Cal Dive Makes a Big Splash with Pemex Contract

Pemex Exploracion y Produccion (PEMEX) awarded Cal Dive International, Inc. two additional contracts totaling $188 million on top of a previously awarded contract in March.

In March, Cal Dive received a contracted to engineer, procure, install and commission 7 miles (12 kilometers) of 8-inch subsea pipeline and associated tie-ins on four existing platforms located in the Abkatun-Pol-Chuc field in the Bay of Campeche.  

The newly-minted contract is for the procurement, installation and commissioning of a 29 mile-long pipeline of 20-inch diameter and associated tie-ins to an existing platform. Offshore work construction on this portion of the contract will commence in the third quarter using two of the company's vessels and a third-party unit.

The second contract is for the procurement, installation and commissioning of 6 miles (9 kilometers) of two medium diameter subsea pipelines and associated tie-ins to existing platforms. Offshore construction for this contract is expected to commence in the fourth quarter of 2013 and should be completed by the end of the second quarter 2014.

"With the $63 million Pemex contract we announced in March, total contract awards with Pemex this year currently stand at $250 million," stated Cal Dive's Chairman, President and Chief Executive Office Quinn Hebert, in a released statement. "These awards increase our total Company backlog to over $400 million, our highest level in five years. We believe these awards demonstrate Pemex's confidence in Cal Dive as a reliable contractor. These recent contract awards not only secure work for the second half of 2013, but also provide significant visibility for the first half of 2014 when our domestic business is historically slow due to the winter work season. Also, we continue to bid for additional work in Mexico that would mostly benefit our 2014 results."

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.

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Petrobras: Transport Helicopter Makes Emergency Sea Landing

RIO DE JANEIRO - Brazilian state-run energy giant Petroleo Brasileiro SA on Wednesday said a cargo helicopter operated by Lider Taxi Aereo made an emergency landing at sea after taking off from a production platform off the coast of Brazil.

The three crew members of the Bell 412 helicopter were safe aboard the P-7 platform in Brazil's Campos Basin, where more than 85% of the country's crude oil is produced, Petrobras said. The helicopter, meanwhile, remains floating on the sea surface.

The "controlled" landing took place after the helicopter lifted off from the FPSO Cidade de Rio de Janeiro floating production, storage and offloading vessel, or FPSO, Petrobras said. The helicopter had been on its way to the P-7 platform, which produces oil from the Bicudo field, before the emergency landing, the company added.

Petrobras said it was investigating the cause of the accident, which has been reported to local regulators, the Navy and Air Force.

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

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Petrobras: Transport Helicopter Makes Emergency Sea Landing

RIO DE JANEIRO - Brazilian state-run energy giant Petroleo Brasileiro SA on Wednesday said a cargo helicopter operated by Lider Taxi Aereo made an emergency landing at sea after taking off from a production platform off the coast of Brazil.

The three crew members of the Bell 412 helicopter were safe aboard the P-7 platform in Brazil's Campos Basin, where more than 85% of the country's crude oil is produced, Petrobras said. The helicopter, meanwhile, remains floating on the sea surface.

The "controlled" landing took place after the helicopter lifted off from the FPSO Cidade de Rio de Janeiro floating production, storage and offloading vessel, or FPSO, Petrobras said. The helicopter had been on its way to the P-7 platform, which produces oil from the Bicudo field, before the emergency landing, the company added.

Petrobras said it was investigating the cause of the accident, which has been reported to local regulators, the Navy and Air Force.

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

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Total Makes Final Investment Decision on Moho Nord Project

Total reported Friday it has made a final investment decision (FID) for the Moho Nord development in the Moho Bolindo license offshore Republic of Congo.

First oil is expected in 2015 from the $10 billion Moho Nord development, which will consist of the Moho-Bilondo Phase 1bis and Moho Nord project. Oil output from the development is expected to reach 140,000 barrels of oil equivalent per day (boepd) in 2017. The FID follows on the Moho Bilondo Phase 1E project, which came on stream in 2008. Total also announced engineering, procurement and construction awards for the project.

The Moho Nord project will target additional reserves in the southern portion of the Phase 1bis license and new reserves in the northern part of the license. Total estimates the additional reserves at approximately 485 million barrels of oil equivalent.

First oil is expected to be achieved from the Phase 1 bis project in 2015 and first oil from the Moho Nord project in 2016, partner Chevron Corp. reported Friday.

As part of the Phase 1bis development, Total will tie back 11 subsea wells in the Miocene to the existing floating production unit (FPU) on location at the field. The FPU's processing capacity will be increased by 40,000 boepd.

Total will also drill 17 subsea wells targeting Miocene reservoirs for the Moho Nord development. These wells will be tied back to a new FPU. Seventeen more subsea wells targeting Albian reservoirs will be developed from a newbuild tension leg platform. The new production will be processed on the FPU, which will have 100,000 boepd capacity, before being exported via a new 50-mile pipeline to the onshore Djeno terminal.

The company has taken measures to limit the project's environmental impact, including the elimination of flaring under normal operating conditions and reinjecting all produced water. Total will also promote the use of local content in the project by encouraging development of the regional industrial base.

Moho Nord is located approximately 46 miles (75 kilometers) from Pointe-Noire and 15.5 miles (25 kilometers) west of N'Kossa in 1,476 feet to 3,937 feet (450 meters to 1,200 meters) of water.

Total’s subsidiary Total E&P Congo is operator of the Moho Bilondo license with a 53.5-percent interest. Partners include state-owned Societe Nationale des Petroles du Congo with 15 percent and Chevron Overseas Congo with 31.5 percent.

Total E&P Congo operates 10 of the 22 fields developed in the Republic of Congo, accounting for almost 60 percent of the national's oil output. Total's net equity production averaged 113,000 boepd last year.

Most of Total's oil production comes from the deepwater Moho-Bolindo license and the Nkossa oil field. The company also produced 30 million cubic feet per day of natural gas in 2011, which came from associated gas from its oil fields, according to a January 2013 analysis from the U.S. Energy Information Administration.

Congo's oil production rebounded from 2008 to 2010 thanks to new projects coming online, mainly from Congo's first deepwater oil field, Moho-Bilondo.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

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Total Makes Final Investment Decision on Moho Nord Project

Total reported Friday it has made a final investment decision (FID) for the Moho Nord development in the Moho Bolindo license offshore Republic of Congo.

First oil is expected in 2015 from the $10 billion Moho Nord development, which will consist of the Moho-Bilondo Phase 1bis and Moho Nord project. Oil output from the development is expected to reach 140,000 barrels of oil equivalent per day (boepd) in 2017. The FID follows on the Moho Bilondo Phase 1E project, which came on stream in 2008. Total also announced engineering, procurement and construction awards for the project.

The Moho Nord project will target additional reserves in the southern portion of the Phase 1bis license and new reserves in the northern part of the license. Total estimates the additional reserves at approximately 485 million barrels of oil equivalent.

First oil is expected to be achieved from the Phase 1 bis project in 2015 and first oil from the Moho Nord project in 2016, partner Chevron Corp. reported Friday.

As part of the Phase 1bis development, Total will tie back 11 subsea wells in the Miocene to the existing floating production unit (FPU) on location at the field. The FPU's processing capacity will be increased by 40,000 boepd.

Total will also drill 17 subsea wells targeting Miocene reservoirs for the Moho Nord development. These wells will be tied back to a new FPU. Seventeen more subsea wells targeting Albian reservoirs will be developed from a newbuild tension leg platform. The new production will be processed on the FPU, which will have 100,000 boepd capacity, before being exported via a new 50-mile pipeline to the onshore Djeno terminal.

The company has taken measures to limit the project's environmental impact, including the elimination of flaring under normal operating conditions and reinjecting all produced water. Total will also promote the use of local content in the project by encouraging development of the regional industrial base.

Moho Nord is located approximately 46 miles (75 kilometers) from Pointe-Noire and 15.5 miles (25 kilometers) west of N'Kossa in 1,476 feet to 3,937 feet (450 meters to 1,200 meters) of water.

Total’s subsidiary Total E&P Congo is operator of the Moho Bilondo license with a 53.5-percent interest. Partners include state-owned Societe Nationale des Petroles du Congo with 15 percent and Chevron Overseas Congo with 31.5 percent.

Total E&P Congo operates 10 of the 22 fields developed in the Republic of Congo, accounting for almost 60 percent of the national's oil output. Total's net equity production averaged 113,000 boepd last year.

Most of Total's oil production comes from the deepwater Moho-Bolindo license and the Nkossa oil field. The company also produced 30 million cubic feet per day of natural gas in 2011, which came from associated gas from its oil fields, according to a January 2013 analysis from the U.S. Energy Information Administration.

Congo's oil production rebounded from 2008 to 2010 thanks to new projects coming online, mainly from Congo's first deepwater oil field, Moho-Bilondo.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

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Total Makes Final Investment Decision on Moho Nord Project

Total reported Friday it has made a final investment decision (FID) for the Moho Nord development in the Moho Bolindo license offshore Republic of Congo.

First oil is expected in 2015 from the $10 billion Moho Nord development, which will consist of the Moho-Bilondo Phase 1bis and Moho Nord project. Oil output from the development is expected to reach 140,000 barrels of oil equivalent per day (boepd) in 2017. The FID follows on the Moho Bilondo Phase 1E project, which came on stream in 2008. Total also announced engineering, procurement and construction awards for the project.

The Moho Nord project will target additional reserves in the southern portion of the Phase 1bis license and new reserves in the northern part of the license. Total estimates the additional reserves at approximately 485 million barrels of oil equivalent.

First oil is expected to be achieved from the Phase 1 bis project in 2015 and first oil from the Moho Nord project in 2016, partner Chevron Corp. reported Friday.

As part of the Phase 1bis development, Total will tie back 11 subsea wells in the Miocene to the existing floating production unit (FPU) on location at the field. The FPU's processing capacity will be increased by 40,000 boepd.

Total will also drill 17 subsea wells targeting Miocene reservoirs for the Moho Nord development. These wells will be tied back to a new FPU. Seventeen more subsea wells targeting Albian reservoirs will be developed from a newbuild tension leg platform. The new production will be processed on the FPU, which will have 100,000 boepd capacity, before being exported via a new 50-mile pipeline to the onshore Djeno terminal.

The company has taken measures to limit the project's environmental impact, including the elimination of flaring under normal operating conditions and reinjecting all produced water. Total will also promote the use of local content in the project by encouraging development of the regional industrial base.

Moho Nord is located approximately 46 miles (75 kilometers) from Pointe-Noire and 15.5 miles (25 kilometers) west of N'Kossa in 1,476 feet to 3,937 feet (450 meters to 1,200 meters) of water.

Total’s subsidiary Total E&P Congo is operator of the Moho Bilondo license with a 53.5-percent interest. Partners include state-owned Societe Nationale des Petroles du Congo with 15 percent and Chevron Overseas Congo with 31.5 percent.

Total E&P Congo operates 10 of the 22 fields developed in the Republic of Congo, accounting for almost 60 percent of the national's oil output. Total's net equity production averaged 113,000 boepd last year.

Most of Total's oil production comes from the deepwater Moho-Bolindo license and the Nkossa oil field. The company also produced 30 million cubic feet per day of natural gas in 2011, which came from associated gas from its oil fields, according to a January 2013 analysis from the U.S. Energy Information Administration.

Congo's oil production rebounded from 2008 to 2010 thanks to new projects coming online, mainly from Congo's first deepwater oil field, Moho-Bilondo.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

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Ecopetrol Makes Oil at Pastinaca Well

Ecopetrol S.A. reported that it has proven the presence of heavy crude oil at Pastinaca 1, an exploratory well located within the municipality of Puerto Lopez, Meta Province.

The well is part of the CPO-10 Exploration and Production Agreement of December 18, 2008 between Ecopetrol and the National Hydrocarbons Agency.

Initial tests carried out on the Pastinaca 1 well using an electro-submersible artificial lift, yielded an average crude oil production of 202 barrels of oil per day of 11.7 degrees API (heavy crude) and a water cut of 80 percent. Accumulated production to date is more than 1,448 barrels of oil.

The Pastinaca 1 well is the first hydrocarbons discovery in a well 100-percent owned by Ecopetrol since the beginning of 2013. The Company plans to continue its exploratory activities on block CPO-10 in the months to come.

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Qatar Makes First New Gas Find in Over 40 Years

DUBAI - Qatar has discovered an offshore gas field containing 2.5 trillion cubic feet of natural gas, its first such discovery since 1971, energy minister Mohammed bin Saleh al-Sada was quoted as saying Sunday.

The discovery was made at the 4-North offshore block near the large North Field, by a consortium that includes Wintershall AG of Germany and Mitsui Gas Development Qatar, the Qatar News Agency quotes Mr. Sada as saying.

Qatar, a member of the Organization of the Petroleum Exporting Countries, holds the world's largest natural gas reserves and is the single-largest supplier of liquefied natural gas.

The Gulf state has proven natural gas reserves of about 890 trillion cubic feet--about 13% of total world natural gas reserves--most of which is located in its offshore North Field, the world's largest non-associated gas field.

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

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Ithaca Makes Takeover Offer for Valiant Petroleum

North Sea-focused Ithaca Energy has made a $309 million offer for Valiant Petroleum that it expects will result in the establishment of a leading mid-sized oil and gas operator in the region.

Ithaca is focused on production, appraisal and development activities in the North Sea, while Valiant has what Ithaca's management describes as "a balanced portfolio" of assets with a primary focus on the UK and Norway.

Ithaca expects that the acquisition will see a more than doubling of its current forecast for 2013 production to between 14,000 and 16,000 barrels of oil equivalent per day (boepd), increasing to approximately 27,000 boepd in 2015. It would also see Ithaca's 2P reserves double to 74 million boe.

Ithaca reported that the Valiant board of directors, which is advised by Morgan Stanley, considers the terms of the acquisition to be fair and reasonable.

Ithaca Chairman Jack Lee commented in a statement:

"This proposed acquisition represents a significant step forward in the execution of Ithaca's strategy to build a highly profitable 25kboe/d North Sea oil and gas company. The combined assets of the two groups have a strong strategic fit, with the acquisition materially increasing and broadening Ithaca's producing asset base and reserves portfolio."

Valiant Chairman Kevin Lyon added:

"We are pleased to announce Ithaca's recommended offer to our shareholders… The combination with Ithaca will create a leading North Sea oil and gas operator with a diverse production and reserves asset base from which to pursue new and exciting growth opportunities."

In a separate announcement Friday Valiant said that drilling on the Timon prospect in the northern UK sector of the North Sea, on blocks 211/11b and 211/16b, has finished and the well will be plugged and abandoned after Jurassic sands there were found to be poorly developed. Valiant has a 10-percent share in the P1633 license on which Timon is located. 

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Ithaca Makes Takeover Offer for Valiant Petroleum

North Sea-focused Ithaca Energy has made a $309 million offer for Valiant Petroleum that it expects will result in the establishment of a leading mid-sized oil and gas operator in the region.

Ithaca is focused on production, appraisal and development activities in the North Sea, while Valiant has what Ithaca's management describes as "a balanced portfolio" of assets with a primary focus on the UK and Norway.

Ithaca expects that the acquisition will see a more than doubling of its current forecast for 2013 production to between 14,000 and 16,000 barrels of oil equivalent per day (boepd), increasing to approximately 27,000 boepd in 2015. It would also see Ithaca's 2P reserves double to 74 million boe.

Ithaca reported that the Valiant board of directors, which is advised by Morgan Stanley, considers the terms of the acquisition to be fair and reasonable.

Ithaca Chairman Jack Lee commented in a statement:

"This proposed acquisition represents a significant step forward in the execution of Ithaca's strategy to build a highly profitable 25kboe/d North Sea oil and gas company. The combined assets of the two groups have a strong strategic fit, with the acquisition materially increasing and broadening Ithaca's producing asset base and reserves portfolio."

Valiant Chairman Kevin Lyon added:

"We are pleased to announce Ithaca's recommended offer to our shareholders… The combination with Ithaca will create a leading North Sea oil and gas operator with a diverse production and reserves asset base from which to pursue new and exciting growth opportunities."

In a separate announcement Friday Valiant said that drilling on the Timon prospect in the northern UK sector of the North Sea, on blocks 211/11b and 211/16b, has finished and the well will be plugged and abandoned after Jurassic sands there were found to be poorly developed. Valiant has a 10-percent share in the P1633 license on which Timon is located. 

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Europa Makes Steady Progress

Europa Oil & Gas reported Tuesday that its UK production for the first six months of its financial year was in line with management expectations at an average volume of 177 barrels of oil equivalent per day (boepd) .

Europa currently has three producing assets onshore in the East Midlands region of the UK. It has a 100-percent working interest in the West Firsby and Crosby Warren fields as well as a 65-percent working interest in the Whisby 4 well. During the period workovers were successfully completed on two West Firsby wells, and both wells are now back on production, said the firm.

Europa added that the company is on target to deliver its full-year average production target of 180 boepd.

Europa CEO Hugh Mackay commented in a statement:

"I am highly encouraged by the continuing good performance of our producing UK assets which has generated revenues of GBP 2.2 million ($3.4 million) in the first half of this year. The back to back workovers on the two West Firsby wells were potentially disruptive and I commend our operations team for their efforts, dedication and professionalism in completing the work efficiently."

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Europa Makes Steady Progress

Europa Oil & Gas reported Tuesday that its UK production for the first six months of its financial year was in line with management expectations at an average volume of 177 barrels of oil equivalent per day (boepd) .

Europa currently has three producing assets onshore in the East Midlands region of the UK. It has a 100-percent working interest in the West Firsby and Crosby Warren fields as well as a 65-percent working interest in the Whisby 4 well. During the period workovers were successfully completed on two West Firsby wells, and both wells are now back on production, said the firm.

Europa added that the company is on target to deliver its full-year average production target of 180 boepd.

Europa CEO Hugh Mackay commented in a statement:

"I am highly encouraged by the continuing good performance of our producing UK assets which has generated revenues of GBP 2.2 million ($3.4 million) in the first half of this year. The back to back workovers on the two West Firsby wells were potentially disruptive and I commend our operations team for their efforts, dedication and professionalism in completing the work efficiently."

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Fossil Oil Makes Discoveries in Texas Counties

Fossil Oil Company, LLC announced its newest gas/condensate discoveries by first drilling the deep, 3D seismic-based Cook Mountain well in Liberty Co., TX, and a second oil/gas discovery by drilling a dual-stacked, horizontal well into the Buda and Georgetown formations in Brazos Co., TX.

The Bandit #1 Well is a deep 15,000 feet Cook Mountain (Yegua Sand) formation that tested on a conservative 7/64th choke flowing 140 Barrels of Oil and 1.3 Million Cubic Feet of Gas. Opening the choke to a 10/64th, testers measured the gas volume over 2 Million Cubic Feet of Gas a day and the oil to nearly 300 Barrels of Condensate per day. The flowing tubing pressure remained stable at 8,500 psi throughout the 48 hour test. A pipeline is being built and the tank battery installed currently.

The Gary Bryant #1H Well is a 9,200-feet vertical well with 3,500-foot laterals in the Buda formation and in the Georgetown formation. This well was flowing gas and oil throughout the drilling of each of the stacked laterals. A pipeline is currently being installed to the interstate sale line along with the production facility.

"What a sight to behold," said Fossil Oil's President Dennis R. Kittler during the initial flaring of the gas while cleaning up during the well testing.

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ENI Makes Oil Discovery in Egypt's Western Desert

Italy's ENI announced Wednesday that it has made a new oil discovery at its Rosa North 1X well located in the Meleiha Concession in the Western Desert of Egypt.

Part of ENI's strategy to refocus exploration activities in the country by targeting deeper oil plays in the Western Desert, the well encountered a total oil pay of around 250 feet in multiple good-quality sandstones of the Bahariya, Alam El Bueib, Khatatba and Ras Qattara reservoirs. Oil flowed from these reservoirs at between 43 and 48 API at "very good rates", said the company.

ENI said it plans to develop the discovery by drilling at least two more wells in 2013. Production for each well is estimated at 2,000 barrels of oil per day.

Production at the Rosa North Field is expected to reach 5,000 bopd during the first 12 months, and will be delivered to the nearby processing facilities of the Meleiha field.

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Petronas Makes $2.8B Buyout Offer to LNG Shipper MISC

State-backed Petronas has made a $2.8 billion (MYR8.8 billion) offer to buy out other shareholders in liquefied natural gas (LNG) shipping unit MISC and delist it, both companies confirmed in disclosures released late Thursday.

Petronas, which owns 62.7 percent of MISC, made an offer for the remaining shares at $1.71 (MYR5.30), according to a statement posted by MISC. This works out to a 19 percent premium to MISC's closing price of $1.43 (MYR1.13)

Commenting on its decision to acquire MISC, Petronas said in a statement: "The prevailing industry backdrop and uncertain global economy have made efforts to sustain and transform the business of MISC challenging. The offer represents a significant step by Petronas to take MISC private and obtain full control of the company which will provide Petronas with greater flexibility in deciding MISC’s strategic direction."

Petronas reaffirmed MISC that it has no plans to dismiss or make redundant the employees of MISC as a direct result of the offer.
MISC in the shipping arm of Petronas; the former is involved in LNG transportation and operations and has in its fleet two LNG vessels which are converted into floating storage units (FSUs).

With MISC's capabilities in LNG transportation, the business appears to be a good fit for Petronas, given the oil giant’s long-term focus on developing its LNG operations.

Malaysia's Prime Minister Najib Razak said in a public address in September last year that he aims to establish the country as Asia's LNG trading hub by 2020 with the establishment of a $1.3 billion LNG terminal in the Pengerang Integrated Petroleum Complex. In late November last year, Petronas confirmed a massive discovery of two major gas reserves, totaling over 4 trillion cubic feet, offshore Sarawak.

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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Petronas Makes $2.8B Buyout Offer to LNG Shipper MISC

State-backed Petronas has made a $2.8 billion (MYR8.8 billion) offer to buy out other shareholders in liquefied natural gas (LNG) shipping unit MISC and delist it, both companies confirmed in disclosures released late Thursday.

Petronas, which owns 62.7 percent of MISC, made an offer for the remaining shares at $1.71 (MYR5.30), according to a statement posted by MISC. This works out to a 19 percent premium to MISC's closing price of $1.43 (MYR1.13)

Commenting on its decision to acquire MISC, Petronas said in a statement: "The prevailing industry backdrop and uncertain global economy have made efforts to sustain and transform the business of MISC challenging. The offer represents a significant step by Petronas to take MISC private and obtain full control of the company which will provide Petronas with greater flexibility in deciding MISC’s strategic direction."

Petronas reaffirmed MISC that it has no plans to dismiss or make redundant the employees of MISC as a direct result of the offer.
MISC in the shipping arm of Petronas; the former is involved in LNG transportation and operations and has in its fleet two LNG vessels which are converted into floating storage units (FSUs).

With MISC's capabilities in LNG transportation, the business appears to be a good fit for Petronas, given the oil giant’s long-term focus on developing its LNG operations.

Malaysia's Prime Minister Najib Razak said in a public address in September last year that he aims to establish the country as Asia's LNG trading hub by 2020 with the establishment of a $1.3 billion LNG terminal in the Pengerang Integrated Petroleum Complex. In late November last year, Petronas confirmed a massive discovery of two major gas reserves, totaling over 4 trillion cubic feet, offshore Sarawak.

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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View the original article here

Petronas Makes $2.8B Buyout Offer to LNG Shipper MISC

State-backed Petronas has made a $2.8 billion (MYR8.8 billion) offer to buy out other shareholders in liquefied natural gas (LNG) shipping unit MISC and delist it, both companies confirmed in disclosures released late Thursday.

Petronas, which owns 62.7 percent of MISC, made an offer for the remaining shares at $1.71 (MYR5.30), according to a statement posted by MISC. This works out to a 19 percent premium to MISC's closing price of $1.43 (MYR1.13)

Commenting on its decision to acquire MISC, Petronas said in a statement: "The prevailing industry backdrop and uncertain global economy have made efforts to sustain and transform the business of MISC challenging. The offer represents a significant step by Petronas to take MISC private and obtain full control of the company which will provide Petronas with greater flexibility in deciding MISC’s strategic direction."

Petronas reaffirmed MISC that it has no plans to dismiss or make redundant the employees of MISC as a direct result of the offer.
MISC in the shipping arm of Petronas; the former is involved in LNG transportation and operations and has in its fleet two LNG vessels which are converted into floating storage units (FSUs).

With MISC's capabilities in LNG transportation, the business appears to be a good fit for Petronas, given the oil giant’s long-term focus on developing its LNG operations.

Malaysia's Prime Minister Najib Razak said in a public address in September last year that he aims to establish the country as Asia's LNG trading hub by 2020 with the establishment of a $1.3 billion LNG terminal in the Pengerang Integrated Petroleum Complex. In late November last year, Petronas confirmed a massive discovery of two major gas reserves, totaling over 4 trillion cubic feet, offshore Sarawak.

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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Rodriguez Well Makes 'Significant' Gas Condensate Discovery

Faroe Petroleum and the Norwegian Petroleum Directorate reported Thursday that it a significant gas condensate discovery has been confirmed at the secondary target of the Rodriguez exploration well in the Norwegian Sea. Faroe reported that the operator's preliminary volumetric estimates of the size of the discovery are between 19 and 126 million barrels of recoverable oil equivalent.

The 6407/1-6S exploration well, which is on the PL475 license operated by Wintershall Norge, was drilled around 2.5 miles northeast of the Tyrihans field and about five miles southeast of the 6406/3-8 oil/gas discovery, the NPD said.

Faroe said that the 6407/1-6S well is the first exploration well to be drilled on the Rodriguez license and that further appraisal will be required to establish the lateral extent and size of the discovery.

"We are very pleased to announce this gas condensate discovery on the secondary target of this Norwegian Sea exploration well. This significant discovery gives the partnership a good indication of further upside potential on the rest of the licence block with at least two further matured and partially de-risked prospects and we look forward to its further appraisal," Faroe Petroleum Chief Executive Graham Stewart commented in a company statement.

"We have an active 2013 exploration drilling programme which includes several high impact exploration wells including Darwin (Barents Sea), Novus (Norwegian Sea) and two Butch wells (Norwegian North Sea)."

The well was drilled by the Transocean Arctic (mid-water semisub) rig, which the NPD said will now proceed to production license 418 in the northern part of the North Sea to drill appraisal well 35/9-8.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@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.
For More Information on the Offshore Rig Fleet:
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UTEC Makes Management Appointments in Scotland, Italy

Offshore survey company UTEC announced Wednesday that it has made two new management appointments in Scotland and Italy.

UTEC has appointed Jamie Laing and Andrew Stenson as general managers of its Aberdeen and Naples office respectively. Laing, who has worked for UTEC since early 2009, joined the oil and gas industry in 1988 and has extensive experience of the offshore survey sector.

Stenson has 25 years' experience in land, marine and transition zone surveys – and has worked in Europe, Africa, South America, Canada, the Middle East and the Far East.

UTEC said the appointments represent a significant step forward in its growth plans.

"Our focus on the growth of the business during 2012 created the requirement for this new role in Aberdeen and Jamie’s broad ranging personal skills meant he was the right man for the job," UTEC Managing Director Kevin McBarron said.

"In Naples, the culmination of the year's expansion plans led to the promotion of Carlo Pinto in the role of regional sales manager, so we are delighted that Andrew has accepted the general manager's position to further strengthen the team in Italy." 

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.

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Defense Man: Former Nebraska Sen. Chuck Hagel, a (moderate) Republican, is reportedly at the top of President Obama’s list to become the next secretary of defense. According to Bloomberg News, Hagel’s nomination could come as early as this month. (Read more)

Oops, Republicans Did It Again: The controversial Koch brothers-backed right-to-work legislation that Michigan Republicans recently passed? As it turns out, the law might be “impossible to implement” as it’s written because it violates the state’s constitution—just as the anti-union legislation Republicans passed in Wisconsin violated that state’s constitution. As PoliticusUSA put it: “Oopsie.” (Read more)

Higher Answers: Sen. Patrick Leahy, D-Vt., chairman of the Senate Judiciary Committee, wants to know how the White House plans to handle its drug enforcement efforts in Washington and Colorado now that both states have legalized the recreational use of marijuana. In a letter to the administration’s director of the Office of National Drug Control Policy, Leahy wrote: “What assurance can and will the administration give to state officials involved in the licensing of marijuana retailers that they will not face Federal criminal penalties for carrying out duties assigned to them under state law?” The Senate Judiciary Committee is expected to take up the issue on how the federal government should proceed in the two states early next year. (Read more)

Can You Still Hear Me Now?: Those really annoying commercials where it seems like the volume has been jacked up and/or people are screaming at you to buy things you don’t need have finally been banned by the Federal Communications Commission. The new FCC rule, which was implemented Thursday, “will require commercials to have the same average volume as the programs they accompany.” (Read more)

Haley Is Not Impressed: South Carolina Gov. Nikki Haley wants to assure voters in her state that when it comes to appointing a replacement for outgoing Sen. Jim DeMint, she’s done her due diligence. To that end, Haley released “opposition research” on the candidate voters in the state would like to be their next U.S. senator: Stephen Colbert. Some of the dirt against the Comedy Central host includes these delectable tidbits: “Stephen Colbert Claimed He Would ‘Stumble Around Columbia, the Capital, Like, Pantless With a Bottle of Jack Daniels and Try to Get Arrested’ ”; “Colbert Claimed He Changed His Name, Since Leaving South Carolina, ‘to Get Cultural Elites on My Side’ ”; and “In 2007, Colbert Did Not Know the South Carolina State Amphibian, the Spotted Salamander.” (Read more)

Video of the Day: Anti-tax advocate Grover Norquist is exceedingly confident that Republicans won’t agree to any fiscal cliff deal that includes a tax raise. Norquist, who has vowed to stymie the Obama administration’s agenda, is so sure his anti-tax crusade will succeed that he’s making crazy predictions, such as the president will start an unnecessary war just for fun. Here’s what he told C-SPAN’s Washington Journal: “Obama will be on a very short leash, fiscally speaking, over the next four years. He’s not gonna have any fun at all. He may decide to go blow up small countries he can’t pronounce because it won’t be any fun to be here, because he won’t be able to spend the kind of cash he was hoping to.”

—Posted by Tracy Bloom.

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