CPC to Buy 30% of Myanmar Gas Block

TAIPEI - CPC Corp., Taiwan's sole liquefied natural gas importer, said Thursday that it has agreed to acquire 30% of the rights to an onshore gas block in Myanmar from China Petrochemical Corp., also known as Sinopec Group. 

CPC said in a statement that the block, Block D, is in central Myanmar. Three out of six exploratory wells drilled there have already found gas potential, it said. 

The statement didn't say how much the transaction cost. 

CPC has been looking to secure more oil and gas sources outside Taiwan, as the island is highly dependent on imports to power its economy. As of the end of 2012, Taiwan was generating 30% of its electricity with natural gas, second only to coal generation. Taiwan imports almost all its natural-gas needs. 

CPC has in the past teamed up with Chinese partners such as Cnooc Ltd. in its pursuit of overseas energy sources in order to increase its chances of securing such assets.

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CPC to Buy 30% of Myanmar Gas Block

TAIPEI - CPC Corp., Taiwan's sole liquefied natural gas importer, said Thursday that it has agreed to acquire 30% of the rights to an onshore gas block in Myanmar from China Petrochemical Corp., also known as Sinopec Group. 

CPC said in a statement that the block, Block D, is in central Myanmar. Three out of six exploratory wells drilled there have already found gas potential, it said. 

The statement didn't say how much the transaction cost. 

CPC has been looking to secure more oil and gas sources outside Taiwan, as the island is highly dependent on imports to power its economy. As of the end of 2012, Taiwan was generating 30% of its electricity with natural gas, second only to coal generation. Taiwan imports almost all its natural-gas needs. 

CPC has in the past teamed up with Chinese partners such as Cnooc Ltd. in its pursuit of overseas energy sources in order to increase its chances of securing such assets.

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Enegi Completes Acquisition of 3D Seismic over Phoenix Block

UK junior Enegi Oil reported Friday that it has completed the acquisition of 95 square miles of 3D seismic data on the Phoenix block in the UK North Sea.

Enegi will now carry out in-house interpretation, subsurface analysis and reservoir modeling to determine the full range of recoverable reserves for the Phoenix discovery. The firm said that this will incorporate analysis currently being carried out by Azimuth Limited.

Azimuth will also look at the additional exploration potential of the block under a farm-in agreement announced in February, which may lead to further development activity.

Discovered by Royal Dutch Shell in 2004, the Phoenix oil discovery is a low-relief dip closed structure that lies on the Forties-Montrose High, between the Nelson field and the Montrose field in the central North Sea. A review of the Phoenix discovery by Enegi has led to a preliminary estimate of 15 million barrels of oil in place.

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Enegi Completes Acquisition of 3D Seismic over Phoenix Block

UK junior Enegi Oil reported Friday that it has completed the acquisition of 95 square miles of 3D seismic data on the Phoenix block in the UK North Sea.

Enegi will now carry out in-house interpretation, subsurface analysis and reservoir modeling to determine the full range of recoverable reserves for the Phoenix discovery. The firm said that this will incorporate analysis currently being carried out by Azimuth Limited.

Azimuth will also look at the additional exploration potential of the block under a farm-in agreement announced in February, which may lead to further development activity.

Discovered by Royal Dutch Shell in 2004, the Phoenix oil discovery is a low-relief dip closed structure that lies on the Forties-Montrose High, between the Nelson field and the Montrose field in the central North Sea. A review of the Phoenix discovery by Enegi has led to a preliminary estimate of 15 million barrels of oil in place.

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Report: Anadarko, Dhoot to Sell 20% of Mozambique Gas Block

U.S. oil-and-gas explorer Anadarko Petroleum Corp. and Indian billionaire Venugopal Dhoot will auction off 20% of a Mozambique gas field, Reuters news agency reported on its website Tuesday citing unnamed sources.

The sale could be worth $4.5 billion, the report said citing the sources who are familiar with the matter.

PetroChina and Exxon Mobil Corp. are among those expected to bid, the report said citing the sources. Royal Dutch Shell PLC is also looking, the report added.

First-round bids are due on March 14 after an information memorandum on the sale was sent to potential bidders in early February, the report quoted one of the sources saying.

Anadarko said last month it is looking to sell a 10 percent of the block--taking its stake to 26.5 percent.

Mr. Dhoot, who controls electronics conglomerate Videocon Group, wants about $2.5-$3 billion for 10%. Mr. Dhoot paid $75 million for his 10% Rovuma 1 stake in 2008.

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Report: Anadarko, Dhoot to Sell 20% of Mozambique Gas Block

U.S. oil-and-gas explorer Anadarko Petroleum Corp. and Indian billionaire Venugopal Dhoot will auction off 20% of a Mozambique gas field, Reuters news agency reported on its website Tuesday citing unnamed sources.

The sale could be worth $4.5 billion, the report said citing the sources who are familiar with the matter.

PetroChina and Exxon Mobil Corp. are among those expected to bid, the report said citing the sources. Royal Dutch Shell PLC is also looking, the report added.

First-round bids are due on March 14 after an information memorandum on the sale was sent to potential bidders in early February, the report quoted one of the sources saying.

Anadarko said last month it is looking to sell a 10 percent of the block--taking its stake to 26.5 percent.

Mr. Dhoot, who controls electronics conglomerate Videocon Group, wants about $2.5-$3 billion for 10%. Mr. Dhoot paid $75 million for his 10% Rovuma 1 stake in 2008.

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Enegi Oil Farms Out North Sea Block to Azimuth

Junior explorer Enegi Oil announced it has reached an agreement to farm out to Azimuth part of Block 3/23 in the UK North Sea. The block holds the Malvolio prospect, as well as a number of potential exploration opportunities.

Enegi said the deal will see Azimuth earn a 50-percent interest in the exploration area in exchange for the completion of an agreed work program that includes certain geological, geophysical and reservoir analysis that will use existing seismic and well data in respect of both the Malvolio area and the exploration area.

Enegi will retain a 100-percent working interest in the Malvolio area.

Enegi CEO commented in a statement:

"We are delighted to have reached agreement with the Azimuth team. We were only offered this Block just over three months ago and the fact that we are already moving ahead with our plans for it shows our desire to deliver and prove up the value that we believe is inherent not only in this asset, but also across our portfolio.

"We know the Azimuth team well and are delighted to be working with them on this project. They are a hugely experienced team backed by leading industry specialists with access to extensive resources, both in terms of data and people."

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Enegi Oil Farms Out North Sea Block to Azimuth

Junior explorer Enegi Oil announced it has reached an agreement to farm out to Azimuth part of Block 3/23 in the UK North Sea. The block holds the Malvolio prospect, as well as a number of potential exploration opportunities.

Enegi said the deal will see Azimuth earn a 50-percent interest in the exploration area in exchange for the completion of an agreed work program that includes certain geological, geophysical and reservoir analysis that will use existing seismic and well data in respect of both the Malvolio area and the exploration area.

Enegi will retain a 100-percent working interest in the Malvolio area.

Enegi CEO commented in a statement:

"We are delighted to have reached agreement with the Azimuth team. We were only offered this Block just over three months ago and the fact that we are already moving ahead with our plans for it shows our desire to deliver and prove up the value that we believe is inherent not only in this asset, but also across our portfolio.

"We know the Azimuth team well and are delighted to be working with them on this project. They are a hugely experienced team backed by leading industry specialists with access to extensive resources, both in terms of data and people."

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Statoil, Pertamina Relinquish Stakes in Deepwater Karama Block

Statoil Indonesia and Pertamina Hulu Energi have relinquished their stakes in the deepwater Karama block, sited offshore in the Makassar Strait, after evaluation works completed by both of the companies indicated that there are no hydrocarbon reserves in the block, temporary regulatory unit SKMigas said in a statement late Wednesday.

The exploration activities Statoil has undertaken under the agreement include the study of geology and geophysics, 3D seismic and the drilling of three wells.

"For six years, Statoil has made all the commitments and obligations of exploration activities specified in the contract agreement," SKMigas said in its disclosure. The entire exploration program in the work area is estimated to have cost at least $271 million.

Statoil, as operator, held a 51 percent stake in the block, while Pertamina Hulu Energi held the remaining 49 percent interest.

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

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