Molten

Lukoil ‘seeking Rosneft tie-up’ in Barents

admin — Fri, 04 May 2012 15:15:42 +0000

Lukoil is considering a possible tie-up with Rosneft for joint exploration and development of blocks in the Barents Sea.

Rosneft is offering up to 33.3 % stake in the projects and in return demands that the project partners not only take on all expenses related with exploration, but also pay $0,25 per barrel of the oil extracted. In addition, the partners will not get operational control, nor be allowed to independently sell the produced oil.

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Petrobras in pre-salt spud

admin — Fri, 04 May 2012 15:07:44 +0000

Petrobras expects its pre-salt offshore Franco oil field will start producing in the first half of 2015. The company has just launched an extended well test at the field.

Petrobras is the sole operator of the area, with a 100% stake in the block.

According to Brazilian hydrocarbons regulator ANP estimates, the Franco field might contain up to 6Bb of recoverable oil reserves.

Meanwhile, oil production in the country’s pre-salt has now reached 129,000b/d, according to the spokesperson.

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BG confirms fourth Tanzania find

layla — Wed, 04 Apr 2012 16:26:08 +0000

BG Group has confirmed the discovery of gas from its Jodari-1 exploration well off the coast of Tanzania, the fourth success in its joint venture with Ophir Energy ant this brings it a step closer to bankrolling a two-train liquefied natural gas (LNG) export plant along the prolific east African coastline, promising billions more worth of investments and raising hopes of the area’s export potential.
Operator BG Group and Africa-focused joint venture partner Ophir Energy said yesterday they discovered more gas than estimated off the coast of Tanzania, adding an estimated 3.4 trillion cubic feet (TCF) in recoverable reserves from the Jordari-1 well in block 1, a whole 55 % more than initially expected.

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Eni in new giant Area 4 find

layla — Wed, 04 Apr 2012 16:19:14 +0000

Eni announces a new giant natural gas discovery at the Mamba North 1 prospect, in Area 4 Offshore Mozambique, encountering a mineral potential of 212.5 billion cubic meters (7.5 tcf) of gas in place. This new discovery further increases the potential of the Mamba complex in the Area 4. It is estimated that the total volume of gas in place reaches now about 850 billion cubic meters (30 tcf).
During 2012, Eni plans to drill at least other five wells in nearby structures to assess the upside potential of Mamba Compex.”

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Setback for UK Nuclear power plans

admin — Fri, 30 Mar 2012 13:18:29 +0000

The two companies, 12 reactors, targeted to provide c35% of the UK energy supply by 2025 have withdrawn due to lack of funding opportunities and German desire to exit Nuclear power impact on the balance sheets. The UK Government stated their energy security plan remained on track and changes in the power market would make it more attractive for inward investment.

UK, France and US consider release from strategic oil reserves

admin — Fri, 30 Mar 2012 13:15:23 +0000

In a further bid to stimulate economic growth which is pegged by high oil prices, the finance ministers of UK, France and US announced they are considering a release of reserves. On this announcement Brent and light crude fell almost 2%.

Eurozone increase rescue fund to €700bn

admin — Fri, 30 Mar 2012 13:10:57 +0000

In an attempt to ring fence healthy economies, European finance ministers have agreed an increase to the ESM.

Wessex shares increase in value

layla — Mon, 26 Mar 2012 16:24:14 +0000

Shares in Wessex Exploration soared over 30 per cent as French oil major Total said it is looking to buy the company for around £71 million. In a stock market statement, Total confirmed it has made an approach regarding a possible cash offer to buy the company for 10p a share. However, having consulted the principal shareholders, Wessex directors unanimously believe the current approach undervalues the company.

In March 2011, Molten published a Competent Person Report valuing Wessex at £21.2 million. Since then, Wessex has participated in the successful drilling of the Zaedyus oil discovery. Also in southern England, along with partner Mirrabooka, Wessex has been awarded additional licence acreage offshore and successfully completed a seismic exploration programme on the PEDL239 licence.

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Wessex Exploration kicks off 2D seismic on Isle of Wight

layla — Tue, 06 Mar 2012 08:44:27 +0000

Wessex Exploration told investors that a 2D seismic survey is currently underway on the Isle of Wight.
The programme will assess the Razorback prospect that is currently estimated to contain 43 million barrels of oil in place.
Wessex has a 25% stake in the venture. The operator Norwest Energy owns the other 75%.
Norwest explains that seismic recording parameters were tested and optimised before the survey began, and it believes that the new survey could show a significant improvement in the quality of seismic data.

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TNK-BP boosts net income by 54%

layla — Tue, 06 Mar 2012 08:39:19 +0000

TNK-BP revenues were up to $60.2 billion from $44.6 billion in 2010, with EBITDA rising almost 41% to $14.6 billion in 2011.
The revenue increase was driven by the strong production growth and high oil prices. The company said in a statement that growth was due to “higher Urals price and production growth partly offset by changes in mix, i.e. redirection of crude volumes from export to the domestic and CIS market to take advantage of higher margins.”

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