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Ophir Energy (LSE: OPHR) announces that the Scheme has now become effective and the entire issued ordinary share capital of Salamander is owned by Ophir. Scheme Shareholders on the register at the Scheme Record Time, being 6.
We have now witnessed large cuts in E&P spending guiding for 2015, for both offshore developments and exploration activities. In floater demand, we have already seen the effects of these spending cuts - and we expect to see increasing effects for jack-ups.
Pan Orient Energy Corp. (TSX VENTURE: POE) - The L53-ANC1 exploration well has been plugged and abandoned after failing to encounter commercial hydrocarbons.
Oil price Friday saw further strength in the oil price on the last day of the month that was to prove one of the best in percentage terms for a long time. With WTI eventually putting in a 3% rise on the month and Brent an impressive 19.
The Directors of Mosman Oil and Gas Limited (AIM: MSMN), the New Zealand and Australia focused oil exploration and development company is pleased to update shareholders in respect of the recent operational activity at Cross Roads-1. The Company advises that the Drill Force Rig #1 was rigged up at the Cross Roads-1 location last week.
The Norwegian Petroleum Directorate's resource accounts estimate the total recoverable petroleum resources to be 14.1 billion standard cubic meters (Sm3) of oil equivalents (o.
Statoil has signed a contract with Allseas for installation of three platform topsides on the Johan Sverdrup field. The vessel will be installing the topsides for the drilling, processing and living quarter platforms.
Tullow Oil plc announces that it has been advised by the Government of Ghana that the Government of Côte d'Ivoire has applied for provisional measures to be ordered in Ghana's maritime boundary dispute with Côte d'Ivoire which is in arbitration before a Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg. The provisional measures application includes a request that ITLOS orders Ghana to suspend ongoing exploration and exploitation operations in the disputed area in which the TEN project is situated until ITLOS gives its full verdict which is expected towards the end of 2017.
| Monday, March 2, 2015
The trans-Pacific partnership of China and Canada promises to diversify product access for one of the biggest oil consumers in the world, but it also comes with problems, as Ashok Dutta explains in this week's Oilgram News column, Petrodollars.With customary dragon dance and street parades, the 150,000-odd members of the Chinese community celebrated their new year in Calgary's Chinatown in mid-February.
The LetterOne Group and RWE AG today completed RWE's sale of RWE Dea AG to LetterOne. In January, both parties had announced their plans to complete the transaction at the beginning of this month.
PetroMaroc Corporation plc (TSX VENTURE:PMA) today announced the resignation of Yogeshwar Sharma from the board of directors of the Company effective immediately. Due to Mr.
Tethys Petroleum Limited (TSX:TPL) (LSE:TPL) is pleased to announce that it has signed a Memorandum of Understanding with PetroChina International Kazakhstan Ltd and also provide a corporate update to our shareholders. Highlights: Updated vision and strategy announced focussed on capital discipline, the generation of cash flow from existing reserves and maturing exploration acreage MOU signed with PetroChina to explore the feasibility of a long-term and mutually beneficial cooperation in natural gas and crude oil deliveries Tajikistan 2015 exploration budget reduced by nearly a third Proceeds of US$6 million loan facility received Restructuring agreement with Georgian Oil and Gas completed, removing current funding obligations of approximately US$4million In Kazakhstan work is about to commence on the AKK14 and AKK05 workovers which are anticipated to be brought on stream in Q2 2015 and increase production to a planned level above 570 mcm/day Sales oil price agreed at the well head of US$13/barrel for January and February 2015John Bell, Executive Chairman of Tethys, said: 'I am happy to present the strategy and vision of Tethys under the new direction of myself and the Board.
JKX announces that that it has received confirmation from the Ukrainian state gas distributor that 100% of its nominations for March delivery of gas to industrial customers have been accepted. The Company has now returned all wells in its Ukrainian fields to full production.
Wood Group Kenny (WGK) has appointed Bob MacDonald as chief executive officer (CEO), effective 6 April. Bob moves into the role from his position as WGK regional director for the North Sea.
The Board of Red Emperor Resources NL is pleased to announce that it has signed a Farmin Agreement with Otto Energy Philippines Inc. (a wholly owned subsidiary of Otto Energy Ltd, ASX: OEL) to farm in to the highly prospective offshore Philippines Block, SC55.
Rob Cole will commence in the position of Managing Director of Beach Energy on 10 March 2015, three months earlier than previously announced. Mr Cole was originally scheduled to commence on 1 June 2015 subject to becoming available earlier.
Karoon Gas Australia Ltd is pleased to announce the spudding of the drilling campaign, the Kangaroo West-1 exploration well, at 0815 hrs BRT on 26 February 2015. The 26' hole section has been drilled to a depth of 1,106 mRT and preparations are under way to run 20' casing prior to recommencing drilling in the 17-1/2' hole section.
Liquefied Natural Gas Limited (ASX: LNG; OTC ADR: LNGLY) is pleased to advise that its wholly owned subsidiary, Magnolia LNG, LLC (MLNG) has achieved the milestone set for finalization of the Engineering, Procurement and Construction (EPC) Joint Venture Agreement between the selected MLNG joint venture Contractor parties in support of continued advancement of the MLNG project. KBR and SK E&C USA, who will deliver the EPC phase of the MLNG Project, have completed the execution of the formal joint venture agreement as per the previously announced schedule.
Petroceltic, (PCI.L) the independent oil and gas exploration and production company announces today the resignation of two non-executive directors, Don Wolcott and Joe Mach, effective immediately.
Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that it has increased its land position within both the Paradox and Uinta Basins. The Company has acquired a 75% working interest in an additional 1,597.
Kosmos Energy (NYSE: KOS) announced today that the CB-1 exploration well located in the Cap Boujdour permit area offshore Western Sahara encountered hydrocarbons. The well penetrated approximately 14 meters of net gas and condensate pay in clastic reservoirs over a gross hydrocarbon bearing interval of approximately 500 meters.
Global oil supply and demand forecasts for 2015 have changed significantly recently, but these changes have largely cancelled each other out: the outlook is still one of a market roughly in balance. However, this ignores the tectonic shifts taking place under the surface.
Following the sanction of the Peregrino phase 2 project in December, Statoil together with its partner Sinochem submitted the Plan of Development (PoD) to the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in Rio de Janeiro on 30 January. The project entails a new well head platform and drilling rig (Platform C) and adds approximately 250 million barrels in recoverable resources to Peregrino field.
Someone had to do it, and it might as well have been one of the biggest names in US shale. Having whittled its 2015 capital budget down to $5 billion, 40% lower than last year, US producer EOG Resources last week made the tough call of forfeiting production growth this year, saying it would drill but not complete wells in a low oil price environment.
Oil price Its the last working day of the month and whilst for Brent its been quite good, up 13% over the period, for WTI it has not been so much fun, indeed at $48.17 it is flat, only three cents higher than at the beginning of the month.
InterOil Corporation (NYSE: IOC; POMSoX: IOC) announces that all participants in the PRL 15 Joint Venture have unanimously voted to appoint Total E&P PNG Limited as Operator of the PRL 15 Joint Venture. The appointment will take effect in accordance with an operator transition plan and the terms of the Joint Venture Operating Agreement.
Arcan Resources Ltd. (TSX VENTURE:ARN) announces the appointment of Mr.
Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) is pleased to announce its financial and operating results for the fourth quarter and the full year 2014, as well as 2014 year-end reserve results. Pengrowth had another strong year in 2014, delivering on its commitments, exceeding production guidance, getting Lindbergh steaming and adding to its drilling inventory in the liquids-rich Montney fairway.
Africa Oil Corp. (TSX:AOI)(OMX:AOI) announces its 2014 financial and operating results for the three months and year ended December 31, 2014.
| Friday, February 27, 2015
Brian Bagnell of Macquarie Capital Markets has two caveats for investors in junior oil and gas companies: Expect extreme volatility, and don't expect oil prices above $70/barrel anytime soon. He tells the The Energy Report that the winners in this sector will demonstrate maximal efficiency and minimal costs, and that even in this time of crisis there are bargains to be had.
BlackPearl Resources Inc. (TSX:PXX)(OMX:PXXS) is pleased to announce its financial and operating results for the three and twelve months ended December 31, 2014.
Cardinal Energy Ltd. (TSX:CJ) is pleased to present the results of its 2014 year end oil and gas reserves evaluation and its 2015 guidance.
Blackbird Energy Inc. (TSX VENTURE:BBI) is pleased to announce that it has acquired a 100% working interest in 19 additional sections (12,160 net acres) of Elmworth Montney rights.
Tethys, (TSX:TPL) (LSE:TPL) the exploration and production Company focussed on Central Asia, is delighted to announce the result of an updated Independent Reserves Report, which has been prepared by Gustavson Associates with an effective date of December 31, 2014. The report meets the expectations of the Canadian Oil and Gas Evaluation Handbook in accordance with the requirements of National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.
High North Resources Ltd. (TSX VENTURE:HN) announces that effective February 26, 2015, Lawrence Walter has resigned as a member of the board of directors of the Company to focus on his other ongoing commitments.
Questerre Energy Corporation (TSX:QEC) (OSLO:QEC) reported today on its fourth quarter 2014 activities and preliminary financial and operating results for the year ended December 31, 2014. Michael Binnion, President and Chief Executive Officer of Questerre, commented, 'We ended 2014 with a strong fourth quarter with average production of 1,468 boe/d and cash flow from operations of $4.
Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has entered into an agreement with BP Exploration & Production to amend their existing 2013 agreement for the Q5000 to provide well intervention services in the U.
After the PA Resources' (STO:PAR) (OSE:PAR) board of directors had prepared a balance sheet for liquidation purposes which showed that the company's shareholder's equity is less than one-half of the registered share capital the board of directors convened, pursuant to the Companies Act, an extraordinary general meeting of shareholders to decide whether or not the company shall go into liquidation. At such extraordinary general meeting previously today the shareholders resolved, as recommended by the board of directors, that the company shall not be liquidated, but carry on its business.
Bounty Oil & Gas NL (ASX Code: BUY) announces that the indicative agreement with Empire Oil & Gas NL (ASX Code: EGO) for Bounty to buy all of Empire's Carnarvon Basin permit interests held by an Empire subsidiary has been terminated by mutual consent. Bounty has been a long term joint venture partner with Empire in a number of the permits.
Abilene Oil and Gas Limited is pleased to provide an update on initial production at the Company's Central Kansas Uplift Project. The Company has been advised by the joint venture operator, CMX Inc.
Exoma Energy Limited (ASX: EXE) advises that Mr Jeffrey Forbes has stepped down as Chairman and resigned from the Exoma Board with effect from the close of business today, Friday 27th February 2015. Mr Forbes' resignation coincides with the closure of Exoma's Brisbane office.
OAO NOVATEK today released its audited consolidated financial statements for the year ended 31 December 2014 prepared in accordance with the International Financial Reporting Standards ('IFRS'). FY 2014 FY 2013 Oil and gas sales 355,673 297,499 Other revenues 1,970 659 Total revenues 357,643 298,158 Operating expenses (236,512) (192,761) Net gain on disposal of interest in joint ventures 2,623 37,649 Other operating income 4,009 880 Profit from operations* 125,140 106,277 Normalized EBITDA of subsidiaries* 140,371 121,903 Normalized EBITDA including share in EBITDA of joint ventures* 159,631 129,370 Finance income (expense) (46,745) (6,684) including foreign exchange loss (25,881) (3,678) Share in gain (loss) in joint ventures before income tax (28,175) (112) including the effect of foreign exchange loss (57,209) (342) Normalized profit before income tax* 50,220 99,481 Normalized Profit attributable to OAO NOVATEK shareholders* 35,197 79,825 Normalized earnings per share* (in Russian roubles) 11.
The Company announces that, with immediate effect, Laurence Sudwarts has resigned as Company Secretary and has been replaced by Marta Halabala. The Board thanks Mr Sudwarts for his hard work and professionalism since his appointment as Company Secretary and General Counsel in 2012 and wishes him well in his future endeavours.
Highlights include: Current operating income show strong organic growth of + 8.2%,excluding weather effect in France and gas tariff recoup booked in 2013 Dividend of EUR 1 per share with respect to fiscal year 2014, payable in cashThe Group reaches its objectives at average weather in France thanks to (a) its geographic diversity, (b) its well balanced portfolio between regulated/contracted activities and merchant activities and (c) the synergies and performance gains realized in the context of the Perform 2015 plan, despite unfavorable exogenous events (drought in Brazil and temporary outage of three nuclear units).
Petroceltic International plc, the oil and gas exploration, development and production company focused on the Middle East and North Africa, the Mediterranean and Black Sea regions, is pleased to announce the appointments of Nicholas Gay and Neeve Billis to the Board of Petroceltic as Non-Executive Directors with immediate effect. These appointments were approved by shareholders at the Extraordinary General Meeting of the Company held on 25 February 2015.
With natural gas storage at low levels in most of 2014 and production relatively high, minimal new natural gas storage capacity was built, except for salt facilities in the Producing region. Capacity in the East region of the United States fell slightly, resulting in relatively unchanged national total capacity.
The adjusted net income, which specifically measures the performance of the company's businesses, rose 27% to 1.707 billion euros.
In the fast moving oil market much of the fundamental data only becomes available for general consumption at least one month in arrears. But EIA oil price data and Baker Hughes rig counts are available weekly and with much action going on it is worthwhile updating.
Eni today confirms its historical commitment in Congo with the signature of two agreements at Palazzo Chigi, underwritten by Eni's CEO Claudio Descalzi in the presence of the President of the Republic of Congo, Denis Sassou N'Guesso, and of the Italian Prime Minister, Matteo Renzi. These cooperative and strategic agreements are intended to boost the energy development in Congo and contribute to local growth.
| Thursday, February 26, 2015
Lilis Energy (Nasdaq:LLEX), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin (DJ Basin), announces the appointment of Ronald D. Ormand to its Board of Directors effective today.
Concho Resources Inc. (NYSE:CXO) today reported financial and operating results for fourth quarter and full year 2014.
Zion Oil & Gas, Inc. (Nasdaq:ZN) entered into a Memorandum of Understanding with Viking Services BV, to contract for a land-based oil and gas rig with deep drilling capacity and certain other oilfield services and crew for exploration activities within Zion's Megiddo-Jezreel License area in Israel.
Chesapeake Energy Corporation (NYSE:CHK) today reported financial and operational results for the 2014 full year and fourth quarter and announced details of its 2015 Outlook and capital expenditure program. Highlights include: 2014 adjusted net income of $1.
The Nomination Committee of DONG Energy A/S has nominated Lene Skole and Lynda Armstrong as new members to DONG Energy's Board of Directors. Lene Skole is also nominated as the new Deputy Chair.
Record 2014 Production; 41.8 MMBOE (114.
Fluor Corporation (NYSE: FLR) announced that its CFPS Engenharia e Projetos, S.A.
Clayton Williams Energy, Inc. (NYSE:CWEI) today provided insight on its plans for 2015 and an update on its Eagle Ford and Delaware Basin operations.
Ensco plc (NYSE: ESV) today reported fourth quarter 2014 results that included: $2.998 billion or $12.
Full Year Group revenue totalled SEK 603 million (1,049) EBITDA was SEK -480 million (-494) Profit after tax was SEK -2,957 million (-1,219) Earnings per share were SEK -26.13 (-21.
Strata-X Energy Ltd. (TSX-V:SXE) (ASX:SXA) is pleased to announce that production equipment has been installed and flow lines have been laid for the Blue Spruce #1 well in anticipation of first production later this week.
Empire Oil & Gas announces that the final remaining condition precedent to allow Empire to complete the acquisition of ERM Power Limited's (ASX: EPW) interests in carious production licenses and exploration permits has now been satisfied. Approvals from the WA Department of Mines and Petroleum for registration of the transfer of the ERM interests to Empire were received late yesterday.
In their book Secular Cycles, Peter Turchin and Surgey Nefedof point out the important role falling wages of the common workers played in early collapses. I got to thinking that this might be an issue with our current situation as well, including the low level of oil prices.
HALIFAX, Nova Scotia -Bear Head LNG Corporation and Bear Head LNG (USA), LLC (together Bear Head), both wholly-owned subsidiaries of Liquefied Natural Gas Limited (LNGL), filed an application today with the U.S.
Seadrill Limited, announces its fourth quarter results for the three months ended December 31, 2014. Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd.
Wood Group is providing process control systems detailed engineering, procurement and fabrication services for the multi-billion dollar expansion project by ExxonMobil Chemical Company at the Baytown and Mont Belvieu plants near Houston. The work is being performed by Wood Group Mustang's (WG Mustang's) Automation and Control business unit.
Tony Durrant, Chief Executive, commented: 'Despite the challenging macroeconomic circumstances, the group delivered record production and operating cashflow in 2014. In 2015, we will continue to optimise our stable production base, push forward with approved developments and anticipate adding to our substantial resource base with targeted exploration.
Caza Oil & Gas, Inc. (TSX: CAZ) (AIM: CAZA) announces that, further to the announcement on November 12, 2014 regarding a farmout and exploration agreement entered into with Clayton Williams Energy, Inc.
Canadian Overseas Petroleum Limited (TSX-V: XOP, LSE: COPL), the offshore Africa focussed oil and gas exploration and development company, is pleased to announce details of the joint venture partnership it has entered into with Shoreline Energy International Limited, a conglomerate with interests across sub-Saharan Africa including interests in oil & gas and power generation. In line with the Company's stated strategy to diversify and balance its asset portfolio, the partnership with Shoreline is focused on acquiring upstream oil and gas exploration, development and producing assets in sub-Saharan Africa.
| Thursday, February 26, 2015
As approved at the general meeting of shareholders on 12 February 2015, Tangiers Petroleum Limited wishes to advise of its change of name to 88 Energy limited. The Australian Securities and Investments Commission recorded the change of name on 26 February 2015.
Oil price Another late and brief blog, much to expand on later in the week I hope. With Janet Yellen doing her testimony to the Senate Banking Committee markets waited to hear news of US recovery and growth, overall it was good news but only just, instead of being at least two fed meetings away interest rate hikes can be judged on a 'meeting to meeting' basis.
Marquee Energy Ltd. (TSXV: MQL) announces that it has entered into an agreement to acquire light oil assets complementary to the Company's existing core asset base and infrastructure at Michichi.
Cameron (NYSE: CAM) announced that it has elected Brent J. Smolik and R.
ZaZa Energy Corporation (NASDAQ: ZAZA) today announced 30-Day production results from its East Texas Colburn #3H horizontal well in Walker County, Texas and the proposal of two new Buda-Rose vertical wells in its vicinity. Colburn #3H Lower Glen Rose 'G' Formation Horizontal Well Results The Colburn #3H (API 471-30374) has achieved 24-hour peak production of approximately 808 boe/d (with NGLs), which includes 70 b/d of 53 API oil, 2,860 mcf/d of natural gas, and 262 NGLs b/d.
Legend Oil and Gas ltd (LOGL) is pleased to announce that it has entered into a nonbinding letter of intent (LOI) with Black Diamond Energy Holdings, LLC (dba Maxxon Energy and related companies- together Maxxon), to purchase 100% of its limited liability company membership interests. The purchase price to be paid is $4.
PetroTerra Corp. (OTCQB: PTRA), an independent oil and gas exploration company currently focused on the Sevier and Beaver Oil Project in west central Utah, announced today that it has completed the initial stages of its technical analysis at the Sevier Oil Prospect.
TransCanada Corporation (TSX:TRP) (NYSE:TRP) today announced that it has entered into an agreement to sell its remaining 30 per cent interest in Gas Transmission Northwest LLC (GTN) to its master limited partnership, TC PipeLines, LP (NYSE:TCP). 'This agreement is part of TransCanada's long-term strategy to drop down our remaining U.
Dave Stewart has been appointed as chief executive officer (CEO) of Wood Group PSN (WGPSN). Effective April 2015, Dave moves into this role from his previous position as UK managing director of WGPSN's UK operations.
The Gazprom Board of Directors approved the Company's strategy aimed at diversifying its export routes and increasing the Russian gas competitiveness. It was noted that gas supply alternatives as well as enhanced reliability and safety of supplies were of primary importance to make Gazprom's products attractive for international markets over a long term.
General Maritime Corporation and Navig8 Crude Tankers Inc. (N-OTC: BLUE) today announced that they have entered into a definitive agreement to create Gener8 Maritime Inc.
Pacific Energy Development (NYSE MKT: PED), an energy company engaged in the acquisition and development of strategic, high-growth energy projects in the United States, today announced entry into three major agreements that strengthens the Company for long-term success and growth. The following summarizes these agreements: Acquired approximately 13,000 net D-J Basin acres and interests in 53 gross wells, producing approximately 500 BOE/D from Golden Globe Energy (US), LLC ('GGE').
Orca Exploration Group Inc. today announced an update of its activities in respect of Songo Songo development and changes among some of the Company's key stakeholders in Tanzania.
| Wednesday, February 25, 2015
When you are checking out the screening criteria for a successful steam flood, the fact that there is a depth limitation might seem a little surprising. You would expect to see the reservoir quality and thickness limits and we all know steam flooding is most effective with heavy oils; but why does depth feature as a criterion and how many reservoirs are shallower than 3,000' anyway? Well, in the North Sea the answer to the last question is: 'Not many.
Update of gas flow testing at Lesedi CBM Project Selemo 1P (vertical/lateral pod) recommenced longer term production testing on 14 February 2015. The objective of this longer term test is to gather reservoir engineering data to model the coal reservoir properties.
| Wednesday, February 25, 2015
Further to the Company's RNS of 6 February 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is announcing today that it has recently engaged in discussions with a number of parties in relation to possible asset transactions or a sale of the Company. Stakeholders are advised that these discussions are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
Are the Russians coming to Texas riding the tailwinds of fracking? That depends on who you ask, as some believe Russian forces were behind the anti-fracking vote in Denton, while a $15 million investment in new Texas fracking technology by Roman Abramovich perhaps tells another story. When the anti-fracking campaign started to heat up late last year in Denton, Texas—the heart of the shale revolution—conspiracy theories were spread from within the pro-fracking community that the Russians were behind the whole thing.
Petrofac, the international oil and gas facilities service provider, has entered into a Memorandum of Understanding with offshore engineering, procurement, construction and installation company McDermott International, Inc. (NYSE:MDR) to form a strategic marketing alliance.
San Leon Energy plc, the AIM listed company focused on oil and gas exploration in Europe and North Africa, announces highly positive well test results for Rawicz-12, which the Company expects will form its first commercial gas discovery. The Rawicz-12 appraisal well, located in south-western Poland, commenced flow testing on 5 February 2015 and has to date flowed at an increasing rate of up to 4.
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) provides an update regarding the schedule for completion of the 'FPF-1' floating production facility modifications programme and start-up of the Greater Stella Area ('GSA') production hub.
Aminex is pleased to notify shareholders that it has received formal approval from the Tanzanian Authorities to sell up to 13% of its interest in Kiliwani North Development Licence to Solo Oil plc. There now remains no further conditions precedent to the sale of 6.
| Wednesday, February 25, 2015
Key Points: Well 19 has been drilled to its final depth of 3068m; mud logs and open hole wireline logs indicate hydrocarbons in the Mid Triassic horizon. Initial analysis indicates 99.
NXT Energy Solutions Inc. (TSX VENTURE:SFD)(OTCBB:NSFDF) advises that Mr.
In 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at 5 percent a year, oil demand would grow with it, outpacing supply, thus lifting the oil price from $147 to over $200 a barrel. The former chief economist at CIBC World Markets was so convinced of his thesis, he wrote a book about it.
Express Energy Services, a leading oilfield services company, announced the appointment of oil and gas industry veteran Mark Reese, a former National Oilwell Varco (NOV) executive, as Chairman of the Board of Directors of ES Platform Holdings, Inc., the parent company of Express.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to announce that Chris Barton, Craig Boland and Curt Maxwell have joined the Advisory Board of Saturn, significantly bolstering the Companies operating technical team with regard to the Company's oil & gas projects.
Huge inventory losses brought on by the plunge in oil prices in the second half of last year prompted Japanese refiners, desperate to eke out margins, to switch away from some of their staple heavy crude imports from the Middle East in favor of spot barrels from Russia and even far-away Mexico. Japan has been an occasional buyer of spot Latin American grades - whenever the economics makes sense.
Memorial Production Partners LP (Nasdaq:MEMP) announced today that it has consummated a transaction with Memorial Resource Development Corp. (MRD) whereby MRD exchanged its East Texas and non-core Louisiana properties for all of MEMP's interests in the Terryville Field in North Louisiana and cash consideration of approximately $78 million, subject to customary purchase price adjustments.
Building on the previous award by Total E&P UK of the contract for the Edradour Subsea Development, located approximately 75 km North West of Shetlands in the UK waters, Technip has been awarded an additional scope for the parallel development of the Glenlivet field located nearby. The Glenlivet specific scope includes: fabrication and installation of 12' production pipeline and 6' MEG pipeline complete with a 2' piggy backed service line, supply and installation of steel tube umbilical, manufactured at Technip Umbilicals facility in Newcastle, UK, supply and installation of flexible tails from Flexi France, the Group's manufacturing plant in Le Trait, France, fabrication and installation of pipeline end manifold, flowline end terminations, flexible tails and rigid well tie-in spools, as well as the installation of CPI templates and manifolds, rock dumping and pre-commissioning.
Today Statoil, on behalf of the Johan Sverdrup partnership, will sign a contract with Aibel for the construction of the deck for the drilling platform on the field. The contract is worth in excess of NOK 8 billion.