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All posts tagged featured


HRT Heralds Return Of The Namibian Rush

HRT-Heralds-Return-Of-The-Namibian-Rush

Brazillian minnow, HRT, is looking forward to a two to three well drilling campaign that may, with some luck, turn out to herald another phase of the rush to Namibia.

Around this time last year (February to April 2012), there was heady talk of “a rush to Namibia”, as operator after operator snapped up one or two more hydrocarbon acreages in the country. Things calmed down after Chariot Oi&Gas drilled the much hyped Tapir South well, in block 1811A and it turned out dry. Tapir South is located in the Namibe Basin, offshore North western part of  Namibia.

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Sonangol, In Loss Of Earnings, To Cut Petroleum Subsidies

Sonangol-CEO,-Francisco-de-Lemos-Jose-Maria

Angola’s state hydrocarbon company Sonangol reported posting a net income of $1.24 billion in 2012. Earnings before interest, taxes, depreciation and amortization (EBITDA )fell to $5.21 billion last year from $5.96 billion in 2011, he said. The company generated revenue of $46.97 billion in 2012, its CEO, Francisco de Lemos Jose Maria said, warning that the earnings loss would continue for one more year, with a forecast 7% percent decline in revenue for 2013.

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TOTAL Hits A Fourth Duster In Uganda

TOTAL Hits A Fourth Duster In Uganda

TOTAL continued its streak of dry holes in Uganda’s Lake Albert Basin, with the Ondyek-1 exploration well proving the fourth duster in two months.
Ondyek-1 did not encounter hydrocarbons and has been plugged and abandoned. The well, located 16km North West of the Nigiri-1 oil discovery in the company’s operated EA-1A block to the north of the basin, was the fifth in a drilling campaign designed to test the boundary limits of the TOTAL operated EA-1A Block.
The other dry holes, drilled between December 2012 and February 2013, include: Riwu-1 (tested far northwestern limits), Raa-1 (tested northern extent), and Til-1 (tested far northeastern limits). Ondyek-1 was drilled to a total depth of 1,462 metres.

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High Pay Day Rates For East African Offshore Drillers

Its-High-Pay-Day-Rates

Recovery has come for the rig service sector, in large part, to higher day rates for rigs and demand for drilling in deepwater environments, notably East and West Africa, Brazil, and the Gulf of Mexico.

With the exception of litigation- plagued Transocean, the public equities of offshore drilling industry appear to have largely adjusted to the post-Macondo environment, helped by rising rig utilization and strong day rates for rig contract renewals.

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Nigeria: The Marginal Field Experiment At 10

Nigeria-The-Marginal-Field-Experiment-At-10

Nine Nigerian independents have a particular reason for celebration this month; the 10th anniversary of the country’s experiment in marginal field operatorship.

In February 2003, the Nigerian government awarded 24 marginal field licences to 31 local enterprises, 24 of them designated operators with seven partners.
10 years after, seven out of those fields(or 29% of the assets) are in some form of sustained production.
The nine companies who own these fields are delivering gross production of 27,200Barrels Of Oil Per Day(BOPD) and 35Million Standard cubic feet per day(35MMscf/d) of gas.

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The “Tullow Model” Is Under Siege

The Tullow Model Is Under Siege

Analysts worry the UK Explorer may not meaningfully maintain production above 100KBOEPD until 2018

Tullow Oil’s newly cut image of the lead game hunter in the African frontier has come under attack.

“While still a best-in-class explorer”, says UK based Investec Securities, “it has grown increasingly leveraged to the “P” rather than the “E”.

The London listed independent is getting stuck in the exploration wilderness, spending money on vast tracts of underexplored basins even as its production flattens out. Uganda is not coming on stream as quickly as the company hoped as recently as 24 months ago; Ghana hasn’t reached peak production that was promised at on-stream date in December 2010.The company is the operator of the flagship oilfield project in Ghana and the main player in the upcoming production in Uganda.

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Tullow Probes The “Ramp” Prospect In Ethiopia

Tullow

East Africa’s flagship wildcatter, Tullow Oil, was drilling ahead on the Sabisa-1 well in the South Omo Block in Ethiopia on January 23, 2013. The well is located on the ramp structure in the country’s onshore South Omo Basin (see seismic line). Sabisa 1, the first of two exploratory wells on the structure, is expected to take approximately 60 days to reach the planned total depth of 2,600 meters.  The British explorer operates the acreage with 50% and has partners including Africa Oil Corp, with a 30% working interest and Agriterra Limited holding the remaining 20% interest. Marathon Oil Ethiopia has announced a transaction to purchase Agriterra’s interest in the South Omo Block. This transaction is subject to Ethiopian Government approval. 

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Eni Stays The Course In Sankofa

Eni Stays The Course

Italian major  Eni encountered 32metres Net Oil Sand in a gross column of 76metres, in Sankofa East 2A, its first appraisal of  the Sankofa East oil discovery, in Ghana’s prolific deepwater Tano Basin. The oil is 30° API, and is stored in sands of cretaceous age.
The well also saw 17metres net gas and condensate out of 23metres of column  net), and 76m of gross oil pay in sands of cretaceous age.

Eni’s spokesmen say that the Offshore Cape Three Points (OCTP) block is estimated to contain nearly 450 million barrels of oil and recoverable resources of about 150 million barrels.
The well, which was spudded in 990 meters of water, reached a total depth of 4,050m and discovered extension of the oil reserve in the Cenomanian sequence.

Information from the drilling has confirmed hydraulic communication in the oil prone reservoir between the discovery and the appraisal well, which has prompted Eni to start commercial exploitation of the oil reserves. Eni, through its subsidiary, Eni Ghana Exploration and Production operates the block with 47.2% interest and has partners including Vitol Upstream with a 37.8% interest and Ghana National Petroleum with the remaining 15% interest including an option for an additional 5% share.


Testing Begins In Twiga South 1

Testing begins in Twiga south

Tullow Oil has commenced a testing programme, on Twiga South-1 onshore Kenya and is expected to be completed by February 2013.
Operations following testing will include the drilling of the Etuko-1 well on what was formerly known as the Kamba prospect and flow testing Ngamia-1, the first commercial discovery in the country.

The Twiga South test “is to build up our knowledge of the natural variance in reservoir performance”,  the company says, “ Test flow rates are not expected to exceed 500 BOPD per interval due to the limits of the test equipment, reservoir energy and thereservoir quality”. Five tests are planned with three in the Upper Lokhone reservoir.


TOTAL Hits A Dry Patch In Uganda

TOTAL Hits A Dry Patch In Uganda

Four wildcat exploration wells were drilled in TOTAL operated EA 1A block in Uganda in December 2012. Three of them failed to encounter commercial pool of hydrocarbons. The wells were drilled to delineate the ultimate basin potential ahead of potential relinquishments.

Riwu-1 (tested far northwestern limits), Raa-1 (tested northern extent), and Til-1 (tested far northeastern limits) did not encounter commercial hydrocarbons. Lyec-1 successfully tested the northern extent of the Jobi East accumulation, encountering oil pay, which is currently under evaluation and re-mapping.

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