SOCO Boosts FPSO Capacity Offshore Vietnam

Independent oil firm SOCO International announced Thursday that the first phase of a test of an FPSO (floating production, storage and offloading) facility, offshore Vietnam, to see if it can handle volumes above 55,000 barrels of oil per day has been successfully completed.

The first phase of the multi-stage capacity test on the FPSO unit at the Te Giac Trang field successfully processed sustained production at more than 60,000 bopd. This, said SOCO, confirmed its expectations, based on pre-test simulations, that only minor modifications to the low-pressure separator system would be required.

The modifications will now be made ahead of the next phase of the testing program, when production volumes of more than 60,000 bopd will be processed.

SOCO CEO Ed Story commented in a statement:

"The results of the first phase of the FPSO capacity test fully support our belief that with only minor modifications the FPSO should comfortably be able to handle volumes of around 70,000 bopd. This gives us considerable confidence that the TGT Field production levels can be maintained at a rate of circa 55,000 bopd."   

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Antrim Farms out License to Kosmos

Canada's Antrim Energy announced Thursday lunchtime (UK time) that it has farmed out 75-percent of Licensing Option 11/05 in the Porcupine Basin, offshore Ireland, to independent oil firm Kosmos Energy.

In return for its 75-percent stake, Kosmos will carry the full costs of a planned 3D seismic program within the license area and reimburse Antrim a portion of its exploration costs incurred on the blocks to date.

The license lies adjacent to the Skellig Block, which contains the Dunquin North and South prospects that have been estimated by license partners Providence Resources and Sosina Exploration to potentially contain recoverable hydrocarbons in excess of 1.7 billion barrels of oil equivalent.

Kosmos is the oil company that discovered the Jubilee field offshore Ghana, which currently produces around 110,000 barrels of oil per day. Thursday saw the firm involved in another deal offshore Ireland, when it agreed to farm into 85 percent of two licenses held by Europa Oil & Gas, also in the Porcupine Basin.

Antrim CEO Stephen Greer commented in a company statement:

"Antrim is very pleased to have attracted a partner to this licence, and especially a proven player in the discovery and development of the world class deep sea Cretaceous West African oil fields."

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GE O&G to Host Careers Event this Weekend

GE Oil & Gas' Subsea Systems will host a careers showcase event at its Nailsea subsea controls business in Bristol, UK, this Saturday. The event comes as the company is looking to fill 100 new positions and is expanding its UK subsea production facilities to meet strong demand for offshore oil and gas equipment.

The showcase event is part of a major recruitment drive that GE is currently embarked on. In late January Rod Christie, CEO of GE Oil & Gas' Subsea Systems business, told Rigzone that he plans to recruit more than 2,000 people within the next three years.

GE said Saturday's event is aimed at filling 60 new positions at its Nailsea Centre of Excellence for Subsea Controls, while the firm has 40 additional jobs at its new Bristol subsea equipment hub in the nearby Aztec West business park.

Disciplines that GE is recruiting for include engineering, electrical, software, systems, project management and planning, along with supporting roles in the company's quality and commercial contract professional teams.

The invitation-only event this Saturday will see GE receive an expected 50-plus applicants who will tour the Nailsea site. Also, the firm said GE hiring managers will be on hand to answer questions and interview potential candidates.

"There is an abundance of talent of manufacturing and engineering people in Bristol and with the lack of oil and gas competition in the local area, we are finding that there are many industries with people who have transferrable skills, which we consider to be a strong fit in the subsea industry," Dean Arnison, subsea controls business leader at GE Oil & Gas, said in a statement.

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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Drilling Begins at WellStar's North Dakota Wells

WellStar Energy Corp. announced that the first well has been drilled and the second well has been spud on its anticipated primary non-operated joint venture (JV) in Dunn County, North Dakota. The Company expects to have a 40 percent working interest in each of the wells upon completion of the acquisition from a private Colorado corporation (the "Vendor") of certain non-operated oil and gas properties consisting of approximately 18,271 gross (7,273 net) contiguous acres located in North Dakota (the "Assets") which will constitute a "fundamental acquisition" (the "Acquisition") for the Company under the policies of the TSX Venture Exchange (the "TSXV").

In addition, two wells have recently been drilled and completed in the Bakken formation on the Company's anticipated secondary joint venture lands, which are contiguous to the primary joint venture but have a different operating partner. The wells are currently producing from two drilling units in which the Company has a potential 12.497 and a 5.208 percent working interest. The Vendor, through consultation with the Company, participated in the FREDERICKS USA 43-26H well (the Fredericks Well). Upon closing of the Acquisition, the Company expects to have a 5.208 percent working interest in the Fredericks Well. The second well, GARY BELL USA 23-36H ("Gary Bell Well") was successfully drilled and completed. The Vendor, through consultation with the Company, went non-consent on the Gary Bell Well. The Company expects to have a 12.497 percent working interest in the Gary Bell Well upon closing of the Acquisition after a three hundred percent penalty is paid from production revenue. Both wells have been put on confidential well status.

WellStar reported it entered into a purchase and sale agreement, as amended with the Vendor in connection with the proposed Acquisition. The Company and the Vendor have entered into a second amending agreement dated April 3 whereby the parties have agreed, among other things, to extend the termination date of the Purchase Agreement from April 16 to May 15. In addition, pursuant to the terms of the Amending Agreement, the purchase price for the Assets has been increased to $51,600,000 from $51,550,000.

Closing of the Acquisition is subject to, among other things, the Company securing satisfactory financing and obtaining approval of the TSXV, including review of a title opinion with respect to the Assets. There can be no assurance that the Acquisition will be completed as proposed or at all. As such, trading in the Company's shares remains highly speculative.

WellStar President Andrew H. Rees commented, "Management is extremely pleased that drilling has commenced on its anticipated primary JV and with the success of the two wells recently completed on its potential secondary JV as they mark the first wells drilled on the leases subsequent to the effective date of the Acquisition (being November 1, 2012 in the event that the Acquisition is completed). The Company has potential exposure to 17 gross (5.21 net) wells that have either been recently drilled or are currently scheduled to be drilled. These consist of 3 gross (0.58 net) wells drilled in 2013, 1 gross (0.4 net) well that is currently in progress and 13 gross (4.23 net) additional wells currently scheduled to be drilled; 10 of which are expected to be drilled on the primary JV and 3 of which are expected to be drilled on the secondary JV."

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Senate Energy Committee Approves Obama Energy Secretary Pick

WASHINGTON - President Barack Obama's pick for Energy Department secretary won a near-unanimous endorsement from the Senate Energy Committee Thursday, paving the way for his expected confirmation by the full Senate.

The committee voted in favor of Ernest Moniz, a nuclear physicist from the Massachusetts Institute of Technology, who sailed through a confirmation hearing earlier this month.

The only senator voting against the nomination was Tim Scott, Republican of South Carolina, who had pressed Mr. Moniz during that earlier hearing about the department's decision to re-evaluate a nuclear fuel processing program in South Carolina.

Copyright (c) 2013 Dow Jones & Company, Inc.

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SOCO Boosts FPSO Capacity Offshore Vietnam

Independent oil firm SOCO International announced Thursday that the first phase of a test of an FPSO (floating production, storage and offloading) facility, offshore Vietnam, to see if it can handle volumes above 55,000 barrels of oil per day has been successfully completed.

The first phase of the multi-stage capacity test on the FPSO unit at the Te Giac Trang field successfully processed sustained production at more than 60,000 bopd. This, said SOCO, confirmed its expectations, based on pre-test simulations, that only minor modifications to the low-pressure separator system would be required.

The modifications will now be made ahead of the next phase of the testing program, when production volumes of more than 60,000 bopd will be processed.

SOCO CEO Ed Story commented in a statement:

"The results of the first phase of the FPSO capacity test fully support our belief that with only minor modifications the FPSO should comfortably be able to handle volumes of around 70,000 bopd. This gives us considerable confidence that the TGT Field production levels can be maintained at a rate of circa 55,000 bopd."   

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Anadarko Finds New Gas in Mozambique's Rovuma Basin

Super independent Anadarko Petroleum Corporation reported Thursday that it has discovered a new natural gas accumulation within Offshore Area 1 of the Rovuma Basin, offshore Mozambique. The Orca-1 discovery well encountered approximately 190 net feet of natural gas pay in a Paleocene fan system.

Meanwhile, Anadarko also reported that it found non-commercial oil shows in reservoir-quality sands at its Kubwa well in the L-07 Block, offshore Kenya.

"Discovering another large, distinct and separate natural gas accumulation in the Offshore Area 1 continues our outstanding exploration success offshore Mozambique," Anadarko Senior Vice President for Worldwide Exploration Bob Daniels said in a statement.

"We are designing an initial two-well appraisal program to define the areal extent of the Orca field, which will commence immediately after drilling our Linguado and Espadarte exploration wells. Orca is a single large Paleocene column, and its proximity to shore provides additional options and flexibility for potential future development."

Anadarko is the operator of Offshore Area 1 with a 36.5-percent working interest.

On the oil shows discovery at the Kubwa well, Daniels said the firm was very encouraged and that mud log and well-site evaluation of core data indicates the presence of working petroleum system.

"The Kubwa well tested multiple play concepts and provided useful data regarding the prospectivity of our six-million-acre position offshore Kenya. The rig will now mobilize south to drill the Kiboko well," Daniels added.

Anadarko also operates the L-07 Block and has a 50-percent working interest in it.

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