Tuesday, January 24, 2012

Implied Reserves Value for Oil Continued to Recover in 2011

Globally, the implied reserves values, $/2P reserves (Entitlement*), plunged in Q4 2011 largely due to 3 gas deals** done at a very low $/2P (ENT), excluding which the average $/BOE would have been stable at $13.6 in Q4 2011. Continue reading here..

Upstream M&A Activity off to a Robust Start

The aggregate deal value during Jan-2012 (as of 24-Jan-2012) is off to a robust start with $7.54 billion, greater than $5.82 billion during Jan-2011, but less than Jan-2010 at $13 billion and Jan-2008 at $10.73 billion. Continue reading here..

ConocoPhillips and ExxonMobil lead Asian Deals In Play

 ConocoPhillips with an estimated $1.5 billion package covering three oil and natural gas assets offshore Vietnam and ExxonMobil with an estimated $450 million package covering North Sumatra Offshore block, the Arun, and the South Lhoksukon satellite fields, and the associated LNG plant, lead Asian Deals In Play. Continue reading here..

Range Resources' proved reserves increase to 5.1 Tcfe

Range Resources has announced today that its proved reserves as of December 31, 2011 increased to a record high of 5.1 Tcfe.  This represents a 14% increase over 2010.  Adjusting for the sale of its Barnett Shale properties in April 2011, the increase would have been 43%.  From drilling, Range replaced 850% of production in 2011.

Source: Range Resources

Year-end 2011 proved reserves by volume were 79% natural gas, 17% natural gas liquids and 4% crude oil.  The percentage of crude oil volumes increased 1%, while the percentage of natural gas volumes declined 1%.  The percentage of reserves in the proved undeveloped category was 52% at year-end 2011, as compared to 51% year-end 2010 and 52% adjusting for the Barnett sale.  

At year-end 2011, Range recorded, on average, a modest 1.7 offset Marcellus drilling locations to its proved undeveloped reserves for each of its proved developed wells in the play.  As of year-end 2011, 10% of Range's Marcellus acreage was classified as proved reserves and approximately 50% was held by production.  As additional Marcellus wells are drilled in 2012 and beyond, it is expected that more of Range's acreage will move into the proved category.

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Shell, Chevron and other large oil companies Arctic-ing towards Pole position

Major companies such as Shell, Chevron, Total, Repsol, Statoil, Novatek and Cairn, amongst others have been expanding their exploration activities in and around the Arctic Sea. Continue reading here..

Essar Oil doubles gas reserves at Raniganj block; Share price increases by 13%

Essar Oil, the largest acreage holder of CBM blocks in India, has reported that the proven and probable reserves and best estimate 2C contingent gas resources at its Raniganj CBM block in West Bengal have been significantly increased. The total proven and probable reserves at Raniganj, evaluated as at 1 September 2011, are 113 bcf gross, while best estimate contingent resources are 445 bcf gross.
Consequently, Essar’s share price on Jan 23 was GBX 135.6, up by 13.1%.
Also, gas is in short supply in India but will be an increasingly important fuel and through this revised estimation of reserves Essar is well placed to capitalise on that.
Click this to browse through Essar’s reports and presentations-


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