BHP Billiton gets 36% boost in production through inorganic growth

BHP Billiton released its half yearly 2011-12 report where it reported a 36% increment in production in 2011 as compared to 2010 which was mainly driven by Fayetteville and Petrohawk acquisitions in 2011. As a result it has become 7th largest independent upstream oil and gas company in US and has established presence in Fayetteville, Eagle Ford, Haynesville and Permian basin.


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Rig Count on Barnett Shale

Baker Hughes reports that the drilling rigs in US rose by 21 this week to 2,008, the first increase in five weeks.

North Texas’ Barnett Shale had 58 rigs drilling Friday, increased by one, according to RigData. The leading counties are Tarrant, 19 rigs; Johnson, 8; Montague and Wise, 6 each; and Denton, 5. The most-active operators in Barnett shale are Devon Energy (12 rigs), Chesapeake (12 rigs), XTO Energy (7 rigs) and EOG Resources (6 rigs).

Use Derrick Document Search Tool to find out what these Barnett operators are reporting on the shale-

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Afren falls short of forecasted 2011 sales target

Afren, a UK-listed independent company saw its shares take a hit after the net production fell short of the predicted figure by almost 6000 barrels of oil equivalent per day. Afren’s 2011 forecast had predicted a net production of 25000 barrels of oil equivalent per day, but realised only about 19200, a figure which is still higher than that of 2010, which was 14320 barrels of oil per day.

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Gas giant Chesapeake shifts focus to liquids-rich plays

The US Energy Information Administration (EIA) has lowered its estimate of the nation’s recoverable shale-gas resources even as production is expected to increase. EIA’s 2012 Annual Energy Outlook, estimates the amount of technically recoverable shale gas resources in the US at 482 Tcf, almost 42% less than its estimate of 827 Tcf a year ago.

The low estimate can be explained by the decrease in the estimate for the Marcellus shale, from 410 Tcf to 141 Tcf.

In this regard, what are the plans of the major gas driller, Chesapeake??

Chesapeake reported that it would cut its dry-gas shale output by about 8% this year to focus on liquids-rich plays, as decade-low prices for the fuel make producing it uneconomical. The drilling activity at these dry gas plays will reduce to about 24 rigs by the second quarter, from the current 47 rigs. In turn, Chesapeake will shift its focus to the liquids-rich plays, such as Eagle Ford, Utica and Granite Wash.

To know more about Chesapeake’s activity in the liquids-rich plays, please view its latest presentations at Derrick Document Search Tool:

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Landslide necessitates rescue operations at ExxonMobil LNG plant in Papua New Guinea

A giant LNG project jointly operated by an ExxonMobil offshoot has been partially shut down after an early morning landslide on Tuesday. Papua New Guinea’s National Disaster & Emergency Office had to conduct an emergency rescue mission in Southern Highlands, though no casualties were immediately reported. 

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Petroceltic sells 18.375% interest in Isarene block to Enel for $81M

Petroceltic International Plc has farmed out 18.375% interest in the Isarene Production Sharing Contract (Blocks 228 and 229a), onshore Algeria, to Enel Trade. Post transaction ownership structure in the block: Petroceltic (56.625%, operator), Enel (18.375%) and Sonatrach (25%).

This news should brood well for companies such as Gulf Keystone Petroleum Ltd who has also offered to exit from its operations in Algeria.

Mexican giant hits oil in Veracruz

State-owned oil company Pemex has made a hydrocarbons discovery around 61 kilometres off the coast of Tuxpan, in the state of Veracruz on Tuesday. Geologic surveys of the area showed promising signs of oil as well as wet gas at the Puskon-1 well. The well is being drilled in water depths of 647 metres to target possible formations in the Mesozoic structure which is estimated to extend over an area of 20,000 square kilometres.

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Desire Petroleum Plc – Successful well drilling

Well (14/15-4) drilled in Rockhopper operated Licence PL004b, where Desire has a 40% carried interest. The Operator earned a 60% interest through the drilling of the Well.

The Well penetrated multiple reservoir targets: Beverley, Casper South, Casper and Sea Lion Main Complex. All four targets are hydrocarbon bearing and no water wet sands were observed in the Well.

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Argentina Shale – Neuquen basin

Drilling results to date suggest that Argentina’s Neuquen Basin holds vast amounts of shale gas, tight gas and shale oil. The 137,000 km² basin, situated entirely onshore, is part of the Sub-Andean trend which extends the entire length of South America. Many analysts believe Neuquen shale’s geology to be better than that of Texas’ Eagle Ford. Continue reading here..

Africa Oil Supply - January 2012

Africa oil supply is predicted to average 2.58 mb/d in 2012, steady from the previous year, unchanged from last month. Ghana oil supply is expected increase in 2012 by around 50 tb/d, the largest growth within the group. The expected growth is driven by the ramp-up of the Jubilee project. Oil supply from Congo and Equatorial Guinea is expected to experience a minor increase in 2012 while output from Chad, Egypt, South Africa, and Sudan is seen to decline. Sudan and South Sudan oil supply is expected to decline by 40 tb/d in 2012 to average 0.38 mb/d. The decline is expected on the back of the political situation. On a quarterly basis, Africa oil supply is expected to average 2.59 mb/d, 2.58 mb/d, 2.58 mb/d and 2.57 mb/d respectively.


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Companies shut down Vincent, Van Gogh

Woodside Petroleum and Apache Corporation have suspended work on their Vincent and Van Gogh oilfields respectively after a cyclone warning from Australia’s Bureau of Meteorology. A tropical low currently situated off the northwest coast of the state was likely to develop into a tropical cyclone overnight as it moved southeast toward the coast, said the department. Companies that may be affected are monitoring the situation.


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Rosneft’s year-end proved reserves at 17,618 MMBOE

According to the results of an audit performed by DeGolyer & MacNaughton under the SEC life-of-field classification, Rosneft’s proven hydrocarbon reserves as of Dec. 31, 2011 stood at 17,618 million barrels of oil equivalent. Of this total, oil reserves stood at 14,286 million barrels (1,960 million tons) and gas reserves at 19,995 billion cubic feet (566 billion cubic meters). These figures put Rosneft’s reserve replacement ratio at 162 percent. The company’s gas reserves have grown 2.3 times compared to the level registered at the end of 2010. This significant increase in gas reserves is due to a review of reserves at the company’s largest gas field, Kharampurskoye.


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Heritage awarded further acreage in Tanzania

Heritage Oil announces that it has been awarded a further Production Sharing Agreement (PSA) in Tanzania. Heritage is the operator with 100% interest. The Kyela PSA, wholly located within Tanzanian territory, has an area of 1,934 sq kms and covers the northern onshore area of the Lake Nyasa Basin. Heritage has been awarded 100% interest and is the operator.


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ConocoPhillips reported its fourth-quarter 2011, earnings rose 66% compared with the year earlier. The company quotes high oil prices as the reason.

trategic Plan:

ConocoPhillips’ three-year strategic plan to reposition the company is focused on improving portfolio returns and increasing value and distributions for its shareholders. $10.7 B in proceeds from asset dispositions / $9.5 B from LUKOIL share sales.

Over this period, ConocoPhillips’ asset divestiture program generated $10.7 billion in proceeds, in addition to $9.5 billion from LUKOIL share sales. Approximately $5 – 10 B of incremental asset sales is expected in 2012.

Capital Program:

ConocoPhillips continues to invest in projects which will create long-term shareholder value. The company is targeting high-return upstream opportunities, spending $12.7 billion or 91% of its 2011 capital program in E&P. This is an increase of $3.4 billion over the 2010 E&P program of $9.3 billion, and is planned to grow to $14.0 billion in 2012. Due to the current market environment, the company continues to limit investments in North American natural gas production, which represented 26% of 2011 production.

Exploration Opportunities:

ConocoPhillips continues to pursue frontier exploration opportunities around the world. During the quarter, the company signed production sharing agreements for deepwater blocks 36 and 37 in Angola’s emerging subsalt play trend. The company also acquired more than 100,000 acres in North American liquids-rich shale plays, bringing its 2011 shale acquisitions to more than 500,000 acres. In addition, ConocoPhillips added to its position in the deepwater Gulf of Mexico, successfully bidding on 75 blocks in the Paleogene play in December’s western Gulf of Mexico lease sale.

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Statoil to give Luva ‘Giant’ treatment

Statoil has confirmed that it intends to develop its Luva gas field in the Norwegian Sea with a giant spar, which would make it the first field off Norway to deploy such a facility. The final concept selection for the field, announced by the company on Monday, also paves the way for the first deep-water development in the Norwegian Sea.

The unit, comprising a cylindrical structure fixed on the seabed supporting a conventional deck with processing facilities and accommodation, would be one of the largest of its kind in the world, according to Statoil.

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Marcellus Shale assets on sale in Pennsylvania

Tenaska Resources, LLC is offering certain Marcellus Shale assets located in Tioga County, Pennsylvania. BMO Capital Markets has been retained as the exclusive financial advisor for this transaction. The block in question is large, and reportedly ready for drilling. 

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Gulfsands discover Syrian Hydrocarbons

Gulfsands Petroleum, a London-listed company has made a hydrocarbons discovery in Syria. This occurred during the operation of its Khurbet East-102 appraisal well. The company said three consecutive 12 meter core sections were cut from the Butmah formation, and the presence of both oil and gas was detected in the formation.


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Origin Energy has released its December 2011 Quaterly Production Report

Origin Energy reports that its production in the December Quarter 2011 of 29 PJe was 9% lower than the comparable Quarter in 2010. Sales volumes were 14% lower at 31 PJe while revenues were 5% higher when compared with the December Quarter 2010, driven by higher commodity prices.


Also, December Quarter 2011 production of 29 PJe was 23% lower than the September Quarter 2011, which was due to lower seasonal demand in the December Quarter, the planned shutdowns of the Otway and Kupe Gas Plants for major maintenance and the shutdown of Bass Gas for the commencement of the Yolla Mid Life Enhancement Project.


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Exxon reports 35% rise in profits in 2011

US supermajor ExxonMobil reports 2011 earnings of $41.1 billion reflecting  35% rise from 2010 earnings which is mainly due to higher crude oil and natural gas realizations, improved refining and chemical margins, and gains on asset sales. The Q4 2011 earnings of $9.4 billion were up 2% from the Q4 2010 earnings.


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Dana gets output boost

Dana Gas, a company based in the Emirate of Sharjah, saw a 19% increase in 2011 production due to rising gas output in Iraqi Kurdistan. This increased production helped boost net income to 506 million AED from 158 million AED last year, the company said. Net output averaged 66,200 boepd from operations in Egypt and the semi-autonomous region of Kurdistan where the company is producing gas under a technical service agreement.

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Gazprom unveils results

Russia’s state controlled Gazprom has unveiled financial results for the first nine months of 2011. Sales grew 32% to $106 billion while net income rose by 25% to over $30 billion compared with the same period of 2010. However, the upwards pace slowed in the third quarter, with revenues increasing 22% to $30.6 billion and net income going up marginally by just 1.6% to $6 billion, compared with the third quarter of 2010.

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Repsol begins contentious drilling activity in Cuba

Spanish oil firm Repsol YPF has begun offshore drilling in Cuban waters as part of its global exploration operations, reports Thursday said. Deep-water exploration drilling began about 50 kilometres north of Havana and will take at least 60 days to complete, Dow Jones and Reuters reported, citing unnamed sources. Repsol is resuming exploration in the area after it failed to find exploitable oil in 2004. Earlier this month, US authorities inspected the Scarabeo 9 drilling rig off the coast of Trinidad and Tobago and said the vessel complied with existing international and U.S. standards.


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Murphy weighs up possible exit

US independent Murphy Oil is considering pulling out of the Gulf of Mexico as the volume of production and pace of exploration and development activity begins to wane. Murphy chief executive David Wood said the company’s production was hit by the “delay in permitting” since Macondo and requirements for new drilling permits.


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Imperial goes ahead with $2 billion Cold Lake Expansion in Canada

Imperial Oil has approved the US$2 billion expansion of company’s Cold Lake oil sands project in Alberta which will add 40 kbbld of bitumen production. Imperial which is 69.6% owned by Exxon, will recover additional 280 mmbbls through this project which is expected to start by year end 2014. Current production stands at 160 kbbld.


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Pertamina continues to fall short of targets in 2012

Pertamina continues to produce below target in 2012 as the company is expected to produce 135 bbld but will be able to reach only 126 kbbld in February. Delays and repairs at some of its key projects including Natuna Sea, Poleng block X-Ray field contributed to the fall. Sukowati field East Java is also below its forecast of 36 kbbld at 32 kbbld. Total production for 2011 was at 123.6 kbbld short of target at 132 kbbld. On a bigger scale, Indonesia also missed its 2011 target of 945 kbbld and produced 900 kbbld for the year, whereas Total also fell short of its target of 92 kbbld by 9.8 kbbld.


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Huge Potential for Shale Gas in China

According to the US Energy Information Administration, China holds the largest reserves of shale gas in the world, enough to supply China for more than 300 years. There’s no current commercial production of shale gas in China, but several companies have exploratory projects underway, including Sinopec, PetroChina, Royal Dutch Shell, BP and Chevron. Continue reading here..

Gulf Keystone to Exit Algeria

Gulf Keystone Petroleum Ltd, a London-listed oil and natural gas explorer, is currently evaluating exit options for its remaining interests in Block 126a (GKN and GKS oilfields under the Ferkane Permit). Continue reading here..