Kirkuk exports resume via Kurdistan

The Kurdistan and Federal Iraq governments have announced an agreement for the resumption of oil exports from Kirkuk via the Kurdistan export pipeline to Ceyhan. This positive development will benefit the public revenues of Federal Iraq which has been grappling with funding issues in recent years with the oil price collapse on the one hand and need to fund defences along its borders on the other. Kirkuk production was locked out of the Kurdistan...

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INEOS swoops in for Conoco North Sea

As widely reported over the weekend, INEOS is the front-runner for the ConocoPhillips’ UK North Sea portfolio. ConocoPhillips had a buyer for the portfolio back in 2015, but pulled the deal citing that it had no desire to sell-out at the bottom of oil price cycle, INEOS has beaten other likely UK North Sea focussed contenders which could include Ithaca Energy, Premier Oil, Neptune Energy, Chrysaor and SiccarPoint. The sale, estimated to be around...

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PGNiG expands footprint in Norway

On 18th October PGNiG announced that it had agreed to acquire Equinor's interest in the Tommeliten Alpha gas and condensate field in the Norwegian North Sea. This continues PGNiG's strategy of diversifying its gas supply away from Russia. PGNiG has always had an interest in Norwegian gas seeing it as as logical and accessible source of gas for Poland. As the long term Russian gas supply contracts come to expiry, PGNiG is making bold moves to...

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PGNiG shuns Russian gas

PGNiG is increasingly boldening its signals on shunning Russian gas as it turns to the west. The Polish state has historically been dependent on gas imports from its eastern neighbour but is looking to loosen its reliance to the communist state. Poland consumes around 17 bcm of gas annually, more than half of which comes from Gazprom under a long-term contract that expires in 2022. It is seeing the upcoming expiry as the opportunity to diversify...

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Second chance for Petronas in West Africa

Following the recent disappointment at the Samo-1 well in The Gambia, Petronas has another chance in West Africa on the other side of the border in Senegal. Petronas is growing its West African exploration portfolio and is continuing its search for more acreage. In August Petronas had farmed-in to 30% of Total's Rufisque Offshore Profond block, marking its entry into Senegal. Total retains 60% in the block with Société Nationale des Pétroles...

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Hurricane's FPSO docked for changeover

Hurricane Energy has announced that the Aoka Mizu FPSO has been docked into Algeciras, Spain for planned personnel changes and bunkering. The stopover will be extended to undertake a repair to an auxiliary system associated with power generation. Commissioning activities will continue during its transit to the West of Shetlands as planned with first oil from the Lancaster field still on schedule for H1 2019. The Aoka Mizu FPSO was designed and...

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The Gambia's Samo-1 well disappoints

The JV in offshore Blocks A2/A5 has announced a disappointing result on the Samo-1 well. The JV, which comprises FAR Limited 40%, Petronas 40% and Erin Energy 20%, has hit water. FAR Limited had prospective P50 resource estimates of 825mmbbl (gross unrisked) with a 55% geological chance of success. Wireline logs indicate that the target was water bearing. The Government of Gambia has now granted a six month extension to end of June 2019 to...

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