All posts tagged featured


The Cold War Returns In The Energy Space

Daniel Yergin says that U.S Gas Export Will Not Unduly Raise the Domestic Price Of The Fuel

“We’re seeing a rebalancing of global oil supply in which we’re going to have a north-south and south-north flow in the Western Hemisphere”, Daniel Yergin told the Wall Street Journal recently.  The author of The Prize, a definitive biography of the global oil industry, argued that the Middle East and Asia, and particularly China, are going to be much more connected.  “That raises very interesting questions about who’s responsible for guarding the sea lanes and so forth”.

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Has Longreach Broken The Jinx?

Canadian explorer, Longreach says its Kamar-1 well has encountered  substantial natural gas resource potential in the Sidi Moktar licence in the Essaouira Basin of Morocco. The wildcat encountered “two prospective natural gas zones” on the Kechoula structure. “One zone was in the targeted Lower Liassic formation and the other in the Lower Dogger/Upper Liassic formations”, Longreach said in a release yesterday.

“These are very promising exploration results from our second Moroccan well, which adds vital, new technical evidence to our growing understanding of the large resource potential in the Kechoula structure. Most importantly, our Kamar-1 well did not encounter any bottom water, which is excellent news for Longreach shareholders and our Moroccan partners,” said Dennis Sharp, Longreach’s Executive Chairman.

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Tullow: The Twiga South Play Is A Surer Bet

Tullow Oil encountered 62 metres of vertical net oil pay in Twiga South -2 sidetrack, suggesting that the Twiga South play in  the Lokichar basin is a surer bet than any of the prospects the British explorer has tested onshore Kenya.

Tullow has  estimated gross discovered resources for this basin, in the north of Kenya, at 600 MMBO, based on seven consecutive discoveries. The Twiga south structure is responsible for a significant part of that resource estimate.

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Cairn, In Senegal, Plans Return To Morocco

British explorer seems comfortable in the wild frontier
By Fred Akanni

The Scottish operator Cairn Energy is drilling the first of its planned two wells, back to back, offshore Senegal.

It is also a 20% partner in an exploration well proposed to be drilled in Morocco’s  Cap Boujdour Contract Area in the fourth quarter of 2014, with Kosmos Energy (operator) and the Moroccan National Oil Company (ONHYM).

All of these are in rank wildcat territory. Neither Senegal, nor Morocco, has confirmed oil reserves. Morocco has been the site of active exploration drilling in 2014, with poor results.

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Pan Ocean Wins Bid For Shell Operated OML 24

Pan Ocean's Amukpe To Escravos Pipeline

The Nigerian independent, Pan Ocean, is the winner of the bid for the Shell operated Oil Mining Lease (OML) 24, one of the four onshore acreages in Eastern Nigeria that Shell, ENI and TOTAL are currently divesting from.

It wasn’t clear, last night, what Pan Ocean has agreed to pay, but the divesting partners put a value of between $500MM and $1Billion on each of OMLs 18, 24 and 25. OML 24 currently delivers 25,000BOPD from three fields and outputs 8MMscf/d of gas.

OML 29, the priciest of the assets, is valued by the partners at over $1.5Billion. Shell, ENI and TOTAL, all European majors, are selling their 45% ownership of the acreages.

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Oguine, Novelist, Is Nigeria’s Top Petroleum Lawyer

Oguine

Ike Oguine, an award winning writer of fiction, has been appointed the General Counsel to the Nigerian National Petroleum Corporation, the country’s state hydrocarbon company.

Oguine moved into the job christened ‘Secretary to the Corporation/Legal Adviser’ last month, taking a sabbatical from Advisory Legal Consultants, a Lagos law firm focused on energy and infrastructure, which he ran with his partner, Gbite Adeniji, founder of the company.

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Seplat Faces Headwinds From Trans-Forcados Pipeline

Nigerian independent Seplat Petroleum resumed production in late April 2014 after 36 days of forced shut-in. So did the NPDC/Shoreline Natural Resources Joint Venture.

The producing wells from these two operations were down due to Trans-Forcados terminal loading line leak which happened on March 4, 2014, according to data available at the Department of Petroleum Resources (DPR), the country’s regulatory agency.

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Egypt Requires $2.5 billion For Gas Import

Norway’s Höegh to supply LNG Terminal, Russia’s Gazprom and France’s EDF to provide gas
By Mohammed Jetutu, North Africa Bureau Chief

Egypt, until recently a net exporter of natural gas, now requires $2.5 billion to cover the import requirements for the resource for two and half years.

The figure covers the cost of the shipments, the rental cost of a dock at Ain Sokhna Port and the rental of a floating facility to receive LNG and convert it into gas at the port, between August 2014 and December 2016, according to   Ahmed Abdel Samie, head of the state gas company Egyptian Natural Gas Holding Company (EGAS).

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SPE Calls For Boost In Engineering Teaching, ‘One Standard’ For Nigeria

SPE Calls For Boost In Engineering Teaching, ‘One Standard’ For Nigeria

“There is an urgent need to refocus on building engineering capacity in the universities”, the Society of Petroleum Engineers (SPE) remarks. “This effort must be structured to fit the emerging requirements of the industry. The curriculum for the universities should be re-visited for relevance to include such areas as: Process and Design Engineering, Materials Engineering, Project Management etc. currently being handled as professional certifications”.

The education challenge is one of the several points raised in the communique which came out of the deliberations of the Annual Oloibiri Lecture, organized by the Nigerian council of the global body of petroleum engineers, in Abuja, last March.

Read the full text of the communique, here.


Cooper Hopes To ‘Offload’ Tunisian Portfolio

Contingent resource of main asset estimated to be 11.3Million BOE
By Mohammed Jetutu

Cooper Energy is looking to exit Tunisia, its only African portfolio, and has set up a data room for would be buyers.

“At present a number of interested parties are reviewing the opportunity and the data room process is anticipated to remain open during most of the June quarter of 2014”, the company says. In the absence of a compelling offer, Cooper Energy considers that “the greatest value will be realised through a sale after the drilling and production testing of the planned Hammamet West-3 ST-2”

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