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KrisEnergy Pumps Cambodia’s First Crude in 17 Years A Cambodian concession has commenced production after years of delays in a venture between Singapore’s KrisEnergy and the government. The crude comes from oil fields in Block A, comprising 3083 km of the Khmer basin in the oil-rich Gulf of Thailand, off the southwestern coast of Sihanoukville. The concession will progress in phases once new wells are commissioned and completed. Kelvin Tang, chief executive of KrisEnergy’s Cambodian operations, called the 29 December event “an important strategic milestone” for the company, while Prime Minister Hun Sen hailed the first extraction as “a new achievement for Cambodia’s economy” and “a huge gift for our nation.” Ironbark Australian Exploration Well Declared Dry; Co-Owner Stocks Plummet BP has come up dry at its Ironbark-1 exploration well, the anticipated multi-trillion-scf prospect off the west Australian Pilbara coast. The disappointing prospect was once seen as a potential gas supplier to the emptying North West Shelf (NWS) LNG plant, where BP is a co-owner, within 5 to 10 years. After 2 months of drilling to a total depth of 5618 m, “no significant hydrocarbon shows were encountered in any of the target sands,” according to co-owner New Zealand Oil and Gas (NZOG). Petrorecôncavo Buys Petrobras’ Onshore Bahian Stake for $30 Million Brazilian operator Petrobras on 23 December signed a contract with independent producer Petrorecôncavo to sell its entire stake in 12 onshore E&P fields, the Remanso Cluster, in the state of Bahia. The sale value for the fields was $30 million; $4 million was paid on signing, $21 million at the closing of the transaction, and $5 million will be paid 1 year after that. The Remanso Cluster comprises the onshore fields of Brejinho, Canabrava, Cassarongongo, Fazenda Belém, Gomo, Mata de São João, Norte Fazenda Caruaçu, Remanso, Rio dos Ovos, Rio Subaúma, São Pedro, and Sesmaria. Zion Spuds the Israeli Megiddo-Jezreel #2 Well On 6 January, Zion Oil and Gas officially spudded the MegiddoJezreel #2 on its 99,000acre MegiddoJezreel license area in Israel. “With unique operating conditions in the COVID19 environment, our crews have performed an amazing task,” Zion CEO Robert Dunn said. “Mobilizing a rig into a new country during a pandemic and rigging up is the most challenging part of the drilling operation,” Zion’s vice president of operations, Monty Kness, added. Exxon Declares a Dud at Second Guyana Well Exxon Mobil said on 15 January that its exploration well in the prolific Stabroek Block off Guyana’s coast did not find oil in its target area. Exxon, which operates the Stabroek Block in a consortium with Hess and China’s CNOOC, has made 18 discoveries in the area in 5 years, totaling more than 8 billion BOE, for a combined potential for producing up to 750,000 B/D of crude. The Hassa1 exploration well was the giant’s second setback to its drilling campaign in recent months. Heirs Holdings Buys 45% of Shell Nigeria’s OML 17 Field Shell Nigeria announced on 15 January it had completed a $533 million sale of its stakes in an onshore OML 17 oil field in Nigeria to African strategic investor Heirs Holdings, Nigeria’s largest publicly listed conglomerate. The deal is one of the largest oil and gas financings in Africa in more than a decade, with a financing component of $1.1 billion provided by a consortium of global and regional banks and investors. Heirs Holdings, in partnership with Transcorp, one of the largest power producers in Nigeria with 2000 MW of installed capacity, purchased 45% stake in the field. It acquired the stakes of Shell, Total, and Eni to further its expansion into the oil and gas industry. Apex Discovers Oil in Egypt’s Western Desert Privately held independent E&P firm Apex International Energy, backed in part by UK energy investment firm Blue Water Energy, on 18 January announced a discovery in the Southeast Meleiha Concession (SEM) in the western desert of Egypt. The discovery was made at the SEMZ-11X well located 10 km west of Zarif field, the nearest producing field. The well was drilled to a total depth of 5,700 ft and encountered 65 ft of oil pay in the Cretaceous sandstones of the Bahariya and Abu Roash G formations. Testing of the Bahariya resulted in a peak rate of 2,100 B/D with no water. Additional uphole pay exists in the Bahariya and Abu Roash G formations that can be added to the production stream in the future. Kosmos Announces Oil at Winterfell Well Dallas-based E&P independent Kosmos Energy announced on 19 January an oil discovery in deepwater US Gulf of Mexico. The Winterfell discovery well, the product of infrastructure-led exploration (ILX), was drilled to a total depth of approximately 23,000 ft and is located in approximately 5,300 ft of water. This subsalt Upper Miocene prospect in off-shore Louisiana encountered approximately 85 ft of net oil pay in two intervals. ILX exploration, which has featured prominently in upstream operators’ portfolios in recent years of relatively low oil prices, is exploration around producing hubs that can be hooked up to those facilities easily and cheaply. The development sidesteps the need for costly and time-consuming individual hub construction. Equinor Gets Permit To Drill North Sea Wildcat Well The Norwegian Petroleum Directorate has granted Equinor a drilling permit for wildcat well 31/11-1 S in the North Sea offshore Norway, 62 km south of the Troll field. The drilling program is the first exploration well to be drilled in production license 785 S, awarded on 6 February 2015 (APA 2014). Operator Equinor and Total E&P Norge are 50/50 partners in the license, which consists of parts of Blocks 26/2 and 31/11. Petrobras, ExxonMobil Hit Hydrocarbons at Urissanê Well, Offshore Brazil Brazilian state-owned Petrobras announced on 29 January it had discovered hydrocarbons in a well located in the Campos Basin presalt off Brazil’s coast of Campos dos Gotyacaze in the State of Rio de Janeiro. Well 1-BRSA-1377-RJS (informally called Urissanê) is located in Block C-M-411, at a depth of 2950 m approximately 200 km offshore. Petrobras, which operates the block in a 50/50 partnership with Exxon Mobil, said it would analyze the well data to better target exploratory activities and assess the potential of the discovery. BP Offloads 20% Share of Oman’s Block 61 To PTTEP Marking another significant step in its divestment program, BP will sell a 20% participating interest in Oman’s 3950 km Block 61 in central Oman to Thailand’s national PTT Exploration and Production (PTTEP) for $2.59 billion. BP will remain operator of the block, holding a 40% interest. The sale comprises $2.45 billion payable on completion and $140 million payable contingent on preagreed conditions. After the sale, BP will hold 40% interest in Block 61, while OQ holds 30%, PTTEP 20%, and Petronas 10%. Block 61 contains the largest tight gas development in the Middle East.
- South America > Guyana > North Atlantic Ocean (1.00)
- Asia > Thailand (1.00)
- Asia > Middle East > Oman (1.00)
- (6 more...)
- Government > Regional Government > South America Government > Brazil Government (1.00)
- Government > Regional Government > Asia Government > Thailand Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- South America > Guyana > North Atlantic Ocean > Guyana-Suriname Basin > Stabroek Block > Payara Field (0.99)
- South America > Guyana > North Atlantic Ocean > Guyana-Suriname Basin > Stabroek Block > Liza Field > Liza-1 Well (0.99)
- South America > Guyana > North Atlantic Ocean > Guyana-Suriname Basin > Kaieteur Block > Maastrichtian Formation > Tanager-1 Well (0.99)
- (39 more...)
New Merger to Create Third-Largest US Pressure Pumper In an all-stock deal, US service companies Keane Energy and C&J Energy Services announced that they are merging. Upon regulatory approval, the development will result in the third-largest service company based on hydraulic fracturing horsepower (HHP). The deal will further consolidate a market segment that has been under pressure to reduce operating costs since the onset of the oil price downturn almost 5•years ago. Ownership is to be split evenly between Keane and C&J shareholders, each holding 50% of the new stock. With unanimous approval from the board of directors of both companies, the merger is expected to be completed by the end of the year. The combined entity will be worth $1.8 billion, with an annual revenue of $4.2 billion, 66% of which will come from the pressure pumping service line. • Hurricane Hits First Oil From Basement Reservoir in North Sea Hurricane Energy reported 18 June that the first cargo of oil extracted from a naturally fractured basement reservoir in the UK North Sea had been successfully loaded onto a tanker. First oil from two horizontal subsea wells was achieved from the Lancaster field, located to the west of the Shetland Islands, at the start of this month after a successful well test that had a combined production rate of 20,000 B/D. With an expected uptime of 85%, the long-term target for UK-based Hurricane is to produce 17,000 B/D. The announcement marks an historic moment for the offshore oil and gas industry in the UK since the Lancaster field is the country’s first to produce commercial quantities from a naturally fractured basement reservoir. • ExxonMobil Proceeds with Long-Term Vaca Muerta Shale Oil Development ExxonMobil will move forward with a long-term oil development in Argentina’s Bajo del Choique-La Invernada block, part of the Vaca Muerta Shale, that is expected to produce up to 55,000•BOE/D within 5 years. The project will consist of 90 wells, a central production facility, and export infrastructure connected to the Oldeval pipeline and refineries. If the expansion is successful and business and market conditions allow, ExxonMobil may invest in a second phase that would produce up to 75,000 BOE/D, the company•said. “We are encouraged by the excellent results of our Neuquén pilot project and look forward to increased production through this significant expansion,” said Staale Gjervik, ExxonMobil senior vice president of unconventional. “The reforms implemented by the federal and provincial governments have been critically important to enabling the development of the Vaca Muerta basin as one of the country’s main energy resources.” • Thirty Firms Awarded Blocks in UK’s 31st Offshore Licensing Round The UK Oil and Gas Authority (OGA) has awarded 37 licenses covering 141 blocks or partial blocks to 30 companies in the 31st Offshore Licensing Round. The round offered frontier areas on the UK Continental Shelf (UKCS) in the•Faroe-Shetland Basin, Moray Firth, East Irish Sea, East Shetland Platform, Mid North Sea High, and English Channel. It marked a continuation of a recent trend on the UKCS in which lesser-known firms and newcomers have gained stature, though some of the larger, more-familiar operators still showed a desire in the round to maintain a presence in the basin. Privately held Corallian Energy and Equinor were each awarded five licenses, more than any other company. Corallian, based in Stroud, UK, and founded in 2015, is operator of all five of its licenses, while Equinor will operate four and serve as partner on one. • Global Energy Demand in 2018 Grew at the Fastest Pace This Decade Despite weakening growth in GDP and strengthening energy prices in 2018, global energy demand last year rose at its fastest pace since 2010, according to BP’s 2019 Statistical Review of World Energy. China, India, and the US were responsible for two-thirds of the 2.9% increase in consumption, BP Group Chief Economist Spencer Dale said in releasing the report. The widely followed annual statistical review said that demand growth pervaded all fuels, most of which grew more strongly than their historical averages. Natural Gas Leads the Way Both consumption and production of natural gas grew more than 5%—one of its strongest growth rates in more than 30 years—making up almost 45% of the entire growth in global energy consumption. • Dorado Discovery Off Australia Is Bigger Than Expected The Santos Energy-operated Dorado-2 appraisal well has uncovered more hydrocarbons, primarily gas, from the already-large Dorado discovery offshore Western Australia reported last year. The appraisal well, drilled down-dip 2•km from the Dorado-1 discovery in the Bedout Basin, encountered 85 m of net reservoir in the primary Caley formation. As expected, an oil/water contact was intersected at 4003•m measured depth, with 40 m of net oil pay encountered, the Adelaide-based operator said. Another 11 m of pay was encountered in•the Upper Caley sands, with preliminary wellsite analysis indicating this upper zone is oil-bearing. But it is subject to additional analysis to confirm the hydrocarbon phase. • Murphy Oil to Buy Deepwater US Gulf Assets for up to $1.625 Billion Murphy Oil has agreed to acquire deepwater US Gulf of Mexico assets from LLOG Exploration for up to $1.625 billion. The deal will result in the El Dorado, Arkansas-based Murphy adding 32,000–35,000 BOE/D net to its 2019 US gulf production, of which 60% will be oil, bringing its total US gulf output to 85,000•BOE/D net. The gulf will represent 66% of the company’s total daily•production.• “With this transaction, Murphy becomes the eighth-highest producer in the Gulf of Mexico. Only a year ago, they were No. 20,” said Imran Khan, senior research manager, US Gulf of Mexico upstream oil and gas, at consultancy Wood Mackenzie, in comments on the•deal.
- Europe > United Kingdom > North Sea (0.95)
- South America > Argentina > Neuquén Province > Neuquén (0.89)
- Oceania > Australia > Western Australia (0.87)
- (3 more...)
- Geology > Petroleum Play Type > Unconventional Play > Shale Play (0.69)
- Geology > Rock Type > Sedimentary Rock > Clastic Rock > Mudrock > Shale (0.45)
- South America > Argentina > Patagonia > Neuquén > Neuquen Basin > Vaca Muerta Shale Formation (0.99)
- Oceania > New Zealand > West Basin (0.99)
- Oceania > Australia > Western Australia > North West Shelf > Roebuck Basin > Bedout Basin > WA-437-P Permit > Block WA-437-P > Dorado Field > Milne Sandstone Formation > Dorado-1 Well (0.99)
- (40 more...)