Sound Energy, the European and African focused upstream company, is pleased to confirm the commencement of civil works at the Badile exploration well site, onshore Northern Italy. The rig is expected to be mobilised during Q4 2016 with a view to drilling commencing around the end of the year.
Investors are invited to observe operations on site through the Company's webcam, which is expected to go-live later this week.
James Parsons, Chief Executive Officer, commented:'Following our recent success in Morocco, I am pleased to initiate the countdown to our second Strategic Play. Badile is a material gas prospect and one of our largest and most strategic assets. I look forward to this opportunity to repeat our success at Tendrara.'
PT Medco Energi Internasional Tbk近日宣布其已与ConocoPhillips签署协议，将收购ConocoPhillips的子公司ConocoPhillips Indonesia Inc. Ltd.与ConocoPhillips Singapore Operations Pte. Ltd.的股权。
PT Medco Energi Internasional Tbk has signed a share Sale and Purchase Agreement to acquire ConocoPhillips Indonesia Inc. Ltd. and ConocoPhillips Singapore Operations Pte. Ltd., both subsidiaries of ConocoPhillips.
CIIL is the Operator of the South Natuna Sea Block B PSC with a 40% working interest and is the Operator of the West Natuna Transportation System. CSOP operates the Onshore Receiving Facility in Singapore. The WNTS infrastructure together with the Malaysian pipeline is, and will continue to be the focal point for the commercialization of existing discoveries and ongoing exploration activities within the Natuna area. The transaction is expected to complete in Q4 2016.
Roberto Lorato, CEO, said that 'Once effective, this acquisition will add substantial gas and liquids reserves and increase MedcoEnergi's daily production by over 35%. With solid cash flows despite the current low oil price, the transaction is immediately accretive. Above all, we acknowledge SNSB's world class operating scale and infrastructure, it's highly experienced and proven operating team and best-in-class health, safety, and environmental record. We look forward to integrating the asset into MedcoEnergi's upstream portfolio.'
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Bellatrix Exploration Ltd. (TSX, NYSE: BXE) is pleased to announce that it has entered into an agreement with InPlay Oil Corp. to sell certain non-core Cardium focused assets in the greater Pembina area of Alberta (the 'Pembina asset sale') for total consideration of $47 million. Total consideration is comprised of $42 million cash, and 16,666,666 shares of InPlay with a deemed value of $5 million ($0.30 per share). InPlay is currently a private exploration and production company, but concurrently with the announcement of the Pembina asset sale, it has announced a proposed reverse takeover transaction which among other things, would provide for a public listing for its shares on the Toronto Stock Exchange.
The Pembina asset sale consists of Cardium oil weighted production of approximately 930 boe/d and formation rights in the Cardium only. As part of the transaction, Bellatrix has retained formation rights above and below the Cardium on the Pembina acreage, including the Notikewin, Falher and Wilrich members of the Spirit River formation. Cash proceeds from the Pembina asset sale are expected to be used to repay existing bank indebtedness, including repayment in full of the remaining $12.9 million balance outstanding on the Company's non-revolving term facility, and a reduction of the amount outstanding under the Company's syndicated revolving facility. Bellatrix estimates that its current outstanding bank indebtedness, including the assumed application of net proceeds from the Pembina asset sale, to be approximately $78 million, representing a reduction of approximately $236 million from June 30, 2016.
Libya Resumes Exports After Two Years. As anticipated, Libyan oil exports began Tuesday night with 740,000 barrels departing for Italy. We can't rely on supply disruptions to support the price of oil. We can rely upon being the best around (see today's video below for more information about being the best).
Valero Port Arthur refinery shuts large CDU, coker. Anything that reduces gasoline and diesel production is good for the industry. Thanks Valero. Side note: shut downs are typical this time of year.
Aruba Refinery Revival? - Citgo asks PDVSA for $100 million to revive Aruba refinery. This would be humorous considering the state of Venezuela today but don't forget Venezuela may, and I emphasize "may", have the large oil reserves in the world.
Engie to hang on to LNG but ditch coal, oil. The demise of coal continues. The French company also ditches oil but due to prices and not because of the awesomeness that is oil. LNG is still considered a darling and will remain in Isabelle Kocher's (CEO) portfolio.
Nigeria sues over $12b in 'illegal' oil exports. Nigeria is suing several leading oil companies for $12.7 billion of crude oil that allegedly was exported illegally to the United States between 2011 and 2014, officials said on Tuesday.
Russia, Iran Skipping Oil for Goods. With sanctions lifted the deal making is kicking into high gear in the Caspian region. The Iranians and Russians grow closer together in the petroleum business. This comes as no surprise as the two countries bounded further in an effort to keep Bashar al-Assad in power.
Union Increases Pressures in North Sea. Industri Energi (union) increases pressure with 300 new workers striking. We posted a question looking for your opinion on unions in the oilfield. Weigh in.
Oil Prices Today. We are all tired of oil price updates but it has to be done. Today traders apply upward pressure mostly because of an API call for a 7.5 million crude drawdown in the US.
Shell Comes Up Dry. The Stena IceMAX determines Nova Scotia work is non-commercial. The ultra-deepwater prospect reminds that ultra-deepwater is still a frontier and we are not always 100% assured of exploratory success. This business is not for the faint of heart.
Need Office Space in Houston? Shell moves out of downtown to custom complex. Looking to cut costs? Run a business in Houston? There have got to be some good deals. In a lease, re-cut your deal.
来自/Offshore Energy Today 9月21日消息 编译/赵美园石油圈原创www.oilsns.com
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Thirty-three oil companies have applied for exploration acreage offshore Norway as part of this year’s licensing round, the APA 2016, comprising the predefined areas with blocks in the North Sea, the Norwegian Sea, and the Barents Sea. This year’s licensing round, expanded by 24 blocks in the Norwegian Sea and 32 blocks in the Barents Sea, was launched in March. The Norwegian Petroleum Directorate (NPD), a government agency whose task is to manage the oil and gas resources on the Norwegian Continental Shelf, said on Wednesday that, following the expiration of the application deadline on September 6, 2016, the authorities had received applications from 33 companies. In this licensing round, companies could apply for a total of 139 942 square kilometers, while the available area in APA 2015 was 127 608 square kilometers. The number of applicants for APA 2016 is somewhat lower than for APA 2015 when 43 companies had applied.
The companies have applied for acreage on the whole shelf, but they are most interested in the North Sea and the Norwegian Sea, the agency said.The agency said it will now start with the technical evaluation of the applications and it will also evaluate the applicants’ geological concepts and strategy for exploring the areas.
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由于市况持续低迷，马来西亚油气生产商Petronas计划进一步缩减劳动力规模。 今年3月，Petronas宣布在全公司范围内进行结构重组，称此举是为了建立 “一个更平衡、精简、高效的业务运作新模式”。但此次结构重组使公司多出1000个冗余岗位。近日，《华尔街日报》援引知情人士言论指出：Petronas正在低油价的阴霾中苦苦挣扎。该大型国企还将裁减数百个职位，且裁员将针对已上市运营项目。据马来西亚新闻网站Malay Mail Online报道， Petronas表示将继续调整经营战略和人员编制，以适应市场需求。
来自/Offshore Energy Today 9月21日消息 编译/赵美园石油圈原创www.oilsns.com
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Malaysian oil and gas company Petronas is reportedly planning to reduce its workforce further due to a prolonged market downturn. Petronas announced in March a company-wide organizational restructuring, saying the new structure was designed for “a flatter, leaner and more efficient business operating model”. This restructuring resulted in redundancies of around 1,000 positions. The Wall Street Journal reported, citing sources familiar with the matter, that Petronas is looking to ax several hundred more jobs as the national oil company continues to struggle with the effects of the lower oil price. The daily newspaper also said that the oil company is planning to make these job cuts at its publicly listed operations. According to the Malaysian news website Malay Mail Online, Petronas said it would continue to review its business strategies and staffing levels as it adjusts to changes in demand.
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沙特阿美石油公司（Saudi Aramco）授予Saudi KAD重大合同。Saudi Aramco是一流的工程、采购和施工公司。公司战略性的管道合同和Master Gas 项目第二阶段及Fadhili Gas项目有关。该项目将于2018年完工。Master Gas系统产能将增加到125亿立方英尺/天。公司业务范围包括工程、采购、施工以及委托总共长度达1118千米的管道网络。这些重大管道将显著扩大Saudi Aramco通过沙特将天然气供应到发电厂及石化设施的能力。管道规模大小不一，最大规模将达56英寸，跨越距离超过1000千米。此外，Saudi KAD希望能够实现沙特化的目标，包括队伍建设及专注核心技能。
来自/TradeArabia 9月20日消息 编译/孔艳坤 石油圈原创www.oilsns.com
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State oil giant Saudi Aramco has awarded a major contract to Saudi KAD, a leading engineering, procurement and construction (EPC) company, for its strategic pipeline projects related to the Master Gas Programme Phase II, and the Fadhili Gas Programme.When the project gets completed in 2018, the Master Gas System capacity will increase to 12.5 billion standard cu ft per day.The scope of work includes engineering, procurement, construction and commissioning of a pipeline network totalling 1,118 km in length.These vital pipelines will significantly expand Saudi Aramco's capabilities for delivering sales gas to power plants and petrochemical facilities throughout the kingdom.The pipeline sizes will vary, with the biggest diameter reaching 56 inches and extending over a distance greater than 1,000 km.Moreover, Saudi KAD will aim to achieve ambitious Saudisation targets for its construction workforce, focusing on core skills.
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A possible deal to support oil prices by the world's leading producer countries may last for one year, the secretary-general of Opec said on Tuesday, longer than other officials have indicated.Opec and non-member producers including Russia are discussing a deal to stabilize the market by at least freezing output, although key details such as the timing and baseline for any deal have yet to emerge."One year, we are looking at one year," Opec Secretary General Mohammed Barkindo said, RIA news agency reported.Russia and members of the Organization of the Petroleum Exporting Countries hold an informal meeting in Algiers on September 28. Algeria's energy minister said on Monday any Opec move to freeze output would help balance the market for at least six months.Several producers have called for an output freeze to rein in a supply glut that triggered a price collapse in the last two years, hitting their income.
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Carnarvon Petroleum Ltd. reported Tuesday that it has been awarded the WA-524-P exploration permit located on the flanks of the Dampier Sub-Basin in the Greater Carnarvon Basin on Western Australia’s North West Shelf.The 467-square mile (1,210-square kilometer) permit is located on the Enderby Terrace, which contains a number of untested yet attractive play types in a proven basin which includes the Stag, Wandoo and Legendre oil fields, plus the Reindeer gas field."Carnarvon is continuing to build its portfolio in anticipation of the next oil price cycle. There are a number of attractive opportunities in this permit that I am confident will become attractive drill prospects in the future. This area will benefit from the application of our technical expertise and recent improvements in technology that were not previously available," Carnarvon's Managing Director and CEO Adrian Cook said in the press release.
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Lundin Gets Nod to Drill Baby, Drill. Norway's safety patrol group (PSA) allows people to work and rigs to drill. OffshoreEnergyToday.com makes top of the list on Oilpro.
Petrobras will only cut biz plan by $74 billion. 25% feels like a weak cut in a world floating in oil. But then again, Petrobras should probably cut less than everyone else given their entire economy depends on oil and bribes.
India to Buy Iran Oil for Emergencies. India builds strategic reserves preparing for Armageddon. Based on the Indians ability to negotiate (i.e. - they are really cheap) and their position as the No. 3 importer in the world, they likely paid $5 per barrel.
Petrofac denies plans to exit. Petrofac is remaining tight-lipped on reports it plans to leave Tunisia if protests over jobs continue, according to reports. Nobody believes said rumors.
Paragon Offshore Fleet Update. Paragon lands some North Sea work. Rig contact awards? Wait, rig stacking in the report too.
Trans Adriatic Pipeline Advances. 17km line of pipes were strung and 5km welded along the pipeline route on the journey to connect the Capsian Sea to Europe. Well done boys. Keep up the good work.
Farstad Shipping Reduces Souls Onboard. Indicative of other layoffs, Farstad lays off half of there already small crew. Wanting to stay positive here but half of half of half of half is a small number.
Oil Drops as OPEC Deal Fades. When will the market learn? Someone has to be making bank on these price swings. WSJ digs into daily details. Cramer even laughing at traders.
News Everyone Else Posted Weeks Ago. FuelFix reports that oil discoveries are at there lowest ever. Really? How did this happen? WoodMac believes oil volumes dropping are a concern, but they are wrong. That is a good thing.
Oilfield Workers Rejoice. While unemployed and trained in a skill that nobody needs, oil workers realize that in bankruptcy creditors are still not allowed to eat them.
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