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petroleum

Oil & Gas

African Petroleum and Ophir Energy strike production sharing deal

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

Faroe Petroleum completes acquisition of Roc Oil

Faroe Petroleum has completed the acquisition of Roc Oil which holds a 12% interest in the Enoch and Blane interests in the UK North Sea. The company said the deal, which had an initial consideration of $17million, had now been reduced to $13.7million. The Enoch field is currently suspended but is planned to come back on stream in the second quarter of 2015.

Oil & Gas

Lundin hits gas offshore Malaysia

Lundin Petroleum has made a small gas discovery offshore Malaysia. The company said its subsidiary, Lundin Malaysia, made the find from the Mengkuang-1 exploration well in license PM307. The well had been targeting hydrocarbons in Miocene-aged sands 75km to the northwest of the Bertam field operated by Lundin Malaysia.

Oil & Gas

UK Government makes loss from North Sea

The UK Government made a loss from North Sea oil and gas in the first six months of this year, according to reports. According to The Herald, the revenues were more than cancelled out by repayments to producers between the months of April and September. While a total of £248million was collected from the industry in both corporation tax and petroleum revenue tax (PRT) around£287million was handed out in rebates following the downturn.

Oil & Gas

NPD grants Lundin Norway drilling permit

The Norwegian Petroleum Directorate (NPD) has granted Lundin Norway a drilling permit for well 7220/11-3 A. The well will be drilled from the Island Innovator facility. The drilling programme for well 7220/11-3 A relates to the drilling of an appraisal well in production licence 609.

Oil & Gas

Woodside Petroleum signs Morocco deal

Woodside Petroleum has signed a reconnaissance licence with the Office National des Hydrocarbures et des mines to explore a block offshore Morocco. The block, known as the Rabat Ultra Deep Offshore area, comprises a total of 36,737km2 with depths ranging from 1700m to 4400m.

People

NPD makes management changes

The Norwegian Petroleum Directorate (NPD) has made changes to its management group. It means the NPD will have more managers and will also move from two to three management levels. Four directors report to the director general Bente Nyland, while 12 assistant directors make up the NPD’s operative management.