Gold and silver prices started the first week of 2012 with sharp gains but by the end of the week they have changed direction and ended Friday’s trading with light falls. This shift in direction may have been stem, in part, due to the positive U.S. non-farm employment report. Currently, gold and silver are traded moderately up. Today, the German Industrial Production report will come out and the BOC Business Outlook Survey.Here is a market outlook of precious metals prices for today, January 9th:Gold and Silver Prices –January UpdateGold price slightly fell on Friday by 0.20% to $1,616.8; silver price also declined by 2.09% to reach $28.68. In the chart below are the normalized gold and silver prices of recent weeks (gold and silver prices are normalized to December 23rd). During January, gold price rose by 3.2% and silver price by 2.8%.
Gold and Crude Oil Started the Week Falling –Recap January 9
Gold price continued its downward trend from Friday and declined on the first day of the week, while silver priced moderately inclined; crude oil prices also slipped yesterday; on the other hand natural gas spot price rallied on Monday. Major currencies such as Euro and Australian dollar changed direction and moderately appreciated against the U.S dollar. Here is a summary of the price developments of precious metals and energy commodities for January 9th, 2012:
Precious Metals Prices:
Gold price moderately declined on Monday by 0.54% to $1,608.10; Silver price on the other hand rose by 0.35% to reach $28.78. During January, gold price inclined by 2.6%, and silver price by 3.11%.
The Euro/USD rallied yesterday and rose by 0.38% to 1.2765; the U.S Dollar depreciated against other currencies such as the Australian dollar.
Oil and Gas Prices:
WTI oil price slightly fell yesterday by 0.25% to $101.31 per barrel; Brent oil price also decreased by 1.13% to $111.78 per barrel;
Diamond Offshore Announces Order for Deepwater Semisubmersible Rig
Diamond Offshore Drilling, Inc. (NYSE:DO) today announced that a subsidiary has entered into a contract with Keppel AmFELS shipyard in Brownsville, Texas for the construction of a moored semisubmersible rig with delivery scheduled for the third quarter of 2013. Total cost, including commissioning, spares and project management, but excluding capitalized interest, is expected to be approximately $300 million and to be paid out of available funds.
“No new capacity targeting the standard midwater and deepwater markets is currently under construction, and this rig should be ideally suited to meet emerging demand in this segment. When added to our three ultra-deepwater drillships under construction, this unit will continue the process of renewing Diamond’s fleet.”
The rig, to be named the Ocean Onyx, will be designed to operate in water depths up to 6,000 feet and will have a variable deck load of 5,000 long tons, a five-ram blowout preventer, and quarters capacity for 140 personnel.
“We think significant opportunity remains for new deepwater units,” said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore. “No new capacity targeting the standard midwater and deepwater markets is currently under construction, and this rig should be ideally suited to meet emerging demand in this segment. When added to our three ultra-deepwater drillships under construction, this unit will continue the process of renewing Diamond’s fleet.”
“We will construct the Ocean Onyx utilizing an existing hull from a Diamond Offshore cold stacked unit, which previously operated as the Ocean Voyager. This should allow the Ocean Onyx to be built and placed into service in approximately half the time and at half the cost of current newbuilds.”
Delta Oil & Gas Drills First Well at its King City, California Prospect
Delta Oil and Gas, Inc, (OTCBB:DLTA) is pleased to report that Delta and its partners have drilled the first discovery well (“SBV-2-32”) at its King City, California Prospect. The SBV-2-32 well was spud on November 22, 2011 and was drill to a total depth of 3,468 feet on November 29, 2011. Casing was set and cemented in place to total depth. Two intervals showed promise for the production of commercially viable quantities of hydrocarbons. The first interval of approximately 30 feet with 12 API gravity showed good oil staining on drilling and provided a good log response. The second interval of interest indicated approximately 70 feet of oil pay with 17 – 18 API gravity also with good oil staining during drilling and very good log response.
We expect that both sands will be tested within the next 30 days with completion efforts to follow shortly thereafter. Following a successful completion of this initial well, Delta and partners expect to drill and test additional wells in this area upon obtaining the required permitting from the County.
Background:
On May 25, 2009, Delta entered into a Farm-out agreement with Sunset Exploration to participate in a drilling and exploration of approximately 10,000 acres of land located in Monterey County, California. Delta agreed to pay 66.67% of all costs to casing point expended in respect of the initial test well to earn a 40% Working Interest. On all subsequent wells, Delta agreed to pay 40% of the costs to earn its 40% Working Interest.
To date, all referenced lands were shot with a 2 dimensional seismic swath as well as a gravity survey. The prospect area is in and around the King City Oilfield, and the current data will enable the Company to effectively test the entire Monterey sections.
Sonoro Enters into Farmout Agreement for its Salah ad Din Asphalt License
Sonoro Energy Ltd. (“Sonoro” or “the Company”) (TSX-V: SNV) is pleased to announce that the Company, through its wholly-owned subsidiary, Sonoro Energy Iraq B.V. (“Sonoro Iraq”), has entered into a Farmout Agreement (the “Agreement”) with Geopetrol International Holding Inc. (“Geopetrol International”) and its subsidiary, Geopetrol Iraq Corp. (collectively, “Geopetrol”).
The Agreement provides for the assignment by Sonoro to Geopetrol of a thirty percent (30%) participating interest in the Asphalt License Agreement (the “License”) among Sonoro Iraq, the Al-Salah ad Din Provincial Government (the “Government”) and Berkeley Petroleum Mesopotamia Asphalts Limited, with Sonoro retaining a forty percent (40%) participating interest in the License and operatorship. The Agreement is subject to certain conditions being completed, including the approval of the Government and the TSX Venture Exchange.
Pursuant to the Agreement, Geopetrol will pay to Sonoro an initial cash payment of US$3,000,000 as partial reimbursement of past costs and fund the first US$9,000,000 of the costs to be incurred by Sonoro and Geopetrol in respect of the License. The Company and Geopetrol intend to use the US$9,000,000 to conduct drilling operations on the North Salah ad Din prospect.
Under the Agreement, Geopetrol will also participate in a private placement (the “Private Placement”) for 46,000,000 common shares in the capital of Sonoro at a price of CDN$0.09 per share for aggregate gross proceeds of CDN$4,140,000. Following the Private Placement,
Geopetrol will own approximately 17.5% of Sonoro’s outstanding common shares. In conjunction with the closing of the Agreement, Sonoro will also pay to an arm’s length third party a finder’s fee equal to three percent (3%) of the total amounts payable by Geopetrol under the Agreement, with two percent (2%) of such finder’s fee payable in cash and the remaining one percent (1%) payable in common shares of Sonoro at a price per share equal to the closing market price of the common shares immediately prior to the announcement of the Agreement.
The Agreement provides for the assignment by Sonoro to Geopetrol of a thirty percent (30%) participating interest in the Asphalt License Agreement (the “License”) among Sonoro Iraq, the Al-Salah ad Din Provincial Government (the “Government”) and Berkeley Petroleum Mesopotamia Asphalts Limited, with Sonoro retaining a forty percent (40%) participating interest in the License and operatorship. The Agreement is subject to certain conditions being completed, including the approval of the Government and the TSX Venture Exchange.
Pursuant to the Agreement, Geopetrol will pay to Sonoro an initial cash payment of US$3,000,000 as partial reimbursement of past costs and fund the first US$9,000,000 of the costs to be incurred by Sonoro and Geopetrol in respect of the License. The Company and Geopetrol intend to use the US$9,000,000 to conduct drilling operations on the North Salah ad Din prospect.
Under the Agreement, Geopetrol will also participate in a private placement (the “Private Placement”) for 46,000,000 common shares in the capital of Sonoro at a price of CDN$0.09 per share for aggregate gross proceeds of CDN$4,140,000. Following the Private Placement,
Geopetrol will own approximately 17.5% of Sonoro’s outstanding common shares. In conjunction with the closing of the Agreement, Sonoro will also pay to an arm’s length third party a finder’s fee equal to three percent (3%) of the total amounts payable by Geopetrol under the Agreement, with two percent (2%) of such finder’s fee payable in cash and the remaining one percent (1%) payable in common shares of Sonoro at a price per share equal to the closing market price of the common shares immediately prior to the announcement of the Agreement.
FMC Technologies Awarded $150 Million Subsea Systems Contract for Greater Western Flank Phase 1 Project
HOUSTON, Jan. 9, 2012 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that its Australian subsidiary has signed an agreement with Woodside Energy Ltd. for the design, manufacture and supply of subsea production systems to support the Greater Western Flank (GWF) Phase 1 Project. The contract has a value of approximately $150 million in revenue to FMC Technologies.
The GWF Phase 1 Project will develop the Goodwyn GH and Tidepole fields, and represents the next major development for the Woodside operated North West Shelf Project. The GWF fields are located in water depths of 230 to 425 feet (70 to 130 meters). FMC's scope of supply includes six subsea production trees, six wellheads, two manifolds, subsea and topside controls and flowline connection systems. Deliveries are expected to commence in the second half of 2012 and continue through 2013.
"Greater Western Flank becomes the most recent addition to the many Woodside projects that FMC supports under our existing frame agreement," said Tore Halvorsen, FMC's Senior Vice President, Global Subsea Production Systems. "Today's announcement provides excellent opportunities for FMC as this project will continue to maximize the value of existing infrastructure and demonstrates additional investments in Australia's largest resource project."
FMC Technologies, Inc. (NYSE: FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2010, the Company has approximately 13,500 employees and operates 27 production facilities in 16 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. For more information, visit www.fmctechnologies.com .
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" and similar expressions, including the negative thereof, are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that any projected results or events will be achieved.
All of the Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company's control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties include, but are not limited to, the Company's ability to enter into additional projects with Woodside; or the Company's ability to successfully manufacture and deliver, and Woodside's acceptance of, the subsea systems ordered. For additional information regarding known material factors that could cause actual results to differ from projected results, please see the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
ShawCor Secures Concrete Weight Coating Contract for a Latin American Pipeline Project for Technip
ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced its pipecoating division, Bredero Shaw, has received a significant contract from Technip USA, to provide Concrete Weight Coatings, anode installation and other related services for a Latin American pipeline project.
The project will consist of approximately 100 km of 36" pipe to be installed offshore for the transportation of natural gas. Bredero Shaw will mobilize two Compression Coat Technology (CCT) concrete weight coating plants to La Brea, Trinidad for this project. Initial operations are scheduled to commence during the first quarter of 2012 with concrete coating scheduled to start in the third quarter of 2012.
Bredero Shaw's CCT concrete coatings are the pipeline industry's leading coating system for projects requiring rapid mobilization or the supply of concrete coatings near the pipeline right-of-way. CCT concrete coating systems are designed to provide negative buoyancy and mechanical protection for pipelines in submarine environments, wet environments or rocky and rough terrain configurations. Compression Coat uses a side-wrap application process, making it ideal for both small and large diameter pipelines.
ShawCor Ltd is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The company operates through seven divisions with over seventy manufacturing and service facilities located around the world.
Bredero Shaw, ShawCor's largest division, is the global leader in pipe coating solutions and employs approximately 4,000 permanent and contract personnel located at offices and facilities in fifteen countries. The division provides specialized coating systems and related services for corrosion protection, insulation and weight coating applications on land and marine pipelines including highly engineered corrosion and insulation systems for deepwater applications.
This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward looking information is based on assumptions, estimates, and analysis made in the light of the company's experience and its perception of trends, current
Crude oil production increase with PROCHINOR®DR
The first industrial application of a Drag Reducer Additive (DRA) from the PROCHINOR®DR range has been conducted successfully in an offshore platform in Abu Dhabi. The good results of that field test have made possible to demonstrate the efficiency of those additives in very difficult conditions.
DRA products reduce the pressure drop along a pipeline transporting a fluid. When such pipe transports crude oil, the direct result of injecting a DRA can be an increase in crude oil production.
The oil field where the industrial test was carried out was composed of nine wells connected to an unmanned platform. At the moment when we started injection of PROCHINOR®DR 220 only five out of those nine wells were producing. The main platform was connected to onshore installations through a main oil line (MOL) of 57 km. Our customer was interested in injecting a DRA to compensate the forecasted decline in oil production and to revive some of the already dead wells.
The injection of small amounts of PROCHINOR®DR 220 (i.e. ppm level) made possible to reduce the pressure drop along the MOL with an overall maximum increase in production of 7,000 barrels oil per day. During the second half of the field test the customer was able to open two of the dead wells and bring them back to production thanks to the effect of our product on their installations. Our customer was impressed and happy with the overall increase in production due to the injection of PROCHINOR®DR 220.
Although the effect of a DRA in single phase systems (i.e. dry crude oil) is not new, the application of those additives in multiphase systems (producing oil, water and gas) started only recently and pose many technical challenges. The application of PROCHINOR®DR 220 in this offshore platform in Abu Dhabi is the first of a series of field tests planned with our PROCHINOR®DR products for 2012.
Crude oil production increase with PROCHINOR®DR
The first industrial application of a Drag Reducer Additive (DRA) from the PROCHINOR®DR range has been conducted successfully in an offshore platform in Abu Dhabi. The good results of that field test have made possible to demonstrate the efficiency of those additives in very difficult conditions.
DRA products reduce the pressure drop along a pipeline transporting a fluid. When such pipe transports crude oil, the direct result of injecting a DRA can be an increase in crude oil production.
The oil field where the industrial test was carried out was composed of nine wells connected to an unmanned platform. At the moment when we started injection of PROCHINOR®DR 220 only five out of those nine wells were producing. The main platform was connected to onshore installations through a main oil line (MOL) of 57 km. Our customer was interested in injecting a DRA to compensate the forecasted decline in oil production and to revive some of the already dead wells.
The injection of small amounts of PROCHINOR®DR 220 (i.e. ppm level) made possible to reduce the pressure drop along the MOL with an overall maximum increase in production of 7,000 barrels oil per day. During the second half of the field test the customer was able to open two of the dead wells and bring them back to production thanks to the effect of our product on their installations. Our customer was impressed and happy with the overall increase in production due to the injection of PROCHINOR®DR 220.
Although the effect of a DRA in single phase systems (i.e. dry crude oil) is not new, the application of those additives in multiphase systems (producing oil, water and gas) started only recently and pose many technical challenges. The application of PROCHINOR®DR 220 in this offshore platform in Abu Dhabi is the first of a series of field tests planned with our PROCHINOR®DR products for 2012.
INPEX signs Liquefied Natural Gas (LNG) sales agreement with CPC, Chubu Electric and Toho Gas, Ichthys LNG Project, Australia
INPEX CORPORATION (INPEX) and TOTAL today finalised the sale of the total volume of LNG from the Ichthys LNG Project with the signing of legally binding Sales and Purchase Agreements (SPA) with CPC Corporation, Taiwan (CPC), Chubu Electric Power Company, Inc. (Chubu Electric) and Toho Gas Co., Ltd. (Toho Gas).
Under the SPAs, Ichthys LNG Pty Ltd, a company jointly owned by INPEX and TOTAL and the seller of Ichthys LNG, will sell 2.52 million tonnes per annum (mtpa) of LNG for 15 years commencing in 2017 from the Ichthys LNG Project to:
This follows the announcement of 6 December 2011 of LNG sales and purchase agreements totaling 4.0 mtpa with a consortium of five major Japanese utility companies composed of Tokyo Electric Power Company, Inc, Tokyo Gas Co., Ltd., The Kansai Electric Power Co., Inc., Osaka Gas Co., Ltd. and Kyushu Electric Power Company Inc., and LNG offtake agreements for 1.8 mtpa were also agreed by INPEX and a TOTAL affiliate.
The Ichthys LNG Project Joint Venture is seeking the continued support from the Australian Government, the Western Australian Government, the Northern Territory Government and other stakeholders for early and optimal commercial gas production from the Ichthys LNG Project.
Under the SPAs, Ichthys LNG Pty Ltd, a company jointly owned by INPEX and TOTAL and the seller of Ichthys LNG, will sell 2.52 million tonnes per annum (mtpa) of LNG for 15 years commencing in 2017 from the Ichthys LNG Project to:
The Ichthys LNG Project Joint Venture is seeking the continued support from the Australian Government, the Western Australian Government, the Northern Territory Government and other stakeholders for early and optimal commercial gas production from the Ichthys LNG Project.
Faroe Petroleum Announces End of Butch South West exploration side-track well
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces that due to technical difficulties the drilling of a side-track well on the Butch South West exploration prospect has been brought to a close short of its exploration objective.
As announced on 7 December 2011 following the Butch discovery and first side-track appraisal, the licence partnership decided to drill a second side-track well from the same surface location. The objective of this side-track well was to target additional oil volumes in an exploration prospect located to the south of Butch within a new segment containing the same reservoir. However hole instability problems were encountered whilst drilling the section above the main reservoir and given that this exploration target can be drilled more efficiently and with significantly lower technical risk from a new well located closer to the prospect, the partnership has decided to curtail drilling operations on this side-track. Accordingly the well is being plugged and abandoned.
The Butch discovery, announced on 18 October 2011, has opened an exciting new oil play. An appraisal side-track was drilled successfully, directly following the discovery well, proving up light oil in excellent quality reservoir. The operator (Centrica) has calculated a preliminary resource estimate of 30 to 60 million barrels of oil equivalent. The discovery is situated in 66 metres water depth in the Norwegian North Sea, close to significant existing infrastructure with the producing fields Ula, Tambar and Gyda located approximately 7 kilometres to the west, 10 kilometres to the south west and 20 kilometres to the south respectively.
As announced on 7 December 2011 following the Butch discovery and first side-track appraisal, the licence partnership decided to drill a second side-track well from the same surface location. The objective of this side-track well was to target additional oil volumes in an exploration prospect located to the south of Butch within a new segment containing the same reservoir. However hole instability problems were encountered whilst drilling the section above the main reservoir and given that this exploration target can be drilled more efficiently and with significantly lower technical risk from a new well located closer to the prospect, the partnership has decided to curtail drilling operations on this side-track. Accordingly the well is being plugged and abandoned.
The Butch discovery, announced on 18 October 2011, has opened an exciting new oil play. An appraisal side-track was drilled successfully, directly following the discovery well, proving up light oil in excellent quality reservoir. The operator (Centrica) has calculated a preliminary resource estimate of 30 to 60 million barrels of oil equivalent. The discovery is situated in 66 metres water depth in the Norwegian North Sea, close to significant existing infrastructure with the producing fields Ula, Tambar and Gyda located approximately 7 kilometres to the west, 10 kilometres to the south west and 20 kilometres to the south respectively.
Agreement with Dalia Power Energies Ltd. for the Sale of Natural Gas
Delek Group (TASE: DLEKG, OTCQX: DGRLY) ("the Company") announced that the following report was published by its Delek Drilling - Limited Partnership and Avner Oil Exploration subsidiaries:
We hereby announce that on January 8, 2012, an agreement for the supply of natural gas was signed between the partnership and other partners of the "Tamar" lease ["sellers" or "Partners" and "Tamar project" respectively] and Dalia Power Energies Ltd. ["Dalia"], under which Dalia will purchase, from the sellers, natural gas for the purpose of operating a power station which it plans to construct ["supply agreement"].
According to the supply agreement, the sellers are committed to supply Dalia with up to 1.38 BCM [billion cubic meters] per year of natural gas for a period of 17 years, starting from the beginning of commercial operation of the power plant that Dalia plans to build ["basic agreement period"], or until Dalia has consumed the volume of gas provided by the agreement, the earlier of the two. The parties have the right to extend the supply agreement period, by up to two more years, if up to said date, not all volumes as provided by the agreement have been consumed.
Dalia is committed to "take or pay," an annual minimum volume of gas, in a volume and in accordance with a formula provided by the supply agreement.
The price of gas provided by the agreement will be determined according to a formula that is based primarily on the cost of generating electricity, as fixed, from time to time, by the Public Services Authority-Electricity, including a "floor price" for the price of gas.
We hereby announce that on January 8, 2012, an agreement for the supply of natural gas was signed between the partnership and other partners of the "Tamar" lease ["sellers" or "Partners" and "Tamar project" respectively] and Dalia Power Energies Ltd. ["Dalia"], under which Dalia will purchase, from the sellers, natural gas for the purpose of operating a power station which it plans to construct ["supply agreement"].
According to the supply agreement, the sellers are committed to supply Dalia with up to 1.38 BCM [billion cubic meters] per year of natural gas for a period of 17 years, starting from the beginning of commercial operation of the power plant that Dalia plans to build ["basic agreement period"], or until Dalia has consumed the volume of gas provided by the agreement, the earlier of the two. The parties have the right to extend the supply agreement period, by up to two more years, if up to said date, not all volumes as provided by the agreement have been consumed.
Dalia is committed to "take or pay," an annual minimum volume of gas, in a volume and in accordance with a formula provided by the supply agreement.
The price of gas provided by the agreement will be determined according to a formula that is based primarily on the cost of generating electricity, as fixed, from time to time, by the Public Services Authority-Electricity, including a "floor price" for the price of gas.
Carnarvon Petroleum Announces Thailand Operations Update
Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to provide shareholders with an update on operations in the L33/43, L44/43 and SW1A concessions onshore Thailand (Carnarvon has a 40% equity interest) covering:-
1. Continued success in trials of the Inflow Control Devices;
2. WBEXT sandstone development program expected to commence in February 2012;
3. December 2011 quarter production averaged 954 bopd net to Carnarvon; and
4. Current production rates are ~1,150 bopd net to Carnarvon.
Technology continued success
The joint venture is continuing the trials of the Inflow Control Devices (ICD) as outlined in the previous operations update of 25 November 2011.
To date ICD’s have been installed in a total of four wells, with each well producing in excess of preICD rates.
1. Continued success in trials of the Inflow Control Devices;
2. WBEXT sandstone development program expected to commence in February 2012;
3. December 2011 quarter production averaged 954 bopd net to Carnarvon; and
4. Current production rates are ~1,150 bopd net to Carnarvon.
Technology continued success
The joint venture is continuing the trials of the Inflow Control Devices (ICD) as outlined in the previous operations update of 25 November 2011.
To date ICD’s have been installed in a total of four wells, with each well producing in excess of preICD rates.
American Petro-Hunter Drills Third Horizontal Oil Well as NOM-3H Targets North Oklahoma's Mississippi Lime Play
American Petro-Hunter, Inc. (OTCBB: AAPH) ("American Petro-Hunter" or the "Company") is pleased to announce that the 3rd Horizontal well to be drilled at the North Oklahoma Project Mississippi Lime Play is currently at a depth of about 4,200 feet and drilling ahead. The vertical section and curve into the Mississippi Lime formation has been finished with the horizontal lateral underway. The project operator reports that all phases are proceeding as planned and are on schedule.
The well has been designated NOM-3H and is in the same section of land as the two previously completed producers; the NOM-1H and NOW-2H. The lateral portion of the horizontal length within the 100 foot thick Mississippi pay zone has been engineered for 1,900 feet. Following drilling of the horizontal portion of the well, the NOM-3H will be completed and tied in to the existing gas line and production facilities. It is anticipated that drilling should be finished in approximately 10 days.
NPD announces drilling permit for well 30/6-28 S in production licence 053
The Norwegian Petroleum Directorate has granted Statoil Petroleum AS a drilling permit for well 30/6-28 S, cf. Section 8 of the Resource Management Regulations.
Wellbore 30/6-28 S will be drilled from the COSL Pioneer drilling facility at position 60°33’59.33” north and 2°44’40.69” east after completing the drilling of wildcat well 33/12-9 S for Statoil Petroleum AS in production licence 152.
The drilling programme for well 30/6-28 S relates to the drilling of a wildcat well in production licence 053.
Statoil Petroleum AS is the operator with an ownership interest of 49.3 per cent. The other licensees are Petoro AS (33.6 per cent), Total E&P Norge AS (10 per cent), ExxonMobil Exploration & Production Norway AS (4.7 per cent) and ConocoPhillips Skandinavia AS (2.4 per cent).
The area in this licence consists of parts of block 30/6. The well will be drilled in the Oseberg field, between Osberg A and Oseberg C.
Production licence 053 was awarded on 6 April 1979 (4th licensing round on the Norwegian shelf). This is the 27th well to be drilled in the licence.
The permit is contingent upon the operator securing all other permits and consents required by other authorities before commencing drilling activities.
WTI crude oil trading firm over $101 a barrel on Iran supply threats
WTI crude oil futures opened Wednesday’s trading session firm over $101 a barrel after tensions with Iran resurfaced concerning the Strait of Hormuz, as Iran warned that oil sanctions on Tehran would see the strait closed. Latest WTI Oil Price US Light crude oil futures for February 2012 delivery was trading at $101.43 a barrel, 08.07 GMT this morning in electronic trading on the NYMEX. Both WTI and Brent oil prices jumped over 2 percent on Tuesday following the news
WTI crude oil trading firm over $101 a barrel on Iran supply threats
WTI crude oil futures opened Wednesday’s trading session firm over $101 a barrel after tensions with Iran resurfaced concerning the Strait of Hormuz, as Iran warned that oil sanctions on Tehran would see the strait closed. Latest WTI Oil Price US Light crude oil futures for February 2012 delivery was trading at $101.43 a barrel, 08.07 GMT this morning in electronic trading on the NYMEX. Both WTI and Brent oil prices jumped over 2 percent on Tuesday following the news
Brent oil price hovers at $109 a barrel as Middle East supply concerns escalate
The price of Brent crude opened today’s trading session hovering at $109 a barrel and looks bullish as supply concerns of crude out of the Middle East had investors and traders back in buy mode. Latest Brent Oil Price In London, Brent crude oil futures for February 2012 delivery was trading at $109.10, 08.20 GMT this morning on the ICE Futures Exchange after rallying for six straight trading sessions
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