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by abarrelfull 15 Jan 2017 13:25
Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project.
Following this transaction, Total will hold a 54.9% interest, strengthening its position in this competitive project and paving the way for a project sanction in the near future.
The overall consideration paid by Total to Tullow will be $900M, representing a reimbursement of a portion of past costs, payable in installments along the development of the project, with an initial payment of $100M at closing.
“Following the agreement on the Tanzanian export pipeline route, this transaction gives Total a leadership position to move this project efficiently toward FID in the current attractive cost environment, while providing strong alignment and a pragmatic financing scheme for our partner Tullow,” said Patrick Pouyanné, Total Chairman and CEO. “Our increased share in the Lake Albert project will bring significant value to Total and fits with our strategy of acquiring resources for less than 3$/b with upside potential.”
Under the terms of the deal, Total will acquire 21.57% out of Tullow’s existing 33.33% stake in all of the Lake Albert project licenses EA1, EA1A, EA2 and EA3A. Total, which is already operator of licenses EA1 and EA1A, will in addition take over operatorship from Tullow of license EA2, enabling significant efficiency gains and synergies.
Closing of the transaction is subject to customary regulatory and government approvals and to partner pre-emption rights.
Total in Uganda:
Total has been present in Uganda since 1955 in Marketing and Services with today over 150 service stations across the country and an overall market share of 24%. It is present in Upstream oil since 2011 after acquiring from Tullow a 33.33% interest in the licenses EA1, EA1-A, EA2, and EA3 covering the Lake Albert Oil discoveries. Total is then approved by the Government of Uganda to operate oil exploration and production activities in licenses EA1 and EA1-A
In April 2016, the Government of Uganda decided to export the Lake Albert oil through a pipeline (EACOP) via Tanzania to the port of Tanga. And in August 2016, the production licences for EA1 and EA2 were formally granted. The Uganda Joint Venture is now commencing the FEED (Front End Engineering and Design) phase for the Upstream and the EACOP pipeline.
SOCAR and BP-operated AIOC sign principles of agreement on future development of the ACG oil field in Azerbaijan to 2050
by abarrelfull 01 Jan 2017 11:31
SOCAR (the State Oil Company of the Republic of Azerbaijan) and AIOC (the Azerbaijan International Operating Company) today signed a letter of intent (LoI) for the future development of the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea.
by abarrelfull 30 Dec 2016 21:26
Axens announced today the signature of several technology licensing agreements with Pertamina for its major expansion project to upgrade residue into gasoline in Balikpapan and for a new middle distillate hydrotreater in Cilacap, to comply with new regulations.
by abarrelfull 30 Dec 2016 20:14
ExxonMobil subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), today announced that it has awarded contracts to SBM Offshore for a floating production, storage and offloading (FPSO) vessel, a key step in moving the Liza field toward first production.
by abarrelfull 29 Feb 2016 21:32
ABB has won a large contract for the 1,850 km Trans-Anatolian Natural Gas Pipeline (TANAP) to bring Azerbaijan’s natural gas directly to Europe. ABB will deliver the control infrastructure to contribute to safe, secure and reliable operation of the pipeline throughout its lifetime. ABB signed the contract with TANAP and the order is booked in the fourth quarter.
by abarrelfull 29 Feb 2016 19:20
ABB has won a $100 million contract from Sonatrach, Algeria’s state oil and gas company, to reconstruct and revamp a treatment unit in the liquefied petroleum gas (LPG) plant that serves the Rhourde-Nouss gas field. The contract was booked in the second quarter of 2015.
by abarrelfull 29 Feb 2016 19:14
Fluor Corporation (NYSE: FLR) announced today that it was awarded a construction management contract by Sunoco Logistics for the Mariner East 2 project at its Marcus Hook Industrial Complex on the Delaware River in Pennsylvania. Fluor booked the undisclosed contract value into backlog in the fourth quarter of 2015.
Bangchak Petroleum Selects Axens CCR Octanizing™ Technology for its Energy, Efficiency and Environment Improvement Project in Ba
by abarrelfull 29 Feb 2016 19:11
Axens announced today that the Bangchak Petroleum Public Company Limited will use Axens’ state-of-the-art reforming technology and catalysts for its Energy, Efficiency and Environment Improvement Project in Bangkok.
Technip awarded fabrication and installation contracts by Statoil for Johan Sverdrup and Oseberg Vestflanken
by abarrelfull 29 Feb 2016 19:05
Technip was awarded by Statoil ASA two lump sum contracts for infield pipeline construction for the Johan Sverdrup Development and the Oseberg Vestflanken 2 projects.
Technip awarded a subsea contract for the South Santa Cruz and Barataria fields in the Gulf of Mexico
by abarrelfull 29 Feb 2016 19:03
Technip has been awarded a lump sum contract by Deep Gulf Energy III, LLC (“DGE”) for the development of the South Santa Cruz and Barataria fields. These ultra-deepwater fields are located in Mississippi Canyon, offshore New Orleans, in the Gulf of Mexico, in approximately 2,000 meters of water depth.
by abarrelfull 30 Jan 2016 16:14
Enterprise Products Partners L.P. (NYSE:EPD) today announced it has completed construction, commissioned, and initiated operation of the remaining 162-mile portion of the Aegis ethane pipeline from Lake Charles, Louisiana to the Napoleonville, Louisiana area. The 270-mile, 20-inch diameter Aegis system originates at Mont Belvieu, Texas, which is the terminus for more than 3 million barrels per day of natural gas liquids (NGL) supply pipeline capacity, is connected to more than 2 million barrels per day (“BPD”) of industry fractionation capacity and is home to more than 110 million barrels of Enterprise-owned storage capacity. Combined with the partnership’s existing South Texas pipeline network, Aegis is an integral part of an ethane header system capable of serving more than 20 petrochemical facilities along the Texas and Louisiana Gulf Coast.
Rosneft and BP Sign Agreement to Dissolve the Joint Venture Ruhr Oel GmbH as Part of German Refining Venture Restructuring
by abarrelfull 30 Jan 2016 16:10
Rosneft and BP today announced that they have signed a binding agreement to dissolve the existing refining JV Ruhr Oel GmbH (ROG) as they move toward completion of the previously announced restructuring of the two companies’ German refining and petrochemical venture. The agreement was approved by the Rosneft Board of Directors at the meeting on December 31, 2015 and by the Board of BP Europa SE on 14 January, 2016.
by abarrelfull 30 Jan 2016 16:06
Wood Group has secured a three year contract with Shell Australia’s Prelude, Floating Liquefied Natural Gas (FLNG) project.
by abarrelfull 30 Jan 2016 16:04
Chevron Corporation (NYSE:CVX) today announced that its Australian subsidiaries have signed a non-binding Heads of Agreement (HoA) with ENN LNG Trading Company Limited (ENN) for the delivery of liquefied natural gas (LNG) to China from the Chevron-operated Gorgon natural gas project in Australia. When the deal is finalized, ENN is expected to receive up to 0.5 million metric tons per annum (MTPA) of LNG over 10 years, with deliveries starting in 2018 or the first half of 2019.
by abarrelfull 30 Jan 2016 15:58
Cairn is pleased to announce the successful testing of the SNE-2 appraisal well offshore Senegal with positive results. Operations have been safely and successfully completed following drilling, coring, logging and drill-stem testing (DST). The well is now being plugged and abandoned.
Following this first successful appraisal well, resource estimates for the SNE field will be fully revised and announced after the results of the further appraisal activity. Evaluation of the extensive dataset collected is continuing, with preliminary analysis focused on the DST:
DST over a 12 metre (m) interval of high quality pay flowed at a maximum stabilised, but constrained rate of ~8,000bopd on a 48/64” choke, confirming the high deliverability of the principal reservoir unit in the SNE-2 well
DST over a 15m interval (~3.5m net) of relatively low quality “heterolithic” pay flowed at a maximum rate of ~1,000 bopd on a 24/64” choke, confirming that these reservoirs are able to produce at viable rates and thus make a material contribution to resource volumes. Flow was unstable due to the 4.5” DST tubing
Multiple samples of oil and gas recovered to surface from wireline logs and drill stem tests
Confirmation of correlation of the principle reservoir units between SNE-1 and SNE-2 with the primary reservoirs occurring in the gas cap as predicted
216m of continuous core taken across the entire reservoir interval with 100% recovery
Similar oil-down-to and oil–up-to depths seen in SNE-1 - 103m gross (95m in SNE-1)
Pressure, log and seismic data indicate that the hydrocarbon column contains limited segregated reservoir-seal pairs within a continuous connected pressure regime
Initial indications confirm the same 32 degree API oil quality as seen in SNE-1
The SNE- 2 well is located in 1,200m water depth and is approximately 100 kilometres (km) offshore in the Sangomar Offshore block, reached the planned total depth (TD) of 2,800m below sea level (TVDSS). The well has been appraising the 2014 discovery of high quality oil in the SNE-1 well, some 3 km to the south.
Cairn Energy Chief Executive Simon Thomson said:
"We are delighted with the results of the SNE-2 well and in particular the well tests, which are significant in demonstrating the ability of the reservoirs to flow at commercially viable rates. The results help to confirm the overall scale and extent of the resource base in Senegal and further appraisal activity is expected to lead to future revision of the estimates. We now eagerly look forward to the results of the SNE-3 well.
by abarrelfull 30 Jan 2016 15:57
Eni has started production from the Mpungi field in the West Hub Development Project, within Block 15/06 of the Angolan Deep Offshore, approximately 350 kilometres northwest of Luanda and 130 kilometres west of Soyo.
by abarrelfull 30 Jan 2016 15:40
Premier Oil today announces it has agreed to acquire the whole of E.ON’s UK North Sea assets for a net consideration of $120 million plus working capital adjustments. The proposed acquisition, which will be funded from existing cash resources, adds immediate cash generative production, realises tax synergies on Premier’s current c.$3.5bn UK tax loss position and is accretive to lending covenants.
by abarrelfull 30 Jan 2016 15:35
The National Energy Board (NEB) has approved the application of LNG Canada Development Inc. (LNG Canada) for a 40 year natural gas export licence with a maximum term quantity of 1494 billion cubic metres. The issuance of this licence is subject to the approval of the Governor in Council.
by abarrelfull 30 Jan 2016 15:31
Suncor Energy Inc. (TSX: SU; NYSE: SU) and Canadian Oil Sands Limited (TSX: COS) are pleased to announce that they have reached an agreement to support the offer by Suncor to purchase all of the shares of COS.
by abarrelfull 30 Jan 2016 15:29
Enbridge Inc. (TSX:ENB) (NYSE:ENB) (the "Company") today announced the $538 million acquisition of Tupper Main and Tupper West gas plants and associated pipelines in northeastern B.C., from the Canadian subsidiary of Murphy Oil Corporation (Murphy) (NYSE:MUR).