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Since you ask so nicely????? Look north. Do not be TOTALLY surprised.
longtimer....I expect AOG to soon be proven wrong about the drilling results. I think they were the victim of some info from their source that was less than the full story, and no i do not know who was behind that misinformation. { although i have my suspicions} Nor do i know the motive. My opinion.
I believe the lady reporter confided to at least one person that the indusrty source was an ERHC person. Many reporters rely on industry sources and do not reveal their identity. My opinion.
Here you go !!!
-From Platts news on 7/1/09..."Industry sources also say the Addax deal may pave the way for Sinopec to buy out Houston-based ERHC's significant holdings in the JDZ."
Sinopec Plans to Build LNG Terminal in Guangdong Province
Wednesday, Sep 29, 2010
China Petroleum & Chemical Corp. plans to build a liquefied natural gas terminal in Maoming, Guangdong province, C1 Energy reported, citing an unidentified official at the Maoming Development and Reform Commission.
The company known as Sinopec may also build a 500,000 cubic-meter LNG storage facility and a port for crude oil tankers, said C1 Energy, a unit of CBI China Co., a Shanghai- based commodity researcher. Huang Wensheng, Sinopec’s Beijing- based spokesman, couldn’t be immediately reached on his office and mobile telephone.
Chinese energy companies including Sinopec and PetroChina Co. are building LNG terminals as part of the government’s plans to use more of the cleaner-burning fuel. China’s LNG imports rose 66 percent to 5.5 million metric tons last year, customs data show.
Sinopec’s Maoming LNG plans are still at a preliminary stage, C1 said, citing the unidentified official. If approved, the terminal will be Sinopec’s first in the southern province of Guangdong. The company received approval to build a terminal in Qingdao in the eastern province of Shandong, Chairman Su Shulin said in August.
Source: Bloomberg
http://www.youroilandgasnews.com/sinopec+plans+to+build+lng+terminal+in+guangdong+province_54645.html
http://www.eiu.com/index.asp?layout=VWArticleVW3&article_id=1575153342®ion_id=&country_id=10000001&channel_id=180004018&category_id=&refm=vwCh&page_title=Channel+Latest&rf=0
São Tomé and Príncipe industry: JDZ drilling promising
January 15th 2010 Printer version
FROM THE ECONOMIST INTELLIGENCE UNIT
Exploration activity in the Nigeria-São Tomé and Príncipe Joint Development Zone (JDZ) appears to have borne fruit following the discovery of substantial hydrocarbons reserves in mid-December. Luís Prazeres, director of the national regulatory body for the sector, Agência Nacional de Petróleo, announced that oil had been found in "expected quantities", along with substantial amounts of gas, in Blocks 2, 3 and 4 in the JDZ. A total of four wells were drilled in 2009, and at least two more are under development. The drilling campaign has been driven by the Chinese oil company, Sinopec, which has acquired a dominant position in the JDZ through its acquisition of a Swiss-based oil company, Addax Petroleum, making it the operator of Blocks 2, 3 and 4 in addition to holding Addax's 40% stake in Block 1, which is operated by another US firm, Chevron.
In August Sinopec drilled the Bomu-1 well on Block 2, which has unproven reserves of 274m barrels of oil, and reportedly discovered some oil along with substantial gas reserves. This was followed by the drilling of the Kina-1 well in Block 4 and the Lemba-1 well in Block 3, which have combined unproven reserves of 642m barrels of oil. According to press reports two large gas reservoirs were discovered on Kina-1, leading to estimates of 1trn cu ft on the block, while large reserves were also discovered on Lemba-1. Two more wells are currently being drilled in Block 4, Malanza-1 and Oki East, amid speculation that a further well will be drilled south of Kina-1 to determine the extent of the gas find.
The success of the drilling programme has boosted the prospects of the JDZ, which had been clouded since Chevron's disappointing results from drilling in Block 1. At the time it was assumed that Chevron's find was not commercially viable, but the discovery of substantial gas reserves in the adjacent JDZ blocks has fuelled speculation that Block 1 could contain gas reserves of at least 1trn cu ft-a sufficient quantity to justify the expense of extracting it. This could pave the way for the development of a liquefied natural gas industry in the country, with the construction of a liquefaction plant and export terminal in Príncipe. However, the oil companies involved in the drilling have sought to keep optimism in check, insisting that the current campaign is merely to confirm the size and commercial viability of the blocks' reserves before any decision on developing the finds is taken. A second phase of drilling is expected to start in May 2010, probably coinciding with the planned licensing round for oil blocks in the 160,000-sq-km Exclusive Economic Zone (EEZ), which lies south of the JDZ.
National oil company
With development of the JDZ advancing rapidly, the government has brought forward plans to establish a national oil company. During a visit to the Angolan capital, Luanda, the Saotoméan prime minister, Joaquim Rafael Branco, revealed that Angola's national oil company, Sonangol, would assist in setting up the new company. After negotiating a poor deal from the JDZ, São Tomé is determined to do a better job of securing local ownership of offshore oil production in the EEZ. The assistance of Sonangol could prove crucial, as the company has gained a reputation for efficiency and driving a hard bargain with foreign partners. The new oil company will initially focus solely on the EEZ, where it plans to form a consortium with Sonangol to explore for oil and gas; however, in the long term the government hopes to extend its activities to the JDZ. The new company is expected to be established during the first quarter of 2010, prior to the EEZ licensing round.
The Economist Intelligence Unit
Source: Country Report
NigeriaSPAN is a regional, basin-scale 2D seismic program set in the Gulf of Guinea, consisting of 8,317 km of newly acquired seismic data. Lines from the Niger Delta extend across the Cameroon volcanic line to tie with discoveries in the EquatorSPAN and CongoSPAN areas. The program is showing great new plays in deeper shelf, deepwater Nigeria and JDZ and Sao Tome and Principe. Preliminary data review clearly maps basement architecture and new source possibilities never before seen in seismic data.
http://www.iongeo.com/Data_Libraries/SPANS/AfricaSPAN/NigeriaSPAN/
and
http://www.iongeo.com/content/released/GXT_ISS_brochure.pdf
Exploration activity in the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ) appears to have borne fruit, following the recent discovery of substantial hydrocarbon reserves in Blocks 2, 3 and 4. The government has announced plans to create a national oil company with help from Angola's national oil company, Sonangol. Sao Tome's power crisis has intensified, with an estimated 70% of the country languishing without power in early December.
http://www.reportbuyer.com/countries/africa/country_report_sao_tome_principe_january_2010.html
ERHC has proven
Thanks. Interesting. no Pm.
GABON - 09/29/2010
Sinopec To Help Set Up GOC
Currying favor with Gabon in the run-up to a forthcoming licensing round, China’s Sinopec is going to help the country create a new national oil group. (...) [247 words] [$5.4]
http://www.africaintelligence.com/
Yes!!
Mr. George Economou, Chairman and CEO of DryShips Inc. and interim CEO of Ocean
Rig UDW Inc., said:
"We are pleased to secure employment for one of our first two drillships that
will be delivered from Samsung during the first quarter 2011. This will serve as
a catalyst to securing bank financing on preferred terms. We continue to see
strong interest for our state of the art sixth generation drillships operated by
our experienced ultra-deepwater operator Ocean Rig."
I have not forgotten. Believe it is now time to listen, jmo.
New deepwater rig. Coming out of the shipyard next year. Sure would like to know American Company involved.
Four Blocks....3 FPSO.
Oily......When? Now?? This Week????
$ 18 Billion. SWAG
I'm truly sorry.
Still looking for the perfect grammar and spelling guy? LOL!
Executives regaining confidence
A new study on the global economic situation indicates businesses in the energy and natural resources sector are more upbeat than those in other industries. Of senior executives in the energy and natural resources sector surveyed for the Tools for Recovery report, 52% are more confident now than at the beginning of the year, according to a new international study of economic recovery, the Eversheds law firm said on 9 September 2010. The report also revealed that 25% of executives from all sectors is less confident now than a year ago.
Despite the upsurge in confidence, at least a quarter of surveyed firms say cost-cutting is on the horizon.
The report surveyed over 1000 senior business figures in China, Europe, UAE and USA.
Pessimism is most pronounced in the USA, where confidence levels have dropped since the beginning of the year, while optimism in the East continues to soar.
According to Eversheds, businesses in the USA have taken the least proactive approach to combating the economic climate, while businesses in China and Russia have led the charge in trying to drive demand by searching for new market opportunities.
Global merger and acquisition activity may also revive, with 37% in the sector expecting to be on the acquisition trail in the coming year, up from 7% in the last 18 months. Globally, the average is 22% of companies expecting to be involved in purchasing another company.
China is also leading the way in international expansion, with almost three-quarters of those surveyed looking to expand into an average of more than two foreign markets in the next 12 months, while just 18% of companies in the USA are seeking out international opportunities.
Another finding is that the energy sector business largely plan to focus on three key areas over the next year - increased customer relationship management activity (63%), outsourcing staff or services (56%) and cutting discretionary spending (48%).
Over the last 18 months, 37% of responding companies have cut discretionary spending, and 30% froze or reduced pay.
by: Jennifer Pallanich,
jpallanich@offshore-engineer.com
http://www.oilonline.com/News/NewsArticles/articleType/ArticleView/articleId/35565/Executives-regaining-confidence.aspx
I was not involved in drilling the well.
Expensive report on Top Frontier Oil Countries.
Key findings
Over three quarters of overall energy demand growth up to 2030 is forecast to come from fossil fuels, despite increased investment in renewable energy sources. Over 50m bpd of the 78m bpd of oil forecast to be produced in 2030 will have to come from resources yet to be discovered or developed
In Africa, the Gulf of Guinea alone is forecast to meet a quarter of total US energy imports by 2020. Sierra Leone, Sao Tome and Principe, and Liberia are emerging as high potential areas for investment in the west of the continent as companies look beyond major producers Nigeria and Angola. The joint development zone between Sao Tome and Nigeria could contain up to 11bn barrels
In eastern Africa, following successful exploration in the Albertine basin, Uganda holds the potential to become a net oil exporter
The Arctic could contain undiscovered resources of 90bn bls of and 1,670trn cu ft of natural gas, representing 13% and 30% respectively of the world's yet-to-be-found oil and gas
Technological developments such as wide-azimuth seismic acquisition and floating LNG will play key roles in successful exploration and development of frontier oil and gas reserves
http://www.prnewswire.com/news-releases/top-frontier-oil-countries-potential-exploration-opportunities-and-risks-97932384.html
Hmmmm!!!
Joint Development Authority (JDA) okays Tecon for work in the Joint Development Zone (JDZ).
After meeting all the requirements, for working in the Joint Development Zone (JDZ) between Nigeria and Sao Tome and Principe, the Joint Development Authority (JDA) has granted Tecon the certificate of registration to enable us carry out our range of services. We have successfully run the 20” and 9-5/8” casings to section total depths for the Bomu-1 well on board the Transocean Sedco 702 rig. The well was drilled by SINOPEC, an operator of the JDZ block 2.
http://www.teconoilserv.com/index.php?s=news
Key developments for Addax Petroleum Corp.
Addax Petroleum Corp. Presents at 8th Annual Global Reserves Summit, Oct-08-2010 11:00 AM
07/27/2010
Addax Petroleum Corp. Presents at 8th Annual Global Reserves Summit, Oct-08-2010 11:00 AM. Venue: Mayfair Conference Centre, 17 Connaught Place, London, Greater London, United Kingdom. Speakers: Loïc Godail, Senior Reservoir Engineer, Middle East Business Unit.
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=24673218
Interesting re Block 1. As of July 06. Check the "fast facts".
http://www.afren.com/operations/nigeria__sao_tome_and_principe_jdz/jdz_block_1/
Seems there some here whose main concern is to always be right. These people also want to point out that others have been wrong. This is a very prideful, childish attitude. " Pride goes before the fall" may come into play on this message board very soon. MO.
Could he be talking about a new dynamic area wide development plan for the JDZ with Total and SNP as the operators? HMMMMMMM!!!
Important statement,mo....The JDZ is a frontier area...
“We need to be a little bit more aggressive and take a little bit more risk which means being in more frontier areas rather than traditional ones,” Chief Executive Officer Christophe de Margerie told investors at a presentation in London today.
http://noir.bloomberg.com/apps/news?pid=conewsstory&tkr=TOT:US&sid=aUmHl165Cx7g
Right on umbra.
Krom.....Correction....That slide is $1.9 Billion for exploration [drilling] ... not budget for capital expenditures for asset acquisition..
Thanks, farrell. Another interesting story: http://noir.bloomberg.com/apps/news?pid=conewsstory&tkr=TOT:US&sid=aVOaGwn92S7w
No Mr. Gump. Don't Know. Team of one.
No, one should not take any opinion posted here as something to act on. One has to be able to discern when an opinion by others might be worth considering. Like now with Oily's last prediction. This is my current opinion.
Actually, Oily was very correct early on ie sirens and etc.
On the various buy out post, he has not been accurate. But he only has to be right once on that score to useful.
Good job, doc. Agree!!! EOM
Opportunities for huge returns are only present when the collective wisdom of Mr. market is in error. Like now with ERHE. In my Opinion.
Good post BB.
NIGERIA - Total SA of France acquired a ##.#% stake in Sao Tomes Block # Joint Development Zone of Chevron Corp, a San Ramon-based oil and gas exploration, production and refinery company. Previously Total SA was rumored to acquire…
Deal Information (1 to 1 of 1)
Name Publisher Date Price
Total SA acquires Chevron-Block 1, Sao Tome JDZ from Chevron Corp Thomson M&A Jul 15 2010 $48.00
http://www.alacrastore.com/deal-snapshot/Total_SA_is_rumored_to_be_planning_to_acquire_Chevron_Block_1_Sao_Tome_JDZ_from_Chevron_Corp-607896
Oil Sector Development: Licenses for Exploration
The Gulf of Guinea is known for its oil resources, and independent oil companies began seeking exploration licences in São Tomé in the 1990s. From an early date, São Tomé officials approved several deals for oil exploration that proved controversial for being highly unfavourable terms for São Tomé. In particular, São Tomé signed contracts with the Environmental Remedial Holding Company (ERHC) in 1997, with Mobil in 1998, and with the Norwegian firm PGS in 2001. [16]
São Tomé’s efforts to lay the groundwork for eventual development of offshore resources were initially complicated by a dispute with Nigeria over the two countries’ maritime boundary. In February 2001 an agreement was reached under which both countries would jointly develop oil resources in the disputed area. [17] This became the Nigeria-São Tomé Joint Development Zone (JDZ), which is administered by a Joint Development Authority (JDA) that, in turn, reports to a Joint Ministerial Council (JMC). Under this arrangement, São Tomé is to receive 40 percent of any oil revenue earned from the JDZ and Nigeria 60 percent. [18] As noted, several rounds of licensing have taken place for exploitation of oil blocks in the JDZ. (The 2001 agreement establishing the JDZ was supplemented in June 2004 by a further agreement, signed by Presidents Obasanjo and de Menezes, specifically addressing transparency and governance issues. The latter agreement will be discussed further below. [19] )
To date there have been two licensing rounds organized by the JDA on behalf of Nigeria and São Tomé. The purpose of open competitive bidding in the awarding of oil licences was to obtain maximum value for the nation by awarding each block to the best technically and financially qualified company or consortium. The first licensing round began in late April 2003 and covered nine of the JDZ’s 25 total blocks. In October 2003, 20 companies tendered 33 bids for eight of the nine blocks. Very few of the large international oil companies participated in the auction. A second licensing round opened in December 2004 for equity in JDZ Blocks 2, 3, 4, 5, and 6. Twenty-two companies participated, submitting a total of 26 proposals. An investigation by the São Tomé’s attorney general concluded that the December 2004 award process was “subject to serious procedural deficiencies and political manipulation, including the award of interests to many unqualified firms or firms with inferior qualifications, technically and financially,” but no action was taken. [20]
In January 2006 Chevron began exploratory drilling in the JDZ in the blocks it obtained in the 2003 bidding round. In May 2006 the company announced it had discovered oil but subsequently stated that the amounts were not commercially exploitable. This announcement further slowed industry enthusiasm but prospecting has continued. In 2010 Jorge Santos, executive director of the JDA, announced that drilling in blocks 2 and 3 had found oil and gas, although official drilling results have not yet been disclosed. [21] Santos also has declared that preparations are underway for a new licensing round in 2011 to auction for JDZ Blocks 7, 8, 9, and 10, after seismic surveys are complete. [22]
On March 2, 2010, at the American Association of Petroleum Geologists (APPEX) conference in London, São Tomé launched a licensing round for oil blocks in the 160,000 sq-km Exclusive Economic Zone (EEZ), which lies south of the JDZ. Seven blocks will be auctioned initially, ranging in size from 2,800 sq-km to 18,200 sq-km. Interested companies have until September 15, 2010 to study seismic data and submit their bids. [23] According to the National Petroleum Agency (NPA), eight companies have expressed interest in this inaugural EEZ licensing round: two US major companies, Chevron and ConnocoPhillips; two US junior companies, Marathon and Murphy; Brazil’s Petrobas; Ireland’s Tullow Oil; Germany’s RWE; and Indian national oil company, Oil and Natural Gas Corporation (ONGC). São Tomé is expected to award the licenses by the end of 2010. [24]
http://www.hrw.org/en/node/92601/section/6
Majic, IMO, this is the last piece that had to be put into effect in order to do BB's deal. Read the anti-takeover section carefully and understand what it really says. Any comments AA?