TG World Provides Tindalo Operations Update

TG World Energy Corp. announces that project partner and operator of Service Contract 54A ("SC 54A") in the Philippines, Nido Petroleum Ltd. ("Nido"), has provided the following update on the Tindalo-1 sidetrack ("Tindalo-1ST1"). 
"Each of four potentially productive zones are separated by inflatable external casing packers and were tested individually.
Following the testing on the individual zones, the Joint Venture took the decision to close Zone 4 and open Zones 1, 2 and 3 to comingled flow. The completion fluid lost into these zones must be recovered to surface before it can be confirmed whether these zones will contribute water-free production. Fluid sampling indicates that these zones continue to produce both oil and completion fluid and therefore long-term oil production capacity of the zones cannot yet be determined. Fluid sampling and analysis will continue in order to monitor the cleanup of the well.
Production from the combined Zones 1, 2 and 3 will continue and Nido will provide further updates once there is a material finding."
Source: Press release

Posted on 12/26/2010 / 0 comments / Read More

Strategic American Oil Corporation Provides Year End Address

Strategic American Oil Corporation looks forward to 2011 with great anticipation as numerous projects are now moving forward towards development.
Currently, Strategic American Oil is drilling two wells in South Texas, we are in negotiations on a partnership to develop our first million-barrel waterflood project in Illinois, and we are in final negotiations regarding a large acquisition which, if closed, could hold tremendous value for the company.
The Kenedy prospect was discovered through the interpretation of our 3D seismic data. We have partnered with Chinn Exploration, who is drilling and will operate the well. The target depth of the well is approximately 14,000 feet. We should have news on the success of this well in the first two weeks of January 2011.
The Koliba #3 prospect is an offset well to the Koliba #1 which was operating in the 1980s before it was prematurely shut down due to the low price of oil. The targeted zone is at a depth of 5,800 feet. The Company has commenced drilling and, like the Kenedy, looks forward to seeing results within the first two weeks of January 2011.
In the Illinois Basin, SGCA has been in negotiations with numerous oil and gas companies interested in a joint venture to develop our first waterflood prospect, which we believe has the potential for more than a million barrels of oil. The Company expects to have a favorable deal finalized in the coming weeks with operations to commence shortly thereafter. Additionally, we have identified and are leasing a second and third waterflood prospects, two pinnacle reef prospects, and several additional offset drilling targets.
Strategic American Oil is also in late-stage negotiations now on a very attractive acquisition opportunity that could bring significant value to the Company, both through assets and cash-flow.
Source: Press release

Posted on 12/26/2010 / 0 comments / Read More

Big3 make golden section

At the time of the end of the year, Korea's big three shipbuilders share the top spot of the shipbuilding industry's three main indicators.
In terms of new orders, Daewoo Shipbuilding & Marine Industries has taken the No.1 position following last year.
[Read More]
Source: Asiasis

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Russia to build n-powered icebreaker for Arctic region

Russia will build a nuclear-powered icebreaker for use during winters in the country's western Arctic region.
The money earned through selling a stake in Sovcomflot - Russia's largest shipbuilding company - will not go to state coffers but will be spent on building a new-generation nuclear-powered icebreaker, Deputy Prime Minister Sergei Ivanov said, according to Xinhua.
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Source: SIFY

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Seafox Group to Expand the Fleet With State of the Art New Build Self – Propelled Installation Jack-up Seafox 5 (UK)

Isle of Man based Seafox Group is pleased to announce that they have officially entered into a joint-venture and construction agreement with Keppel FELS in Singapore for the Seafox 5 with delivery scheduled for mid 2012.
[Read more]
Source: Offshore Wind.biz

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Total OKs management transfer of 2 Angola blocks

Total SA (TOT) has agreed to transfer the management of two Angola marginal blocks to state oil company Sonangol, spokesmen for the two companies said Friday, as the French oil giant focuses its efforts on larger assets in the country.

An agreement for the transfer of operations of oil blocks 3-85 and 3-91 from the French oil major to Sonangol "is finalized," a Sonangol spokesman said.

[Read more]

Source: Offshore Energy Today

Posted on 12/26/2010 / 0 comments / Read More

Bergen Group Wins Contract for Advanced Offshore Vessel

Bergen Group Fosen has signed a contract with Volstad Maritime AS to build a large high end offshore vessel. The contract has an estimated value of NOK 725 million, and the ship is scheduled for delivery in 2(nd) quarter  2012.
[Read more]
Source: Offshore Energy Today

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Abu Dhabi to tender new offshore oil deal in April

MEED reported that state run Abu Dhabi Marine Operating Company has invited international engineering & construction firms to express interest in the development of the offshore Satah al-Razboot field.
Contractors were sent letters by Adma-Opco on 12 December, according to a source close to the project.
[Read more]
Source: Steel Guru

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Azerbaijan: Cape Awarded Access Services Contract by Amec-Tekfen-Azfen Alliance

Cape is delighted to announce that its newly formed “SOCAR CAPE” Joint Venture has been awarded a contract by Amec-Tekfen-Azfen (ATA) Alliance to deliver access services for the fabrication of West Chirag Platform topsides in Azerbaijan.
[Read more]
Source: Offshore Energy Today

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Niko Continues to Expand in Trinidad

Niko Resources Ltd. announced today that it has reached an agreement with Sonde Resources Corp. ("Sonde"), under which Niko will acquire Sonde's 25% interest in Block 5(c), located 94 kilometers off the east coast of Trinidad. The transaction is to be satisfied at closing via US $75.5 million in cash, and the assumption of Sonde's liability under the performance guarantee provided for their Block MG license. 
The agreement is subject to the satisfaction of certain conditions including waiver of rights of first refusal and approval from the Ministry of Energy and Energy Affairs for Trinidad and Tobago. Closing is expected to occur on February 28, 2011, subject to extension to facilitate obtaining all required approvals. Niko has agreed to pay a secured refundable deposit of USD $20 million to Sonde upon receipt of a waiver of the rights of first refusal in respect of Block 5(c). 
Each of the three wells drilled to date on Block 5(c) have encountered hydrocarbons and have been successfully tested. Niko is pleased to have the opportunity to expand in Trinidad and Tobago, a core area for the company. 
Source: Press release

Posted on 12/26/2010 / 0 comments / Read More

CAMAC Energy Inc Initiates Registered Offering for $20.5 Million

CAMAC Energy Inc., a U.S.-based energy company engaged in the exploration, development and production of oil and gas, today announced that the Company has entered into definitive agreements dated December 21, 2010 with certain accredited investors (the “Investors”) to sell in a registered direct offering an aggregate of approximately 9.32 million shares of its common stock at a price of $2.20 per share, and five-year warrants to purchase up to approximately 4.66 million shares of common stock with an initial exercise price of $2.20 per share, exercisable immediately.
Thirty days after the closing date, the exercise price of the Warrants will increase to $2.62 per share for the remainder of the term of the Warrants. CAMAC Energy will receive aggregate gross proceeds of approximately $20.5 million from the offering before deducting offering fees and expenses. The offering is expected to close on or around December 27, 2010, subject to customary closing conditions.
The Company plans to use the net proceeds from the offering to fund a portion of the cost of an intervention with respect to a well in the Oyo Field. The Oyo Field is an oil field offshore Nigeria in which the Company holds certain contractual interests. The intervention will involve identifying the location of unwanted gas entry into the wellbore and pumping a chemical sealant to block the flow of gas in order to increase the well’s oil production.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. , acted as the Company’s exclusive placement agent in connection with the offering.
Source: Press release

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BRAZILIAN GOVERNMENT APPROVES ECOPETROL OLEO E GAS DO BRASIL LTDA'S PARTICIPATION IN BLOCK BM-S-73 I

With the issuance of resolution 1078/2010 on December 16, 2010, by the National Oil, Gas and Biofuel Agency-ANP, Ecopetrol S.A., through its affiliate Ecopetrol Oleo E Gas do Brasil LTDA, confirms its participation in the offshore concession for Block BM-S-73 in Brazil. The request for approval of the concession came as a result of the signing of the participation agreement with ONGC Campos Ltda. and Petroleo Brasileiro S.A. - Petrobras - which also included an exchange of a portion of interests in Block BM-S-74, with these two companies.
The offshore concession is located in Santos Basin, Block S-M-1413, and covers an area of 160.04 square kilometers. The concession is part of Brazil's Ninth Licensing Round and is currently in exploratory phase.
The agreement calls for Ecopetrol Oleo E Gas do Brasil LTDA to have a 13% stake in the block; Petroleo Brasileiro S.A. - Petrobras -, 43.5%; and ONGC Campos Ltda, which will be the operator, the remaining 43.5%.
The agreement represents a further step in Ecopetrol's international expansion, specifically in Brazil, and is part of its strategy to attain a production level of 1.0 million clean barrels of oil equivalent a day by 2015, and 1.3 million clean barrels per day in 2020.
Source: Press release

Posted on 12/26/2010 / 0 comments / Read More

Japan Energy uses RMR®Down Under

Japan Energy Australia is usingthe RMR®system from AGR Drilling Services to ensure the drilling of its first exploration well in Australia goes as smoothly as possible.
In a deal worth an estimated $650,000US, the Riserless Mud Recovery system from AGR DS is being used by Japan Energy on its North-West-Shelf well.
It is the first time that Japan Energyhas used RMR®technology.
Japan Energy decided to employ RMR® to address hole stability problems experienced by other operators in the area while drilling through the Bare Formation, which consists of unconsolidated sands.
One of the advantages of RMR®(pictured is the system’s Suction Module with an ROV) is that it allows the use of an engineered mud system to prevent hole instability.This is done by using a subsea pump module to pump the mud and cuttings from the wellhead back to the rig’s mud-handling system.
Japan Energy E&P Australia Pty Ltd is using an RMR® 300 operating at a depth of 134m (440ft) off the Diamond-Offshore-owned rig Ocean Epoch.
AGR DS Asia Pacific General Manager Bernt Eikemo said: “We’re delighted for this opportunity to create continued value for Japan Energy Australia. Hopefully this is the start of great cooperation between the two companies.
“Japan Energy has great ambitions in the region and AGR wants to be part of this.”
RMR® has been used on more than 130 wells worldwide and has proven itself to be a cost-effective, beneficial solution to drilling top-holes when seabed conditions are difficult.
Source: Press release

Posted on 12/26/2010 / 0 comments / Read More