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Oil & Gas

Shell-BG deal not yet in the bag amid fears of further oil slump

21/12/2015

Royal Dutch Shell Plc is on the brink of pulling off its biggest acquisition. Yet the widening discount of target BG Group Plc to the offer price shows that a further steep drop in oil prices could still put the deal in doubt. BG traded 12.5 percent below Shell’s bid price on Dec. 18, the biggest discount since early September, compared with a 6.4 percent gap on Dec. 4. While BG shares soared when news of the deal broke eight months ago, they’ve since tumbled more than 20 percent as oil prices slumped.

Oil & Gas

Transerv achieves sustained gas flow from Warro-6 well

21/12/2015

Transerv said sustained gas flow and a continuous gas flare have been achieved from the Warro-6 well in Western Australia during the initial clean-up phase of the well. The company said the flow rate has yet to be measured but the early stage result is considered to be a significant development in its strategy to establish Warro as a major economic gas project. Warro is Australia’s largest undeveloped gas field with resources of 11.6trillion cubic feet of gas in place.

Oil & Gas

African Petroleum and Ophir Energy strike production sharing deal

21/12/2015

African Petroleum has signed a new production sharing contract with Ophir Energy covering the company’s CI-513 licence area in Cote d’Ivoire. The new contract means Ophir Energy has a 45% interest and is operator of the asset while African Petroleum holds a 45% interest and the regions National Oil company the remaining 10%. Ophir Energy will make a $16.9million contribution towards African Petroleum’s back costs in relation to the block.

Oil & Gas

Saudi Arabia said to weigh selling state-run entities stakes

21/12/2015

As global oil prices tumble, Saudi officials are considering plans to sell shares in state-owned entities and companies, according to two people with knowledge of the discussions, in an attempt to find alternative sources of revenue. The government may sell stakes in ports, railways, utilities and airports, the two people said. Hospitals may also be privatized, one person said. Saudi officials weren’t immediately available for comment. With oil prices down to an 11-year low, Saudi officials are accelerating efforts to reduce the economy’s reliance on revenue from crude exports. They may have missed their best chance when prices were higher, according to economists and an International Monetary Fund study that highlighted how successful attempts depended on policies put in place before the slump.

Oil & Gas

Oilex boosts production from Cambay field

21/12/2015

Oilex said production from its Cambay-77H well in India has been boosted by an additional 51 barrels since start-up 10 days ago. The company said the most recent estimate shows initial production has now reached 715 barrels of oil equivalent. Earlier this month Oilex said it would continue its workover of its Cambay field in India.

Oil & Gas

88 Energy continues to see promising results from Icewine

21/12/2015

88 Energy’s boss said results from its HRZ play in Alaska continued to remain supportive but there was still uncertainty until all analysis had been conducted. Dave Wall, the chief executive of the company, revealed the latest analysis of the critical HRZ shale interval of its Icewine play. Operations at the site are continuing following initial analysis, with plans moving forward to finalise its current operation before conducting a blowout preventer test.