Exxon Finds 2nd Oil Field at Indonesia Cepu Block
Monday, April 25, 2011
Dow Jones Newswires
by Andreas Ismar
ExxonMobil's Indonesian unit said it has discovered a second oil field at the Cepu Block it operates in East Java Province.
"Its similarity to the other Cepu fields provides confirmation of our exploration strategy on the block, and its proximity to Banyu Urip provides a good opportunity to advance development of this new oil discovery," Mobil Cepu Ltd. President Terry McPhail said.
The well is located about 14 kilometers from Banyu Urip, the first oil field found on the Cepu block in 2001.
The company will analyze data from the newly found Kedung Keris-1 field to evaluate the resource potential of the reservoir.
Mobil Cepu and Ampolex (Cepu) Pte. Ltd., both subsidiaries of Exxon Mobil, have a combined 45% stake in the block, while Pertamina EP Cepu owns 45% and the Cepu Block Cooperation Body, or BKS, holds the remaining 10%.
Monday, April 25, 2011
Lukoil to Begin Work with Rosneft in Caspian, Black Seas
Lukoil to Begin Work with Rosneft in Caspian, Black Seas
Monday, April 25, 2011
Dow Jones Newswires
by Jacob Gronholt-Pedersen
Russia's biggest private oil producer Lukoil and state oil champion Rosneft plan to begin joint exploration in the Black and Caspian Seas under a new long-term cooperation agreement, Lukoil Chief Executive Vagit Alekperov said Saturday, according to the government's website.
The two companies announced a deal to merge forces in offshore exploration last week.
"It's a step forward that today allows us to take on very complex projects, both technological and capital-intensive," Alekperov told Prime Minister Vladimir Putin during a meeting.
Alekperov said Lukoil and Rosneft are likely to begin their joint work on projects in the Caspian and Black Seas, and may also merge two projects in the Timan Pechora region, where Lukoil already has oil export infrastructure in place.
The agreement also envisions joint development of offshore fields in the Azov Sea and in Arctic waters, Alekperov said.
Alekperov didn't say when work would begin, but said the deal with Rosneftby Sept. 1.
Monday, April 25, 2011
Dow Jones Newswires
by Jacob Gronholt-Pedersen
Russia's biggest private oil producer Lukoil and state oil champion Rosneft plan to begin joint exploration in the Black and Caspian Seas under a new long-term cooperation agreement, Lukoil Chief Executive Vagit Alekperov said Saturday, according to the government's website.
The two companies announced a deal to merge forces in offshore exploration last week.
"It's a step forward that today allows us to take on very complex projects, both technological and capital-intensive," Alekperov told Prime Minister Vladimir Putin during a meeting.
Alekperov said Lukoil and Rosneft are likely to begin their joint work on projects in the Caspian and Black Seas, and may also merge two projects in the Timan Pechora region, where Lukoil already has oil export infrastructure in place.
Black Sea
The agreement also envisions joint development of offshore fields in the Azov Sea and in Arctic waters, Alekperov said.
Alekperov didn't say when work would begin, but said the deal with Rosneftby Sept. 1.
FMC Technologies Scores Gig for Hibernia Southern Extension Proj.
FMC Technologies Scores Gig for Hibernia Southern Extension Proj.
Monday, April 25, 2011
FMC Technologies Inc.
FMC Technologies has signed an agreement with Hibernia Management and Development Company Ltd. (HMDC) to manufacture and supply subsea systems for the Hibernia Southern Extension Project.
The Hibernia Southern Extension Project is an expansion of the Hibernia field, located on the Grand Banks, approximately 200 miles (315 kilometers) southeast of St. John's, Newfoundland and Labrador. FMC's scope of supply includes provision for up to six subsea injection trees and wellheads, one manifold and associated control systems. All equipment will be manufactured at FMC's St. John's and Houston operations. Deliveries will commence in the second quarter of 2013.
"Hibernia Southern Extension is a significant offshore project," said John Gremp, President and Chief Executive Officer of FMC Technologies. "We look forward to supporting ExxonMobil Canada and its co-venturers' efforts and to expanding our technologies in Canada's offshore fields."
Monday, April 25, 2011
FMC Technologies Inc.
FMC Technologies has signed an agreement with Hibernia Management and Development Company Ltd. (HMDC) to manufacture and supply subsea systems for the Hibernia Southern Extension Project.
The Hibernia Southern Extension Project is an expansion of the Hibernia field, located on the Grand Banks, approximately 200 miles (315 kilometers) southeast of St. John's, Newfoundland and Labrador. FMC's scope of supply includes provision for up to six subsea injection trees and wellheads, one manifold and associated control systems. All equipment will be manufactured at FMC's St. John's and Houston operations. Deliveries will commence in the second quarter of 2013.
Hibernia Field
"Hibernia Southern Extension is a significant offshore project," said John Gremp, President and Chief Executive Officer of FMC Technologies. "We look forward to supporting ExxonMobil Canada and its co-venturers' efforts and to expanding our technologies in Canada's offshore fields."
General Dynamics unit awarded U.S. Army contract worth up to $2.5B
General Dynamics unit awarded U.S. Army contract worth up to $2.5B
Apr 25, 2011
General Dynamics Information Technology, a business unit of General Dynamics (GD), has been selected by the U.S. Army Forces Command as an awardee for the Operations, Planning, Training and Resource Support Services II contract. The five-year, indefinite delivery, indefinite quantity, multiple-award contract has a total potential value of $2.5B if all options are exercised. Work performed under the OPTARSS II contract can include planning, training, operations, mobilization and deployment, airfield operations, transformation, modeling and simulation, flight operations and force protection.
Apr 25, 2011
General Dynamics Information Technology, a business unit of General Dynamics (GD), has been selected by the U.S. Army Forces Command as an awardee for the Operations, Planning, Training and Resource Support Services II contract. The five-year, indefinite delivery, indefinite quantity, multiple-award contract has a total potential value of $2.5B if all options are exercised. Work performed under the OPTARSS II contract can include planning, training, operations, mobilization and deployment, airfield operations, transformation, modeling and simulation, flight operations and force protection.
Mart Notes Initial Test Results for Nigeria Well
Mart Notes Initial Test Results for Nigeria Well
Monday, April 25, 2011
Mart Resources Inc.
Mart Resources and its co-venturers, Midwestern O&G (Operator of the Umusadege field) and SunTrust Oil, reported encouraging initial test results from the first zone tested on the UMU-7 well located in the Umusadege field, onshore Nigeria.
The first test on the UMU-7 well was conducted on the XII sand, a 17 foot oil zone, which flowed at a stabilized rate of 2,459 barrels oil per day ("bopd") of 36 API gravity oil through 2 7/8 inch tubing on a 40/64 inch choke at a flowing tubing pressure of 180 psi. Basic sediment and water (BS&W) was 15% with gas/oil ratio of approximately 21 standard cubic feet per barrel.
Testing of the XIV sand is currently underway, with tests on the X and XVI to follow. Further updates will be provided on these sands once initial testing has been completed.
The UMU-7 well has been completed using a dual-tubing string configuration with the XVI and XIV sands completed in the 3 1⁄2 inch tubing string and the XII and X sands completed in the 2 7⁄8 inch tubing string. As a result of the completion technology used, the four zones that have been completed can be opened and closed at any time.
Monday, April 25, 2011
Mart Resources Inc.
Mart Resources and its co-venturers, Midwestern O&G (Operator of the Umusadege field) and SunTrust Oil, reported encouraging initial test results from the first zone tested on the UMU-7 well located in the Umusadege field, onshore Nigeria.
The first test on the UMU-7 well was conducted on the XII sand, a 17 foot oil zone, which flowed at a stabilized rate of 2,459 barrels oil per day ("bopd") of 36 API gravity oil through 2 7/8 inch tubing on a 40/64 inch choke at a flowing tubing pressure of 180 psi. Basic sediment and water (BS&W) was 15% with gas/oil ratio of approximately 21 standard cubic feet per barrel.
Testing of the XIV sand is currently underway, with tests on the X and XVI to follow. Further updates will be provided on these sands once initial testing has been completed.
The UMU-7 well has been completed using a dual-tubing string configuration with the XVI and XIV sands completed in the 3 1⁄2 inch tubing string and the XII and X sands completed in the 2 7⁄8 inch tubing string. As a result of the completion technology used, the four zones that have been completed can be opened and closed at any time.
China North East Petroleum Wraps Up Shengyuan Acquisition
China North East Petroleum Wraps Up Shengyuan Acquisition
Monday, April 25, 2011
China North East Petroleum Holdings Ltd.
China North East Petroleum has completed its acquisition of Sunite Right Banner Shengyuan Oil and Gas Technology Development Co., Ltd. ("Shengyuan"). As a result of the Acquisition, Shengyuan is now a wholly-owned subsidiary of Songyuan. Pursuant to a 25 year lease signed in 2010, Shengyuan has exclusive oilfield exploration and drilling rights to the Durimu oilfield in Inner Mongolia.
As is common among all private, independently-owned and operated oil companies in China, NEP does not directly own its oil fields in China and is only allowed to obtain exploration and drilling rights from qualified state-owned-enterprises ("SOE's"). The Durimu oilfield belongs to Yanchang Petroleum Group ("Yanchang"), the fourth largest SOE for oil and gas exploration in China. Yanchang has assigned management over oil exploration and production activities in the Durimu oilfield to Sunite Right Banner Jianyuan Mining Co. Ltd. ("Jianyuan"), a local SOE. In turn, Jianyuan has entered into an agreement with Shengyuan, granting Shengyuan exclusive oilfield exploration and drilling rights in the Durimu oilfield (the "Lease"). Yanchang has qualified Shengyuan to operate in the Durimu oilfield subject to the supervision of Jianyuan. The Company will benefit from the 24 years remaining under the Lease and Shengyuan has the first right of refusal to renew the Lease at the end of its term.
Ralph E. Davis, an independent worldwide petroleum consultant based in Houston, Texas, conducted a proven reserve study of the portion of the Durimu oilfield subject to the Lease in accordance with generally accepted petroleum engineering and evaluation principles and in conformity with SEC definitions and guidelines. The Ralph E. Davis study was based on the performance of the three existing exploration wells. The Ralph E. Davis study estimated total proven reserves ("total P1") in the Durimu oilfield at 1.54MM Barrels and the PV10 at approximately $46.4MM. The PV10 includes the estimated future gross revenue to be generated from the production of the proven reserves, net of estimated production and development costs, and with an annual discount rate of 10%. The PV10 also excludes the 25% royalty to the SOE.
According to a geological study conducted by PetroChina's North Center Branch Exploration and Development Research Institute, the Durimu oilfield has geological reserves of 77.5MM tons (approximately 573.5MM barrels), and a recoverable reserve of approximately 19.38MM tons (approximately 143.4MM barrels). PRC geologists have also suggested that the optimal number of wells that can be drilled in the Durimu oilfield is in excess of 2,000.
Pursuant to the terms of the Share Transfer Agreement and the Share Issuance Agreement, the final acquisition price is approximately $43.4 million payable in cash and shares of the Company's common stock. No later than May 16th ("or within the next 15 business days"), the Company's subsidiary Songyuan Yu Qiao Oil and Gas Development Co., Ltd. will pay the former Shengyuan shareholders RMB70 million (approximately US$10.6 million) in cash. In addition, the Company will issue to Bellini 5.8 million shares of the Company's restricted Common Stock (the "Acquisition Shares"), which carries a value of $32.8 million based on the 30 day trading average from December 6, 2010-January 7, 2011. The cash portion of the purchase price will be paid utilizing cash on hand. In addition, Bellini has entered into a lock-up agreement pursuant to which Bellini is prohibited from disposing of any Acquisition Shares for a period of six months after the closing date of the Acquisition and is prohibited from disposing of 50% of the Acquisition Shares for a period of 12 months after the closing date of the Acquisition.
Mr. Jingfu Li, CEO of China North East Petroleum commented, "This acquisition will allow NEP to expand its operations and secure additional oil reserves that can provide better overall returns on our investment. The Durimu oilfield is nearly three times larger than the four oilfields we currently lease in PetroChina's Jilin oilfield with much larger oil extraction and drilling opportunities. We have the knowledge and experience to scale production in the Durimu oilfield aggressively in the coming years and further establish NEP as a major independent, regional oil producing and oilfield services company in China."
Additional Acquisition Details
According to the terms of the Lease, Shengyuan is entitled to 75% of all production revenue while 25% is allocated to Yanchang. Shengyuan will only be subject to income tax on its 75% portion of the oil production revenue. All oil produced by Shengyuan is required to be sold to refineries/buyers already qualified by Yanchang.
Over time, the Company intends to shift the focus of its oil production segment from its four fields within the Jilin oilfield to the Durimu oilfield. The Company has already issued requests for bids from qualified independent geological consulting firms in China for the preparation of the survey plan and seismic test program for the Durimu oilfield. The Company expects to complete the bidding process and select the winning firm by the end of the second quarter, and to begin seismic testing by the beginning of July. After seismic testing begins, the Company expects the initial survey results to be completed within 30 working days. The Company's in-house engineering team will then work with the geological consulting firm to develop a preliminary production plan. The Company expects initial test drilling to commence by the end of the third quarter.
The Company currently plans to utilize two or three drilling rigs that belong to its subsidiary Song Yuan Tiancheng Drilling Engineering Co., Ltd. ("Tiancheng") to conduct the initial test drilling. The Company intends to charge Shengyuan for such drilling services at market rates. This initial stage is expected to last approximately 12-18 months, and during such period, any oil produced will be sold to qualified buyers which will generate revenue and cash flow to support the Durimu oilfield exploration program. After this initial stage is complete, the Company intends to begin drilling in Durimu with an expected overall increase in production, which will in turn generate greater revenues and more stable cash flows. The Company believes its activities in the Durimu oilfield will not affect current production levels and operating cash flow from the Company's four existing Jilin oilfields.
Monday, April 25, 2011
China North East Petroleum Holdings Ltd.
China North East Petroleum has completed its acquisition of Sunite Right Banner Shengyuan Oil and Gas Technology Development Co., Ltd. ("Shengyuan"). As a result of the Acquisition, Shengyuan is now a wholly-owned subsidiary of Songyuan. Pursuant to a 25 year lease signed in 2010, Shengyuan has exclusive oilfield exploration and drilling rights to the Durimu oilfield in Inner Mongolia.
As is common among all private, independently-owned and operated oil companies in China, NEP does not directly own its oil fields in China and is only allowed to obtain exploration and drilling rights from qualified state-owned-enterprises ("SOE's"). The Durimu oilfield belongs to Yanchang Petroleum Group ("Yanchang"), the fourth largest SOE for oil and gas exploration in China. Yanchang has assigned management over oil exploration and production activities in the Durimu oilfield to Sunite Right Banner Jianyuan Mining Co. Ltd. ("Jianyuan"), a local SOE. In turn, Jianyuan has entered into an agreement with Shengyuan, granting Shengyuan exclusive oilfield exploration and drilling rights in the Durimu oilfield (the "Lease"). Yanchang has qualified Shengyuan to operate in the Durimu oilfield subject to the supervision of Jianyuan. The Company will benefit from the 24 years remaining under the Lease and Shengyuan has the first right of refusal to renew the Lease at the end of its term.
Ralph E. Davis, an independent worldwide petroleum consultant based in Houston, Texas, conducted a proven reserve study of the portion of the Durimu oilfield subject to the Lease in accordance with generally accepted petroleum engineering and evaluation principles and in conformity with SEC definitions and guidelines. The Ralph E. Davis study was based on the performance of the three existing exploration wells. The Ralph E. Davis study estimated total proven reserves ("total P1") in the Durimu oilfield at 1.54MM Barrels and the PV10 at approximately $46.4MM. The PV10 includes the estimated future gross revenue to be generated from the production of the proven reserves, net of estimated production and development costs, and with an annual discount rate of 10%. The PV10 also excludes the 25% royalty to the SOE.
According to a geological study conducted by PetroChina's North Center Branch Exploration and Development Research Institute, the Durimu oilfield has geological reserves of 77.5MM tons (approximately 573.5MM barrels), and a recoverable reserve of approximately 19.38MM tons (approximately 143.4MM barrels). PRC geologists have also suggested that the optimal number of wells that can be drilled in the Durimu oilfield is in excess of 2,000.
Pursuant to the terms of the Share Transfer Agreement and the Share Issuance Agreement, the final acquisition price is approximately $43.4 million payable in cash and shares of the Company's common stock. No later than May 16th ("or within the next 15 business days"), the Company's subsidiary Songyuan Yu Qiao Oil and Gas Development Co., Ltd. will pay the former Shengyuan shareholders RMB70 million (approximately US$10.6 million) in cash. In addition, the Company will issue to Bellini 5.8 million shares of the Company's restricted Common Stock (the "Acquisition Shares"), which carries a value of $32.8 million based on the 30 day trading average from December 6, 2010-January 7, 2011. The cash portion of the purchase price will be paid utilizing cash on hand. In addition, Bellini has entered into a lock-up agreement pursuant to which Bellini is prohibited from disposing of any Acquisition Shares for a period of six months after the closing date of the Acquisition and is prohibited from disposing of 50% of the Acquisition Shares for a period of 12 months after the closing date of the Acquisition.
Mr. Jingfu Li, CEO of China North East Petroleum commented, "This acquisition will allow NEP to expand its operations and secure additional oil reserves that can provide better overall returns on our investment. The Durimu oilfield is nearly three times larger than the four oilfields we currently lease in PetroChina's Jilin oilfield with much larger oil extraction and drilling opportunities. We have the knowledge and experience to scale production in the Durimu oilfield aggressively in the coming years and further establish NEP as a major independent, regional oil producing and oilfield services company in China."
Additional Acquisition Details
According to the terms of the Lease, Shengyuan is entitled to 75% of all production revenue while 25% is allocated to Yanchang. Shengyuan will only be subject to income tax on its 75% portion of the oil production revenue. All oil produced by Shengyuan is required to be sold to refineries/buyers already qualified by Yanchang.
Over time, the Company intends to shift the focus of its oil production segment from its four fields within the Jilin oilfield to the Durimu oilfield. The Company has already issued requests for bids from qualified independent geological consulting firms in China for the preparation of the survey plan and seismic test program for the Durimu oilfield. The Company expects to complete the bidding process and select the winning firm by the end of the second quarter, and to begin seismic testing by the beginning of July. After seismic testing begins, the Company expects the initial survey results to be completed within 30 working days. The Company's in-house engineering team will then work with the geological consulting firm to develop a preliminary production plan. The Company expects initial test drilling to commence by the end of the third quarter.
The Company currently plans to utilize two or three drilling rigs that belong to its subsidiary Song Yuan Tiancheng Drilling Engineering Co., Ltd. ("Tiancheng") to conduct the initial test drilling. The Company intends to charge Shengyuan for such drilling services at market rates. This initial stage is expected to last approximately 12-18 months, and during such period, any oil produced will be sold to qualified buyers which will generate revenue and cash flow to support the Durimu oilfield exploration program. After this initial stage is complete, the Company intends to begin drilling in Durimu with an expected overall increase in production, which will in turn generate greater revenues and more stable cash flows. The Company believes its activities in the Durimu oilfield will not affect current production levels and operating cash flow from the Company's four existing Jilin oilfields.
FPSO PSVM Set to Sail for BP Block Offshore Angola
FPSO PSVM Set to Sail for BP Block Offshore Angola
Monday, April 25, 2011
Sembcorp Marine
FPSO PSVM, one of the world's largest Floating Production Storage and Offloading vessels successfully converted by Sembcorp Marine's subsidiary Jurong Shipyard for contractor MODEC, is well-poised for its maiden assignment offshore Angola for owners BP Exploration (Angola) Limited and Block 31 partners.
Equipped with one of the biggest external turrets ever constructed in the oil industry and topside modules of over 20,000 tonnes, the FPSO PSVM is destined for the Plutão, Saturno, Vênus and Marte (PSVM) Development in Block 31 offshore Angola, the first ultra-deepwater development in West Africa. Designed for up to 20 years of deployment without drydocking, FPSO PSVM will be installed in water depth of 2,000m and is capable of processing 157,000 barrels of oil per day and 245 million cubic feet per day of production gas with a storage capacity of 1.8 million barrels of oil.
To commemorate the conversion success, FPSO PSVM was named by Lady Sponsor Mrs Ana Maria Martins, the wife of Eng. Gaspar Martins, Executive Director of Sonangol E.P, in a ceremony at Jurong Shipyard on Saturday, April 16, 2010 witnessed by key representatives and stakeholders.
Converted from a Very Large Crude Carrier (VLCC) tanker Ex-Bourgogne, FPSO PSVM is the 19th conversion and upgrading by Jurong Shipyard for MODEC since the FPSO Nan Hai Sheng Li in 1995, and is a testament to the yard's offshore conversion expertise.
The conversion of FPSO PSVM involved installation of an external turret mooring system and process facilities, which include gas turbine generators, oil separation, gas injection/gas lift and water injection system.
High standards of quality, technical excellence as well as Health, Safety, Security and Environment were achieved by Jurong Shipyard, MODEC and BP for the project, which attained a commendable safety performance of 8.1 million manhours without lost-time incidents.
Monday, April 25, 2011
Sembcorp Marine
FPSO PSVM, one of the world's largest Floating Production Storage and Offloading vessels successfully converted by Sembcorp Marine's subsidiary Jurong Shipyard for contractor MODEC, is well-poised for its maiden assignment offshore Angola for owners BP Exploration (Angola) Limited and Block 31 partners.
Equipped with one of the biggest external turrets ever constructed in the oil industry and topside modules of over 20,000 tonnes, the FPSO PSVM is destined for the Plutão, Saturno, Vênus and Marte (PSVM) Development in Block 31 offshore Angola, the first ultra-deepwater development in West Africa. Designed for up to 20 years of deployment without drydocking, FPSO PSVM will be installed in water depth of 2,000m and is capable of processing 157,000 barrels of oil per day and 245 million cubic feet per day of production gas with a storage capacity of 1.8 million barrels of oil.
To commemorate the conversion success, FPSO PSVM was named by Lady Sponsor Mrs Ana Maria Martins, the wife of Eng. Gaspar Martins, Executive Director of Sonangol E.P, in a ceremony at Jurong Shipyard on Saturday, April 16, 2010 witnessed by key representatives and stakeholders.
Converted from a Very Large Crude Carrier (VLCC) tanker Ex-Bourgogne, FPSO PSVM is the 19th conversion and upgrading by Jurong Shipyard for MODEC since the FPSO Nan Hai Sheng Li in 1995, and is a testament to the yard's offshore conversion expertise.
The conversion of FPSO PSVM involved installation of an external turret mooring system and process facilities, which include gas turbine generators, oil separation, gas injection/gas lift and water injection system.
High standards of quality, technical excellence as well as Health, Safety, Security and Environment were achieved by Jurong Shipyard, MODEC and BP for the project, which attained a commendable safety performance of 8.1 million manhours without lost-time incidents.
Inpex to Open New Overseas Office
Inpex to Open New Overseas Office
Monday, April 25, 2011
Inpex Corp.
Inpex announced that it will open its newest overseas office in Rio de Janeiro, Brazil.
In Brazil, INPEX is participating and operating in the Frade oil field development project, which began production in 2009, and also in the Block BM-C-31 and the Block BM-ES-23 as exploration projects. INPEX will further expand its exploration, development and production activities in Brazil.
MSE Sets Up Shop in Aberdeen
MSE Sets Up Shop in Aberdeen
Monday, April 25, 2011
MSE Ltd.
MSE has opened an Aberdeen office, complementing its headquarters in Leatherhead, Surrey.
The move follows rocketing demand for the firm's specialist skills and software tools, applied to extend the life and productivity of mature oil fields.
Dr. Sib Akhtar, an internationally respected figure for his expertise in the application of turbo-machinery for oil and gas production facilities, founded MSE in 1988 and operates as both Chairman and Technical Director.
Akhtar said, "I am delighted to announce MSE's direct presence in Aberdeen and subsequently the appointment of Derek Penny as Head of Strategic Business Development – both of which will be integral to our future growth.
"With many of our current clients based in Aberdeen this was naturally the next step for MSE."
MSE has spent more than 20 years building a unique database, profiling gas compressor systems by all major manufacturers. This has provided the company with an unrivaled knowledge of how to maximize oil and gas production and extend asset life through optimizing compressor performance and processing systems.
Experience of many projects has shown that compressor redesign and optimization remains the most cost effective way to extend field life and increase production capability; whether by integration of satellite fields or by lowering separator or well head pressures.
Derek Penny has 22 years' experience in the oil and gas industry having served in senior management positions with Shell, Tyco and ABB. He said, "I am very much looking forward to working alongside such a strong, specialist team, equipped to build on MSE's excellent reputation within the oil and gas industry."
MSE's expertise comes from delivering more than 350 projects across the globe. Its team of 30 experienced engineers and consultants work closely with clients who include Talisman, BG Group, BP, Marathon and Hess.
Akhtar added, "What differentiates us from others is our ability to see a project through from concept to its implementation - we test an operating plant and identify improvement using advanced software tools and simulation techniques, resulting in substantial added value.
"We then assist the operating company with the design and implementation of the proposed changes. Our experience of many similar projects helps to identify potential risks and risk mitigation strategies."
Monday, April 25, 2011
MSE Ltd.
MSE has opened an Aberdeen office, complementing its headquarters in Leatherhead, Surrey.
The move follows rocketing demand for the firm's specialist skills and software tools, applied to extend the life and productivity of mature oil fields.
Dr. Sib Akhtar, an internationally respected figure for his expertise in the application of turbo-machinery for oil and gas production facilities, founded MSE in 1988 and operates as both Chairman and Technical Director.
Akhtar said, "I am delighted to announce MSE's direct presence in Aberdeen and subsequently the appointment of Derek Penny as Head of Strategic Business Development – both of which will be integral to our future growth.
"With many of our current clients based in Aberdeen this was naturally the next step for MSE."
MSE has spent more than 20 years building a unique database, profiling gas compressor systems by all major manufacturers. This has provided the company with an unrivaled knowledge of how to maximize oil and gas production and extend asset life through optimizing compressor performance and processing systems.
Experience of many projects has shown that compressor redesign and optimization remains the most cost effective way to extend field life and increase production capability; whether by integration of satellite fields or by lowering separator or well head pressures.
Derek Penny has 22 years' experience in the oil and gas industry having served in senior management positions with Shell, Tyco and ABB. He said, "I am very much looking forward to working alongside such a strong, specialist team, equipped to build on MSE's excellent reputation within the oil and gas industry."
MSE's expertise comes from delivering more than 350 projects across the globe. Its team of 30 experienced engineers and consultants work closely with clients who include Talisman, BG Group, BP, Marathon and Hess.
Akhtar added, "What differentiates us from others is our ability to see a project through from concept to its implementation - we test an operating plant and identify improvement using advanced software tools and simulation techniques, resulting in substantial added value.
"We then assist the operating company with the design and implementation of the proposed changes. Our experience of many similar projects helps to identify potential risks and risk mitigation strategies."
Bonanza Creek Welcomes New Board Members
Bonanza Creek Welcomes New Board Members
Monday, April 25, 2011
Bonanza Creek Energy Inc.
Bonanza Creek announced the appointment of Jim Casperson, Marvin Chronister, and Kevin Neveu to the Company's Board of Directors. Messrs. Casperson, Chronister, and Neveu are Bonanza Creek's first independent directors. In addition to the three new independent directors, Bonanza Creek's seven person board also includes Chairman of the Board Richard Carty of West Face Capital, Inc., Todd Overbergen of D.E. Shaw & Co., Michael R. Starzer, President and Chief Executive Officer, and Gary A. Grove, Executive Vice President – Engineering and Planning.
Mr. Casperson has over 30 years of experience in the oil and gas industry and finance and accounting in the public and private sectors. Mr. Casperson is currently a private consultant to the energy industry. Mr. Casperson holds a BBA in accounting from Texas Tech University. Mr. Casperson has been appointed as Chairman of both the Audit Committee and the Reserve Committee.
Mr. Chronister has over 30 years experience in the oil and gas industry. Mr. Chronister is currently an independent investor, energy finance and operations consultant for Enfield Companies and on the Board of Sonde Resources Corp. Mr. Chronister holds a Bachelor of Business Administration degree from Stephen F. Austin State University. Mr. Chronister has been appointed as Chairman of the Environmental Safety & Regulatory Compliance Committee and will serve on the Audit Committee.
Mr. Neveu has over 25 years of experience in the oil and gas industry. Currently, Mr. Neveu serves as a director, President and Chief Executive Officer of Precision Drilling Corporation. Mr. Neveu holds a Bachelor of Science degree and is a graduate of the Faculty of Engineering at the University of Alberta. Mr. Neveu is a Professional Engineer, as designated by the Association of Professional Engineers, Geologists and Geophysicists of Alberta and has attended the Advanced Management Program at the Harvard Business School. Mr. Neveu serves on the boards of RigNet Inc., the Heart and Stroke Foundation of Alberta, and the International Association of Drilling Contractors. Mr. Neveu has been appointed to serve on the Compensation Committee and the Environmental Safety and Regulatory Compliance Committee.
"The addition of these three independent directors is an important step in developing our board," said Bonanza Creek's President and Chief Executive Officer, Mike Starzer. "Jim's and Marvin's breadth and depth of knowledge and experience in accounting and finance will be a great asset to Bonanza Creek. Kevin's wide range of experience in the energy sector in management and operations will be leveraged strategically and operationally. I welcome them all to our team." Richard Carty, Chairman of the Company's board said "Bonanza Creek's new directors will be able to work with the Company's executive team and other directors to manage the Company's continued growth and drilling programs. We are very excited to utilize the resources they bring to the board and look forward to their impact on Bonanza Creek's continued growth."
Monday, April 25, 2011
Bonanza Creek Energy Inc.
Bonanza Creek announced the appointment of Jim Casperson, Marvin Chronister, and Kevin Neveu to the Company's Board of Directors. Messrs. Casperson, Chronister, and Neveu are Bonanza Creek's first independent directors. In addition to the three new independent directors, Bonanza Creek's seven person board also includes Chairman of the Board Richard Carty of West Face Capital, Inc., Todd Overbergen of D.E. Shaw & Co., Michael R. Starzer, President and Chief Executive Officer, and Gary A. Grove, Executive Vice President – Engineering and Planning.
Mr. Casperson has over 30 years of experience in the oil and gas industry and finance and accounting in the public and private sectors. Mr. Casperson is currently a private consultant to the energy industry. Mr. Casperson holds a BBA in accounting from Texas Tech University. Mr. Casperson has been appointed as Chairman of both the Audit Committee and the Reserve Committee.
Mr. Chronister has over 30 years experience in the oil and gas industry. Mr. Chronister is currently an independent investor, energy finance and operations consultant for Enfield Companies and on the Board of Sonde Resources Corp. Mr. Chronister holds a Bachelor of Business Administration degree from Stephen F. Austin State University. Mr. Chronister has been appointed as Chairman of the Environmental Safety & Regulatory Compliance Committee and will serve on the Audit Committee.
Mr. Neveu has over 25 years of experience in the oil and gas industry. Currently, Mr. Neveu serves as a director, President and Chief Executive Officer of Precision Drilling Corporation. Mr. Neveu holds a Bachelor of Science degree and is a graduate of the Faculty of Engineering at the University of Alberta. Mr. Neveu is a Professional Engineer, as designated by the Association of Professional Engineers, Geologists and Geophysicists of Alberta and has attended the Advanced Management Program at the Harvard Business School. Mr. Neveu serves on the boards of RigNet Inc., the Heart and Stroke Foundation of Alberta, and the International Association of Drilling Contractors. Mr. Neveu has been appointed to serve on the Compensation Committee and the Environmental Safety and Regulatory Compliance Committee.
"The addition of these three independent directors is an important step in developing our board," said Bonanza Creek's President and Chief Executive Officer, Mike Starzer. "Jim's and Marvin's breadth and depth of knowledge and experience in accounting and finance will be a great asset to Bonanza Creek. Kevin's wide range of experience in the energy sector in management and operations will be leveraged strategically and operationally. I welcome them all to our team." Richard Carty, Chairman of the Company's board said "Bonanza Creek's new directors will be able to work with the Company's executive team and other directors to manage the Company's continued growth and drilling programs. We are very excited to utilize the resources they bring to the board and look forward to their impact on Bonanza Creek's continued growth."
Victory Energy Acquires Interest in Alwan West
Victory Energy Acquires Interest in Alwan West
Monday, April 25, 2011
Victory Energy Corp.
Victory Energy, through its partnership with Aurora Energy Partners, announced the acquisition of a working interest in the Alwan West natural gas prospect.
The Alwan West prospect will be the largest natural gas well drilled by Victory Energy to date. This prospect's potential reservoir covers an area of 175 acres. It has a reserve potential of 8.75 billion cubic feet (BCF) of natural gas and 43.75 thousand barrels of gas condensate. The reserve potential is based on 50 feet of reservoir sand, one million cubic feet per acre-foot of natural gas and five barrels per million cubic feet of gas condensate. These reserve estimates are for the first Yegua sand only, which is the primary objective, and do not include potential in the secondary objectives.
The Alwan West prospect is located in far western Wharton County, Texas, near the Jackson County line. There are two natural gas lines that cross the lease within 1,000 feet of the proposed location. Victory Energy acquired the prospect, which includes a 5 percent working interest (WI) and a 3.8 percent net revenue interest (NRI), from Miramar Petroleum, Inc. of Corpus Christi, Texas, who will be the operator and who also owns a significant working interest in the well. The well is anticipated to spud in early June of this year.
This area produces from the Frio and Yegua (Oligocene) formations. The lease area is surrounded on all sides by gas condensate production. The first Yegua sand is the primary objective. Secondary objectives are the Frio and second Yegua sand. Alwan West lies on strike between two Yegua fields, Lost Fork (one mile west) and AVO Grande (3,000 feet east). Lost Fork has produced over 42 BCF, while AVO Grande has produced 7 BCF of natural gas. Both of these fields are stratigraphic traps, as is the Alwan West prospect.
Robert Miranda, Victory Energy's chairman and CEO, stated, "This prospect represents our largest gas play to date and it has the potential to deliver a stable and predictable gas flow to the company. Unlike many other gas sands, the Yegua sand is known for its consistent production and very low annual decline rates. This well is supported by both significant nearby production and quality seismic data."
Monday, April 25, 2011
Victory Energy Corp.
Victory Energy, through its partnership with Aurora Energy Partners, announced the acquisition of a working interest in the Alwan West natural gas prospect.
The Alwan West prospect will be the largest natural gas well drilled by Victory Energy to date. This prospect's potential reservoir covers an area of 175 acres. It has a reserve potential of 8.75 billion cubic feet (BCF) of natural gas and 43.75 thousand barrels of gas condensate. The reserve potential is based on 50 feet of reservoir sand, one million cubic feet per acre-foot of natural gas and five barrels per million cubic feet of gas condensate. These reserve estimates are for the first Yegua sand only, which is the primary objective, and do not include potential in the secondary objectives.
The Alwan West prospect is located in far western Wharton County, Texas, near the Jackson County line. There are two natural gas lines that cross the lease within 1,000 feet of the proposed location. Victory Energy acquired the prospect, which includes a 5 percent working interest (WI) and a 3.8 percent net revenue interest (NRI), from Miramar Petroleum, Inc. of Corpus Christi, Texas, who will be the operator and who also owns a significant working interest in the well. The well is anticipated to spud in early June of this year.
This area produces from the Frio and Yegua (Oligocene) formations. The lease area is surrounded on all sides by gas condensate production. The first Yegua sand is the primary objective. Secondary objectives are the Frio and second Yegua sand. Alwan West lies on strike between two Yegua fields, Lost Fork (one mile west) and AVO Grande (3,000 feet east). Lost Fork has produced over 42 BCF, while AVO Grande has produced 7 BCF of natural gas. Both of these fields are stratigraphic traps, as is the Alwan West prospect.
Robert Miranda, Victory Energy's chairman and CEO, stated, "This prospect represents our largest gas play to date and it has the potential to deliver a stable and predictable gas flow to the company. Unlike many other gas sands, the Yegua sand is known for its consistent production and very low annual decline rates. This well is supported by both significant nearby production and quality seismic data."
Groundstar to Abandon Guyana Well
Groundstar to Abandon Guyana Well
Monday, April 25, 2011
Groundstart Resources Ltd.
Groundstar provided the following update on drilling and testing activities at the Apoteri K-2 exploration well located in the Takutu Basin of Guyana.
On April 20, 2011 the measured drill depth of the well reached 2,992 meters. The top of the Manari was encountered at 2,402 meters, 210 meters high to prognosis; the top of the Apoteri was encountered at 2,431 meters, 281 meters high to prognosis. At 2,517 meters an unexpected down to the southeast fault was encountered which significantly shortened the Manari section to a thickness of 29 meters compared to a thickness of 118 meters at the Karanambo-1 discovery well drilled by Home Oil in 1982. The fault also caused the Apoteri Volcanics to be encountered much higher than prognosed. Elevated gas readings (C1-C5) and oil shows were identified at various intervals in the Manari and Apoteri. A full suite of logs were run to 2,593 meters. The FMI (Formation Micro Image) log identified numerous fracture swarms in the Manari and Apoteri.
Based upon the gas and oil shows and log interpretation, drill stem tests (DSTs) have been conducted to date as follows in measured depths:
Although excellent reservoir quality was encountered in this interval of the Apoteri Formation, the reservoir appears to have been penetrated below the oil – water contact, defined by the interval of good oil and gas shows between 2,515 and 2,841 meters.
Over the course of the next week the Apoteri K-2 well will be abandoned. The consortium is currently evaluating the next exploration drilling location on the block.
Monday, April 25, 2011
Groundstart Resources Ltd.
Groundstar provided the following update on drilling and testing activities at the Apoteri K-2 exploration well located in the Takutu Basin of Guyana.
On April 20, 2011 the measured drill depth of the well reached 2,992 meters. The top of the Manari was encountered at 2,402 meters, 210 meters high to prognosis; the top of the Apoteri was encountered at 2,431 meters, 281 meters high to prognosis. At 2,517 meters an unexpected down to the southeast fault was encountered which significantly shortened the Manari section to a thickness of 29 meters compared to a thickness of 118 meters at the Karanambo-1 discovery well drilled by Home Oil in 1982. The fault also caused the Apoteri Volcanics to be encountered much higher than prognosed. Elevated gas readings (C1-C5) and oil shows were identified at various intervals in the Manari and Apoteri. A full suite of logs were run to 2,593 meters. The FMI (Formation Micro Image) log identified numerous fracture swarms in the Manari and Apoteri.
Based upon the gas and oil shows and log interpretation, drill stem tests (DSTs) have been conducted to date as follows in measured depths:
- DST 1 (Manari-Apoteri): 2,445 to 2,571 meters, misrun;
- DST 2 (Manari-Apoteri): 2,445 to 2,571 meters, recovered 20 meters drilling mud, reservoir was tight;
- DST 3 (Apoteri): 2,656 to 2,799 meters, recovered 73 meters drilling mud from low permeability reservoir;
- DST 4 (Apoteri): 2,897 to 2,991 meters, recovered 2,300 meters of formation salt water from a high permeability fracture zone at 2,976 meters.
Although excellent reservoir quality was encountered in this interval of the Apoteri Formation, the reservoir appears to have been penetrated below the oil – water contact, defined by the interval of good oil and gas shows between 2,515 and 2,841 meters.
Over the course of the next week the Apoteri K-2 well will be abandoned. The consortium is currently evaluating the next exploration drilling location on the block.
Sagres Receives Exploration Extension Offshore Jamaica
Sagres Receives Exploration Extension Offshore Jamaica
Monday, April 25, 2011
Sagres Energy Inc.
Sagres announced that the Petroleum Corporation of Jamaica (PCJ) has approved a 9 month extension of the Initial Exploration Period on Sagres' offshore blocks 9, 13, and 14. The Initial Exploration Period, Phase 1 will now end December 15, 2011, by which time Sagres must elect whether to enter Phase 2. Phase 2 of the Initial Exploration Period for each block carries a one well commitment and now must be completed by December 15, 2013.
Under Phase 1 of the Initial Exploration Period, Sagres has conducted bathymetric, geologic, seismic, and environmental surveys of blocks 9, 13, and 14, and regional geologic surveys of the adjacent Walton and Lower Walton basins, and the Island of Jamaica. Sagres has met all the work commitment under Phase 1. On August 27, 2010, Sagres announced the results of an independent evaluation of the resource potential prepared by Chapman Petroleum Engineering Ltd. ("Chapman"); "certain prospects identified in Sagres' blocks 9, 13 and 14 in the shallow-waters (20 meters) of the Pedro Bank 120 kms offshore Jamaica, show a gross mean prospective resource estimate (oil) of 3.0 billion barrels". Chapman is a qualified reserves evaluator and is independent of Sagres, each as determined in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. Sagres holds a 100% interest in each block and is currently seeking a partner to proceed with exploration drilling.
David Johnson, President and CEO of Sagres Energy commented that, "There is renewed interest in exploration in Jamaica, with 9 of 11 previously drilled wells having oil shows, 3 potential source rocks, a new CGG-Veritas multi-client seismic survey revealing greater than 10km of sedimentary fill in a previously unmapped deep-water Lower Walton basin, and a new deep-water lease round currently underway." The newly released blocks in the Lower Walton Basin lie immediately south and adjacent to Sagres' blocks 13 and 14. The deep-water bid round is scheduled to close September 1, 2011. David further commented that, "Jamaica is ready to commercialize its resource potential with refining capacity of 45,000 barrels of oil per day; electricity generators that accept gas, oil, or biodiesel fuels; established bauxite, shipping, and cement industries; and a geographic position central to the major global marine trade routes."
The resource estimates above are for prospective resources, which are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
Sagres is continuing to pursue joint venture partners to further explore and develop its interests in the blocks. Several international energy companies have signed confidentiality agreements with Sagres in order to access the data for the blocks, and evaluate the potential for a joint venture. Sagres does not currently expect to incur any material expenditures in respect of the blocks in 2011.
Monday, April 25, 2011
Sagres Energy Inc.
Sagres announced that the Petroleum Corporation of Jamaica (PCJ) has approved a 9 month extension of the Initial Exploration Period on Sagres' offshore blocks 9, 13, and 14. The Initial Exploration Period, Phase 1 will now end December 15, 2011, by which time Sagres must elect whether to enter Phase 2. Phase 2 of the Initial Exploration Period for each block carries a one well commitment and now must be completed by December 15, 2013.
Under Phase 1 of the Initial Exploration Period, Sagres has conducted bathymetric, geologic, seismic, and environmental surveys of blocks 9, 13, and 14, and regional geologic surveys of the adjacent Walton and Lower Walton basins, and the Island of Jamaica. Sagres has met all the work commitment under Phase 1. On August 27, 2010, Sagres announced the results of an independent evaluation of the resource potential prepared by Chapman Petroleum Engineering Ltd. ("Chapman"); "certain prospects identified in Sagres' blocks 9, 13 and 14 in the shallow-waters (20 meters) of the Pedro Bank 120 kms offshore Jamaica, show a gross mean prospective resource estimate (oil) of 3.0 billion barrels". Chapman is a qualified reserves evaluator and is independent of Sagres, each as determined in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. Sagres holds a 100% interest in each block and is currently seeking a partner to proceed with exploration drilling.
David Johnson, President and CEO of Sagres Energy commented that, "There is renewed interest in exploration in Jamaica, with 9 of 11 previously drilled wells having oil shows, 3 potential source rocks, a new CGG-Veritas multi-client seismic survey revealing greater than 10km of sedimentary fill in a previously unmapped deep-water Lower Walton basin, and a new deep-water lease round currently underway." The newly released blocks in the Lower Walton Basin lie immediately south and adjacent to Sagres' blocks 13 and 14. The deep-water bid round is scheduled to close September 1, 2011. David further commented that, "Jamaica is ready to commercialize its resource potential with refining capacity of 45,000 barrels of oil per day; electricity generators that accept gas, oil, or biodiesel fuels; established bauxite, shipping, and cement industries; and a geographic position central to the major global marine trade routes."
The resource estimates above are for prospective resources, which are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
Sagres is continuing to pursue joint venture partners to further explore and develop its interests in the blocks. Several international energy companies have signed confidentiality agreements with Sagres in order to access the data for the blocks, and evaluate the potential for a joint venture. Sagres does not currently expect to incur any material expenditures in respect of the blocks in 2011.
State Ponders Penalties over Drilling Site Mishap
State Ponders Penalties over Drilling Site Mishap
Monday, April 25, 2011
Pittsburgh Post-Gazette
by Laura Olson
As workers on a Bradford County drilling site continued to prepare the now-stable well for a final protective seal, state environmental officials took a step toward assessing penalties for the accident.
Well-control specialists spent most of the day relieving pressure within the Chesapeake Energy well, a procedure that both company and Department of Environmental Protection officials said was not unusual. Those efforts were suspended late Friday afternoon, as rain began to fall, according to Chesapeake.
Company spokesman Rory Sweeney said they made "slow progress" toward completely plugging the well Friday, noting that no additional wastewater or gas had escaped since those leaks were stemmed Thursday evening.
Procedures to relieve well pressure are "something that is expected at this stage in the process" and raised no immediate concerns, DEP spokesman Dan Spadoni said.
Once the final seal is in place, Chesapeake can begin an investigation of why the well blew out during hydraulic fracturing late Tuesday night. That wellhead malfunction resulted in thousands of gallons of fracking wastewater spewing back to the surface, with some trickling into a tributary to Towanda Creek.
The well was continuing to leak wastewater Wednesday afternoon, when workers were able to put the briny fracking fluid in containers on the well pad. Neither the DEP nor company officials have estimated how much wastewater entered the tributary, though initial Chesapeake testing showed "minimal, if any" impacts on the waterway.
Incident reports posted on the Pennsylvania Emergency Management Agency's website stated that "approximately 30,000 gallons of fresh water leaked out of a gas well and into a secondary containment area in Leroy Township." A report issued Thursday also states that there are "no life safety or environmental concerns" from the accident.
A PEMA spokesman did not return a request Friday for additional information.
Chesapeake said it would account for the spilled wastewater as the investigation gets under way. "We're not done here when the well is finally sealed," Mr. Sweeney said.
For DEP officials, who have been involved in the accident response, the next investigatory steps are under way. The agency issued a notice of violation to Chesapeake on Friday, Mr. Spadoni said.
In the notice, the DEP asked the company to submit an analysis of what caused the equipment failure. The notice also stated that Chesapeake was expected to "be in a stand-down mode on hydraulic fracturing" as officials review what happened.
The company said it halted all post-drilling activities, which include hydraulic fracturing, "in order to conduct thorough inspections of wellheads used in completion operations throughout the Marcellus Shale."
But environmental advocates from PennFuture called on DEP Acting Secretary Michael Krancer to shut down all Chesapeake sites until the agency conducts its review.
Two Bradford County lawyers representing local residents who say they have contamination-related ailments made a similar plea Friday.
Mr. Spadoni said the DEP would "evaluate the information that is provided to us by Chesapeake" and decide what additional steps may be necessary.
Monday, April 25, 2011
Pittsburgh Post-Gazette
by Laura Olson
As workers on a Bradford County drilling site continued to prepare the now-stable well for a final protective seal, state environmental officials took a step toward assessing penalties for the accident.
Well-control specialists spent most of the day relieving pressure within the Chesapeake Energy well, a procedure that both company and Department of Environmental Protection officials said was not unusual. Those efforts were suspended late Friday afternoon, as rain began to fall, according to Chesapeake.
Company spokesman Rory Sweeney said they made "slow progress" toward completely plugging the well Friday, noting that no additional wastewater or gas had escaped since those leaks were stemmed Thursday evening.
Procedures to relieve well pressure are "something that is expected at this stage in the process" and raised no immediate concerns, DEP spokesman Dan Spadoni said.
Once the final seal is in place, Chesapeake can begin an investigation of why the well blew out during hydraulic fracturing late Tuesday night. That wellhead malfunction resulted in thousands of gallons of fracking wastewater spewing back to the surface, with some trickling into a tributary to Towanda Creek.
The well was continuing to leak wastewater Wednesday afternoon, when workers were able to put the briny fracking fluid in containers on the well pad. Neither the DEP nor company officials have estimated how much wastewater entered the tributary, though initial Chesapeake testing showed "minimal, if any" impacts on the waterway.
Incident reports posted on the Pennsylvania Emergency Management Agency's website stated that "approximately 30,000 gallons of fresh water leaked out of a gas well and into a secondary containment area in Leroy Township." A report issued Thursday also states that there are "no life safety or environmental concerns" from the accident.
A PEMA spokesman did not return a request Friday for additional information.
Chesapeake said it would account for the spilled wastewater as the investigation gets under way. "We're not done here when the well is finally sealed," Mr. Sweeney said.
For DEP officials, who have been involved in the accident response, the next investigatory steps are under way. The agency issued a notice of violation to Chesapeake on Friday, Mr. Spadoni said.
In the notice, the DEP asked the company to submit an analysis of what caused the equipment failure. The notice also stated that Chesapeake was expected to "be in a stand-down mode on hydraulic fracturing" as officials review what happened.
The company said it halted all post-drilling activities, which include hydraulic fracturing, "in order to conduct thorough inspections of wellheads used in completion operations throughout the Marcellus Shale."
But environmental advocates from PennFuture called on DEP Acting Secretary Michael Krancer to shut down all Chesapeake sites until the agency conducts its review.
Two Bradford County lawyers representing local residents who say they have contamination-related ailments made a similar plea Friday.
Mr. Spadoni said the DEP would "evaluate the information that is provided to us by Chesapeake" and decide what additional steps may be necessary.
BGP Challenger Completes Seismic Survey Offshore Oman
BGP Challenger Completes Seismic Survey Offshore Oman
Monday, April 25, 201
BGP Inc.
In early 2011, the BGP Challenger successfully performed a 2D seismic survey in eastern offshore of Oman for Circle Oil.
The work area is located in Block 52, and close to the water areas of Somalia and Yemen, the piracy-prone areas. To make sure the project to be operated smoothly, BGP made rigorous security measures and emergency plan, and employed several security personnel from IBS, an international security company.
The acquisition program proved to be extremely challenging. The work area is covered by intensive fishing boats and nets, and islands. Even more frustrating for the BGP Challenger, was the unpredictable position and movement of the boats and nets. The experienced international crew on board coped well and has subsequently achieved excellent productivity.
The client is very impressed with both the productivity and the quality of data acquired by BGP. The BGP Challenger has demonstrated BGP's position as a leading geophysical contractor in the oil and gas industry.
Monday, April 25, 201
BGP Inc.
In early 2011, the BGP Challenger successfully performed a 2D seismic survey in eastern offshore of Oman for Circle Oil.
The work area is located in Block 52, and close to the water areas of Somalia and Yemen, the piracy-prone areas. To make sure the project to be operated smoothly, BGP made rigorous security measures and emergency plan, and employed several security personnel from IBS, an international security company.
The acquisition program proved to be extremely challenging. The work area is covered by intensive fishing boats and nets, and islands. Even more frustrating for the BGP Challenger, was the unpredictable position and movement of the boats and nets. The experienced international crew on board coped well and has subsequently achieved excellent productivity.
The client is very impressed with both the productivity and the quality of data acquired by BGP. The BGP Challenger has demonstrated BGP's position as a leading geophysical contractor in the oil and gas industry.
Sonoro Gets Green Light to Commence Asphalt Proj. in Iraq
Sonoro Gets Green Light to Commence Asphalt Proj. in Iraq
Monday, April 25, 2011
Sonoro Energy Ltd.
Sonoro announced that further to the previously announced Management Committee approval of the Company's work program and budget for the first year of the license period in Iraq, the Company has now received an investment permit from the provincial governorate of Salah ad Din allowing the Company to proceed with its asphalt (heavy oil) project. This permit allows Sonoro to immediately commence operations and allows for the importation of necessary equipment and personnel. Finally, this permit sets April 14, 2011 as the commencement date of Sonoro's exclusive five year exploration period as per the License Agreement.
Sonoro's immediate objective is the appraisal of its North Salah ad Din resource prospect. This phase includes the acquisition of seismic data and the drilling of three wells to delineate the field size and to evaluate resource deliverability. The Company has recently identified three additional exploration prospects upon which further seismic and well data is being acquired to facilitate further delineation of these prospects.
President and CEO, Richard Wadsworth, commented, "With this permit our team now has the necessary approvals to commence operations and drilling of at least three wells in Salah ad Din targeted for Q3 2011. Our next steps are to finalize our security and drilling program and to tender out for a rig and related services. The fact that we have identified four distinct prospects in different areas of the province in a short period of time provides confidence in the large resource potential within the province."
Monday, April 25, 2011
Sonoro Energy Ltd.
Sonoro announced that further to the previously announced Management Committee approval of the Company's work program and budget for the first year of the license period in Iraq, the Company has now received an investment permit from the provincial governorate of Salah ad Din allowing the Company to proceed with its asphalt (heavy oil) project. This permit allows Sonoro to immediately commence operations and allows for the importation of necessary equipment and personnel. Finally, this permit sets April 14, 2011 as the commencement date of Sonoro's exclusive five year exploration period as per the License Agreement.
Sonoro's immediate objective is the appraisal of its North Salah ad Din resource prospect. This phase includes the acquisition of seismic data and the drilling of three wells to delineate the field size and to evaluate resource deliverability. The Company has recently identified three additional exploration prospects upon which further seismic and well data is being acquired to facilitate further delineation of these prospects.
President and CEO, Richard Wadsworth, commented, "With this permit our team now has the necessary approvals to commence operations and drilling of at least three wells in Salah ad Din targeted for Q3 2011. Our next steps are to finalize our security and drilling program and to tender out for a rig and related services. The fact that we have identified four distinct prospects in different areas of the province in a short period of time provides confidence in the large resource potential within the province."
India's Reliance to Explain Falling Gas Output from Kg D6
India's Reliance to Explain Falling Gas Output from Kg D6
Monday, April 25, 2011
Asia Pulse Pte Ltd
India's oil regulator Directorate General of Hydrocarbons (DGH) will summon Reliance Industries next month to seek explanation on falling output from Eastern Offshore KG D6 gas deal.
"The explanation that they have given is not sustainable. We will call Reliance and its partner Niko Resources of Canada in first week of May to explain the situation," S K Srivastava, Director General of DGH said here.
Reliance has seen gas output from KG D6 drop to 50 million metric standard cubic meters per day (mmscmd) from 61.5 mmscmd production level achieved in March 2010.
Srivastava said output from KG D6 should have been 51.8 mmscmd in April 2011 as per the Field Development Plan (FDP) submitted by Reliance and approved by the DGH and the government.
"Reliance, according to the FDP was to drill 22 wells by April 2011. Against this, it has so far completed 18 wells on KG D6. Another two wells have been drilled but not completed," he said.
According to FDP, Reliance is to drill a total of 31 wells by 2012, to raise output to 80 mmscmd, Srivastava said adding that the DGH will seek an explanation from Reliance on the shortfall in drilling of wells at the May meeting.
Reliance holds 90 percent stake in KG D6, while Niko has the balance 10 percent.
Monday, April 25, 2011
Asia Pulse Pte Ltd
India's oil regulator Directorate General of Hydrocarbons (DGH) will summon Reliance Industries next month to seek explanation on falling output from Eastern Offshore KG D6 gas deal.
"The explanation that they have given is not sustainable. We will call Reliance and its partner Niko Resources of Canada in first week of May to explain the situation," S K Srivastava, Director General of DGH said here.
Reliance has seen gas output from KG D6 drop to 50 million metric standard cubic meters per day (mmscmd) from 61.5 mmscmd production level achieved in March 2010.
Srivastava said output from KG D6 should have been 51.8 mmscmd in April 2011 as per the Field Development Plan (FDP) submitted by Reliance and approved by the DGH and the government.
"Reliance, according to the FDP was to drill 22 wells by April 2011. Against this, it has so far completed 18 wells on KG D6. Another two wells have been drilled but not completed," he said.
According to FDP, Reliance is to drill a total of 31 wells by 2012, to raise output to 80 mmscmd, Srivastava said adding that the DGH will seek an explanation from Reliance on the shortfall in drilling of wells at the May meeting.
Reliance holds 90 percent stake in KG D6, while Niko has the balance 10 percent.
CAVU 1 Well Exceeds Initial Estimates
CAVU 1 Well Exceeds Initial Estimates
Monday, April 25, 2011
CAVU Resources Inc.
CAVU Resources announced that the CAVU 1 recently put into production exceeded the initial estimates. CAVU has also re-launched its 5 million dollar private placement to replace funds expended for the recent upgrades of the Chisholm lease, the Montana leases, wind energy projects and the completion of the FILO 1, CAVU's permitted 50,000 barrel a day saltwater disposal well (FILO 1).
CAVU recently had employees monitoring the flow rates of the Chisholm B 2, Nabors 1 and the CAVU 1 24 hours a days since they were put back into production. The Chisholm lease is currently producing about 3,000 barrels a day of fluid. The existing storage facilities and active saltwater well are at their current production capacity.
The recently completed upgrades allow for rapid expansion of the storage facilities. Once the planned chemical treatment programs are initiated and storage facilities are expanded, oil production could be increased. The $5 million dollar private placement originally launched last year has been restructured to sell ownership interest in the current Chisholm Lease, FILO 1, the Montana and Wind Energy projects. The proceeds are also designated to pay for the work that was financed and the original funds borrowed to purchase the properties.
With the completion of the FILO 1, CAVU will be able to increase production on all of its Chisholm wells, as well as the targeted recompletions and new wells. As reported earlier the company has 12,000 barrels a day of saltwater disposal usage committed for the FILO 1 well.
"The success of the Chisholm Lease project and the future potential of the FILO 1, Montana and wind energy projects should produce positive returns for the company by the end of 2011. We believe that by reducing the long and short term debt along raising new project capital with minimal dilution should increase investor interest in CAVU's stock," stated William Robinson.
Monday, April 25, 2011
CAVU Resources Inc.
CAVU Resources announced that the CAVU 1 recently put into production exceeded the initial estimates. CAVU has also re-launched its 5 million dollar private placement to replace funds expended for the recent upgrades of the Chisholm lease, the Montana leases, wind energy projects and the completion of the FILO 1, CAVU's permitted 50,000 barrel a day saltwater disposal well (FILO 1).
CAVU recently had employees monitoring the flow rates of the Chisholm B 2, Nabors 1 and the CAVU 1 24 hours a days since they were put back into production. The Chisholm lease is currently producing about 3,000 barrels a day of fluid. The existing storage facilities and active saltwater well are at their current production capacity.
The recently completed upgrades allow for rapid expansion of the storage facilities. Once the planned chemical treatment programs are initiated and storage facilities are expanded, oil production could be increased. The $5 million dollar private placement originally launched last year has been restructured to sell ownership interest in the current Chisholm Lease, FILO 1, the Montana and Wind Energy projects. The proceeds are also designated to pay for the work that was financed and the original funds borrowed to purchase the properties.
With the completion of the FILO 1, CAVU will be able to increase production on all of its Chisholm wells, as well as the targeted recompletions and new wells. As reported earlier the company has 12,000 barrels a day of saltwater disposal usage committed for the FILO 1 well.
"The success of the Chisholm Lease project and the future potential of the FILO 1, Montana and wind energy projects should produce positive returns for the company by the end of 2011. We believe that by reducing the long and short term debt along raising new project capital with minimal dilution should increase investor interest in CAVU's stock," stated William Robinson.
Jurong Shipyard Scores Gig for FSRU Conversion
Jurong Shipyard Scores Gig for FSRU Conversion
Monday, April 25, 2011
Sembcorp Marine
Jurong Shipyard, a wholly-owned subsidiary of Sembcorp Marine, has secured an approximately S$20 million contract from Golar LNG Energy to convert the LNG Khannur, a Liquefied Natural Gas (LNG) tanker, to a Floating Storage and Regasification Unit (FSRU) to be renamed West Java FSRU.
The 125,000-cbm LNG tanker, which arrived in Jurong Shipyard recently, will be converted into a FSRU capable of producing 500 MCFD (million cubic feet per day) of gas, with a regasification capacity of approximately 3.8 MTPA (million metric tonnes per annum).
The West Java FSRU represents Golar's fourth FSRU project for PT Nusantara Regas, a joint venture between Pertamina and PGN. On conversion completion, the vessel will be installed 15km offshore Muara Karang, Jakarta Bay, in Indonesia, where it is contracted to operate until the end of 2022, with provision for further automatic extension options to 2025 subject to certain contract conditions.
The West Java FSRU project will be Indonesia's first LNG regasifaction terminal and represents the first FSRU project in Asia.
The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2011.
Monday, April 25, 2011
Sembcorp Marine
Jurong Shipyard, a wholly-owned subsidiary of Sembcorp Marine, has secured an approximately S$20 million contract from Golar LNG Energy to convert the LNG Khannur, a Liquefied Natural Gas (LNG) tanker, to a Floating Storage and Regasification Unit (FSRU) to be renamed West Java FSRU.
The 125,000-cbm LNG tanker, which arrived in Jurong Shipyard recently, will be converted into a FSRU capable of producing 500 MCFD (million cubic feet per day) of gas, with a regasification capacity of approximately 3.8 MTPA (million metric tonnes per annum).
The West Java FSRU represents Golar's fourth FSRU project for PT Nusantara Regas, a joint venture between Pertamina and PGN. On conversion completion, the vessel will be installed 15km offshore Muara Karang, Jakarta Bay, in Indonesia, where it is contracted to operate until the end of 2022, with provision for further automatic extension options to 2025 subject to certain contract conditions.
The West Java FSRU project will be Indonesia's first LNG regasifaction terminal and represents the first FSRU project in Asia.
The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2011.
Johnson Controls Topped Q2 Estimates, Issued 2011 Revenue Guidance
Johnson Controls Topped Q2 Estimates, Issued 2011 Revenue Guidance
Apr 25, 2011
Johnson Controls (NYSE:JCI) reported Q2 EPS of $0.56, ahead consensus estimates of $0.55 per share. Revenues for the quarter rose 22% year-over-year to $10.1 billion, topping consensus estimates of $9.4 billion.
The company sees 2011 revenues of $39.5 billion, vs. consensus estimates of $38.7 billion.
Stephen A. Roell, Johnson Controls Chairman and Chief Executive Officer said, "The second quarter results show solid momentum across all three of our businesses, with each achieving significantly higher revenues and profitability. The backlog in Building Efficiency grew to record levels as a result of continued market share gains and our strong position in the emerging markets. Power Solutions benefitted from aftermarket battery demand that exceeded our expectations and Automotive Experience revenues outpaced industry production with the launch of 18 major new programs."
Apr 25, 2011
Johnson Controls (NYSE:JCI) reported Q2 EPS of $0.56, ahead consensus estimates of $0.55 per share. Revenues for the quarter rose 22% year-over-year to $10.1 billion, topping consensus estimates of $9.4 billion.
The company sees 2011 revenues of $39.5 billion, vs. consensus estimates of $38.7 billion.
Stephen A. Roell, Johnson Controls Chairman and Chief Executive Officer said, "The second quarter results show solid momentum across all three of our businesses, with each achieving significantly higher revenues and profitability. The backlog in Building Efficiency grew to record levels as a result of continued market share gains and our strong position in the emerging markets. Power Solutions benefitted from aftermarket battery demand that exceeded our expectations and Automotive Experience revenues outpaced industry production with the launch of 18 major new programs."
Iraq to Auction 12 O&G Fields
Iraq to Auction 12 O&G Fields
Monday, April 25, 2011
Dow Jones Newswires
Iraq is to auction 12 oil and gas fields to foreign companies in January 2012, Oil Minister Abdelkarim al-Luaybi said on Monday.
"The auction will take place in the first month of 2012," Luaybi told reporters in Baghdad.
The auction will be "for 12 exploration blocs, seven for gas and five for oil," he said.
The auction is the fourth round of bidding for foreign companies, following similar sales in July and December 2009 as well as last October.
Iraq has so far signed 11 oil contracts with international energy companies following the two auctions in 2009. Last year, it also awarded three gas fields for exploitation, vying to become an international player in the gas market.
The country produces around 2.5 million barrels of oil a day, of which about 80% is exported. Oil sales account for some 90% of Iraqi government revenue.
Monday, April 25, 2011
Dow Jones Newswires
Iraq is to auction 12 oil and gas fields to foreign companies in January 2012, Oil Minister Abdelkarim al-Luaybi said on Monday.
"The auction will take place in the first month of 2012," Luaybi told reporters in Baghdad.
The auction will be "for 12 exploration blocs, seven for gas and five for oil," he said.
The auction is the fourth round of bidding for foreign companies, following similar sales in July and December 2009 as well as last October.
Iraq has so far signed 11 oil contracts with international energy companies following the two auctions in 2009. Last year, it also awarded three gas fields for exploitation, vying to become an international player in the gas market.
The country produces around 2.5 million barrels of oil a day, of which about 80% is exported. Oil sales account for some 90% of Iraqi government revenue.
Ecopetrol Hits Hydrocarbons in Huila Province
Ecopetrol Hits Hydrocarbons in Huila Province
Monday, April 25, 2011
Ecopetrol S.A.
Ecopetrol has found the presence of hydrocarbons in the Nunda-1 well, located in the municipality of Tello in Huila province.
The well is part of the Cuisinde Exploration and Exploitation Agreement of 2006 between Ecopetrol and the National Hydrocarbons Agency, ANH in which the company holds a 100% stake.
Drilling at the well began on January 27, 2011, reaching a total depth of 7,371 feet three weeks later, the equivalent of 2.25 kilometers from the surface.
Preliminary testing on the Honda formation showed a flow volume of 318 barrels, with a 71% water cut, yielding an average of 92 barrels of oil per day. The quality of the crude is 30 degrees API.
Ecopetrol will begin appraising the find in the weeks ahead, with extensive tests planned in order to determine the production potential of the Honda formation and the volume of recoverable hydrocarbons.
The discovery opens up a new era for Ecopetrol by branching out to new types of exploration activities involving stratigraphic traps (those in which hydrocarbons accumulate due to variations in the deposit environment) in the Valle Superior del Magdalena and helps increase reserve inventories in this area of the country.
Monday, April 25, 2011
Ecopetrol S.A.
Ecopetrol has found the presence of hydrocarbons in the Nunda-1 well, located in the municipality of Tello in Huila province.
The well is part of the Cuisinde Exploration and Exploitation Agreement of 2006 between Ecopetrol and the National Hydrocarbons Agency, ANH in which the company holds a 100% stake.
Drilling at the well began on January 27, 2011, reaching a total depth of 7,371 feet three weeks later, the equivalent of 2.25 kilometers from the surface.
Preliminary testing on the Honda formation showed a flow volume of 318 barrels, with a 71% water cut, yielding an average of 92 barrels of oil per day. The quality of the crude is 30 degrees API.
Ecopetrol will begin appraising the find in the weeks ahead, with extensive tests planned in order to determine the production potential of the Honda formation and the volume of recoverable hydrocarbons.
The discovery opens up a new era for Ecopetrol by branching out to new types of exploration activities involving stratigraphic traps (those in which hydrocarbons accumulate due to variations in the deposit environment) in the Valle Superior del Magdalena and helps increase reserve inventories in this area of the country.
Bering Begins Process for Operatorship for Tx. Field
Bering Begins Process for Operatorship for Tx. Field
Monday, April 25, 2011
Bering Exploration Inc.
Bering has begun the process to be licensed by the State of Texas to conduct drilling and operations in Texas. The company expects to receive the approval in the next thirty days.
Bering recently announced that drilling operations have begun on its Gulf Coast prospect with potential revenue valued at $29 million over the life of the prospect. Additionally, Bering announced that it will initially drill four test wells on its Eagle Ford shale play in Central Texas targeting $11 million in gross potential reserves and will utilize the results to help with the design and development of a more in depth drilling program for the remaining 116 potential well locations targeting gross potential reserves of more than $300 million. The figures above are based upon the current price of oil and gas and assume all wells are drilled and successful.
"We expect our application for an operator's license with the Texas Railroad Commission to be approved in the next thirty days," stated Steven Plumb, VP of Finance of Bering. "This license will allow Bering to enter the first phase of our drilling program on our Eagle Ford prospect."
Monday, April 25, 2011
Bering Exploration Inc.
Bering has begun the process to be licensed by the State of Texas to conduct drilling and operations in Texas. The company expects to receive the approval in the next thirty days.
Bering recently announced that drilling operations have begun on its Gulf Coast prospect with potential revenue valued at $29 million over the life of the prospect. Additionally, Bering announced that it will initially drill four test wells on its Eagle Ford shale play in Central Texas targeting $11 million in gross potential reserves and will utilize the results to help with the design and development of a more in depth drilling program for the remaining 116 potential well locations targeting gross potential reserves of more than $300 million. The figures above are based upon the current price of oil and gas and assume all wells are drilled and successful.
"We expect our application for an operator's license with the Texas Railroad Commission to be approved in the next thirty days," stated Steven Plumb, VP of Finance of Bering. "This license will allow Bering to enter the first phase of our drilling program on our Eagle Ford prospect."
McDermott Lands Fabrication, Installation Work for Jack/St. Malo
McDermott Lands Fabrication, Installation Work for Jack/St. Malo
Monday, April 25, 2011
McDermott International Inc.
by SubseaIQ
McDermott announced that one of its subsidiary companies was awarded fabrication and installation work from Chevron U.S.A. to support the development of the Jack/St. Malo fields in the Gulf of Mexico. The project will be included in McDermott's first quarter 2011 bookings.
Work will begin in 2013, with the start of fabrication of 21 rigid jumpers at McDermott's Morgan City fabrication facility in Louisiana. Offshore installation will begin in early 2014 using McDermott's subsea construction vessel North Ocean 102 ("NO102") and the DB16.
"We are pleased to be able to support Chevron's deepwater developments in the Gulf of Mexico and believe that our combined solution of NO102's high payload and top tension capacity coupled with our ability to fabricate the high spec jumpers in house provides a unique benefit for this project's delivery," said Stephen M. Johnson, President and Chief Executive Officer of McDermott.
The NO102 and its crew will transport and install more than 60 miles of umbilicals, including three control and two power umbilicals. The jumpers and remaining subsea controls system components, including more than 80 flying leads, will be installed by the DB16.
Located in up to 7,150 feet of water in the US Gulf of Mexico Walker Ridge lease blocks, the Jack South and St. Malo North and South subsea drill centers tie back to the Jack and St. Malo floating production platform.
More about North Ocean 102
The 427-foot NO102 enables McDermott to offer versatile installation capabilities in the flexible pipe and product market worldwide. The vessel has two cranes and a moon pool to support deepwater subsea construction work and has a fast transit speed. It is currently equipped with a 7,000-ton capacity cable and umbilical and flexible pipe carousel with horizontal lay system. Plans are underway to upgrade the vessel's capability by installing a high-capacity flexible-lay system for ultra deepwater installation work. The upgrade will include installation of a new 250-ton crane.
North Ocean 105 (NO105), the sister ship to NO102, is currently under construction at a Spanish shipyard. The 427-foot vessel will be outfitted with a high capacity rigid-reeled pipe-lay system with top-tier payload capacity. The system will also accommodate installation of flexible products including submarine cables and umbilicals and flexible pipelines. The anticipated delivery date of the NO105 is 2012.
Monday, April 25, 2011
McDermott International Inc.
by SubseaIQ
McDermott announced that one of its subsidiary companies was awarded fabrication and installation work from Chevron U.S.A. to support the development of the Jack/St. Malo fields in the Gulf of Mexico. The project will be included in McDermott's first quarter 2011 bookings.
Work will begin in 2013, with the start of fabrication of 21 rigid jumpers at McDermott's Morgan City fabrication facility in Louisiana. Offshore installation will begin in early 2014 using McDermott's subsea construction vessel North Ocean 102 ("NO102") and the DB16.
"We are pleased to be able to support Chevron's deepwater developments in the Gulf of Mexico and believe that our combined solution of NO102's high payload and top tension capacity coupled with our ability to fabricate the high spec jumpers in house provides a unique benefit for this project's delivery," said Stephen M. Johnson, President and Chief Executive Officer of McDermott.
The NO102 and its crew will transport and install more than 60 miles of umbilicals, including three control and two power umbilicals. The jumpers and remaining subsea controls system components, including more than 80 flying leads, will be installed by the DB16.
Located in up to 7,150 feet of water in the US Gulf of Mexico Walker Ridge lease blocks, the Jack South and St. Malo North and South subsea drill centers tie back to the Jack and St. Malo floating production platform.
More about North Ocean 102
The 427-foot NO102 enables McDermott to offer versatile installation capabilities in the flexible pipe and product market worldwide. The vessel has two cranes and a moon pool to support deepwater subsea construction work and has a fast transit speed. It is currently equipped with a 7,000-ton capacity cable and umbilical and flexible pipe carousel with horizontal lay system. Plans are underway to upgrade the vessel's capability by installing a high-capacity flexible-lay system for ultra deepwater installation work. The upgrade will include installation of a new 250-ton crane.
North Ocean 105 (NO105), the sister ship to NO102, is currently under construction at a Spanish shipyard. The 427-foot vessel will be outfitted with a high capacity rigid-reeled pipe-lay system with top-tier payload capacity. The system will also accommodate installation of flexible products including submarine cables and umbilicals and flexible pipelines. The anticipated delivery date of the NO105 is 2012.
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