Monday, May 23, 2011

BG plans to invest $500 million in Bolivian Gas fields over the next 5 years


BG plc demerged from British Gas in 1997 and is in charge of exploration and production and the overseas operations of British Gas. The company entered Bolivia in 1998 and announced the discovery of Margarita field. Currently, BG Group has interests in six exploration and exploitation licenses in Bolivia, including an interest in two gas condensate fields, Margarita and Itau. Gas and liquids are delivered to Yacimientos Petrol√≠feros Fiscales Bolivianos (YPFB), Bolivian State Energy company to supply Brazilian, Argentine and domestic markets.
Source: BG

Bolivia - Exploration and Production:
Bolivia nationalized its oil and gas industry in 2006 and the country is currently planning to increase its O&G production by allowing international partners to meet export commitments with neighboring Argentina and Brazil.

“Over $1.8 billion will be invested in natural gas exploration this year, more than doubling the amount spent last year. Two-thirds of that will come from YPFB, with private companies putting up the rest”, Villegas, President of YPFB said.

Bolivia has been successful in bringing a number of multinational partners on board. While there are concerns over the legal protection afforded to foreign investors, BG Group, Total, Gazprom and a number of firms are comfortable with the risk.

Significant Transactions of BG in the year 2010:


Source: Derrick Petroleum E&P Transactions Database

Major E&P companies showing interest in Bolivia:
"Repsol YPF SA, BG Group Plc and Pan American Energy LLC will jointly invest $1.3 billion in the Margarita and Huacaya fields by 2014", YPFB, said in an e-mailed statement. "YPFB, Repsol, Petrobras and Total will invest $750 million dollars in the San Alberto and San Antonio gas fields", according to a separate statement.
The investments in Margarita and Huacaya will increase the fields’ gas production to 14 million cubic meters in 2014 from a current 2 million. Output at San Alberto and San Antonio will increase by 5 million cubic meters per day, adding to an average 25 million now.


Source Documents:

GHANA - RECENT OIL DISCOVERIES AND EXPLORATION PLANS FOR 2011


Ghana is a country in West Africa with significant recent oil discoveries. West African exploration got off to a bang with the discovery of the Jubilee oil field in June 2007 following the drilling of the Mahogany-1well in Ghana's deep waters. This was the largest oil find in a decade in West Africa. Following this, other significant finds were made in Ghana and along the West African margin. For a list of West African oil discoveries in 2010 - 2011 click here. This article lists the recent significant discoveries in Ghana and exploration plans of upstream companies planning to drill offshore Ghana. For further information on Angola (South West Africa), click here. For a list of discoveries in neighbouring Cote D'Ivoire and exploration activity in 2011 - 2012 click here. All information has been sourced from Derrick Petroleum's extensive exploration and deals databases.

Exploration Plans
Source: Derrick Planned Exploration Wells DatabaseThe number of columns has been minimized to fit the table on the page. The actual database has many more parameters listed and recorded. 

           1. Cape Three Points Deep Water Block     The Cape Three Points Deepwater block encompasses an area of 5,146 sq km in water depths ranging            from 200 to 3,000 m in the Tano Basin. The Dzata - 1 well was drilled in May 2009 by the Aban Abraham drillship. The well struck hydrocarbons over 94 m, including a 25 m net section of layered oil and gas pay. The well is temporarily plugged and abandoned for future appraisal activities. A second exploration well is further planned to be drilled in 2011. The partners in the block are:
     
 





Map showing locations of the following blocks; Deepwater Tano Block, West Cape Three Points Block, Offshore Cape Three Points Block, Offshore Cape Three Points South Block, Deepwater Tano Cape Three Points Block and Cape Three Points Deepwater Block. Source: Modified from Kosmos Energy

 2. Keta BlockKeta block is located offshore Eastern Ghana, positioned at the heart of the Volta River Basin. The Keta block covers an area of 5500 sq kms, in water depths ranging from 1000 m to 2800 m. The block is covered by 1600 sq km of good quality 3D seismic. The Cuda-1x exploration well, the first well to target the Cuda prospect estimated to contain 325 mmbbls of mean prospective resources was drilled in Q4, 2008. It encountered an unexpectedly severe high pressure zone in the top of the Upper Cretaceous which ultimately required Cuda-1x to be plugged and abandoned. Afren is studying the results from this well and is planning to drill another exploration well in 2011. The partners in the block are,

2.      
 Keta Block Location. Source: Afren 



      3.      West Cape Three Points Block The block covers an area of 1,761 sq km, is about 12 kms from the Ghanaian coastline, with water depth varying from 50 to 1800 m. The operator spudded the Teak-1 exploration well in Q4 2010 which was an oil discovery. On Mar 28, 2011, the Teak-2 exploration well encountered approximately 90 net feet of high-quality oil, condensate and natural gas pay in stacked Campanian- and Turonian-age reservoirs. After preserving the well, the partners plan to drill the Banda prospect on the same block. As per Anadarko's Feb 2011 presentation, three more prospects namely Banda Deep/Cenomanian, South Central Channel and Dahoma Updip have been identified on the block, and which are planned to be drilled from Q2 to Q3 2011. The partners in the block are: 


      4.      Deepwater Tano Cape Three Points Block Tano Cape Three Points Block is located offshore of the Ghana coast in deepwater. Hess acquired 1,038km of 2D seismic and 1,512 km² of 3D seismic in 2007. Both data have been processed and interpreted. In addition, it conducted sea bed logging in 2008 and drilled one exploration well – the Ankrobra-1 in 2008. The well was however unsuccessful. Hess spud an exploration well on the Paradise prospect in Q1 2011 which encountered 370 feet of net hydrocarbon pay in two separate intervals. Hess Corp. holds a 100% interest in the Deepwater Tano Cape Three Points License.


      5.      Offshore Cape Three Points Block The block covers an area of 2080 sq km offshore Ghana. The world-class Jubilee oil field was discovered in the adjacent licence block during 2007 and a number of further discoveries have been announced since, substantially de-risking the block and highlighting its significant potential. During 2007, more than 800 sq km of 3D seismic was shot over the block. In September 2009, an oil and gas discovery was made at the Sankofa-1A exploration well. The well was drilled by the Blackford Dolphin semisub and it encountered a net column of approximately 3.2 m of oil and 33.1 m of gas in reservoir sands of Campanian age. In 2010, a further 860 sq km 3D seismic survey was acquired to augment the 1,037 sq km 3D seismic survey completed in 2007. The seismic programme covers the eastern area of the block where an exploration well will be drilled in 2011.


6.      Offshore Cape Three Points South Block
      The Offshore Cape Three Points South (OCTPS) block lies immediately to the south of the OCTP block and was awarded to Vitol in June 2008. More than 600 sq km of extra 3D seismic survey has been carried out on the block. An exploration well was drilled in 2010 and the evaluation of the results is continuing. The partners in the licence are;


  7.      Deepwater Tano Licence
       The Deepwater Tano licence covers an area of 831 sq km, in the Tano Basin, offshore Ghana. In Q1, 2009, the Tweneboa-1 well, lying about 16 miles west of the Jubilee oilfield on the adjacent West Cape Three Points Block, was drilled in water depths of 1148 m to a total depth of 3593 and discovered significant amounts of oil & gas in it. Two more prospects namely Owo and Onyina were also identified and the Owo prospect was drilled in early June 2010. The deviated well, located approximately 6km to the west of the Tweneboa wells, encountered a gross vertical reservoir interval of 154 metres containing 53 metres of net oil pay in two zones of high quality stacked reservoir sandstones with 33 - 36 API oil. The second prospect Onyina was spudded in November 2010 to explore a large, high-risk, Campanian prospect between the Tweneboa and Jubilee fields in the northeast of the Deepwater Tano Licence. The well encountered water bearing reservoirs. The partners in the block are,
Source: Kosmos
       

  
      8.      Offshore Accra Contract Area

The Offshore Accra Contract Area covers an area of about 2,000 sq km and is located southeast of Accra, the capital of the Republic of Ghana. Existing 3D seismic studies have identified more than 100 mmbls of oil potential in the area. 3D seismic was acquired over the deep water section of the block early in 2010. This seismic is presently being processed and vintage seismic reprocessed with a view to maturing a prospect for drilling in 2012. The partners in the block are,
 

Source: Tap Oil


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