Eni signs EPSA for Block 52 offshore Oman

The Government of the Sultanate of Oman, Oman Oil Company Exploration and Production ("OOCEP"), a subsidiary of state company Oman Oil Company ("OOC"), and Eni today entered into an Exploration and Production Sharing Agreement ("EPSA") for Block 52, located offshore Oman. Block 52 is an underexplored area with hydrocarbons potential located offshore in the southern region of Oman. Block 52 has an area of approx. 90,000 Km2, with water depths...

Read More

Kurdish operators receive July crude export payments

Kurdish operators have announced receipt of oil sales payments from the KRG today towards July exports: DNO has confirmed that the Tawke partners have received USD39.5 million Genel has confirmed that the Taq Taq partners have received and USD10.4 million These payments are in line with recent payments and should be the last under the "old" system (i.e. before the recent change in terms in exchange for settlement fo historical receivables). Payment for August sales should be made in November - these should increase with DNO's greater share in...

Read More

Catcher if you can

The Catcher FPSO has arrived on schedule into the North Sea. The vessel is currently at Nigg performing crew changes and resupply ahead of moving to the Catcher field location. The field remains on track to come onstream by the end of the year. Tweleve wells have been completed ahead of first oil and drilling has been better than expected, encountering 30% more net pay with 40% better well deliverability. As a result, expected plateau production has increased by 20% to 60mboepd. There is potential for a reserves upgrades above the existing 96mmboe...

Read More

OPEC may extend yet

Saudi Arabia has been working tirelessly behind the scenes and appears to be gaining good momentum with the major actors of OPEC + 1 (i.e. Russia) for extending the OPEC output agreement beyond April 2018. Saudi Arabia and its new ally, Russia, are keenly in favour of maintaining the cuts until June 2018 and several other producers have recently signaled their support for an extension as well. Iran: Initially one of the tougher partners at the...

Read More

Senegal moves ahead

Cairn Energy, the operator of the SNE field in Senegal, released a resource update on 22nd August as part of its half-year announcement. The updated 2C resource base is 563mmbbl gross (vs. 473mmbbl in May 2016) and now brings it in line with Woodside's estimate of 560mmbbl, but is still far below that of partner FAR which carries 641mmbbl (assessed by RISC). The differing resource estimates is nothing new and we constantly see the other partners...

Read More

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...

Read More

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...

Read More