Tullow exits Liberia and Sierra Leone

On 30 July, Tullow published in H1 2014 results. Within the results, Tullow stated: "After evaluating potential options in Liberia and Sierra Leone, Tullow made the decision not to renew its licence interests and will exit its position. Tullow’s interest in LB-15 in Liberia expired in June 2014 and its interest in SL-07B-11 in Sierra Leone will expire in August 2014, following which Tullow will have no licence interests in either country" Acreage...

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Afren - CEO and COO suspended re unauthorised payments

On 31 July 2014, Afren has temporarily suspended its CEO, Osman Shahenshah and the COO, Shahid Ullah During an independent review by Willkie Farr & Gallagher, evidence had been uncovered showing the CEO and COO were in receipt of unauthorised payments These payments were not made by Afren The investigation continues, no conclusive findings to date No evidence found that any other directors involved Egbert Imomoh...

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Sebuku PSC

Overview Contains 2 discoveries: Ruby gas field and the small Pangkat oil deposit Plan of development for Ruby approved in July 2008 incorporates two bridge-linked platforms and initially four development wells 312km pipeline to transport gas to new onshore receiving terminal for processing Gas sold to the local Kaltim fertiliser plants Ruby currently contracted to supply 85mmcfpd Production capacity of 115mmcfpd, so scope to provide more gas Participation Mubadala (70%*), INPEX (15%), Total (15%) Exploration 11 wells drilled to...

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ISIS: Sectarian furies unleashed again

The recent events in Iraq is a continuation of a rift between Sunni and Shias that began over a thousand years ago Shias believed Ali, the son-in-law of the Prophet Muhammad should take over the leadership upon his death Sunnis believed the Muslim community should determine the new leadership by consensus Ali became the new leader, but upon his assassination in 661, war broke out between the two groups Islamic terrorism once seemed to wear...

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Ivar Aasen crib sheet

Contains 4 fields: Ivar Aasen, West Cable, Hanz, Asha PDO approved in March 2013 Development costs relatively high Discovery of Asha in December 2012, and inclusion of Asha in development improves economics Edvard Greig and Johan Sverdrup could push cost of services market higher Ivar Aasen expected to receive transitional terms , whereas other fields will be taxed under new terms Participation Ivar Aasen Area contains...

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Eagle Ford Shale

Intro and historyPlay in South Texas stretching into Louisiana; contributes c.10% towards US productionThree “windows” to the play – oil, gas-condensate, dry gas; focus has been on development of the liquids sectionEagle Ford formation not singled out until 2008 although routinely tested before thenInitial production was gas/condensates by Petrohawk with Apache testing oil around the same timeBig change in 2010: EOG acquired acreage in oil window, changing Eagle Ford into a liquids focused playWell economicsProduction and reservoir...

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Bakken

Intro and historySpans western North Dakota, eastern Montana in US and parts of Saskatchewan and Manitoba in CanadaNamed after Montana farmland owner Henry BakkenRecoverable estimates continue to increase as more about the play is understoodFirst production in 1951, after which, formation began to be mappedIn mid-90s, Elm Coulee field discovered with significant oil accumulation in the middle Bakken memberIn mid-2000s, EOG drilled the Nelson Farms 1-24H well; demonstrated H-wells with fracture stimulation could produce high IPsIn...

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