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CNOOC unveils deepwater gas discovery Source: Global Times [00:48 February 10 2010] Comments By Li Qiaoyi
CNOOC Limited, a subsidiary of China National Offshore Oil Corporation (CNOOC), the country's third largest oil company, announced a new deepwater gas discovery Tuesday.
The Liuhua (LH) 29-1 gas field was discovered by CNOOC Ltd's exploration partner Husky Oil China Limited, a wholly owned subsidiary of Husky Energy.
It was the third such deepwater discovery in the eastern South China Sea, following the discoveries of the Liwan (LW) 3-1 gas field in 2006 and the LH 34-2 field in December. All three discoveries were on the same block.
The gas well unveiled this time was located close to the previously discovered two deepwater gas fields. "LH 29-1 field will share the development and production facilities with LW 3-1 and LH 34-2," said an announcement posted on CNOOC's website.
The gas fields LW 3-1 and LH 34-2 will be developed in parallel. The LW 3-1 field is expected to see initial gas production in 2013, according to the announcement.
The deepwater gas discoveries will become indispensable gas resources in years to come given that common gas explorations are already saturated and their gas production is coming to the end of their lifespans, said Li Lingxuan of Zhuochuang Info. Co, an energy consulting firm.
Currently, deepwater is defined as waters from the seabed to the surface reaching a vertical distance of 300-500 meters.
The deepwater gas discoveries won't likely account for a large proportion of gas supply in the future, given their limited reserves, Li said.
Global verified gas reserves had recorded 183.66 trillion cubic meters as of January 1 this year, according to data collected by Zhuochuang Info. Co. That dwarfs the deepwater gas reserves.
The LH 29-1-1 well can expect daily gas production of 57 million cubic feet (1.61 million cubic meters), according to a drill stem test (DST) that provides data to estimate recoverable gas reserves, CNOOC said in the announcement. The gas production from LH 29-1- 1 largely equals that from the LH 34-2-1 well, which can produce 55 million cubic feet (1.56 million cubic meters) per day based on a DST, and the LW 3-1- 2, which can produce 53 cubic feet (1.50 million cubic meters) per day.
The LW 3-1 field is verified to have a gas reserve of between 100 billion and 150 billion cubic meters, with an annual production of 5-8 billion cubic meters. The gas reserve of LH 34-2 and LH 29-1 has not been published. Husky will appraise the LH 29-1 field later this year to further verify its reserves, said the CNOOC announcement.
Deepwater exploration is costly and worthwhile only if it proves more commercially valuable than exploration in shallow sea areas, Li said.
Coalbed gas that is technologically feasible and much less costly will become a vital resource in the future, Li believes.
The other two national oil and gas giants, China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (Sinopec), both of which are reported to have been involved in deepwater exploration in the South China Sea, have not announced such discoveries.
CNOOC's moves in deepwater exploration won't likely have an influence on the other two oil giants in the foreseeable future, as CNOOC is less capable of oil refining and conducting mergers and acquisitions than CNPC and Sinopec, said Wang Gang, an oil and gas analyst with Great Wall Securities.
Yeah, since 2001 at least.
HOUSTON & OSLO, Norway--(BUSINESS WIRE)--Nov. 27, 2001
Petroleum Geo-Services ASA (NYSE:PGO)(OSE:PGS) has initiated several new seismic acquisition programs in West Africa on both a contractual basis and as part of the Company's multi-client operations. These
surveys, combined with existing backlog, should result in one of the strongest winter seasons in several years.
The recently awarded proprietary seismic acquisition contracts include a 300 square kilometer (sqkm) survey in South Africa, a 1,350 sqkm survey in Mauritania, and a 1,540 sqkm survey in Equatorial Guinea. In addition, the Company has started a substantially pre-funded survey to shoot up to 3,000 sqkm of Multi Client 3D data in deep water Nigeria.
In connection with PGS' exclusive agreement with the Government of Sao Tome and Principe to acquire and market seismic acreage to the industry in future license rounds, the Company has started its first phase of acquisition surveying using its 2D operations.
These new seismic acquisition programs follow PGS' recently completed surveys in Nigeria and Namibia that were both acquired with exceptionally high production rates for a major international oil and gas client.
Rune Eng, President of PGS Exploration EAME, commented, "The current high level of activity in West Africa is great news for PGS. Areas such as West Africa are ideal for our fleet, where large deep water programs make maximum use of the extreme efficiency of our fleet. We are the only contractor routinely towing10 streamers, and this gives PGS a major market advantage. There are several new contract opportunities currently identified in West Africa where PGS hopes to further capitalize on this advantage
The comment was for 2003-2007 drilling activity, not recent.
SO maybe by June-July we will know the outcome of the picks.
"This is the first time that Sao Tome has blocks of its area
exclusive economic. The outcome of the tender should be
announced three months after their completion. "
OK, So ERHC has its free picks of 2 out of 19 EEZ blocks. Thats almost 13% of the entire EEZ if you include 2 15% INTEREST blocks.
Three zones one from each is the rule- how do we do that with 4 picks?
Question, I have is: How do they know which two(4) to pick?
What is there current value? Future value?
It depends partly on what other companies bid for the other blocks.
Does anyone have a link to seismic results on the EEZ ?
Will Sao Tome allow Chinese companies/operators to bid?
The only thing that makes sense is we dont know anything other than they drilled some holes.
Everyone see this ?:
Mid, You think a talk board is a dictionary? Get real. Why dont you tune your TV to World Wrestling Entertainment and leave us alone to have fun here. There might be 20 post out of 20,000 that are real other than news clips and half them arent real either. If nothing else, at least we can share ideas, vent frustration an share fear and greed here.
BB, Thank you for the well written factual summary and opinion of whats to come. Especially like the clarity of:
"We’ve tried to be clear, but also need to leave room for the advisors that we’ve engaged to provide value. The company’s management has described a pretty clear plan to list a subsidiary – one with none of the JDZ or EEZ assets – on the AIM. It would have no effect on ERHC’s current U.S. stock listing."
Perhaps, employing the AIM listing advisors is just a way to say they are working on a merger or buy out without saying it.
Long shot but possible.
Tonga=Southern Man GLTAL's
EXCELLENT news site >> http://www.oilvoice.com/Latest_News/ERHC_Energy/b17d70ed.aspx
ERHC Energy Inc announced that Addax Petroleum completed drilling the fifth and final comprehensive exploratory well in the Joint Development Zone Block 4. ERHC has a 19.5% interest in the block. The OKI East well was drilled in 6,800 feet of water to a total depth of 12,600 feet below sea level. An analysis is underway to evaluate the commercial potential of JDZ Blocks 2, 3 and 4. The focus now turns to determination the nature and extent of the hydrocarbons. ERHC has interests in 6 blocks.
Analysis
ERHC began life as Chrome Energy, a Houston-based independent. Later the name was changed to Environmental Remediation Holding Corporation (ERHC). In 2002, the company was notified of its preferential position and was given a mandate by both governments to handle matters related to oil company exploration permits, the territorial dispute between Nigeria and Sao Tome and certain subjects related to various profit sharing contracts that would follow the first licensing round. The initiative apparently was taken by the government of Sao Tome and Principe following the discovery of important deep water oil fields south of the Niger delta. The government came to the conclusion that their waters were equally prospective. This sparked a boundary dispute with Nigeria which was ultimately resolved by the establishment of the Joint Development Zone in which without resolving the boundary dispute the two nations agreed to commence exploration with Nigeria getting a 60% share and Sao Tome and Principe a 40% share. In May of 2006, ERHC has had its ups and downs over the years but now appears set to reap the rewards of a decade of work.. In 2003, the seismic surveying company Western Geco identified 56 structures in Blocks 1-9 of which 17 were identified as prospective. Six "high confidence" prospects in Blocks 1,2 and 4 were assessed as having a potential reserve of 4.5 billion barrels. Basis of the estimate was by volumetric analog with Known discoveries to the north of the JDZ. So the situation today is that five wells have been drilled and logged. apparently good oil shows were obtained since the program went to completion. All indications are that delineation drilling will take place in the near future. While the water is deep, the wells are only about 12,000-13,000 feet deep which greatly reduces capital costs.
http://www.glgroup.com/News/The--Zone--is-back-in-the-news-running-high-and-looking-good-45900.html
ERHC To List in London?
Africa Intelligence (press release) (subscription) - ?Feb 2, 2010?
Following the investigation, which aimed to establish how the group had obtained its concessions in Sao Tome, no charges were filed against ERHC.
Anyone have access? Subscription?
China's Energy Appetite: CNOOC Ramps Up Production Goals, Eyes Overseas Assets
By Kirsten Korosec | Feb 2, 2010
If there is any doubt that China is emerging from the recession with a renewed and increasing hunger for energy, take a look at what the country’s largest offshore oil explorer is planning to spend this year in hopes of finding and producing more resources.
China National Offshore Oil Corp., or CNOOC, wants to increase oil and gas production 27 percent this year to as much as 290 million barrels of oil equivalent, the company announced Tuesday in its capital expenditure release. CNOOC has nine new offshore projects that are expected to come on line in 2010. CNOOC’s production targets are based on crude oil prices forecast at $75 per barrel.
CNOOC also is ramping up its exploration efforts this year in deepwater and natural gas. Its 2010 exploration program will include 98 wells, 21,000 kilomters 2D seismic and 11,800 square kilometers 3D seismic.
To accomplish all of this CNOOC plans to spend upwards of $7.93 billion, a 29.5 percent increase in its capital expenditure budget from 2009.
The biggest hurdle for China is successfully buying up overseas assets, one of the reasons why CNOOC’s focus remains off the coast of China. Although the company still has overseas aspirations.
CNOOC and other state-owned energy companies have had some success with snapping up international assets, although not nearly as much as they would like. CNOOC failed in 2005 to buy U.S.-based Unocal;and Aluminun Corp, known as Chinalco, had agreed to buy a large stake in Australia’s mining company Rio Tinto before the $19 billion deal was rejected by shareholders.
There has been some success as well. CNOOC bought late last year a minority stake in four prospects in the Gulf of Mexico from Statoil; Sinopec, the country’s state-owned oil company, was successful last year in scooping up Switzerlands’s Addax Petroleum for more than $7 billion; Sinochem Corp. bought British oil and gas explorer Emerald Energy in October; and China National Petroleum Corp. with majority partner BP successfully secured a contract to develop the Rumaila field in southern Iraq.
Based on comments by CNOOC’s president Yang Hua, the company and China will continue to try and expand its overseas operations with foreign partners, according to a WSJ report.
How do you know they are for the JDZ?
Excellent post kobi, perhaps you can get a part time PR postion at ERHC, they should have clearly stated that back in MARCH.
Do you have a link to the employment offer?
It does affect the company who buys us! i.e.. If their development cost are high they offer less.
Chinese punishment for leaking information is probably DEATH sentence, ERHC has only 5 or 6 people in the know. Its easy to keep it quiet with these facts. Drilling crews see but dont know the whole picture. You can't compare Addax which was 10 bucks a year ago and has a thousand employees.
WAG IMO Sinopec has said yes, ERHC there is lot of potential there but the cost are going to be 600 million plus to develop just what we have uncovered and it will take a long time to develop. We will offer you 2.75 a share for it all.(2 billion) You keep the EEZ. Theres your AIM listing.
Take it or leave it.
Ever negotiated with Chinese? Tough!
SHOW ME THE MONEY!
Thats exactly what they have tried to do. The AIM listing, the end of investigation etc.. They have no control over the OTCBB shareprice. If you have ever been in a small public company you would understand CLEARLY that fluffy, BShootin PR's to shareholders ruin credibility in investment circles fast. Penny stocks have a uphill battle. Its better to focus on the prize and let the pieces fall into place. They have little control; only "silent partner" guidance over the future now.
I would guess they are contemplating this to add some stability to the share price. They have no control over the OTCBB shareprice and is a nasty trading arena, AIM is much better for many reasons and has a better image in the investment community.
They are trying to address the unwarranted shareprice decline IMO.
20/01/2010 AFRICA ENERGY INTELLIGENCE n°620
MISSION
Peter Ntephe
Peter Ntephe, the chief executive of the U.S. concern ERHC which is present in the Joint Development Zone between Sao Tome and Nigeria will attend the Nigeria Oil & Gas 2010 conference to be held between Feb. (...) [76 words] [1.3€]
Anyone have a subscription to AFRICA ENERGY INTELLIGENCE , can only get headlines without one.
We are waiting on the results of thier efforts, dont judge yet.
ERHC To List in London?
Africa Intelligence (press release) (subscription) - ?4 minutes ago?
The decision came as Addax, its partner in the JDZ, completed drilling the fifth and last exploration well on their joint concessions last month. ...
We will take up a collection here to pay for the flight and party, you and your friend need to have today. When can you leave?
Good post Oil Cowboy, thanks for elaborating on my thoughts.
I completely agree. How much longer can we take this "waiting"!
Say a Prayer.
Now Oily you know it isnt ERHC's job to bring the oil. They just sit back and collect the cash. I wont bother asking about March 8th , because you havent been accurate since Pioneer days and you wont elaborate. Besides there isnt anyway anyone knows what will happen. It has to unfold. Unless there is a buyout announced on the 8th!
On the other hand since there is nothing else to do here >
Whats the latest offer or partner? Elaborate on your WAG opinion please.
Nigerian Acquisition
http://online.wsj.com/article/BT-CO-20100128-701897.html?mod=WSJ_Deals_LEFTLatestHeadlines
London, Thursday 28 January 2010 - Afren plc ("Afren" or the "Company")
announces that it has entered into a Joint Venture Agreement ("JVA") with
Oriental Energy Resources Limited ("Oriental") and Energy Equity Resources
("EER") for participation in the exploration, appraisal and development of OML
115 offshore South East Nigeria, adjoining the Ebok and Okwok development area.
Highlights
* Farm-in agreement with EER to acquire 81.25 per cent. of its 40 per cent. legal
interest in OML 115 (32.5 per cent.)
* Located offshore South East Nigeria, adjacent and on trend with Afren and
Oriental's Ebok and Okwok fields
* Afren has identified significant exploration potential at the deeper Qua Iboe
level, a regionally prolific reservoir productive at the nearby Zafiro field
* Gross mean resources potential estimate of 270 mmbbls
* Extension of Afren's partnership with Oriental on the Ebok and Okwok appraisal
and developments; will benefit from further sub surface synergies with the
opportunity for Afren to apply its enhanced understanding of the regional
geology
* Total upfront cash cost of US$6 million including signature bonus and license
extension fees, in addition to the requirement to drill one firm exploration
well at an estimated cost of US$30 million.
* Drilling to commence with one exploration well scheduled for H2 2010
Commercial terms
Under the terms of the farm-in agreement with EER, Afren as Technical Advisor
will acquire a 32.5 per cent. legal interest. The effective economic interest of
between
77 and 100 per cent. reverts to between 81.25 and 65 per cent. (post cost
recovery associated with the initial exploration work programme). Following cost
recovery by both Afren and EER, Afren's effective economic interest will revert
to between 32.5 and 40.625 per cent. of field revenues. Afren has undertaken to
fund the drilling of one exploration well, after which Afren and EER will
jointly fund costs pro-rata (81.25 per cent. and 18.75 per cent. respectively).
Background
Following the farm-in to develop the nearby Ebok Field with Oriental in March
2008, Afren had entered into a collaborative agreement with Oriental to pursue
other assets in the region. Afren subsequently farmed-in to the Okwok field in
August 2009 and OML 115 represents another important milestone within the
collaboration agreement. OML 115 benefits from the Nigerian Royalty Tax Fiscal
terms.
OML 115 is in the translational structural setting of the prolific offshore
eastern Niger Delta, surrounding the Afren - Oriental operated Ebok and Okwok
development area and close to the giant Zafiro Complex. The southern portion of
the Okwok structure (Okwok South) extends into OML 115 and significant
additional prospectivity has been defined within the channelized Qua Iboe
system. Afren estimates gross unrisked resource potential of 270 mmbbls based on
prospectivity defined to date.
Forward work programme
The near-term work programme will consist of:
* Detailed sub-surface technical studies to determine an optimum exploration or
appraisal well location; and
* Preparations for an exploration well to spud in H2 2010.
Synergies with the Ebok development - creating a production "hub"
Following recent appraisal success on the Ebok field, Afren has confirmed a 116
mmbbls development with upside to 182 mmbbls (304 mmbbls including Okwok).
There is the potential to create a production hub around a joint Ebok - Okwok -
OML115 development, offering significant synergies including joint storage and
export operations together with shared services.
Osman Shahenshah, Chief Executive of Afren, commented:
"We are delighted to have further extended our collaboration with Oriental to
include OML 115, and at the same time enter into a Joint Venture partnership
with EER. OML 115 represents an attractive exploration opportunity at minimal up
front cost, adjacent to the Ebok and Okwok fields, where we have enjoyed
considerable appraisal success. The close proximity of OML 115 to the Ebok -
Okwok complex will provide a pre-existing export solution for any development on
the block."
Alhaji Mohammed Indimi, Chairman of Oriental, commented:
"The relationship with Afren keeps growing from strength-to-strength, with OML
115 representing our third successive collaboration. Oriental believes that
Afren's increased presence in the broader Ebok - Okwok - OML 115 complex will
bring significant synergies to the successful and ongoing appraisal and
development of the area, offering significant long term reserves and production
growth."
Osamede Okhomina, Chief Executive of Energy Equity Resources, commented:
"EER is pleased to welcome Afren into the OML 115 Joint Venture. We are excited
by the opportunity and look forward to unlocking the substantial resource
potential at OML 115."
Peter C. Ntephe is the Acting Chief Executive Officer of ERHC.
Mr. Ntephe has a Bachelors’ and two Masters Degrees in law, the second being a specialization in regulation issues from the University of London. He also has a Master of Science degree from the University of Oxford. Mr. Ntephe teaches business law as part of adjunct faculty at the International Business Program of the Business School, American Intercontinental University, London.
What degrees do you have and/or University did you attend?
IOCs Sell Oil Fields to Nigerian-led Consortium
By Ijeoma Nwogwugwu and Chika Amanze-Nwachuku with agency reports, 01.30.2010
The Shell Petroleum Development Company of Nigeria Limited, Total Explor-ation and Production Limited and Nigeria Agip Oil Company have reached an agreement to jointly transfer 45 per cent stake in three production licences and related equipment in the oil-rich Niger Delta held by the multinationals to a consortium led by two Nigerian companies.
This transaction, which requires the consent of the Nigerian National Petr-oleum Corporation which holds the balance of 55 per cent in the leases, as well as the federal government's approval, is expected to be completed within the next six months.
The agreement covers Shell's 30 per cent interest, Total's 10 per cent and Agip's five per cent stake jointly held with the NNPC under a Joint Operating Agreement in oil mining leases 4, 38 and 41. In a statement released by Shell last night, the buyer is Seplat Petroleum Company Limited, a Nigerian consortium jointly owned by two Nigerian firms - Platform Petroleum Limited and Shebah Petroleum Devel-opment Company Ltd - along with Maurel & Prom of France.
Further investigation revealed that the Nigerian companies - Platform Petroleum and Shebah Petroleum belong to Dr. ABC Orjiako and Austin Avuru respectively, both businessmen with long-standing involvement in the oil and gas sector. Both companies, a source close to the deal disclosed, are also said to have the strong support of the Emir of Kano, Alhaji Ado Bayero. Although it is uncertain how much the consortium shall be paying as consideration for the 45 per cent stake in the leases, but THISDAY was informed that an estimated $200 million has been offered by the consortium.
When contacted last night, one of the members of the consortium declined to disclose the amount that would be paid for the oil blocks, saying that the entire agreement is still subject to the approval of NNPC and the federal government. He, however, stated that if the deal is struck, the consortium will become the operator of the three leases and is planning to invest some $700 million to $1 billion "under a robust and aggressive investment programme to develop the fields." Prior to the negotiations, Maurel & Prom acquired a 45 per cent stake in Seplat. Subsequent to this deal, the French firm would own 20.25 per cent of the rights before royalties (20 per cent for oil) in OMLs 4, 38 and 41; while Platform Petro-leum and Shebah Petro-leum will own 22 and 33 per cent, respectively.
Both Nigerian companies operate production and exploration assets in the country, as well as a floating production, storage and offloading vessel (FPSO). Given that Seplat's capital is mostly held by Nigerian operators, the consortium has the legal status of an "indigenous company". During the transition period, the SPDC teams will exploit the fields together with the Seplat teams, to ensure a smooth transition and to provide for the full transfer of operations. Shell said the leases cover approximately 2,650 square kilometres in the North-western Niger Delta and their sale to the consortium is subject to the approval of the federal government and NNPC.
The company added that the area includes about 30 wells with a production capacity of approximately 50,000 barrels of oil equivalent per day. This does not include development of new fields. Oil production is currently shut down awaiting completion of repairs to the export pipeline damaged in 2008. Restart of production is currently expected by mid February 2010. Gas produced from the fields for domestic and industrial use is sold to the local market. "The sale of assets supports the Nigerian government's goal of expanding opportunities for local energy companies," said Mutiu Sunmonu, managing director of SPDC.
"We have been in Nigeria for more than 50 years and remain committed to doing business here. This transaction should be seen in the context of Shell's active portfolio management of its assets and interests across the world." Amidst growing concern over harsher fiscal terms for operators in the Nigerian oil industry, Shell last December said it was planning to sell some of its oilfields in the Niger Delta valued at up to $5 billion. Also, growing violence and militancy in the Niger Delta, coupled with uncertainty arising from new petroleum industry legislation that may be passed into law this year, have forced Shell to reconsider its Nigeria strategy and scale down its operations in the country.
With new projects in the Gulf of Mexico and Qatar near completion, it is understood that Peter Voser, Shell's chief executive, is now keen to reduce its (Shell's)?operations in Nigeria. Sinopec, one of China's state-owned oil groups, had requested for information on the oil fields being offered for sale. It was thought that indigenous companies such as Oando, Nigeria's largest independent group, and London-listed Afren, could also pick up some fields. The sale, oil industry officials confirm, may not be unconnected with the tough operating conditions in the country, which have pitched Shell against several oil producing communities.
To limit its exposure, Shell immediately tabled a strategy where the buyers of the oil fields will produce the wells, while Shell will retain the underlining titles and assets. Most of Shell's fields are located onshore and in shallow waters, and it is understood that the divestment programme is focused primarily on those in the western part of the country.
These include producing fields as well as undeveloped blocks and those now shut down because of the violence. CNOOC, another Chinese state firm, recently offered $50 billion for a huge swathe of the country's reserves. Some of these are still controlled by joint venture contracts between NNPC and western oil firms.
http://www.thisdayonline.com/nview.php?id=165369
Homeport, we hope to have some oil or gas to cook that fish with or do they only have wood around Sao Tome?
We are all going to the Mental Ward if they dont let us in on the NEWS real SOON! Good or Bad TELL US!
See a huge Bid ask spread here: http://finance.yahoo.com/q?s=ETLE.OB Obama gave them 100 mill of our dollars to start elec stations.
Angola's Sonangol Finalizes Deals For Two Iraqi Oil Fields
By Hassan Hafidh
Of DOW JONES NEWSWIRES
Angola's national oil company, Sonangol, finalized in Baghdad Tuesday deals to develop the Qaiyarah and Najmah oil fields in northern Iraq, officials said.
Sonangol won the right to develop the two fields in Iraq's second post-war licensing auction, which was held in Baghdad Dec. 11-12.
It has pledged to increase production from the Qaiyarah and Najmah oil fields to 120,000 barrels a day and 110,000 barrels a day at a fee of $5 and $6 a barrel, respectively.
The two fields, each holding some 800 million barrels of proven oil reserves, are located near the volatile city of Mosul, 400 kilometers north of Baghdad.
Sonangol said in a statement last year that several companies had expressed the wish to set up partnership with it for the development of the two Iraqi oil fields. It gave no further details.
Sonangol said the move to drill abroad was part of a strategy to bolster Angola's global image. The oil company is also eyeing exploration opportunities in Brazil, Ecuador and the tiny African island state of Sao Tome and Principe.
Angola emerged from an almost three-decade long civil war in 2002 to rival Nigeria as Africa's top oil producer. It currently holds the rotating presidency of the Organization of the Petroleum Exporting Countries. It hosted in Luanda Dec. 22 an OPEC policy meeting that decided to leave the group's output ceiling unchanged.
Iraq has so far finalized with international oil companies seven oil deals to develop some of its prized oil fields over the last few weeks.
Three more oil field deals will be signed this week. They are: Halfaya oil field, with 4.1 billion oil reserves, which will be signed Wednesday with China National Petroleum Corp., Petronas and Total SA (TOT).
On Thursday, the ministry will sign Badra oil field with Russia's Gazprom, Turkish Petroleum Corp., known as TPAO, South Korea's Korea Gas Corp. and Petronas. West Qurna Phase 2 oil field, which holds oil reserves of 12.9 billion barrels, will be signed Sunday, Jan. 31 with a consortium consisting of Russia's OAO Lukoil and Norway's Statoil (STO).
These deals theoretically will lead to an increase in Iraqi oil production capacity of over 9.5mn b/d on top of the current 2.4 million barrels a day currently.
-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com
African states stake their claim to the deepest waters
Eight African states have applied to the United Nations to extend their territorial waters beyond the 200-mile limit, while the other eligible coastal states have put in preliminary claims (AE 137/21). Ghana, South Africa, Nigeria, Kenya, Mauritius, Seychelles, Côte d’Ivoire and Namibia all filed full submissions to the Commission on the Limits of the Continental Shelf (CLCS) by the 13 May deadline. Other eligible coastal states have filed preliminary information, stating that they plan to make a full claim at a later date.
http://www.africa-energy.com/html/Public/hot_topics.html#Exploration
Details are locked - need subscription
Try 10 years of waiting then you can complain.
Light it up Sino-dax, we are more than ready
" We are golden brown "
Read a little further and you ll find a notation that SE Offor holds 4,205,000 shares in his name, ther remainder is in his 2 Chrome names.
All his shares under his control are 307,796,433 or 42.6 % of the current total shares outstanding. He gets diluted too when the board issues various other additional shares...lol
43% E Offor
33% Nigerian Buddies
10% Banks
8% Texans
4% Others
2% I hubers
WAG
Hope that clears up any questions where I hub stands. lol WAG IMO
Disreguard, its not for JDZ.
This could explain the delay and jives with Peters "drilling results into relevant geologic and fluid models" statements.
http://www.wipo.int/pctdb/ja/ia.jsp?ia=US2007%2F075101&IA=US2007075101&DISPLAY=DESC
Deep water or coastal? Saipem awarded new contracts worth US$370 million
Italian energy-services firm Saipem has been awarded new offshore and onshore drilling contracts for a total value of approximately US$370 million.
Saipem has been awarded two contracts for the charter of the semi-submersible rig Scarabeo 3, which is at present idle, for a total period of 9 months plus options starting from January 2010. The two contracts, signed with Total E&P Congo and Addax Petroleum, encompass the use of the rig in Congo for one drilling well plus one optional well, and in Nigeria for drilling activities for the duration of six months respectively.
Saipem has reached an agreement with the Egyptian company IEOC for the extension of the contract for the charter of the Scarabeo 4 until June 2013.
http://home.nestor.minsk.by/build/news/2010/01/2704.html
If thats the case then they would certainly swallow the minnow.
The AIM listing has very little to do with ERHC, it is a separate NEW sister company, separate investments/assets only share the management.
ERHC wants to move to the AMEX or NASDAQ.
São Tomé to establish state oil company
afrol News, 6 November - I am not positive about the release date, here is the link. http://www.afrol.com/articles/34647
The government of São Tomé and Príncipe, with Angolan help, plans to establish a national oil company within the end of this year. The new company is to assure local ownership over the expected upcoming offshore oil production.
The announcement was made in Luanda today, together with the Angolan state oil company Sonangol, which in the beginning is partnering with São Toméan authorities.
Government plans its new oil company to focus on São Tomé's exclusive economic offshore sector, where it is to participate in the exploitation of known oil reserves together with Sonangol. The company is not to be engaged in the Nigerian-São Toméan joint sector, where the process towards starting oil expoitation has come further. At least not at this stage.
São Toméan Prime Minister Rafael Branco is currently on an official visit to the Angolan capital, Luanda, where he has met with his Angolan counterpart Paulo Kassoma and the Sonangol leadership to sign the cooperation agreement. PM Branco said he was delighted being offered to take "advantage of the experience of Angola in the oil field, by establishing a partnership with Sonangol."
Although two areas with substantial oil production potential have been identified off the São Toméan coast - in the country's exclusive zone and in the joint development zone with Nigeria - the archipelago has not yet begun to produce oil. Government expects that this will happen in the next two or three years.
So far, mostly minor Nigerian and international oil companies have been involved in São Toméan blocks. The small size of most of these companies has somewhat derailed government's plans to start producing oil as soon as possible.
São Toméan authorities hope that teaming up with Sonangol will fasten the process of oil exploitation. Also, an own national oil company is expected to address the increased problem of limited state control of São Toméan offshore oil activities.
By staff writer
© afrol News
Chinese have a lot on their plate. LONDON -- Afghanistan plans to delay awarding concessions for a major iron ore deposit and sizeable oil and gas reserves as part of a broader effort to stamp out corruption, the country's finance minister said.
The move by Afghanistan could upend the plans of Total SA, Swiss-based Addax Petroleum Corp. and Canada-based Nations Petroleum Co., all of which were among the seven finalists selected last year for oil and gas blocks in the country's northwest.
Of particular concern, said Finance Minister Omar Zakhilwal in an interview Tuesday, is a major iron ore deposit in central Afghanistan that last year attracted bids from smaller Chinese and Indian companies. "We've put a hold onto to the bidding process; it will have to be re-bid," he said.
Mr. Zakhilwal would not directly say whether he believed bidding for any of the projects - the iron ore deposit, the oil and gas reserves and scores of other smaller mineral deposits — had been marred by bribery, kickbacks or other forms of corruption. He spoke in general terms about the need to root out corruption and ensure Afghanistan gets the best deals when bringing in foreign firms to exploit its natural wealth.
Afghanistan is rich in minerals and gemstones, with huge copper and iron ore deposits and reserves of emerald and rubies. Exploiting those reserves could help provide the country with much of the money it needs to wean itself from the massive infusions of foreign aid on which it new depends.
Putting the Afghan economy in order is one of the major issues to be addressed at a conference Thursday in London on Afghanistan's future. Foreign ministers from 56 countries along with representatives from the United Nations and other international organizations involved in stabilizing Afghanistan are to attend, and European diplomats have in recent days said they are keen to hear Mr. Zakhilwal's economic plans for the coming years.
Mining could be a major economic contributor. But the Mines Ministry has long been considered among Afghanistan's most corrupt government departments, and Western officials have repeatedly expressed reservations about the Afghan government awarding concessions for the country's major mineral deposits, fearful that corrupt officials would hand contracts to bidders who pay the biggest bribes -- not who are best suited to actually do the work.
Mr. Zakhilwal said those concerns are shared by many inside the Afghan government, too. "I was among those who have been opposed to opening up new bids," he said. "It was not just the issue of corruption - but that is a real issue. We also need to do a review of how contracts are awarded, what lessons we've learned, what kind of transparency is needed to make the next best step."
Mr. Zakhiwal that process is now underway with the appointment of a new minister, Wahidullah Sharani.
Still, he said there was no evidence of corruption in the awarding of the one major concession given out in recent years, a copper mine being set up by two Chinese firms, China Metallurgical Group and Jiangxi Copper Group.
That project attracted bids from all over the world, and there have been persistent reports of bribes being paid to secure it. Mr. Zakhilwal termed those reports "rumors" and held up the deal - under which the companies agreed to build schools, clinics, markets, mosques and a power plant -- as a model for how Afghanistan could award future concessions.
Write to Matthew Rosenberg at matthew.rosenberg@wsj.com