Lukoil Executive: Russia Unlikely to Sell Large Rosneft Stake Soon

MOSCOW - The Russian government is unlikely to sell a large stake in state-controlled oil giant OAO Rosneft in the near future and won't give up its dominant position in the energy sector, the deputy chief executive of Russia's biggest non-state oil producer, OAO Lukoil Holdings, said Thursday.

"The state will continue to dominate in the sectors of the economy where it can," Leonid Fedun told the Sberbank Russia Forum 2013.

He added that the current situation in the oil sector reminds him of the mid-1990s, when there were only two sizeable oil companies in Russia: a state-owned one and Lukoil.

The past decade has witnessed the forced bankruptcy of what was once the largest oil producer, OAO Yukos; the takeover of OAO Sibneft by state-owned natural-gas firm OAO Gazprom; and, last month, the acquisition of TNK-BP by Rosneft.

Mr. Fedun said the state will dominate the market until 2018-2019, when it may be faced with falling oil output and will start seeking to improve the management of the companies.

Russian Economy Minister Andrei Belousov said in April the state may reduce its stake in Rosneft by roughly 19% from 69.5% now. Rosneft Chief Executive Igor Sechin opposes the plan.

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

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Hickenlooper’s Misdeed #1 – the Anadarko-Noble Loophole

Governor John Hickenlooper complained about critics saying he is too close to the drilling industry in Colorado. “I am constantly attacked now for being in the pocket of oil and gas, or somehow subservient to their philosophy or their wish,” he said at a lecture last month.

The Governor shouldn’t be surprised about his well-earned reputation. He has shamelessly worked on behalf of oil and gas companies at the expense of the health and wellbeing of Colorado families.

Map of the Greater Wattenberg area where oil and gas companies are subject to less strict water quality testing rules

When Colorado approved new groundwater rules in January, critics called it the weakest program in the nation for granting a massive exemption in the Greater Wattenberg area of Northern Colorado. Known as the “Anadarko-Noble Loophole,” this exemption covered 25 percent of all active oil and gas wells in Colorado and a whopping two-thirds of all new drilling permits. In fact, Gov. Hickenlooper’s commission provided the weakest water testing standards and groundwater protections for people living in the most heavily populated part of the state where shale oil fracking and drilling is happening.

But, you don’t have to take our word for it that the Governor is the drilling industry’s best pal. In January, a lobbyist for Chesapeake Energy accidentally emailed a strategy memo that revealed their admiration of the Governor: “His relationship to the oil & gas industry is strong and he has been a national leader speaking out against the anti-fracturing forces that have invaded Colorado.”

Colorado families deserve a governor who puts their health and safety above his favorite drilling industry donors.

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Petronas Denies Signing Pact for Brazil Oil Rights

KUALA LUMPUR - Malaysia's state-run oil and gas company Petroliam Nasional Bhd., or Petronas, hasn't signed any pact with Brazil's OGX Petroleo e Gas Participacoes SA or any other company to purchase rights in a Brazilian oil block, Petronas said in a statement Wednesday. 

The company was responding to media reports that Petronas is in talks to acquire OGX's 40% interest in the Tubarao Martelo oil block in Brazil's Campos Basin. 

Petronas last year bought Canada's Progress Energy Resources Corp. in a 5.18 billion Canadian dollar ($5.1 billion) deal.

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

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Cobalt Reports Drill Stem Test Results for Well Offshore Angola

Cobalt International Energy, Inc. announced that its drill stem test of the lowest interval drilled in the Cameia #2 well in Block 21, offshore Angola, did not produce measurable hydrocarbons. The Cameia #2 drill stem test did however confirm the existence of a lower interval potentially capable of high flow rates across the basin. This interval had not previously been penetrated or tested in the Kwanza Basin.

The Cameia #2 well did confirm the presence of the same high quality hydrocarbon bearing mound reservoir that was penetrated by the original Cameia #1 discovery well.

"While I am disappointed this deep interval did not flow oil to the surface, I am encouraged by this interval's potential for significant flow rates across the basin. This information is important as we continue the evaluation of the Kwanza Basin Pre-salt's upside potential," noted James W. Farnsworth, Cobalt's chief exploration officer. "In addition, as we previously announced, Cameia #2 confirmed the extension of the same exceptional mound reservoir as seen in Cameia #1."

The results of this drill stem test have no bearing on the commerciality of the Cameia Mound Development Project and Cobalt is continuing to work with the Concessionaire to move this project to sanction.

The Diamond Offshore Ocean Confidence (UDW semisub) is now in the process of temporarily abandoning the Cameia #2 well. The wellbore will be used as part of the Cameia Mound Development Project, which is expected to be sanctioned in early 2014. Following this operation the Ocean Confidence will move to and commence drilling the Mavinga #1 Pre-salt exploratory well located adjacent to and north of the Cameia discovery.

Cobalt anticipates that the Pre-salt Lontra #1 exploratory well in Angola Block 20 will spud as planned in the second quarter of 2013. Lontra #1 will be drilled with the Petroserv SSV Catarina (UDW semisub), which is currently in Angola undergoing final acceptance testing.

In addition, the Ocean Rig Olympia (UDW drillship) has spud the Diaman #1 well, located on the Diaba block, offshore Gabon. Diaman #1, which is operated by Total Gabon, will be the first deepwater Pre-salt well drilled in Gabon.

Finally, drilling operations continue in the deepwater Gulf of Mexico on the Ardennes Prospect, located in the prolific Inboard Lower Tertiary play. Cobalt plans to spud three additional wells during 2013 in the West African Pre-salt and the Gulf of Mexico Inboard Lower Tertiary trends.

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Our weekly wrap on the top 5 energy stories for the week of June 24th

La Plata County Commissioners sent a letter to Colorado BLM Director Helen Hankins, urging that her office engage in better land use planning, before offering leases to oil and gas companies. They did so out of concern for the damage irresponsible oil and gas leasing could do to landowners, water resources, and Mesa Verde National Park. Drilling could exacerbate air pollution at Mesa Verde. This would harm tourism opportunities, and threats to water supplies could negatively affect landowners in the western part of the county.

A Denver Post review of Colorado Oil and Gas Conservation Commission data found that the Centennial State has been hit with 179 spills so far this year. And, despite what Gov. Hickenlooper likes to claim, a quarter of these spills have led to groundwater contamination. The State of Colorado is charged with holding oil and gas companies responsible for these spills and should levy appropriate fines. So it’s puzzling why Governor Hickenlooper recently gutted legislation that would have set mandatory minimum penalties and increased fines for the companies responsible for the spills.

The previous Congress was the first since the 1960s to protect no additional acres of public land. In an effort to not duplicate that distinction, Rep. Diana DeGette (D-Colo.) introduced legislation that designates three quarters of a million acres of backcountry land as wilderness in areas such as Browns Canyon, Dolores River Canyon, and the Flat Tops addition.

Park Rangers for Our Lands founder and former National Park Ranger Ellis Richard penned a guest blog for Huffington Post Green to talk about the briefing he delivered alongside NPCA’s Dr. James Nation, last week. A standing-room-only crowd listened and asked questions to learn about the threat that encroaching drilling and fracking operations pose to national parks, from a man who spent nearly 30 years protecting them.

Forbes took a look at the forces driving oil and gas drilling in America, and sure enough they’re economic in nature, not regulatory. As oil and gas executives and their allies in Congress continue to try and push more government handouts to billion-dollar companies, too much production could put oil right where natural gas is – in the red.

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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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Max Petroleum Reaches TD at Zhana Makat Well

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announced that the ZMA-A24 development well in the Zhana Makat Field has successfully reached a total depth of 2,858 feet (871 meters), encountering hydrocarbons in Jurassic sandstone reservoirs in line with expectations.

The Company plans to complete the well and then place it on production as soon as practicable. The Zhanros ZJ-20 rig will now move to drill the ZMA-E5 development well in the Zhana Makat Field.

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