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Source: Reuters
Posted on 11/18/2010 / 0
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Nov 18, 2010
Turkmen gas to reach central China in early Dec
[Read more]
Source: Reuters
Heritage Oil starts testing target formations on Miran oil block in Iraq
Heritage Oil has commenced extensive testing of target formations and is accelerating a large 3D seismic programme across the Miran block in the Kurdistan region of northern Iraq.The decision was made after hydrocarbon shows were encountered in the initial Cretaceous objectives and in the deeper exploration targets in the Miran West-2 well.
The well has encountered indications of hydrocarbons from intervals within the Cretaceous, Jurassic and Triassic in excess of 2,500 metres, identifying numerous zones for testing.
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Source: Proactive Investors UK
Posted on 11/18/2010 / 0
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Energean to Drill New Oil Wells in Aegean Sea to Lift Output
Energean Oil & Gas SA, Greece’s only hydrocarbon exploration and production company and formerly known as Aegean Energy SA, said it will drill new wells in the Aegean Sea to boost oil production.Energean hired the GPS Saturn jackup rig from Romania’s Grup Servicii Petroliere to drill wells in the Prinos and Epsilon oil fields to help boost production to 5,000 barrels a day, Athens-based Energean said in an e-mailed statement today.
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Source: Bloomberg
Posted on 11/18/2010 / 0
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Xcite Energy signs LoI with British American Offshore for jack-up unit
The LoI anticipates that XER and BAOL will enter into a definitive agreement (Agreement) for the rig by 15 December 2010, following which the Rowan Norway is expected to be available to commence the first stage production (FSP) on the Bentley field in the fourth quarter of 2011.
At the time of signing the Agreement, XER will be required to demonstrate financial capability for the first 120 days of the contract commitment in the amount of US$30 million. In addition, XER will be required to demonstrate financial capability for the second 120 days of the contract commitment in the amount of US$30 million by 31 January 2011. XER may reduce the initial commitment period to 120 days, in which event it will be required to demonstrate additional financial capability of US$3.6 million for this 120 day period.
Richard Smith, Xcite Energy CEO commented: "This is another significant event for the Company which, following the anticipated successful completion of the current 9/3b-6 well test program, would enable us to move forward and plan the first stage production program on the Bentley field. This drilling unit has been designed with good capabilities and flexibility in mind and we are pleased to be working with Rowan for this vital phase of the Bentley development program."
Source: Trading Markets 9Press release)
Posted on 11/18/2010 / 0
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OPEC to Raise Shipments 1.2% This Month on Asia Demand, Oil Movements Says
he Organization of Petroleum Exporting Countries will increase crude loadings by 1.2 percent this month on rising exports to Asia, according to tanker- tracker Oil Movements.Shipments will rise to 23.65 million barrels a day in the four weeks to Dec. 4, compared with 23.38 million barrels in the period to Nov. 6, the consultant said today in a report. The data exclude Ecuador and Angola. It’s the sixth consecutive month-on-month increase, according to the weekly reports.
“Everything is going east,” Oil Movements founder Roy Mason said by phone from Halifax, England. “China is obviously a big part of it, but the whole region is going up. Japan is limping but still moving up seasonally.”
[Read more]
Source: Bloomberg
Posted on 11/18/2010 / 0
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Helmerich & Payne Q4 Profit Beats Street View
Contract drilling company Helmerich & Payne, Inc. Thursday reported a higher profit for the fourth quarter, driven by increased revenues from all three business segments. On a per share basis, earnings topped Wall Street analysts' forecast.[Read more]
Source: RTT News
Posted on 11/18/2010 / 0
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Kinder Morgan, Spectra Pipeline Charges Under Scrutiny
Kinder Morgan Energy Partners LP and Spectra Energy Corp. may be charging too much to ship natural gas through their pipelines, the U.S. Federal Energy Regulatory Commission said today.
FERC studied the rates Kinder Morgan Interstate Gas Transmission LLC and Spectra’s Ozark Gas Transmission LLC charged in 2008 and 2009, and will ask the companies to provide information for 2010, agency Chairman Jon Wellinghoff said during a commission meeting in Washington.
[Read more]
Source: Bloomberg
FERC studied the rates Kinder Morgan Interstate Gas Transmission LLC and Spectra’s Ozark Gas Transmission LLC charged in 2008 and 2009, and will ask the companies to provide information for 2010, agency Chairman Jon Wellinghoff said during a commission meeting in Washington.
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Source: Bloomberg
Posted on 11/18/2010 / 0
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Polarcus orders two advanced seismic ships
Like the company's exisiting existing POLARCUS ASIMA and POLARCUS ALIMA, they will be constructed to the X-bowed ULSTEIN SX134 design, but with a higher ice class ("ICE 1A super"), increased propulsion and other innovative efficiency enhancing features. The vessels will be capable of towing up to 14 streamers with 100 m lateral separation between streamers. And while previous Polarcus vessels have been built at the Drydocks World, Dubai, shipyard these two will be built at Ulstein Verft AS in Norway.
[Read more]
Source: Marinelog
Posted on 11/18/2010 / 0
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Major electric LNG propulsion order for ABB
ABB has won an order worth $58 million to provide complete power and propulsion systems for six new LNG carrier ships to be built by Samsung Heavy Industries in South Korea. The order was booked during the third quarter of 2010.[Read more]
Source: The Motorship
Posted on 11/18/2010 / 0
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Gas leak forces Chevron to cease production on North Sea platform
More than 100 workers believed they were going to have to evacuate the Alba Northern yesterday after gas was accidently released.
Nobody was injured – but one worker who contacted the Press and Journal said the leak was a “major incident”.
The Health and Safety Executive (HSE) has been brought in to investigate what went wrong on the structure, which is 130 miles north-east of Aberdeen.
[Read more]
Source: The Press and Journal
Posted on 11/18/2010 / 0
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Major shale JV deals have all been done-banker
Oil and gas companies like Chesapeake Energy Corp have raised billions of dollars by selling stakes in shale acreage in recent years, but the days of big deals are likely over, an investment banker said on Thursday.
[Read more]
Source: Reuters
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Source: Reuters
Posted on 11/18/2010 / 0
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US Republican asks to expand power of energy panel
A key Republican on Thursday asked lawmakers to consolidate energy oversight in the House of Representatives into one powerful energy committee.Doc Hastings, the expected incoming head of the House Natural Resources Committee, called for expanding his panel's jurisdiction to cover all energy policy. This expanded panel would be renamed the Energy and Natural Resources Committee.
[Read more]
Source: Reuters
Posted on 11/18/2010 / 0
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Cabot Oil & Gas Corporation Announces Sale of its Pennsylvania Midstream Assets
Cabot Oil & Gas Corporation today announced the sale of its Pennsylvania midstream assets to Williams Field Services Company, LLC (WFS), a subsidiary of Williams Partners L.P., for consideration of $150 million plus a 25-year gathering agreement. The transaction is scheduled to close during December 2010, subject to normal and customary closing conditions and regulatory clearance.
In the deal, Cabot is selling approximately 75 miles of gathering pipelines and two existing compressor stations that the Company has installed and constructed over the last three years. The transaction also establishes a 25-year firm gathering arrangement between Cabot and WFS whereby WFS will in the next two years:
Complete construction of a 32-mile 24" high pressure pipeline to Transco from Cabot's Lathrop Station
Build about 65 miles of various 16" to 24" trunk lines in Susquehanna County
Construct two additional compressor stations with a total of 40,000 horsepower, and
During the term of the agreement:
Connect all Cabot drilling program wells with 8" and 10" gathering lines
Deliver Cabot production to five interstate pipeline delivery points.
"With the exceptional well success we have seen in our Marcellus operations, we needed to adjust the way we thought about infrastructure and take-away capacity going forward," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Williams Partners L.P. is one of the premier mid-stream providers that has the capabilities to help us make a significant step change in the way we develop this resource and execute our program."
The new Williams Marcellus Gathering System will create takeaway capacity for Cabot of approximately 1.2 Bcf per day off the existing leasehold during the next two to three years with its planned expansions and will invest in excess of $150 million in 2011. "This agreement will displace roughly $75 million annually in planned infrastructure expenditures by Cabot during 2012-2015 along with eliminating the need for infrastructure investment in 2011," commented Dinges. "This planned level of investment by Cabot would not have provided us the takeaway capacity proposed under the Williams agreement."
Additionally, as part of this new arrangement, Cabot has increased its firm takeaway capacity to the Williams Partners' Transco Pipeline just south of Susquehanna County. The new level is 350 Mmcf per day, up from 150 Mmcf per day announced in February, 2010.
"We are excited to form this relationship and create enhanced value for both companies' shareholders," added Dinges. "The inflow of cash will also reduce our spending deficit for 2010."
Source: PR Newswire (Press release)
In the deal, Cabot is selling approximately 75 miles of gathering pipelines and two existing compressor stations that the Company has installed and constructed over the last three years. The transaction also establishes a 25-year firm gathering arrangement between Cabot and WFS whereby WFS will in the next two years:
Complete construction of a 32-mile 24" high pressure pipeline to Transco from Cabot's Lathrop Station
Build about 65 miles of various 16" to 24" trunk lines in Susquehanna County
Construct two additional compressor stations with a total of 40,000 horsepower, and
During the term of the agreement:
Connect all Cabot drilling program wells with 8" and 10" gathering lines
Deliver Cabot production to five interstate pipeline delivery points.
"With the exceptional well success we have seen in our Marcellus operations, we needed to adjust the way we thought about infrastructure and take-away capacity going forward," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Williams Partners L.P. is one of the premier mid-stream providers that has the capabilities to help us make a significant step change in the way we develop this resource and execute our program."
The new Williams Marcellus Gathering System will create takeaway capacity for Cabot of approximately 1.2 Bcf per day off the existing leasehold during the next two to three years with its planned expansions and will invest in excess of $150 million in 2011. "This agreement will displace roughly $75 million annually in planned infrastructure expenditures by Cabot during 2012-2015 along with eliminating the need for infrastructure investment in 2011," commented Dinges. "This planned level of investment by Cabot would not have provided us the takeaway capacity proposed under the Williams agreement."
Additionally, as part of this new arrangement, Cabot has increased its firm takeaway capacity to the Williams Partners' Transco Pipeline just south of Susquehanna County. The new level is 350 Mmcf per day, up from 150 Mmcf per day announced in February, 2010.
"We are excited to form this relationship and create enhanced value for both companies' shareholders," added Dinges. "The inflow of cash will also reduce our spending deficit for 2010."
Source: PR Newswire (Press release)
Posted on 11/18/2010 / 0
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Karoon Gas Cancels Unit's Planned Brazil IPO, Citing `Market Conditions'
Share sales by Brazilian oil and gas companies haven’t fared as well as expected, causing investor hesitation, Mt. Martha, Victoria-based Karoon said in a statement today to the Australian stock exchange. The explorer, which had sought as much as $773 million from the deal, said it will consider waiting for the market to improve before evaluating its options.
[Read more]
Source: Bloomberg
Posted on 11/18/2010 / 0
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Atwood Oceanics Q4 Profit Rises
Atwood Oceanics, Inc. posted fourth quarter net income of $64.2 million or $0.99 per share, compared to $48.3 million or $0.75 per share in the year-ago period.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share. Analysts' estimates typically excludes special items.
[Read more]
Source: RTT News
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share. Analysts' estimates typically excludes special items.
[Read more]
Source: RTT News
Posted on 11/18/2010 / 0
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Gunmen kill Weatherford oil manager in Mexico
Gunmen have killed a manager at a Swiss-based oil services company in Mexico, the latest sign of mounting lawlessness in remote parts of the country that is hurting a major industry.
Francisco Alberto Ruiz, who worked as a billing manager for Weatherford International at one of Mexico's onshore oil facilities in Veracruz state, was found shot dead on Tuesday at the company's property, police said.
[Read more]
Source: Reuters
Francisco Alberto Ruiz, who worked as a billing manager for Weatherford International at one of Mexico's onshore oil facilities in Veracruz state, was found shot dead on Tuesday at the company's property, police said.
[Read more]
Source: Reuters
Posted on 11/18/2010 / 0
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BP's probation over Alaska oil spill challenged
BP's Alaska unit should have its criminal probation revoked and be subject to additional penalties because the company continued negligent behavior even after pleading guilty over its 2006 Prudhoe Bay pipeline spill, a federal probation officer said.[Read more]
Source: Reuters
Posted on 11/18/2010 / 0
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S Korea bids for Brazilian warships project
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Source: Brahmand.com
Posted on 11/18/2010 / 0
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