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Nearly 3% of output vulnerable if oil falls to $80 � IEA

Nearly 3% of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency said. The estimate was included in a monthly report in which the IEA also cut its forecasts for oil demand and said prices may drop further. A tumble in the price from the year's high above $115 per barrel to below $90 has.... Read more »

Posted on : Wednesday , 15th October 2014

Spectrum, OMNIS sign new seismic brokerage agreement in Madagascar OCTOBER 10, 2014 BY SAMUEL KAMAU MBOTE

Spectrum and OMNIS in Madagascar have signed an agreement where Spectrum assumes exclusive brokerage rights to the majority of the vintage seismic data located both offshore and onshore Madagascar. The various datasets total over 69,000 km. The Agreement also grants Spectrum the right to reprocess any of the seismic datasets and to license these to interested oil companies on a Multi-Client basis. The data complements.... Read more »

Posted on : Wednesday , 15th October 2014

Solo Oil acquires interest in Kiliwani North Gas Field, Tanzania

Solo Oil plc has announced that it has signed binding heads of agreement to acquire an initial 6.5% interest in the soon to be producing Kiliwani North Development License in Tanzania from Ndovu Resources Ltd. for a total consideration of US$3.5 million (“Initial Acquisition”). Solo also has a 45 day option to increase its interest in the KNDL by a further 6.5% to 13% (“Second.... Read more »

Posted on : Wednesday , 15th October 2014

Algeria announced its intention to move forward with exploration plans in the North of the country

Algeria announced its intention to move forward with exploration plans in the North of the country, also adding it plans to begin shale gas production by 2022. "We have a great hydrocarbon exploration potential in the country's North and we seek to encourage energy investment through partnership," Energy Minister Youcef Yousfi said on Sunday as reported by Algeria Press Service. Yousfi made clear that Algeri will try to promote.... Read more »

Posted on : Wednesday , 15th October 2014

Statoil and co-venturer Exxon Mobil today announced that the Giligiliani-1 exploration well has resulted in a new natural gas discovery.

Statoil and co-venturer Exxon Mobil today announced that the Giligiliani-1 exploration well has resulted in a new natural gas discovery offshore Tanzania. The discovery of an additional 1.2 trillion cubic feet (tcf*) of natural gas in place in the Giligiliani-1 well brings the total of in-place volumes up to approximately 21 tcf in block 2.The Giligiliani-1 discovery is located along the western side of block 2 at a 2,500-metre water.... Read more »

Posted on : Wednesday , 15th October 2014

Drilling rig for 200,000bpd Egina oilfield sails to Nigeria

A drilling rig, christened ‘West Jupiter,’ which will be used for the drilling of all the oil wells at the 200,000 barrels per day Egina deepwater oilfield, being developed by Total Upstream Companies in Nigeria has sailed away from South Korea, thus demonstrating another milestone in the development of the $3.5 billion Egina project reports This Day. Speaking during the ground – breaking ceremony of the.... Read more »

Posted on : Friday , 10th October 2014

Shell Logo Shell Sells OML 29

Oil major, Royal Dutch Shell has agreed to sell the prolific Oil Mining Lease (OML) 29 to a consortium led by oil-trading firms Aiteo and Taleveras Group in a deal in which the consortium will pay $2.58 billion for the block and an associated pipeline according to This Day. Shell had indicated its plan to sell four of its onshore oil blocks – OMLs 18, 24, 25 and 29 – in addition to Nembe Creek Trunkline, which for.... Read more »

Posted on : Friday , 10th October 2014

Refining capacity in Nigeria, lower than other African countries � Report

Nigeria, despite its status as Africa’s top crude oil producer and exporter, continues to trail other African countries such as Algeria, Egypt, Libya and South Africa in terms of refining capacity reports The Punch. The World Oil and Gas Review 2014, released this week, shows Egypt as having the highest primary refining capacity in 2013 among the five countries, followed by Algeria and South Africa. Primary capacity.... Read more »

Posted on : Friday , 10th October 2014

New Oil Fields Will Double Chad s Output By 2016

As new fields come on stream Chad’s finance minister Kordje Bedoumra says the West African country expects to see its oil production rise from its current 100,000 barrels per day to double that amount by the end of 2015. “Our expectation is that by the end of this year we can move to 130,000 bpd and by the end of next year probably double that production because we will have new fields,” Bedoumra said in an interview.... Read more »

Posted on : Wednesday , 8th October 2014

Wentworth Resources to earn $140 million in Tanzania s LNG project by 2019

Wentworth Resources projects it will make $20 million for first full year and $140 million over first 5 years of production net of operating and on-going development costs according to the October 2014 presentation. This is per Mnazi Bay Gas Sales Agreement terms where the initial volumes are expected to reach up to 80 mmscf/d from 4 existing wells with volumes increasing to 130 mmscf/d with the development of 3 development.... Read more »

Posted on : Wednesday , 8th October 2014

OIL DISCOVERED OFFSHORE SENEGAL

Cairn together with its joint venture partners announced that the FAN-1 exploration well, offshore Senegal, has discovered oil. The well, located in 1,427 metres (m) water depth and approximately 100 kilometres offshore in the Sangomar Deep block, has reached a Target Depth (TD) of 4,927 m and was targeting multiple stacked deepwater fans. Preliminary analysis indicates: 29m of net oil bearing reservoir in Cretaceous.... Read more »

Posted on : Tuesday , 7th October 2014

Circle Oil announce Operating Update on Sebou Permit, onshore Morocco

Circle Oil Plc (AIM: COP), the Middle East and North Africa focused oil and gas exploration, development and production company, announced the preliminary results of drilling of the well CGD-12 in the Sebou Permit, onshore Morocco. The well is located within the western central area of the Sebou Permit, about 4 kilometres to the south of the main gas gathering station. The well was spud on 25 August and drilled to a TD of 1,232.... Read more »

Posted on : Tuesday , 7th October 2014

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