HOUSTON -- The oil and gas industry’s leading magazine for upstream technology and activity, World Oil, forecasts a sharp drop in drilling, both in the U.S. and internationally, as a direct result of plunging crude oil prices. In its 89th annual forecast and review, World Oil predicts an average WTI oil price of $55.75/barrel (bbl), while Brent will be $58.80/bbl. A Henry Hub natural gas price of $3.35/MMBtu is expected.
Eni, Vitol and GNPC have signed, with the President of Ghana and the Minister of Petroleum, an agreement to proceed with the OCTP integrated oil and gas project in Ghana.
Eni has announced a new discovery of oil and gas in the West Melehia deep exploration prospect, located in the Melehia license, in the Western Desert of Egypt.
MILAN, Italy -- Eni obtained a three-year extension from the Angolan authorities to the exploration period of the prolific Block 15/06, located in Angola’s offshore, approximately 350 km north-west of the capital Luanda and 130 km east of Soyo town.
SCHIEDAM, Netherlands -- SBM Offshore has received a formal Production Readiness Notice (PRN) for N’Goma FPSO from client Eni, operator of Block 15/06 on behalf of the JV which also includes Sonangol Pesquisa e Produção, SSI Fifteen and Falcon Oil Holding Angola.
MILAN, Italy -- Eni has signed two concession agreements for the North Leil and Karawan blocks offshore Egypt, following the Egyptian Natural Gas Holding Company 2013 international bid round.
HOUSTON -- ION Geophysical has signed an agreement with the Puntland Petroleum and Minerals Agency (PPMA) to complete a multi-client 2D regional seismic survey offshore Putland, Somalia.
Injection pressures of proppant-laden slurry and proppant-free spacer, using a pulsing approach, were found to be significantly lower than those applied with conventional hydraulic fracturing treatments.
MILAN, Italy -- Eni has signed a new Concession Agreement to operate in the South-West Melehia Block in the Western Desert of Egypt, following the Egyptian General Petroleum Corporation (EGPC) 2013 international competitive bid round.
EDINBURGH, SINGAPORE and HOUSTON -- The LNG industry celebrated its 50th birthday in 2014 but while the industry may have matured, Wood Mackenzie finds in its annual review that it's still not short of surprises. Giles Farrer, Wood Mackenzie's Principal Analyst - Global LNG, explains, "Production was up 5 MMtpa to 246 MMtpa and overall trade was boosted by higher levels of re-exports. But the big surprise was that Asian LNG demand was much lower than expected. Demand in emerging markets, like China, failed to grow to the extent anticipated and demand in the established South Korean market fell considerably."
HOUSTON -- AccessESP has installed the first rigless ESP conveyance system in Nigeria in the Ukpokiti #4 offshore well for Shebah Exploration and Production Company Limited (SEPCOL).
MALABO, Equatorial Guinea -- The government of Equatorial Guinea has signed an agreement with Nigerian energy firm, Taleveras Group, to build an oil storage hub in the West African country.
ABUJA, Nigeria -- Shell’s Nigerian subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), has announced an $83 million (£55 million) settlement agreement with Nigeria's Bodo community in respect of two oil spills.
PARIS -- Total has completed the flare-out of the Ofon field on Oil Mining Lease (OML) 102 offshore Nigeria. The associated gas of Ofon field is now being compressed, evacuated to shore and monetized via Nigeria LNG.
GAUTENG, South Africa -- SacOil Holdings, through its subsidiary Mena International Petroleum (Mena) has announced the commencement of field development operations at its 100% owned Lagia oil field in Sinai, onshore Egypt.
SYDNEY, Australia -- Otto Energy has announced that the JV has successfully completed a 430 km 2D seismic program over the Kilombero basin in central Tanzania. Otto Energy Tanzania Pty Ltd, a wholly owned subsidiary of Otto, has a 50% participating interest in the Kilosa Kilombero license.
MILAN, Italy -- Eni has started production from Nené Marine field, offshore Congo, just eight months after obtaining the production permit and 16 months following the exploration discovery. The field is located in Marine XII Block, approximately 17 km from the coast.
SHARJAH, United Arab Emirates -- Dana Gas has received a payment of $60 million from the Egyptian government. This represents 28% of the total overdue receivables of $212 million.
READING, United Kingdom -- Following the commitment from the Egyptian government to repay outstanding debts to the energy industry, BG Group has received a further payment equivalent to $350 million. This reduces the company's domestic receivables balance in Egypt to around $920 million.
LONDON (Bloomberg) -- Libyan oil production has fallen below 300,000 bpd after Islamist militants shifted attacks to energy facilities including the country’s largest oil export terminal, said Energy Aspects Ltd. Output is the lowest since May and down at least 65% from a recent high of 850,000 bopd in October following the assault on the Es Sider terminal, according to the Energy Aspects estimate. Libya holds Africa’s largest oil reserves.