue of 46,661,654 fully paid ordinary shares representing 5% of the enlarged issued ordinary share capital. Background Roxi acquired its interest in the BNG Contract Area in 2008 as part of Roxi's acquisition of 59% of Eragon Petroleum Limited ('Eragon').
Highlights Zingana has been drilled to a TD of 1,720m MD; pre-drill well objectives achieved. Wireline logging has been completed and the logs are being evaluated.
| Friday, July 24, 2015
Primeline Energy Holdings Inc. (TSX VENTURE:PEH) today announces that it has signed a Letter of Intent for the drilling operations of the forthcoming exciting exploration programme in Block 33/07.
An international arbitration tribunal has today issued an Interim Award requiring the Government of Ukraine to limit the collection of rental fees on gas produced by JKX's Ukrainian subsidiary, Poltava Petroleum Company, to a rate of 28% (the rate currently applicable under Ukrainian law is 55%). The Interim Award, which is binding on Ukraine as a matter of international law, will remain in effect until the final ruling which will be issued following the arbitration hearing which is expected to take place in July next year.
Pinning down the financial performance of energy commodity trading at top financial institutions is complicated by the manner in which banks segment their operations and lump together certain revenue numbers. While differences exist from bank to bank, for the most part the big banks place commodity trading within their fixed-income unit of their investment bank division.
Black Ridge Oil & Gas, Inc. (OTCQB: ANFC) announced that the Company has signed a definitive agreement with Merced Capital to form an entity that will acquire and develop Williston Basin non-operated assets.
CB&I (NYSE: CBI) today announced it has been awarded a contract for approximately $60 million by a major energy company to provide maintenance services for three separate oil sands facilities in Alberta, Canada. 'For more than 40 years, CB&I has provided the highest levels of safety, planning and execution in Canada's oil sands region,' said Chip Ray, President of CB&I's Capital Services operating group.
PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and six months ended June 30, 2015.
Oceaneering International, Inc. (NYSE: OII) today reported quarterly earnings for the second quarter ended June 30, 2015.
Crew Energy Inc. (TSX:CR) of Calgary, Alberta is pleased to announce the completion of a Northeast British Columbia Montney petroleum and natural gas rights exchange with the Province of British Columbia.
Cameron (NYSE: CAM) today reported fully diluted earnings per share, excluding discontinued operations and other costs, of $0.83 for the second quarter of 2015, compared to $0.
Why are commodity prices, including oil prices, lagging? Ultimately, it comes back to the question, 'Why isn't the world economy making very many of the end products that use these commodities?' If workers were getting rich enough to buy new homes and cars, demand for these products would be raising the prices of commodities used to build and operate cars, including the price of oil. If governments were rich enough to build an increasing number of roads and more public housing, there would be demand for the commodities used to build roads and public housing.
Delphi Energy Corp. (TSX:DEE) is pleased to report that it has closed the previously announced disposition of its working interests in producing properties, facilities and infrastructure and undeveloped land in the greater Wapiti area for $50.
The board of Baron announces that as a result of a technical problem inside the wellbore at the Nancy #1 producing well at the NBM field, production has been shut in. As a result of this, there is a significant saving on operating costs at the NBM field.
In three years, Senex has built a portfolio of oil and gas licences in the Cooper-Eromanga Basin, where it plans to produce more than 1mmboe in 2015. In addition, it has an active appraisal and exploration programme.
Oil price Another day of weakness for crude oil, particularly WTI after the inventory stats yet again foxed the analytical community. The EIA reported a build of some 2.
Recently, a group of drilling managers and drilling professionals discussed during a regular network meeting whether the urge to increase efficiency of drilling operations and reduce costs is a trend caused only by the lower oil price? Or whether despite the current turndown the industry was already seeking for long term solutions to improve the decision making process and by gaining more qualitative procedures could also enjoy reduction in costs? One of the aspects of improving performance is to take care of the huge amount of data collected throughout the petroleum asset life cycle. Data is collected by different operational professionals, equipment suppliers, service companies and data managers.
Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces that all of the resolutions put to shareholders at the Annual General Meeting held in Cyprus earlier today were duly passed. The Company is pleased to announce the following update on its operations at Arcticneft and Petrosakh.
Canadian Overseas Petroleum Limited (TSX-V: XOP; LSE: COPL), announces that Mr. Christopher McLean, has resigned from the Board of Directors effective July 21, 2015.
Victoria Oil & Gas Plc provides an update on the Company's operations for the 3 month period ended 30 June 2015. The Company intends to provide the market with quarterly operational updates, based on the calendar year and covering all significant activities.
Green Dragon Gas Ltd. (LSE: GDG), the leading independent gas producer with operations in China, is pleased to announce an operations update for the six months ending 30 June 2015.
Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) is pleased to announce that it has agreed to appoint Bill Wells to the Board as a Non-Executive Director subject to and upon closing of the recently announced US$47.7million financing.
Operator Statoil and its PL146/PL333 partner Total E&P Norge have made a gas and condensate discovery in the Julius prospect in the King Lear area in the North Sea. The discovery well 2/4-23S, drilled by Maersk Gallant, proved gas and condensate in the Ula formation.
This trading statement provides basic provisional information for the quarter ended June 30, 2015, including data on the economic environment as well as OMV's performance during the period. The OMV Group Q2/15 results will be published on August 12, 2015.
Liquefied Natural Gas Ltd is pleased to advise that its 100% owned project company, Magnolia LNG, LLC, has signed a legally binding agreement with Meridian LNG Holdings Corp for firm capacity rights for up to 2 million tonnes per annum at Magnolia LNG, located on the Calcasieu shipping channel in the Lake Charles District, State of Louisiana, USA. Under the liquefaction tolling agreement, Magnolia will provide liquefaction services to Meridian LNG over the term of the contract in return for monthly capacity payments.
Depending on the speed and depth of reversing the sanctions, we expect Iran will recover 400-500 kbbld of its potential overcapacity of 700 kbbld within two years. This additional oil will primarily come from the old giant oilfields Agha Jari, Awhaz Asmari, Gachsaran and Marun.
Arabella Exploration, Inc. (OTC PINK: AXPLF), an oil and gas E&P company focused on the Permian Basin, today announced that it has entered into a Purchase and Sale Agreement with a third party buyer, dated as of July 1, 2015, and a letter agreement with McCabe Petroleum Corporation, dated as of April 15, 2015, pursuant to which Arabella will sell its ownership interest in certain of its properties for cash and properties with a potential value totaling approximately $47 million.
China's demand for gas has been reduced, new suppliers arisen, and 'Gazprom' does not make any concessions. The signing of a contract with China for the supply of gas through the 'Altai' pipeline (or 'the Power of Siberia - 2') has been delayed indefinitely, two federal officials told 'the Vedomosti'.
Eos Petro, Inc. (OTCQB: EOPT) today announced its intention to expand its Works Property activities in the Illinois Basin with four recompletions and two new wells.
Mooncor Oil & Gas Corp. (TSX VENTURE:MOO) announces that, through its wholly owned subsidiary, Primary Petroleum Company USA, Inc.
The second quarter of 2015 exhibited the largest amount of oil companies' merger and acquisition (M&A) activity by value since fourth-quarter 2012. The announced merger between Royal Dutch Shell and BG Group in early April accounted for $84 billion of the $115 billion quarterly total.
As the champagne bottles smashed into the side of the two newly-built ships that in November will bring the first cargo of US shale gas into Europe, billionaire chairman of Ineos Jim Ratcliffe sent a clear message to European lawmakers whose energy policies have stalled his plans to frack for gas in Europe. Emblazoned down the side of the two freshly-named vessels - the Ineos Insight and Ineos Ingenuity - were the words 'Shale Gas for Manufacturing' and 'Shale Gas for Chemicals.
Changfeng Energy Inc. (TSX VENTURE:CFY), is pleased to announce that Sanya Changfeng Offshore Natural Gas Distribution Co.
In January-June this year, Russia became the second largest supplier of oil to China after Saudi Arabia. Russian oil exports increased by 27% as compared with the same period of the previous year to almost 786,000 barrels per day.
GE Oil & Gas (NYSE: GE) will provide high-end turbomachinery for Phase 1 of the landmark Trans-Anatolian Natural Gas Pipeline (TANAP) - a partnership between the State Oil Company of Azerbaijan (SOCAR), Turkey's state-owned BOTA? (Petroleum Pipeline Corporation), and BP - that will transport gas from Azerbaijan via Turkey to European energy markets providing benefits of uninterrupted gas flow as well as security and diversification of energy resources. The multi-million dollar contract provides critical systems referred to as 'the heart of the pipeline' comprising aeroderivative gas turbine driven centrifugal compressor packages - also known as turbo-compressor trains - all manufactured, packaged and tested by GE Oil & Gas in Florence (Italy) for shipment in 2017.
New Zealand Oil & Gas (NZO) continues to position itself to deliver shareholder value despite the volatility of the sector. With a gas offtake agreement on Kupe (sheltering the company from oil price volatility) and growth in production from Tui, NZO has cash-positive assets even in the current price environment.
Oil price A weaker greenback supported the oil price yesterday, although with indifferent API stats coming out after the close crude weakened in early trading today. Ahead of the EIA numbers tonight the analysts got the sign wrong again, having been expecting a draw of over two million barrels the API announced that stocks actually rose by 2.
Mosman, the AIM-listed oil and gas explorer, focused on Australia and New Zealand, has released a comprehensive market update. It has provided a clearer direction to its shareholders regarding the route forward for its assets, while minimising capex.
Elixir Petroleum Limited (ASX:EXR) is pleased to announce that operational progress continues to be made towards drilling of Elixir's first exploration well at its Petra Project in the Colorado's DJ Basin, with two initial well locations staked and permits lodged with the Colorado Oil and Gas Conservation Commission. The drilling permits are expected to take 30 to 45 days to be approved.
Strike Energy Limited (ASX:STX) is pleased to provide an update on operations at its Southern Cooper Basin Gas Project in PEL 96 (Strike 66.7% and Operator, Energy World Corporation (ASX:EWC) 33.
Comet Ridge Limited (ASX:COI) wishes to provide an operational update on the progress of the Mahalo 7 horizontal surface to in-seam well project. As previously announced, due to the decrease in pump efficiency the production of water from the Mahalo 6 production well slowed, despite the speed of the pump being increased, the Joint Venture approved a workover of the well to replace the downhole pump, and return the well to production.
Prices of spot liquefied natural gas (LNG) to northeast Asia averaged $7.395 per million British thermal units (/MMBtu) for August, according to latest Platts Japan/Korea Marker (Platts JKM) data for month-ahead delivery.
With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran's crude oil supply would further contribute to the already rising global supply glut. The economic crisis in Greece, OPEC's high production levels and China's market turmoil have created more pressure on oil prices, making a price rebound look highly unlikely in the near future.
MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, announces a trading update ahead of its 2015 Half Year Results which will be released on 10 September 2015. Trading conditions over the first half of 2015 continued to be challenging for the oil and gas industry and the associated service sector, with many of the operators exercising stringent capital discipline.
PetroNeft (AIM: PTR) an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licenses 61 and 67 is pleased to provide an update on operations at Licence 61. Highlights Tungolskoye T-503 horizontal well brought online at sustained rate of over 550 bopd.
Exillon Energy plc (EXI.LN), a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora and West Siberia, announces unaudited production data for the month of June 2015.
Edison Norge AS, operator of production licence (PL) 616, is in the process of completing the drilling of wildcat well 2/11-11. The well was drilled about seven kilometres southwest of the Valhall field and about five kilometres west of the Hod field in the North Sea.
Petsec Energy is pleased to advise that its June 2015 Quarter Report was released to the ASX this morning. Highlights Corporate Appointment of Maki Petkovski as Chief Executive Officer of Petsec Energy (Middle Eastern) Limited.
The oil exploration auction fell short of expectations and no oil majors took part. In fact only nine of the 25 qualified participants even entered bids.
CNOOC Limited (NYSE: CEO, SEHK: 00883, TSX: CNU) today announced that the Luda 10-1 comprehensive adjustment project has commenced production. The Luda 10-1 oilfield is located in Liaodong Bay of Bohai with an average water depth of approximately 30 meters.
Select Sands Corp (TSX VENTURE:SNS)(OTC PINK:CLICF) is pleased to announce the appointment of Zig Vitols as Chief Operations Officer (C.O.
InterMoor Inc., an Acteon company, has completed its role in the largest foundation installation project offshore Trinidad and Tobago to date.
Northern Minerals & Exploration Ltd. (OTCQB: NMEX) Further to the Company's news release of April 9, 2015, Northern reports that it has successfully completed the re-work and/or re-completion of three oil and gas wells on the Coleman County lease in central Texas.
MCW Energy Group (TSX VENTURE: MCW) (OTCQX: MCWEF), a Canadian-registered holding company involved in the development of environmentally-friendly oil sands extraction technologies, through MCW Oil Sands Recovery, LLC, today announced further progress of its Asphalt Ridge oil sands operations based in Vernal, Utah. Back in October, 2014 during a benchmark Ribbon-Cutting Ceremony, MCW successfully demonstrated its proprietary oil sands extraction technology, passing the 'proof of concept' stage with flying colors and confirming that it was indeed commercially viable.
Operations are ongoing at Nexen Energy's Long Lake facility to contain and clean up the pipeline emulsion spill that occurred on July 15, 2015. Daily progress updates are now available on the company's website.
Chesapeake Energy Corporation (NYSE:CHK) today announced an updated financial strategy. Highlights include: Elimination of common stock dividend effective 2015 third quarter Sale of CHK Cleveland Tonkawa, L.
Southcross Energy Partners, L.P.
The potential for US business to engage with Iran can be summarized in one sentence: Iran exports crude oil but imports gasoline. Why? The Iranians lack sufficient capacity to refine their own oil for domestic use.
Baker Hughes Incorporated (NYSE: BHI) announced today results for the second quarter of 2015. Martin Craighead, Baker Hughes Chairman and Chief Executive Officer, commented: 'Revenue of $4 billion for the second quarter declined 33% year-over-year, outperforming the 36% drop in the global rig count, despite incremental headwinds from deteriorating pricing and unfavorable currency changes.
The Moscow Oil Refinery received a positive opinion from Glavgosekspertiza on the project documentation for the new industrial complex - the Integrated Refinery Unit (IRU). IRU is designed for the primary processing of crude oil, the production of high-octane petrol and diesel fuel of Euro-5 as well as vacuum gas oil.
We refer to the earlier announcements on 16 June 2015 and 23 June 2015 which refer to Lime Petroleum Norway AS' participation in the drilling of the Haribo prospect in PL616 located in the North Sea. We have been informed by Lime Norway that the drilling programme of well 2/11-11 on the Haribo prospect in PL616 is in the process of being completed by the operator, Edison Norge AS.
Due to implementation of pilot project 'Technical limits' Gazpromneft-Noyabrskneftegaz plans to reduce the time and cost of well construction without compromising safety. With its number of new and reconstructed wells, Gazpromneft-Noyabrskneftegaz is one of the leaders among the subsidiaries of Gazpromneft.
The board of directors of Xplorer is pleased to announce it has today signed a memorandum of understanding for the acquisition of a significant working interest in five shallow offshore exploration permits off the coast of Morocco. Xplorer has negotiated the acquisition from Teredo International Limited of Teredo Morocco Limited, which holds a 36.
The board of Baron announce that the Company's local subsidiary (Gold Oil Peru S.A.
Oil price More drift yesterday as the strong dollar and weakness in the product market left the oil price under modest pressure, the UN Security council and the EU Foreign Ministers nodded through the Iran deal which now goes to Congress for 60 days. With WTI expiring today traders told me that the market was quiet but in no mood to fall significantly.
The Directors of Triple Energy Limited (ASX: TNP) provide the following update on activities at the Niaoshan-1 well currently underway in the Bird Mountain area of the Company's Aolong Joint Venture project in the People's Republic of China. As of 8am on 20 July 2015 the well had reached a depth of 367 metres (measured depth) and was drilling ahead.
Galicia Energy Corporation Limited advises that it has exited from its 24% interest in the Bieszczady Project in Poland. Importantly, GAL has been able to exit this project at no cost and without having to pay any historical work commitment liabilities.
Entek Energy Limited is pleased to give the following update on the Cobb 12-7-HA1 well as part of the 2015 Battle Mountain AMI drilling program. The Cobb 12-7 well is the first of three wells scheduled to be drilled and tested this year by the Operator of the Battle Mountain AMI, GRMR, a private company associated with East Resources, Inc.
San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, announces a reduction in its Polish licences in line with the Company's new long-term strategy, announced in June this year, to reduce the exploration component of its portfolio and focus on appraisal, development and production, and thus securing near-term operational cash flow. In order to reduce costs the following Polish licences are being removed from the current portfolio: Czersk (relinquishment) Budzów (relinquishment) Ilawa (relinquishment) Praszka (relinquishment) Bieszczady area (Blocks 437, 438, 456, 457, 458 and the Company's interest in partial Blocks 416, 417 and 436 - taken on by PKN ORLEN, who have assumed past and future benefits and liabilities)Oisin Fanning, San Leon Executive Chairman, commented: 'As part of the Company's new strategy to focus on development and production, enabling San Leon to transform into a near-term cash-generating producer, the Company has made the decision to remove some of its Polish acreage.
Egdon Resources plc (AIM:EDR) has announced encouraging results from the pumped test carried out over the Penistone Flags Zone 3A as part of the Extended Well Test at the Wressle-1 oil and gas discovery in licence PEDL180, located to the east of Scunthorpe, where Egdon operates with a 25% interest. During earlier initial testing, the Wressle-1 well produced oil and gas from three discrete reservoir intervals, the Ashover Grit, the Wingfield Flags, and the Penistone Flags as previously reported.
Rosneft and Gazprom Neft have completed early the project to build the first production well at the East-Messoyakha deposit, which is part of the Messoyakha cluster, the northernmost of the known Russian onshore oil fields. The project is part of the joint drilling program implemented by the two companies.
North Dakota made headlines recently with its crude oil production numbers for May, which surprised many and left some scratching their heads. Brian Scheid looks into what drove the production, and what it means for future production, in this week's Oilgram News column, At the Wellhead.
It's common knowledge to those working in the Oil and Gas industry that some of the best opportunities lie in places like Papua New Guinea, the UAE and South Korea. Whilst some of these openings can offer short term contracts or assignments giving you a few months working abroad before returning home for a few months rest, other contracts may require you to up sticks and move to the location until a project is completed.
Total has started production from Dalia Phase 1A, a new development on its deep offshore operated Block 17, located 135 km off the coast of Angola. Dalia Phase 1A will develop additional reserves of 51 million barrels (Mb) and will contribute 30,000 barrels per day (b/d) to the block's production.
| Tuesday, July 21, 2015
Oilex Ltd provides an update from the Cambay Field subsequent to the commencement of gas sales from Cambay-73 into the low pressure network. Cambay-73 averaged ~ 54boepd during 22 days from 26 June 2015.
Lundin Petroleum AB will expense post-tax exploration costs of approximately MUSD 14 and recognise a net foreign exchange gain of approximately MUSD 28 for the second quarter of 2015. The profitability for the second quarter of 2015 will be impacted by certain expensed exploration costs as well as a foreign currency exchange gain, mainly related to the revaluation of loan balances.
Northcote (AIM: NCT) is pleased to announce that the Lutcher Moore #20 well, targeting the Frio Formation at the Shoats Creek Project in Louisiana, has encountered approximately a ten foot (10') pay section in the Frio 5030' Sand formation and has already initiated completion procedures by setting production casing. Further it is believed that the Company has successfully been able to get 2-3 feet structurally higher than the Lutcher Moore #16 well, which may increase the reserves recoverable by the new well.