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Has the board ( congress) considered just cutting expenses like to 300,000 a year and wait exploration out. Put em all on commission - fire everyone on board, cept Peter and give him bread and shares.
Its called survival Peter. Its smarter than foolishly gambling our money away in violent, politically dangerous CHAD.
Ok, so now they say Block 1 has ONE BILLION BARRELS OF OIL POTENTIAL... "WORLD CLASS - HIGH - IMPACT"AFTER ALL THESE YEARS OF "not commercial" BS ?
Amazing how oil can just majically appear and grow from nothing in only 5 years isn't it.
They are talking about OPL245.
Here are some alarming cuts from the 10K!
"The minimum expenditure on the work program over the 8 years is $16 million."
Disclaimer about releasing a real drilling report.
"As has been the practice in the JDZ, accurate material information on the progress in the JDZ Blocks will emanate from the operators or the JDA. ERHC will publish such information in a timely manner in accordance with ERHC’s contractual and regulatory obligations
Exile .... IF is a big word!
ERHC plans to attend a meeting of the shareholders of Exile on December 29, 2011 where consideration will be given to an arrangement (the "Arrangement") for:
(1) a share exchange of one new share of Exile for every 16.28 currently existing shares;
(2) the issuance to the shareholders of Exile of two share purchase warrants of Exile for every 16.28 shares of Exile held immediately prior to the Arrangement, one such share purchase warrant being exercisable to acquire one new share of Exile at an exercise price of Canadian $1.50 per share for a period of 12 months and a second such share purchase warrant being exercisable to acquire one new common share of Exile at an exercise price of Canadian $2.00 for a period of 24 months;
(3) the change of the name of Exile to Oando Energy Resources Inc. or such other name as may be acceptable to Industry Canada and the Toronto Stock Exchange;
(4) the appointment of two new directors to Exile;
(5) a reduction of the stated capital of the issued and outstanding shares of Exile to Canadian $1.00 per share without any distribution to the shareholders of Exile and;
(6) the reverse acquisition and reorganization transaction of Oando E&P .
If the Arrangement and reverse merger/ reorganization is approved, there will subsequently be approximately 106,053,338 shares of Exile outstanding, with the current Exile shareholders holding 5,714,286 shares and Oando holding 100,339,052 shares. In that event, ERHC’s investment in Exile is expected to be approximately 419,165 shares based on the current 6,834,000 shares it holds
Where is the money coming from>???? Crazy talk!
ACQUISITION OF OTHER OIL AND GAS EXPLORATION AND PRODUCTION ASSETS
Although ERHC is making considerable progress toward realizing the value of our oil and gas assets in Chad, the JDZ and the EEZ, it will be some time before any of these oil and gas assets begin to produce revenues. ERHC, therefore, seeks to identify and acquire assets with a shorter time horizon for revenue generation.
ERHC has identified and examined a large number of potential acquisitions and is actively in discussion regarding a number of potential exploration and production opportunities in Africa. Ultimately, ERHC seeks a portfolio of assets and companies from which it can derive significant strategic value. Securing such potential acquisitions will of course depend on the availability of adequate financing.
Seems they owe us some "OPERATING PERFORMANCE" news. Wait I cant remember ever getting any operating performance news of any sort, There is no income or assets operating anywhere as far as we know. Just operating under performed losses. Spill the beans PETER! We are starving here!!
Seriously?! They will run the company dry in 15 months if this plan has no silver lining. Seems either they have completely lost thier gambling fool minds or have some amazing news to share. Which is it ?
Really! Why would a company risk all their remaining capital and go on a spending spree with largely unknown financial obligations IF they didnt think they had the ASSETS OR CASH FLOW to back it up??
This should be the BIGGEST conference call ever...
http://search.datapages.com/data/doi/10.1306/2F919765-16CE-11D7-8645000102C1865D
Biogenic gas isnt found deep.
Other oil wells in similar terrain are deeper, fact. They wont say why or how because they confirmed what they suspected. They would never admit to purposely drilling shallow. They have never reported what was found in a comprehensive conventional manner. This was the plan from the start. Gathering data. They are trying to get rid of small players and extend phases to position themselves. The oil is there and its expensive to get out. They have to make it financially feasible. The Jdz has thier hands tied because the Chinese have the money. They call the game as they see fit. We wait.
Manuel! Thanks this is good info. We need a specific well report from old OPL 245 to verify. Guys its so obvious we are being tight holed. Our blocks all show biogenic. lol Sure, cause they didnt drill deeper and it was all just for show and prolong and comply with JDZ leases etc.. they know its loaded with oil. This is the way it works, 10 years is fast.
I cant find the 2005 well reports from Opl 245 discovery well, We know they were deeper than our 5 tight "TEST holes" did the OPL 245 see Biogenc gast too? Does anyone know if this information is available?
Geology and Prospectivity
•The ultra deep-water slope area of the Niger Delta has become one of the world’s hydrocarbon hotspots as the advance of exploration off the shelf and down the slope has produced a succession of major discoveries – Erha, Bonga, and Akpo to name a few.
•Expectations have been high for a continuation of this success further down-slope. This has been enhanced by experiences offshore Angola where the direct detection of hydrocarbons using seismic data has provided a very high drilling success rate in a very similar environment.
•On the higher levels of the slope, deep water fields such as Bonga are characterized by large, discrete folds formed above deep-rooted thrust faults.
•A significant unknown in the deep water acreage has been the presence of an active oil source rock and its plumbing into the reservoir-bearing levels. The positive findings from Shell’s Bobo-1X and Etan-1X results give confidence in the further enhancement of our understanding of the risk associated with source rock occurrence in this part of the delta.
http://www.cggveritas.com/default.aspx?cid=2513
Might be some interesting info here for our readers...ie Homeport.
http://www.tdi-bi.com/our_publications/gas_hydrates/gas_hydrates.html
Check out the gas map off Nigeris... http://www.tdi-bi.com/our_publications/gas_hydrates/gas_hydrates.html#sea-floor
The same drillship in February drilled Etan-1X in OPL 245 to 4,574 m TD in 1,720 m of water. The well logged 120 m of hydrocarbon-bearing sands. OPL 245 is 100% held by Shell Nigeria Ultra Deep
Can someone find the well reports from Opl 245 discovery wells?, We know they were deeper than our 5 tight "TEST holes" did the OPL 245 see Biogenc gast too?
'Shell, Eni buy huge offshore oil block' .
Wednesday, 07 December 2011 15:06 Reuters . .
Royal Dutch Shell and Eni have bought the prospective Nigerian deep offshore oil block OPL 245, Shell said on Wednesday, ending a decade of legal disputes over the huge asset.
A spokesman for the Anglo-Dutch major said it would own 50 percent of the block with Eni owning the other half and operating output. He would not confirm how much was paid or the quantity of reserves but industry experts have said OPL 245 was worth over $1 billion and holds around 9 billion barrels of oil.
The prospect sits near Total's Akpo block, which has plateau production of around 175,000 barrels of oil equivalent per day. "The Nigerian government has awarded Agip (Eni) and ourselves OPL 245 on a 50-50 basis.
Agip will operate the block," a Shell spokesman in Nigeria told Reuters. He said the deal was completed in "recent weeks". Eni and the Nigerian oil ministry were not available for comment.
The block was owned by local Nigerian firm Malabu Oil and Gas, which is owned by former oil minister Dan Etete. Shell has been tussling over the asset with Malabu for 10 years. Shell told Reuters all money for the purchase of OPL 245 was paid directly to the Nigerian government and not to Malabu.
Nigeria's oil minister Diezani Alison-Madueke had previously been promoting local ownership of oil and gas resources in Africa's most populous nation. Shell is completing sales of several onshore licences to Nigerian firms. Nigeria is Africa's largest oil producer and holds the world's seventh-largest natural gas reserves
This is from 2005, how deep were our 5 wells dug? Answer is, much shallower! Why not 4574 ? but instead its 3500, 3700 etc...thats a big difference. They should be drilling much deeper.
Shell reports two discoveries off Nigeria
Shell Nigeria Ultra Deep Ltd. and Shell Nigeria Exploration Properties Alpha Ltd. reported two deepwater discoveries in a frontier area off Nigeria.
Further appraisal is planned for the discoveries, in oil prospecting license (OPL) 322 and OPL 245.
In OPL 322, the Transocean Deepwater Pathfinder drillship drilled Bobo-1X to 5,173 m TD in 2,479 m of water. The well cut more than 140 m of hydrocarbon-bearing sands. Shell Nigeria Exploration holds a 40% share in OPL 322.
The same drillship in February drilled Etan-1X in OPL 245 to 4,574 m TD in 1,720 m of water. The well logged 120 m of hydrocarbon-bearing sands. OPL 245 is 100% held by Shell Nigeria Ultra Deep.
Diezani Allison-Madueke
By Citizen Reporter
After the world has discovered the true size of the 9 billion Oil block and the dealings in regard to the owners and Shell Agip bid for the oil block (http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/26715-sh...).
Malabu Oil and Gas Ltd a Dan Etete company in 2005 enlisted the services of Dele Adesina & Co (http://www.deleadesinaandco.com/Cliental.htm) to help represent Malabu Oil and Gas in its case against the Government when the Government revoked the Oil license OPL 245.
This decision was taken because Dele Adesina & Co, had worked and represented the Federal Government in the past and Mr. Adesina was very close to the then Attorney General of the Federation Bayo Ojo, Obasanjo and Edmund Daukoru. Although legally Malabu was in the right but just to make sure it secured the out of court settlement between it and the Nigerian Government; Malabu signed an agreement with Dele Adesina & Co. for services of $29 million USD, out of this money Adesina was to spread substantial amounts to Bayo Ojo, Obasanjo and Edmund Daukoro, it later turned out that Edmund Daukoro wanted about $20 million USD for him self, so an additional contract was signed with Malabu to increase the the $29 million to $50 Million. So if NNPC approves the Shell/ Agip deal these players are mentioned are going to make allot of money. Some companies who have invested directly in Malabu oil and gas have already taken legal action in the USA and the UK to secure their share of the money should the government approve the $1.3 billion USD Shell/Agip deal.
In regard to the Shell/ Agip deal and the current Presidents involvement as we all know there is evidence even written about in news papers in Nigeria that the President ( Goodluck Johnathan) because of his long standing Friendship with Chief Dr. Dan Etete put pressure on Shell to solve the problems with Malabu and NNPC or face further problems in Nigeria, What people do not know is that Malabu again has through back room deals agreed to pay the President $50 million USD for his support, and Now through the same players who helped Malabu sort out the settlement issue as mentioned above, have offered $30 million USD to the current Minister of Petroleum Diezani Alison- Madueke to secure the Government approval of the Shell/Agip offer, The Minister has already collected $40 million USD from Agip for her to approve 50% of the OPL 245 License to Agip (How do you think she can buy a house for 20 million Euro in Austria). Also there is Mr. Adenuga close friend of Chief Dan Etete who is also trying to offer the Minister of Petroleum a substantial amount of money for NNPC to give up their right as operator in the Shell oil block he bid for and put in a Deposit of more than $100m USD, other groups who also bid for the Shell assets and to save the deal are also coming forward to offer the Minister of Petroleum serious money to back down and give up NNPC right as Operator in order to save the deals. Now there is an echo of finding a solution to the failed Shell asset sales.
The issue that is very disturbing is that the OPL 245 oil block in the Niger Delta of Nigeria is under an indigenous license, this program was created to protect local oil company participation in the oil industry. Under the guideline with oil blocks under this program, foreign companies can not take more than 40% interest in the oil block. Because of the huge amount of money being paid under the table to the Minister of petroleum and the President of Nigeria, NNPC has promised to give Agip 50% of the oil block including Agip being the operator of the block ( this was the $40 million the Minister collected from Agip already) and is also set to approve the joint Shell/Agip bid of $1.3 billion for the reminder of the oil block. Which goes contrary to the laws and intentions of which the license of the oil block was initially given. Doing this is just pure circumvention of the laws and greed. This is how the Minister of Petroleum is able to pay for her house. People should ask how much money did she have before becoming Minister of Petroleum and also with her current salary as Minister how can she afford this house in Vienna!!! Nigerians should raise their voices against all this corrupt practices or the country will never stand strong.
I hope this could be of help to you all who want fair play and justice in Nigeria; also Dele Adesina & Co. Should show receipts of payments made to it by Malabu and even their contract with Malabu, if they can't that is because the fees in the contract between both parties are so high that it does not confirm with any sort of legal fees comparable with any legal work or law firm in Nigeria or abroad, Who pays a law firm over $30 million USD to negotiate a settlement in a case like this?
In addition to the above; it has come to our attention that the great lawyer Mr. Adesina has started a media black out of this story and similar stories on this topic brought forth by us, by trying to bribe news companies in and around the country. Shell and Agip are also complicit in the bribery of officials in Nigeria through their greed to take as much of the oil rights and licenses as possible.
Yet another reason that there is a lot of oil in the JDZ. Wonder how many years they said there was only biogenic gas in 245?
Very close to blk 3 -
http://www.pgs.com/en/Data_Library/West-and-South-Africa/Nigeria/OPL_257/
"Manage the blocks" means to me, get Sinopec more transparent and get off their buttocks and drill some of the 13+ prospects yesterday! They are sitting by, waiting on Total. Which is NOT in ERHC's shareholders or idigenous peoples best interest. Does it take a decade for the truth to come out about exploration in all the JDZ blocks?
I totally agree Pete, there have been many positive reports, comments and indications that were squashed or removed from the web, even OBO1 was treated the same. Vague reports are the same as tight holes imo. The Chinese are positioning is all. Anyone ever found biogenic anywhere else around West Africa before? Have we ever gotten a beleivable full detailed report on what was found ...?
Balance builder helped build this forum and held it high. He will truly be missed.
http://www.thenationonlineng.net/2011/index.php/business/energy/27918-concerns-mount-over-oil-contracts-renegotiation.html
Thanks AMJ very sad, Prayers to BB
Remove Secrecy? Yeah, that would be nice. This article was squashed soon after we read it.
Its been almost a year and they still havent uncovered the truth.
This newer link talks about a gas find.... how long does it take to appraise???
http://www.subseaiq.com/data/Project.aspx?project_id=932&AspxAutoDetectCookieSupport=1
In 2009, one of our main activity is on BOMU-1 well in JDZ-2 Block, Nigeria, including drilling-geology designing, engineering designing, analysis-while-drilling and researching on post-drilling reserve appraisal. The well gains a commercial oil & gas flow. It was the first breakthrough in oil and gas exploration in SINOPEC’S oversea deep water drilling operation. Another is the “Sahalin” project, it gains progress as well. After re-interpretate the Veni 3-D Seismic Data, the well location of the North Veni-3 Well was proposed and thus lays a foundation of a grand discovery of oil & gas. Five research project such as “the 3D Seismic Data acquisition scheme and technical designing of Australia NT/P76 Block” have also been successfully fulfilled which made the follow-up favorable trap evaluation more reasonable
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58199607
Good find , Seek.
" amplify deep offshore exploration on riskier prospects of large size around the Akpo" sounds good.
Love This > Seismic data for EEZ Blocks 4 and 11 contain highly prospective structures and they are situated close to the proven hydrocarbon systems in the adjacent territorial waters of Gabon, Equatorial Guinea, Nigeria and Cameroon.
Phase II drilling lifts oil production at Ebok field offshore Nigeria
Published: Aug 30, 2011
Offshore staff
LONDON – Production from the shallow water Ebok field offshore Nigeria, West Africa, is building to 17,000 b/d, according to operator Afren.
The Phase I development came onstream earlier this year through five wells in the D2 reservoir. Afren has since brought on line another producer well targeting the D1 reservoir in the same central fault block area.
This well has delivered 4,000 b/d, with the assistance of a downhole pump. Due to the strong performance, the partners plan additional development of the D1 reservoir at this location.
Phase II development drilling is under way, targeting Ebok’s west fault block area. The jackup GSF High Island Vll is to drill five horizontal producer wells and up to two water injectors.
So far, Afren says results have exceeded expectations, with longer oil-bearing sections and better reservoir properties in the LD-1E reservoir in particular. Three wells should come onstream shortly, with Phase II set to add 20,000 b/d to gross field output once all five wells are in service.
After finishing this program, the rig will start drilling additional production wells, targeting Ebok’s southwest area, from the west fault block wellhead platform.
The jackup Adriatic IX will next drilling three D1 producer wells from the Phase 1 wellhead platform location, followed by an exploration well to test the 35-MMbbl Ebok North prospect.
Another commercial development is in prospect at the nearby Okwok field, where recoverable reserves are estimated at 51.8 MMbbl.
An extensive multi-component ocean bottom cable (OBC) 3D seismic survey is under way across the broader Okwok area, designed to provide data to assist with further appraisal and development planning. Acquisition should finish next month.
Following a period of interpretation and integration with existing data, Afren aims to spud an appraisal well in the first half of next year and to submit a field development plan in mid-2012. Okwok will likely require a standalone development solution, but could share Ebok’s storage and offtake facilities.
In the offshore OML 115 concession, Afren plans to drill an exploration well in mid-2012 on the 60-MMbbl Ufon prospect, thought to have potential for oil in the same D series reservoirs proven to be productive at Ebok and Okwok.
Afren also expects drilling to resume shortly on block 1, in the offshore Nigeria – São Tomé & Príncipe JDZ.
New operator Total plans one appraisal well on the Obo discovery in 2011 and one exploratory well next year (Afren 4.41%). The Pacific Scirocco rig should spud the first well this fall.
08/30/2011
remember "the Street article"
Wole Arisekola, Emeka Offor At War?
Saturday, 17 September 2011
THIS is a question on the lips of many people, including friends and families of these men, who got wind of the tale that broke out some days ago that the soft-spoken publisher of online magazine, Street Journal, Wole Arisekola, had a brief confrontation with oil magnate, Chief Emeka Offor.
Insiders, who disclosed this said the bone of contention was a piece of land located in the capital city, Abuja.
The land in question was said to be owned by Arisekola, who recently made an incursion into properties, but the Ibadan indigene was said to be on a month vacation and was surprised on his return, to discover that Chief Offor, who also has a parcel of land close to his had encroached on his land and this brought about a dispute between the two.
Effort was made to talk to Arisekola on the matter some days ago and he claimed there was nothing to talk about and that whatever differences he had with the billionaire had been resolved.
http://www.reuters.com/finance/stocks/companyProfile?symbol=CIE.N
Look at the prospects and holdings in WEST AFRICA - Angola deep water-just south of JDZ. Amazing! ERHC has only just begun.
How many years did they hide "the facts" about OBO1?
They were "code P."
Transaction CodesEach transaction listed on the Form 4 filing has a transaction code:
General Transaction Codes
P – Open market or private purchase of securities
S – Open market or private sale of securities
V – Transaction voluntarily reported earlier than required
Rule 16b-3 Transaction Codes
A – Grant, award, or other acquisition
D – Sale (or disposition) back to the issuer of the securities
F – Payment of exercise price or tax liability by delivering or withholding securities
I – Discretionary transaction, which is an order to the broker to execute the transaction at the best possible price
M – Exercise of conversion of derivative security
Derivative Securities Codes
C – Conversion of derivative security (usually options)
E – Expiration of short derivative position (usually options)
H – Expiration (or cancellation) of long derivative position with value received (usually options)
O – Exercise of out-of-the-money derivative securities (usually options)
X – Exercise of in-the-money or at-the-money derivatives securities (usually options)
Other Sections 16b Exempt Transactions and Small Acquisition Codes
G – Bona fide gift
L – Small Acquisition
W – Acquisition or disposition by will or laws of descent and distribution
Z – Deposit into or withdrawal from voting trust
Other Transaction Codes
J – Other acquisition or disposition (transaction described in footnotes)
K – Transaction in equity swap or similar instrument
U – Disposition due to a tender of shares in a change of control transaction
http://freerealtime.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=6366251-305775-339863&SessionID=4GQaWWffLuUj447
In determining a total compensation package, the Company does not rely on benchmarking to determine total compensation or any material element of compensation. Because we are a developing company, we sometimes use a combination of equity and cash as a compensation incentive. Our compensation and benefits include:
• a base salary rate typically targeted at a level that is competitive in our market as determined by the Compensation Committee,
• other equity awards, including equity grants to new hires to attract talented personnel and occasional grants of options/restricted shares to retain our talented employees, and
• a comprehensive benefits package.
Since 2004, the equity portion of annual incentives has been paid primarily in restricted Company common stock. The incentive amount is generally converted to shares based on the closing price of the Company’s common stock on the date of grant.
Obviously the assumption is- it wasnt his cash.
Do you know for certain he bought the shares with his wallet?
The subject at the time was: how to cut overhead. If the company issued shares or options to employess AND reduced all salaries that would be great. If the employee stays thats even a better indicator of the future.
That is what I was hoping...that is all. How do we find out?
Well you just figured out why Peter and others are "buying " stock. Hopefully they have cut salaries.
TOB is correct... ITS TIME FOR EVERYONE TO SEE THE TRUTH!
Pete,
You got it right with this:
"I sometimes think backdoor power plays with EO and Nigerian politicos involved are our main hope for the future"
Chad Presidente is an old buddy of SEO. That is all we have
"power plays with EO " matter of a fact and its always been that way.
If we were selling ERHC crude oil today and the Share price was 8 dollars a share would you still feel the same way? Would SEO or PN done anything differently? Probably NOT.
This is/was a single shot wildcat super high risk investment ...NOT a service or EP company. Find the OIL and the price goes up. Not many can negotiate the game or the expense of finding oil in totally unexplored deep deep water.
It obvioulsy was too risky for them...then. The fat lady hasnt sung yet, it is still very early in the deep water game. Focus on the achievements!
Excelllent post TOB, well said and true. If the managment were geologist calling all the shots then they could be blamed in this short term outlook. They do spend too much money but thats tough to disect without being there. (Lawsuits & Investigations) The investment vehicle from the failed Stanford Fund was an unfortunate blemish, but many other influential wealthy astute investors where there as well. So yes, your post is the truth and correct.
press release
Aug. 23, 2011, 7:29 a.m. EDT
Republic of Chad Issues Presidential Decree of Approval of ERHC Energy Inc. Production Sharing Contract
HOUSTON, TX, Aug 23, 2011 (MARKETWIRE via COMTEX) -- ERHC Energy Inc. /quotes/zigman/368946 ERHE -4.55% , a publicly traded American company with oil and gas assets in West and Sub-Saharan Africa, today announced that the Government of the Republic of Chad has formally issued the Decree of Approval for ERHC's Production Sharing Contract (PSC) over three oil blocks in Chad. The Decree of Approval, issued under the hand of the President of Chad, His Excellency President Idriss Deby Itno, formally signifies Government approval to ERHC's exploration activities in Chad as contained in the PSC.
In July, ERHC signed the PSC covering a 100 percent interest in BDS 2008, a 50 percent interest in Chari-Ouest 3 and a 100 percent interest in the Manga block. Both BDS 2008 and Chari-Ouest 3 are situated adjacent to the prolific Doba Basin oil fields which had an average daily production of over 122,500 barrels of crude oil in 2010. The Manga Block is north of the Lake Chad basin.
"We thank the Government of Chad for its demonstrated commitment to facilitating ERHC's oil exploration and production activities in Chad," said Peter Ntephe, ERHC's President/CEO. "ERHC looks to match the business-friendly approach of the Chadian Government with the quick commencement of ERHC's program toward successful exploration for hydrocarbons."
In addition to its Chad oil blocks, ERHC holds a 100 percent interest in two blocks in the Sao Tome & Principe Exclusive Economic Zone as well as interests in six of the nine blocks of the Nigeria - Sao Tome & Principe Joint Development Zone. Among the independents operating in Africa, ERHC is among the largest holders of exploration acreages in terms of number and size of blocks
Top Frontier Oil Countries: Potential, exploration opportunities and risks
Mon, 08/22/2011 - 1:42am Fiscal growth in non-OECD countries, particularly in developing countries such as China and India, and a predicted increase in vehicle numbers to 2bn by 2030, are the chief factors in forecast growth in global energy demand, forecast to grow by 40% by 2030 compared with 2008 levels. Despite rising concerns about emissions from the burning of fossil fuels and the effects on the global climate and increased investment in renewable energy sources, fossil fuels are forecast to account for more than three quarters of this energy demand growth. Of the main sources of primary energy; oil, coal, natural gas, nuclear, hydropower and biomass, coal will see the largest absolute rise, of about 53%. Demand for oil is forecast to rise by 24% to105m barrels per day in 2030, while natural gas demand is forecast to rise by an even superior number, predicted to reach 4.4trn cubic meters a year by 2030. This sustained demand for oil and gas is against a backdrop of budding oil and gas fields in many of the world’s ‘traditional’ producing areas such as the North Sea and the Gulf of Mexico, and concerns about peak oil. In addition, a large proportion of the world’s proven oil and gas capital are held by a small number of countries, and evidence of store nationalism and tighter criteria for foreign investment have led to increased concerns about energy security. Many of the world’s key producing fields are now budding or are seriously depleted, and the continued demand for new oil and gas supplies means governments and companies are looking to new, and often completely unknown, regions to replace capital. Some of these areas are believed to contain substantial undiscovered and emergent resources but many of them pose serious political and technological challenges to exploration and development.
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 learned 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 Tomé 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 Tomé 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 Frosty 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 capital
• Be with you the drivers of the need to explore for oil and gas in new and largelyunknown areas
• Analyse the opportunities unfilled for investment consideration through examination of the data unfilled and an exploration history of the selected frontier areas
• Be better-informed of both the potential and the challenges presented by
exploration in frontier areas, including the associated political and technological risks
• Assess the attraction and the risks for your company of investing in these frontier areas
• Benefit from the report’s information to help make your company’s next international upstream investment choice
Sustained fossil fuels reliance: Despite climate change concerns and rising investment in renewable energy sources such as wind, solar and biofuels, fossil fuels will account for over two-thirds of overall energy demand up to 2030
Budding traditional producing areas: Many of the world’s traditional producing regions are budding or depleted, meaning oil and gas companies now need to venture into new and unknown areas, ‘frontier’ regions, in order to look for new oil and gas resources to replace produced capital and meet continued demand
Frontier equals high-potential, high-risk: Frontier areas are often data-poor, being barely or completely unexplored. Many are believed to hold substantial undiscovered oil/gas resources, but pose political, socio-fiscal, geographical and technological challenges that may present serious barriers to commercial investment
Technology opens up frontiers: Technological developments in the oil and gas sector, including significant advances in seismic to aid reservoir analysis; deep and ultra-deepwater drilling capabilities; growing liquefied natural gas (LNG) capacity and ‘mega-pipelines’
• By how much is demand for oil and gas forecast to grow in the next twenty years? How much of this forecast demand will need to come from resources yet to be learned?
• To what point can successful frontier exploration change the concept of ‘peak oil’?
• Why do oil and gas companies need to explore in new and unknown frontier areas?
• Which are the most promising ‘new’ countries in West Africa for exploration?
‘What is their undiscovered store potential and how risky is investment?
• How liable is a pledge to the sovereignty dispute over Western Sahara, believed to hold substantial oil resources, and should companies sign for licences with Morocco or the territory’s exiled regime?
• What discoveries have been made in the ultradeep waters of the Gulf of Mexico and what potential do its deep and ultra-deep-waters hold?
• Is going deeper in the Gulf of Mexico a better bet than new areas elsewhere in the US?
• What is the store potential of the Falklands? Will drilling there lead to a repeat of the 1982 Falklands conflict?
• Which basins contain most of the Frosty’s undiscovered resources?
Ph : 91-22-40583000
Emailid: marketing@visionshopsters.com
Website : www.visionshopsters.com
link:
Oil depletion Protocol Blog, august 21, 201
Depth of 31,545 feet -Can the Chinese do this?
HOUSTON — Chevron has hit oil in a deep-water well where it resumed drilling in March, almost a year after the Gulf of Mexico drilling moratorium put the project on hold.
The company said it encountered the oil at its Moccasin prospect in the Lower Tertiary Wilcox Sands about 216 miles off the Louisiana coast.
The well in Keathley Canyon Block 736 is under 6,759 feet of water and drilled to a depth of 31,545 feet.
Chevron started drilling the well in March 2010 but had to stop in June 2010 when the U.S. government imposed a moratorium on deep-water drilling in the Gulf of Mexico following the Deepwater Horizon accident.
Drilling resumed in March of this year.
Chevron, based in San Ramon, Calif., still is evaluating well results and will need to drill several more wells before it can gauge the significance of the field, said Gary Luquette, president of Chevron North America Exploration and Production in Houston.
“The Moccasin discovery underscores the importance of the deep-water Gulf of Mexico both to Chevron and to the United States,” Luquette said.
Chevron and BP have stakes in the well of 43.75 percent each, while Samson Offshore holds the remaining 12.5 percent.
If the play is successful, it likely will be combined with Buckskin, another Chevron development 15 miles away, and will be served by a single floating production platform, Luquette said.
The next steps are to analyze the data gathered from the well and to drill another appraisal well sometime next year, he said.
The Moccasin project is one of several in the $1 million-per-day bet that Chevron is making in the Gulf's deep water.
It's part of the Lower Tertiary region that has great potential, along with massive technical challenges and high price tags.
The fields often are found beneath waters 2 miles deep; their oil and gas deposits are hard to detect in geological surveys because they're buried under thick salt layers; and extremes of temperature and pressures in reservoirs test the equipment.
And being wrong in the deep water can be costly: Each dry hole is estimated to cost at least $100 million.
The discovery sounds similar to Chevron's 2006 find in its Jack field about 40 miles east of Moccasin, said David Pursell, managing director of the Houston-based investment bank Tudor, Pickering, Holt & Co.,
Any time a company has a big announcement in the deep Lower Tertiary it's good news, Pursell said. “But you have to recognize the cost and timeframe involved before you start seeing oil in Houston refineries,” he said.
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