Sail-away to Catcher

The Catcher FPSO sailed away on 26th August from Singapore. It will take around 45 days to reach the UK North Sea, following which it will be connected and commissioned, a process expected to take 60-65 days with first oil targeting December. The project is on schedule and c.30% below budget. Development drilling results have been promising with 30% more net pay and 40% better well deliverability. Expected plateau will now increase by 20% to 60mboepd with a potential for reserves upgrade from the 96mboe 2P at sanction. The Catcher field partners...

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Kosmos London listing at risk as company and advisors face potential legal action

Kosmos' secondary listing is at risk as the Saharawi government had strongly condemned the company's move to list on the LSE. The Sahrawi government has threatened the company's licences in the region as well as legal action against Kosmos and its advisors. The listing would set a precedent for legal proceedings regarding companies operating in the disputed region which could drag out for years to come. The press release by the Saharwi government is below. -------------------------------------- Media release – Communiqué For immediate release Saharawi...

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Kurdistan's outstanding debts to Turkey

A year ago, at the height of the oil price downturn, Kurdistan turned to Turkey for financial aid. At the time, USD1.15 billion was owed to Turkey in the form of loans together with c.USD500 million in outstanding payments to TEC for services provided to the KRG. The Kurdish Minister of Natural Resources, Dr Ashti Hawrami, proposed to the Turkish Energy Minister, Berat Albayrak, that more funding be provided by Turkey to help Kurdistan with upcoming expenses. The proposal effectively asked Turkey to quadruple its funding to USD4.7 billion (including...

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Canacol on track with Sabanas pipeline

Canacol has signed an agreement for the construction, operation and ownership of the Sabanas flowline. The 82km pipeline will connect the gas processing plant at Jobo to the Promigas trunkline at Bremen. Source: Canacol June 2017 investor presentation The USD41 million pipeline will be funded by: USD30.5 million from a group of private investors USD10.5 million from Canacol Canacol’s contribution has been almost entirely satisfied by costs...

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Kurdistan referendum: Barzani's legacy

With the Kurdistan referendum fast approaching on 25th September, OGInsights reviews the latest developments in this run-up period. What is important to note is that the question being put to the Kurdistan people is sufficiently vague – the meaning of an “independent” Kurdish state is intentionally not set out. Independence can mean self-rule and independent governance with varying degrees of autonomy from Federal Iraq or complete separation from Baghdad at the extreme. The referendum should be viewed as an opinion poll, something that reminds...

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Kurdistan E&Ps have been paid for May shipments

Kurdistan E&Ps have been paid for May shipments. The Tawke partners have confirmed receipt of USD39.6 million. The amounts will be shared pro-rata by DNO (55%) and Genel (25% WI) and comprises USD33.2 million towards May deliveries and USD6.4 million towards past receivables. The Taq Taq partners have received USD12.2 million and will be shared pro-rata by Genel (44% WI) and Addax (36% WI). The payment comprises USD11.1 million towards May deliveries and USD1.2 million towards past receivables....

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SNE North is Sirius

Cairn has completed the SNE-1 North exploration well (Sirius prospect), located c.15km north of the original SNE-1 discovery. The well reach TD 2,837m and was completed ahead of schedule. A 24m gross hydrocarbon column was encountered across three intervals with 11m net condensate and gas pay in the primary objective and 4m net oil pay in the secondary objective. A full set of oil, condensates and gas samples were recovered to surface from the...

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Kosmos extends position in Mauritania

Kosmos noted in its Q2 results that it had farmed in to a 15% non-operated interest in Block C-18 Mauritania. The farm-in extends Kosmos' postion in this recently proflific play which contains the Tortue gas discovery to the south. Tullow Oil holds 90% WI (State 10%) and will reduce its interest to 75% post transaction, whilst retaining operatorship. The block is deepwater (over 2,300m depth) and has recently completed a 600km2 3D seismic ca...

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