Thursday, February 21, 2013

Petroceltic Appoints Director for Algerian Wet Gas Project

North Africa and Middle East-focused Petroceltic International announced Tuesday that it has appointed a new project director for its Ain Tsila wet gas development in Algeria.

Petroceltic said its new director, Geoff Stevenson, has more than 25 years experience of project management on major oil and gas developments in Europe, North Africa, North America, the Middle East and the Far East. He previously worked for Hess Corporation, where he was recently the deliver manager for topsides on the $3 billion Valhall Redevelopment Project in Norway.

The firm said that its Ain Tsila project, which entered its 30-year development period in December, will involve the production of gross reserves of 2.1 trillion cubic feet of gas, 67 million barrels of condensate and 108 million barrels of liquefied petroleum gas. Development planning will begin in 2013 and first gas is scheduled for late 2017.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

PEMEX Death Toll Rises to 35

Petroleos Mexicanos, PEMEX, announced Sunday that its death toll rose to 35 after rescue workers found two more bodies from the rubble of an explosion that occurred at its corporate headquarters in Mexico City, reported Dow Jones Newswires. One body was recovered Saturday night and another Sunday, Pemex said in updates via Twitter.

The blast, which occurred Thursday afternoon, partially destroyed an administrative building that sits next to the oil firm's 48-story corporate tower.

Thus far, 20 of the dead were women who worked in the building doing administrative work like payroll, Pemex officials told Dow Jones. Some 52 are hospitalized due to the explosion, which the company said hadn't affected its oil operations. It is not known how many people still remain trapped in a basement part of the partially collapsed building. Roughly four floors that house about 200 to 250 workers were the most affected.

Authorities haven't determined the cause of the explosion.

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Sinopec Seeks to Raise $3.1B of Fresh Funds

Sinopec Seeks to Raise $3.1B of Fresh Funds

China Petroleum & Chemical Corporation, otherwise known as Sinopec, disclosed late Monday that it is looking to raise some $3.1 billion of funds, through a private placement of new Hong Kong-listed H shares.

In its statement, Sinopec said that it agreed to sell 2.85 billion new shares for $1.09 (HKD 8.45) each, representing a 9.5 percent discount to Monday's close of $1.20 (HKD9.34).

The integrated crude, oil products and petrochemicals giant revealed that it plans to use the proceeds for "general corporate purposes", but did not provide any specific details.

Industry watchers are speculating that Sinopec could use a portion of the fund to defray costs amid a time of rapid foreign expansion.
Sinopec is understood to be planning to buy its parent's – China Petrochemical Corp – upstream assets in countries such as the U.K., Russia, Colombia, and Kazakhstan.

The acquisition slated to take place in April, is aimed at putting Sinopec on par with other international oil majors like Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell PLC, whose operations globally span refining, exploration and production of oil and gas.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Sinopec Seeks to Raise $3.1B of Fresh Funds

Sinopec Seeks to Raise $3.1B of Fresh Funds

China Petroleum & Chemical Corporation, otherwise known as Sinopec, disclosed late Monday that it is looking to raise some $3.1 billion of funds, through a private placement of new Hong Kong-listed H shares.

In its statement, Sinopec said that it agreed to sell 2.85 billion new shares for $1.09 (HKD 8.45) each, representing a 9.5 percent discount to Monday's close of $1.20 (HKD9.34).

The integrated crude, oil products and petrochemicals giant revealed that it plans to use the proceeds for "general corporate purposes", but did not provide any specific details.

Industry watchers are speculating that Sinopec could use a portion of the fund to defray costs amid a time of rapid foreign expansion.
Sinopec is understood to be planning to buy its parent's – China Petrochemical Corp – upstream assets in countries such as the U.K., Russia, Colombia, and Kazakhstan.

The acquisition slated to take place in April, is aimed at putting Sinopec on par with other international oil majors like Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell PLC, whose operations globally span refining, exploration and production of oil and gas.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

NY Budget Hearing Draws Fracking Opponents as Feb. Deadline Approaches

New York's Department of Environmental Conservation Commissioner Joe Martens met with state lawmakers for a budget hearing, which turned into a three-hour hydraulic fracturing discussion. The commissioner suggested Monday that the state may miss a Feb. 27 deadline to complete its proposed fracking regulations, further delaying the four-year review process.

If the Health Department recommends significant changes, the DEC process will be delayed by months. And if not finalized by the February deadline, DEC's proposed rules expire and would have to be reissued and subjected to another round of public comment.

At the hearing, Martens told legislators that there isn't a timetable for the Supplemental Generic Environmental Impact Statement's (SGEIS) environmental review of fracking, reported the Albany Times Union. Martens said that DEC is still waiting for the Department of Health to finalize its public health review.

"Everybody was under the understanding that the SGEIS would be done in February. So are you saying that is not happening?" Senator Tony Avella (Queens Democrat) asked Martens at the hearing.

"I have to wait until I get the health report until we make any decisions about whether we move forward or not," Martens replied.

The room that housed the hearing was filled with fracking opponents holding signs and openly commenting to Martens testimony, as well as politicians that have long opposed the drilling technique.

Assemblywoman Barbara Lifton, from Ithaca, stated, "people are extremely unsusceptible, to say the least, about the ability of New York state or any other state … that this industry can be adequately regulated … It is in fact dirty – it isn't a clean fuel. New York shouldn't be another guinea pig."

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

PTTEP Aims to Operate Montara Field at 100% of Capacity by June

PTT Exploration and Production (PTTEP) confirmed Tuesday that it is aiming to start operations in the Montara field offshore Western Australia by end-March this year, with a ramp-up of production to 100 percent of capacity expected by end-June.

"Oil production from the Montara field will be in the range of 20,000 barrels of oil per day (bopd) to 23,000 bopd this year," a spokesperson from PTTEP told Rigzone.

The Montara Development Project (MDP) started with the drilling of production wells in March 2008. The installation of the well head platform jacket and topsides was being completed in August 2009. On Aug. 21, 2009, while drilling completion activities were underway, there was an uncontrolled release of gas, oil, condensate and water vapour from the H1 well.

A relief well successfully intersected the H1 well and briefly stopped the well release before the well fluids caught fire Nov. 1, 2009. The well release was stopped and the fire extinguished Nov. 3, 2009.

PTTEP started on replacement works on the project during end-2011 and early-2012. Three production wells and one gas injection well sited in the Montara field were also tied back and completed during the same period. Field development has since been continuing and has included the arrival on site of the Montara Venture floating production storage and offloading facility.

PTTEP noted Feb.1 that it is targeting a sales volume of 310,000 barrels of oil equivalent (boe) for this year, with the bulk of its increased oil sales to be derived from the start of commercial operations at the Montara field. PTTEP's sales volume for 2012 was at 275,923 barrels of oil equivalent. The spokesperson disclosed that PTTEP has already inked sales contracts based on its projected 2013 production from the Montara field.

The MDP, at its maximum level, can produce 35,000 bopd.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

PEMEX Death Toll Rises to 35

Petroleos Mexicanos, PEMEX, announced Sunday that its death toll rose to 35 after rescue workers found two more bodies from the rubble of an explosion that occurred at its corporate headquarters in Mexico City, reported Dow Jones Newswires. One body was recovered Saturday night and another Sunday, Pemex said in updates via Twitter.

The blast, which occurred Thursday afternoon, partially destroyed an administrative building that sits next to the oil firm's 48-story corporate tower.

Thus far, 20 of the dead were women who worked in the building doing administrative work like payroll, Pemex officials told Dow Jones. Some 52 are hospitalized due to the explosion, which the company said hadn't affected its oil operations. It is not known how many people still remain trapped in a basement part of the partially collapsed building. Roughly four floors that house about 200 to 250 workers were the most affected.

Authorities haven't determined the cause of the explosion.

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Rigzone Crossword for Week of Jan. 28 - Feb. 1

Please enable Javascript to view this content.
More Trends, Graphs, and ChartsSorry, I could not read the content fromt this page.

View the original article here

Pryme Intersects Oil, Natural Gas Fractures at Turner Bayou Chalk Project

Pryme Energy disclosed Tuesday that the Rosewood Plantation 21H No.1 well has reached a total measured depth of 19,168 feet and has intersected a significant oil and gas bearing fracture system.

Green oil is being produced back to surface with the drilling mud and a 30 to 40 foot high natural gas flare is burning. The planned total depth of the well is 20,310 feet.

"While it has been good to see the intersection of multiple fractures to date, it is very encouraging tointersect something of significance as we did today," Pryme's Managing Director Justin Pettett said in a statement.

"Drilling has taken longer than originally planned and we remain focused on the importance of a positive result from this well and the impact it will have on the value of Pryme. We look forward to flow testing the well later this month," Pettett added.

The Turner Bayou project comprises approximately 80 square miles which have been imaged by a proprietary 3D seismic survey. Pryme has a 40 percent working interest in 25,029 acres in the Turner Bayou project and is initially targeting development of the Austin Chalk horizon. In addition to the Austin Chalk potential of the Turner Bayou project area, exploration drilling within Pryme's Turner Bayou leases has intersected the Tuscaloosa Marine Shale which is analogous to the prolific Eagle Ford Shale in South Texas.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

CEO: Petrobras Not Feeling Heat from Ratings Agencies

CEO: Petrobras Not Feeling Heat from Ratings Agencies

RIO DE JANEIRO - Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, doesn't feel any pressure from credit-ratings agencies to reduce debt levels after ending 2012 with the company's lowest net profit since 2004, Chief Executive Maria das Gracas Foster said Tuesday.

Petrobras reported a 2012 net profit of 21.2 billion Brazilian reais ($10.65 billion), as heavy fuel imports and a 17% decline in the Brazilian real versus the U.S. dollar undercut earnings, officials said. Petrobras is "always" working to bring domestic fuel prices in line with international levels to reverse losses in the company's refining division that have pressured finances, Ms. Foster said during a conference call with analysts.

Analysts expressed concern about the increase in Petrobras's ratio of net debt to Ebitda, or earnings before interest, taxes, depreciation and amortization. Net debt rose to 2.77 times Ebitda at the end of 2012, up from 1.6 times at the end of 2011.

Petrobras is in the midst of a "difficult" period because "production is not growing, but we are investing strongly," Chief Financial Officer Almir Barbassa said. "We are going to reverse this situation in adequate time."

Credit-ratings agencies take a "long-term" view of the company, with an eye toward the number of new oil fields that will start production from the second half of 2013 and into 2014, Mr. Barbassa said. Petrobras's crude-oil output is expected to rise dramatically in 2014 as some of the large, subsalt oil fields, where billions of barrels of crude were discovered trapped under a thick layer of salt, come onstream.

"That's the way we intend to bring our leverage back to a sustainable situation in the near future," Mr. Barbassa said.

Petrobras should raise some cash in the second half of 2013, when the company expects to complete the sale of some assets from the nearly $15 billion divestment plan announced last year, Ms. Foster said. Data rooms for the sale of some assets in Brazil and the Gulf of Mexico should be open by the end of April, added Jose Formigli, the company's director of exploration and production.

But Ms. Foster warned that Petrobras is unlikely to see any increase in production in the first quarter of 2013. The executive also said Petrobras expected costs for dry and noncommercial wells will total BRL6 billion in 2013.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

McDermott Wins Platforms and Infield Flowline Contract in Indonesia

McDermott International said late Monday that its Indonesian subsidiary has been awarded a contract by PC Muriah, an affiliate of Petronas Carigali, to develop offshore surface facilities and an infield flowline for the Kepodang Field, located approximately 112 miles northeast of Semarang, Central Java, in water depths of up to 230 feet. 

The project will be included in McDermott's 4Q 2012 backlog. 

The award includes the procurement, construction, installation and commissioning of a 5,802-tonne central processing platform; a 1,298-tonne wellhead platform; a 1.7-mile-long, 0.8-foot diameter infield flowline; and installation of remote control facilities at the onshore receiving facilities. 

"We are very pleased to undertake this competitively tendered project for Petronas in Indonesia," McDermott Asia Pacific's Senior Vice President and General Manager, Scott Cummins, said in a statement. "Winning this project is not only a strong testament of our capabilities; it also shows the client's confidence in our ability to deliver the best value."

Procurement engineering has already started and fabrication of the facilities will take place at the McDermott Batam yard in Indonesia. Transportation and installation will involve a diverse range of vessels from the McDermott fleet, including a 300-class float-over barge that will install the central processing platform's 3,078-tonne topsides. Project completion, including hookup and commissioning, is expected to be 4Q of 2014.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here