Nearly $5 Billion worth New Packages on the Market Announced in January 2012

In January 2012, Derrick has recorded 20 new Deals In Play with the estimated value of more than $10 million each. The biggest Deals in Play of the month are ConocoPhillips’ Oilsands assets,Statoil’s stake in West Qurna-2 oilfield, Talisman’s non-core assets, and corporate sale byConnacher and Cove Energy. Continue reading here..

Suncor Energy posts 6.5% Increase in Production for Q1 2011; Capital Spending was primarily on Expansion of In Situ Oil Sands Operations; Production In Line with company’s target of one million boepd by 2020

Suncor Energy’s upstream production in first quarter 2011 was 601,300 boepd, up 6.5% over same period last year. Suncor’s Q1 2011 production averaged 601,300 boepd, compared to 564,600 boepd during the first quarter of 2010.  Oil sands production was 322,100 boepd, 59% increase from the first quarter of 2010. Suncor, which is expanding its oil sands production and processing operations as part of a joint venture with Total, said it had seen higher oil sands production volumes and higher realized prices in upstream operations.

In March 2011, the company completed sale of non-core North Sea assets for proceeds of £105 million (US$ 170.44 million), subject to closing adjustments. The company secured two operated exploration licenses and one non-operated exploration license in the Norway portion of the North Sea in April 2011. In addition, the company is evaluating an exploratory well in the Ballicatters field offshore East Coast Canada.

Source: Derrick Planned Exploration Wells Database


Targeting One Million Boepd by 2020

Suncor continues to move forward on its ten-year growth strategy outlined in December 2010. In support of the growth strategy, capital spending in the first quarter was primarily focused on expansion of the company's in situ oil sands operations. In April 2011, Suncor began injecting steam into a Stage 3 well pad and expects to achieve first oil by early July 2011. The expansion is expected to be fully operational in the third quarter of 2011, with production volumes ramping up over approximately 24 months thereafter toward target capacity of 62,500 boepd of bitumen.

With the closing of its strategic partnership agreements with Total E&P Canada Ltd. on March 22, 2011, Suncor expects to progress with engineering and site preparation work for the Fort Hills oil sands mining project and the Voyageur Upgrader. Under the terms of the agreements, Total assumed an interest in both Fort Hills and the Voyageur Upgrader, while Suncor assumed an interest in Total's Joslyn oil sands mining project. Suncor is targeting the completion of the Voyageur Upgrader and the Fort Hills project for 2016.

Source: Derrick E&P Transactions Database

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Nexen reveals 2011 Corporate Strategy; Projected 7% production growth in 2011; Stick to three primary growth strategies – conventional offshore, oil sands and shale gas

Nexen prioritizes its 2011 activities that include a continued ramp up of Long Lake, completing the development of Usan discovery with first oil production in 2012, sanctioning discoveries, proceeding with the development of Horn River shale gas lands, securing a contract extension in Yemen and continuing with the implementation of the exciting global exploration program.

The company expects 2011 production volumes to range between 230–270 kboepd, before royalties and capital expenditure budget ranges between $2.4–2.7 billion.

Nexen’s diversified portfolio of exploration and production (E&P) assets provides the company with a multi-year inventory of development projects and a positive long-term production growth profile. It plans to deploy nearly 25% of total 2011 capital budget for the E&P program.

Nexen is primarily focused in the North Sea, deepwater Gulf of Mexico & offshore West Africa. The company projected 7% production growth in 2011.

Recently, Nexen initiated a process to seek a joint venture partner for various portions of the company’s northeast British Columbia shale gas acreage.

Source: Derrick E&P Transactions Database