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30 August 2010
ONGC strikes with Vidatal probe
India's Oil & Natural Gas Corporation has struck oil with the Vadatal-1 exploration well in NELP Block CB-ONN-2004-2 in India's Western Onshore basin.
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Source: Upstream. www.upstreamonline.com
The find, which is producing at 278 barrels per day, pertains to a NELP-VI Block in the Tarapur area of the Western Onshore basin.
The discovery has opened up a large area for exploration and is under further assessment of its extent and potential, ONGC said at its latest board meeting.
Meanwhile, ONGC has approved an investment decision for the development of BHE and BH-35 area, east of the Mumbai High South field. BHE was first discovered in 1976 and was again taken up for delineation in 1983 but was not deemed economically viable at the then prevailing prices of oil and gas.
ONGC said that based on a recent study it is estimated that the cumulative production of oil and gas from BHE & BH-35 is 422,000 metric tonnes and 529 million cubic metres respectively over a period of 8 years, with peak production rates of 2500 barrels per day of oil and 250,000 cubic metres of gas.
After studying various options, ONGC says it has decided to locate a well platform with minimum facilities between BHE and BH-35 fields and drilling directional wells to produce oil and gas from the two fields and transfer the hydrocarbons to SH complex which lies only 10 kilometres from BHE.
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17 August 2010
Woodside hits gas at Larsen Deep
Australia¡¯s Woodside Petroleum has struck gas at its Larsen Deep exploration well in permit WA-404-P in the Carnarvon basin off Western Australia.
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Source: Upstream. www.upstreamonline.com
The probe hit about 50 metres of gross gas over several zones within the Triassic target and will buoy hopes that the Australian giant may find enough gas in time to support an expansion of its Pluto liquefied natural gas project.
The Larsen Deep-1 well discovery, which comes just a day after Woodside announced a substantial gas find at the Alaric-1 well in a separate permit, may offer some relief for Woodside as its mixed exploration success recently had raised doubts it would find the required gas reserves for the expansion.
Woodside plans to drill the well to a total depth of 5030 metres and is currently drilling ahead at 4914 metres. Once drilling is complete, wireline logs will be carried out to find pressure and gas samples.
The Larsen Deep-1 well, which is being drilled by the Ocean America semi-submersible, is within nine kilometres to three of Woodside's existing gas discoveries which are closer to the original Pluto gas field. Its location is likely to mean it will be easier to pipe gas to the shore.
The Alaric-1 well, which lies in the Greater Carnavon basin is more than 500 kilometres out to sea and is the most remote exploration area on Woodside's plate in Western Australia.
Woodside operates the licence with a 50% stake on behalf of partner Hess.
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16 August 2010
KM-1 set to sail
Kencana Petroleum¡¯s newbuild rig, KM-1 is due to sail soon for its drilling assignment with state player Petronas Carigali.
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Source: Upstream. www.upstreamonline.com
The self elevating tender rig will commence its charter in Erb West field off Sabah.
The rig charter will run for a fixed five-year term plus options to extend for up to another five years.
The Malaysian outfit owns 100% of KM-1 after buying out Singapore-listed Mermaid Maritime¡¯s interest in the rig.
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10 Aug 2010
PTTEP eyes BP Asia assets
Thailand's PTT Exploration and Production said today it was looking at BP's assets in Vietnam but had not appointed financial advisers for any plan to bid for them.
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Source: Upstream. www.upstreamonline.com
"We are interested in BP's assets because it is in our target area, both in Vietnam and Southeast Asia," chief executive Anon Sirisaengtaksin told Reuters. He gave no details.
BP has said it planned to sell its stake in the Nam Con Son project, part of its goal of selling $30 billion in assets over the next 18 months to cover the cost of containing the oil spill in the Gulf of Mexico.
BP operates Block 6.1 in the Nam Con Son basin, off Vietnam's southeast coast, with a 35% stake. Indian state-run explorer Oil and Natural Gas Corporation owns 45% and the rest is owned by Petrovietnam.
BP's interests, comprising stakes in the Lan Tay and Lan Do gas fields, the Nam Con Son pipeline and the Phu My power generation project, are worth $966 million, analysts at UBS said in a recent research note.
Apart from PTTEP, China's CNOOC and Sinopec and ONGC were likely to be interested in BP's stake in the project, bankers and analysts familiar with the asset told Reuters in July.
PTTEP, a subsidiary of Thailand's top energy company PTT and ranked among Asia's top 10 explorers, is involved in about 40 oil and gas exploration and development projects.
PTTEP has interests in four petroleum blocks in Vietnam. Block 9-2 started operations last year and Block 16-1 is due to come onstream in the second half of 2011, Anon said. Another two fields are in the exploration phase.
PTTEP is looking to buy oil and gas assets overseas as part of a global expansion drive, while its parent PTT aims to be a multinational energy company by 2010.
PTTEP was looking at diluting its holdings in five petroleum blocks in Myanmar, Blocks M3, M4, M7, M9 and M11 in the Gulf of Martaban, Anon said.
"It could be more attractive to sell out the whole package," he said, adding PTTEP did not need the cash but was rather looking for potential partnerships.
PTTEP, Thailand's second-most valuable company, reported a 63% rise in second-quarter net earnings thanks to higher petroleum sales and rising oil prices.
The company may raise its 2010 petroleum sales target to 260,000 barrels of oil equivalent per day, up 2.4% from 254,000 boepd due to its strong first-half performance, Anon said adding PTTEP was likely to beat its net profit target this year.
The company is expected to post a 67% rise in 2010 profit to 36.9 billion baht, according to 23 analysts polled by Thomson Reuters.
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4 August 2010
Taps on at D30
Petrovietnam has started commercial crude oil production from the D30 field off Malaysia with an average output of 4730 barrels per day
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Source: Upstream. www.upstreamonline.com
The state-run player holds a 30% stake in Block SK305, while Malaysia's Petronas Carigali has 40%, a Reuters report said. Indonesian outfit Pertamina holds the remainder.
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19 July 2010
PetroChina says Dalian spill under control
PetroChina has contained an oil spill caused by pipeline blasts at Dalian port and clean-up work is now under way.
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¡°The most important thing now is to clean up the area,¡± Mao Zefeng, spokesman for the Beijing-based company, told Bloomberg. ¡°We are looking at the extent of the damage to the pipelines, but we think any effect is limited in scale.¡±
He said booms were being used to contain the spill.
An incorrect procedure during the offloading of a tanker may have led to the 16 July explosion that damaged two pipelines and spilled oil into the Yellow Sea, Mao said.
The cause is yet to be confirmed and an investigation is under way.
State-run China Central Television reported that the slick is about 10 centimetres thick in places.
About 1500 tons (11,025 barrels) of oil has spilled into the sea, according to China National Radio.
The blast has ¡°seriously¡± polluted 11 square kilometre of sea and ¡°slightly¡± affected 50 square kilometres, the official Xinhua News Agency reported today, citing Wu Guogong, deputy chief of the municipal environmental protection bureau.
The spill is the biggest in Chinese waters and could have a long-term impact on the marine ecology of the area, Yang Ailun, a Beijing-based spokeswoman at Greenpeace, told Bloomberg.
Source: Upstream. www.upstreamonline.com
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19 July 2010
PetroChina says Dalian spill under control
PetroChina has contained an oil spill caused by pipeline blasts at Dalian port and clean-up work is now under way.
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¡°The most important thing now is to clean up the area,¡± Mao Zefeng, spokesman for the Beijing-based company, told Bloomberg. ¡°We are looking at the extent of the damage to the pipelines, but we think any effect is limited in scale.¡±
He said booms were being used to contain the spill.
An incorrect procedure during the offloading of a tanker may have led to the 16 July explosion that damaged two pipelines and spilled oil into the Yellow Sea, Mao said.
The cause is yet to be confirmed and an investigation is under way.
State-run China Central Television reported that the slick is about 10 centimetres thick in places.
About 1500 tons (11,025 barrels) of oil has spilled into the sea, according to China National Radio.
The blast has ¡°seriously¡± polluted 11 square kilometre of sea and ¡°slightly¡± affected 50 square kilometres, the official Xinhua News Agency reported today, citing Wu Guogong, deputy chief of the municipal environmental protection bureau.
The spill is the biggest in Chinese waters and could have a long-term impact on the marine ecology of the area, Yang Ailun, a Beijing-based spokeswoman at Greenpeace, told Bloomberg.
Source: Upstream. www.upstreamonline.com
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13 July 2010
Sinopec cheers first Nigerian hit
China¡¯s Sinopec has struck oil in its first exploration well drilled in Nigeria¡¯s Block 137, previously owned by Addax Petroleum.
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The Udele-3 well of Block 137, in the Niger Delta, was the first exploration well Sinopec drilled in Nigeria this year after its acquisition of Swiss oil and gas explorer Addax almost a year ago, Reuters reported citing China PetroChemical News, Sinopec¡¯s in-house newspaper.
The well intercepted an oil column of 45.9 metres and flowed 3365 barrels of oil and 28,300 cubic metres of gas per day during tests, the newspaper said.
Last June, Sinopec set out to acquire Addax for $7.24 billion to gain access to oil assets in West Africa and Iraq.
Source: Upstream. www.upstreamonline.com
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2 July 2010
Phnom Penh names the date
Cambodia will join the ranks of the world's oil producers on 12 December 2012 at 12am local time, the country's Deputy Prime Minister Sok An said.
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Local media reports said Sok An, who is also the chairman of the Cambodian National Petroleum Authority, did not say which field will be brought on stream.
However, earlier this year Prime Minister Hun Sen warned US supermajor Chevron that it must start production from Block A, in the Gulf of Thailand, by 2012 or face having its contract for the block terminated.
Chevron operates Block A with a 30% stake. It was granted an extension on the exploration phase of the block - due to expire in the third quarter of this year - on condition it drill three more exploration wells on the block.
Source: Upstream. www.upstreamonline.com
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23 June 2010
IEA sees 1.4% boost to oil demand
Global oil demand is forecast to increase by an average of 1.2 million barrels per day, or 1.4%, to reach near 92 million bpd by 2015 according to the latest Medium Term Oil & Gas Markets 2010 report from the International Energy Agency (IEA).
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Oil and gas markets are starting to show signs of recovery, but the impact of the recession differs across regions, and the outlook remains very uncertain,¡± said executive director of the IEA Nobuo Tanaka at the launch of the report.
"In both oil and gas, we see a notable dichotomy between non-Organisation for Economic Co-operation and Development (OECD) and OECD markets, with strong growth in China, India and the Middle East compared to weaker or flat demand elsewhere, especially in the fragile European economy.
Source: Upstream. www.upstreamonline.com
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22 June 2010
SembCorp breaks ground on integrated yard
Construction has begun on SembCorp Marine's new 206-hectare integrated yard facility in Singapore.
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A groundbreaking ceremony was held at Tuas View Extension, the site for the new yard yesterday afternoon.
The 206-hectare new yard will be built in three phases, with the first phase expected to cost around S$750 million (US$545 million).
Under the first phase of the new yard development, 73.3 hectares will be developed for ship repair and ship conversion operations, SembCorp Marine's chairman Goh Geok Ling said yesterday.
"Phase I of the yard is scheduled for completion end 2013 with partial operations commencing in the second half of 2012." he said.
"It will feature 4 VLCC drydocks with a total dock capacity of 1.55 million deadweight tonnes," he added.
The four drydocks range from 66 metres to 89 metres long and 350 metres to 410 metres wide, with water depth of 8.5 metres to 11 metres.
The yard will also boast a total quay length of 3408 metres, a health, safety and environment centre with medical clinic facilities and a dormitory for up to 9000 workers.
The remaining two other phases of the integrated yard facility are scheduled for completion over the next 16 years.
Source: Upstream. www.upstreamonline.com
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16 June 2010
Petrodorado teams up with ONGC
India's ONGC Videsh has teamed up with Canada's Petrodorado Energy for an exploration block in eastern Colombia.
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The 199,248-hectare block, CPO-5, in Llanos basin was awarded to the Indian outfit in 2008.
Petrodorado will pick up a 30% farm-in stake, with ONGC retaining the other 70%.
The onshore block is flanked in the North and North West by the recent discoveries in the blocks of Guatiquia (Candelilla Structure) and Corcel, Petrodorado said.
The partners plan to acquire 650 square kilometres of 3D seismic and 240 kilometres of 2D seismic over the block.
Source: Upstream. www.upstreamonline.com
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14 June 2010
Anadarko signs Reflect for NZ survey
Singapore-listed Otto Marine¡¯s subsidiary, Reflect Geophysical has won a $8 million 2D seismic contract from a unit of US major Anadarko Petroleum.
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The contract was awarded by the New Zealand arm of Anadarko for a 2D seismic shoot in Taranaki basin Block PEP-38451.
Seismic vessel Reflect Resolution will undertake the survey after wrapping up an earlier contract with Todd Exploration.
The vessel has been awarded six seismic acquisition contracts over the last six months.
Source: Upstream. www.upstreamonline.com
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11 June 2010
Cambay probe delivers for Reliance
Indian giant Reliance Industries has made a sixth find in Block CB - ONN - 2003/1, in India's Cambay basin play.
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The oil find is the sixth discovery in the 635 square-kilometre block, which lies off the west coast, about 130 kilometres from Ahmedabad.
Reliance said the CB10A-T1 well had been drilled to 1500 metres and encounterd a hydrocarbon bearing zone from 1390 metres to 1402.5 metres in the Miocene Basal Sand of the Babaguru formation.
Conventional production testing was carried out in the interval of 1390 to 1395 metres and the well flowed at a rate of 415 barrels per day.
Reliance said additional data gathering and analysis was being conducted to access the potential commercial interest of the discovery.
Source: Upstream. www.upstreamonline.com
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