Tuesday, April 5, 2011

Conoil wins $650 million bid for SPDC’s Nigeria OML 30!! Shell to continue divesting Nigeria blocks.

Nigeria's billionaire business mogul, Dr. Mike Adenuga Jnr, has won Shell's most prolific onshore oil block, OML 30, located in the Niger Delta. Adenuga's Conoil Producing had submitted a bid of $650 million for each of OMLs 30 and 42. Adenuga's acquisition covers Shell's 30% stake; Total's 10% interest, and Agip's 5% stake in OML 30. OML 30 is currently producing 45,000 barrels a day. According to a report by Africa Energy Intelligence, OML 30 has 350 million barrels of proven reserves.

Shell previously said it is looking to divest $5 billion in assets this year and has sold $30 billion in assets over the past five years. Shell's recently sold its stake in Niger Delta license OML 40 to Elcrest E&P Nigeria, and said it expects to conclude the sale of its stakes in two more onshore licenses soon.

Shell, which has already sold four of its onshore licenses in the country, launched the process to offload its 30% stakes in OMLs 30, 34, 40 and 42 last year. The licenses were said to be valued at around $4 billion. The sales are part of a Shell plan to reduce its footprint onshore Nigeria, where militant attacks and oil theft have slashed the company's output since 2006. The decision to sell assets in Nigeria is also in line with the government's plan to promote indigenous participation in the industry. Essar offered $800 million for the stake in OML 30. Other bidders were said to be: Afren ($755 million); PanOcean ($750 million); Conoil ($650 million); African Petroleum ($515 million); and Oando ($450 million).

More Nigerian pieces up for grab!!

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Murphy Oil targets hydrocarbon production of 300,000 boepd by 2015; Planned exploration and development activities in Asia, America, Africa and Middle East for the year 2011

Murphy oil projected 2011 production ranging from 200-210 kboepd, which represents a 7% to 13% increase over 2010 volumes. The company approved capex of $2.2 billion for the year 2011; approximately 88% of it slated for the E&P segment, about $1.5 million for the development projects, the remainder or about $500 million to be spent on exploration activities.

Murphy’s 2010 exploration program delivered three new discoveries from eight wells drilled and found mainly oil reserves in amounts well above our produced volumes for the year. The company added new acreage to Eagle Ford Shale position as well as our Montney position. The company also added a new oil play, the Exshaw/Bakken, in Southern Alberta. Murphy signed an agreement with the Kurdistan Regional Government of Iraq to acquire a 50% working interest and operate the central Dohuk well.

Murphy planned exploration activities in Indonesia, Suriname, Congo, Brunei, Kurdistan and GOM for the year 2011.
In Canada, the EOR pilot work kicked off at our Seal heavy oil project in Northern Alberta late in the year 2009. On the gas side, development work in Canada at Tupper and Tupper West continued on plan through the 2009. Gas plant capacity at Tupper was expanded to 105 mcf a day and first gas at 180 mcf capacity. Tupper West plant is expected in first quarter of 2011.

The company has development projects in Malaysia with oil development at Patricia, Serandah along with Siakap North in Block K, a floating LNG development and Block H is also under consideration for 2011. Schiehallion redevelopment and the Hibernia South Extension are also on the slate for sanction this year.


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