Friday, April 1, 2011

Berry Petroleum 2011 March Presentation

Cimarex 2011 Howard Weil Energy Conference Presentation

Pioneer 2011 Howard Weil Energy Conference Presentation

SM Energy 2011 Howard Weil Energy Conference

Cobalt International 2011 Howard Weil Energy Conference - Investor Presentation

ExxonMobil to drill in South China Sea Block 119

ExxonMobil plans to drill an exploration well on Block 119, off central Vietnam in April, potentially angering China, which has objected to similar plans in the past. China had earlier warned Phillippines against any oil exploration without its consent in waters it claims in the South China Sea after the Philippines announced plans for possible drilling.

South China Sea tops the list of most disputable topics of Southeast Asia. Where the lingering territorial dispute among Brunei , China, Malaysia , the Philippines, Taiwan, and Vietnam over parts or all of the  Spratly Islands in the South China Sea does not appear ripe for any near-term solution.

Block 119 is located off Danang city and the adjacent Quang Ngai province, the Vietnam News reported, but it was not immediately clear if the drilling was in a disputed area claimed by both countries.

Some of the current exploration projects situated in the South China Sea:

China, which claims all of the South China Sea including the Paracel archipelago east of Danang, reportedly warned ExxonMobil to drop an exploration deal in the seas off Vietnam in 2008, though it is not clear if Block 119 was part of those objections.

Transactions that have taken place in the South China Sea in past few years:

China's increasingly assertive role in the South China Sea has raised tensions with other countries in the region as well as the United States.

Niko Resources reported third quarter results 2010; Hydrocarbon production up 42% over nine months ended 2009; Plan to drill 30 exploration wells by the end of 2012

Niko’s nine months production was 300,469 mcfepd up 42% over same periods in the prior year (2009: 211,630 mcfepd). This is due to increase in production from D6 block. The company has 36 active exploration blocks in Indonesia, Trinidad, India, Kurdistan, Madagascar, Pakistan and Bangladesh.

Niko planned seismic and drilling operations for 2011-2012. The company has exploration blocks in Indonesia, Trinidad and India.
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Niko in Indonesia:

Niko planned drilling program on 14-16 wells for the year 2011. Multiple wells committed in South East Ganal and West Sageri blocks.

Niko in Block D6
Niko has 10% working interest in D6 Block. The block has 23 undeveloped exploration successes and the company plans to achieve additional exploration prospects from this block.

Uncertainty on Rosneft and BP share swap continues...........Will this impact BP's joint projects with Rosneft???

Uncertainty about a strategic alliance between Rosneft and BP, blocked by the BP's partners in the TNK-BP joint venture, will not affect BP's investment projects in Russia.

Exisitng joint developments
BP's joint projects with Rosneft on Sakhalin are still an investment priority for BP in Russia.
BP and Rosneft are jointly developing deposits off Russia's Pacific Island of Sakhalin. The companies are implementing the Sakhalin-V project, which initially envisaged the exploration and development of the Vostochno-Shmidtovsky deposit with estimated recoverable reserves of 411 mln tons (3 bln barrels) and 255 bln cubic meters of gas, and the Kaigansky-Vasyukansky deposit whose recoverable oil reserves are estimated at 1.2 billion tons (8.6 bln barrels).
In 2009 the partners abandoned exploratory drilling at the Vostochno-Shmidtovsky field and returned the license to the government.

Uncertainty due to suspension of the deal by British Court

BP and Rosneft agreed in mid-January to form a strategic alliance to explore the Arctic seabed in a share swap deal but BP's partners in TNK-BP objected to the move, saying all of BP's new business opportunities in Russia and Ukraine must be pursued through the Russian-British joint oil venture. The JV's Russian billionaire shareholders won a preliminary order in a British court to suspend the deal.

Uncertainty to continue
Willfully ignoring the provisions of the shareholder agreement was a serious misjudgment by BP that has severely damaged the relationship between the TNK-BP shareholders; it has also harmed BP’s reputation in Russia.

AAR Group(BP’s partners) has now put itself in a very strong position to have either a more active role for TNK-BP in the deal or to get compensation.
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Statoil re-enters Kazakhstan!! Statoil and KazMunayGas team up in Caspian Sea JV

Statoil and KazMunayGas signed the Heads of Agreement on the Abay block in the Kazakhstani sector of the Caspian Sea. Under the HoA, the parties plan to conduct evaluation of the hydrocarbon potential of the Abay block in the Northern Caspian Sea. Statoil and KazMunayGas will jointly establish a company that will serve as operator of the project. The exploration work programme will cover seismic surveys, data acquisition and the drilling of one exploration well.

“Joint cooperation in the Abay block is an important strategic step for Statoil as we continue our international growth. This agreement marks an important milestone in Statoil’s re-entry into Kazakhstan and I am very pleased that we have strengthened our partnership with KazMunayGas,” says Tim Dodson, executive vice president for Exploration in Statoil.

The "Abay" block is located 65 km from the shore, at a water depth of 8-10 meters. Its reserves are estimated at 387 million tonnes (2.8 billion barrels).

In addition to the work programme the joint operating company will participate in social investment projects including training of local personnel. Statoil will provide financial and technical assistance to KazMunayGas’ project to build, own and operate a jack-up drilling rig for the use in the Caspian Sea.

“We are interested in cooperation with Statoil in attracting and using their experience and technologies in operating international offshore oil and gas projects”. The HoA signing confirms the intentions of the parties about the strategic partnership of our two companies on the joint activities in the Caspian Sea” says Kairgeldy Kabyldin, Chairman of the management board of JSC NC “KazMunayGas”.

Tullow to increase its interest in Jubilee field

Tullow Oil plans to raise its stake in Ghana's Jubilee field by purchasing a 1.75% share held by Ghanaian firm EO. Tullow is in preliminary discussions with EO Group to acquire its interest in the Jubilee field.  There are reports that it had bid $300 million for the EO stake.

Jubilee field came on line in December. The Jubilee Field was discovered by Tullow in 2007 and is estimated to contain between 1.2 billion and 1.8 billion barrels of oil. It will initially deliver 55,000 barrels a day, with production increasing to 120,000 barrels per day, within six months.

Tullow has a 34.7% share in the project and output from Jubilee should almost double the company's daily production in the next twelve months. Tullow's partners on the field include Anadarko Petroleum, Kosmos Energy, Ghana National Petroleum Corporation, Sabre Oil and Gas and EO Group.

Other key developments

The company is also looking at the recently discovered Owo and Tweneboa fields, with a 'major' appraisal programme due to begin. Development is expected to begin in 2012.

A major exploration campaign across five countries in both Africa and South America is already under way.

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