Anadarko Executive: Drilling First Deep-Water Well Off Liberia

- Anadarko Executive: Drilling First Deep-Water Well Off Liberia

Thursday, August 18, 2011
Dow Jones Newswires
HOUSTON
by Ryan Dezember

Anadarko plans an aggressive deep-water exploration campaign worldwide over the next year and a half, the head of the company's exploration unit said Wednesday.

"The inventory of opportunities we have is better than it's ever been," Bob Daniels, Anadarko's senior vice president of Worldwide Exploration, said during a speech webcast from an investor conference in Denver. "We will continue with a very aggressive exploration program around the world."

The Houston company's success in Ghana, where it last year brought the vast Jubilee discovery into production, has spread into neighboring West African nations, he said. In addition to offshore exploration in Sierra Leone and the Ivory Coast, Anadarko is drilling Liberia's first deep-water well at the company's Montserrado prospect.

Judging from seismic data and other geologic factors, the Montserrado prospect "is a look-alike" to the Jubilee discovery, Daniels said.

Jubilee is estimated to hold the equivalent of between 600 million and 1.5 billion barrels of oil.

In all, Anadarko plans 15 deep-water exploration and appraisal wells in West African waters, Daniels said.

In East Africa, where Anadarko has already made a huge natural gas discovery off Mozambique, the company holds some 14 million acres. Daniels said Anadarko will bring a second rig to Mozambique in the fourth quarter and anticipates drilling prospects off Kenya, where Anadarko has leased "most of the deep water," next year.

Deep-water exploration is also slated to begin off New Zealand next year, he said.

"In the deep-water Gulf of Mexico, we have an inventory of discoveries and we have a very, very deep portfolio of exploration wells to drill," Daniels said.

The second-largest acreage holder in the U.S. Gulf of Mexico, Anadarko plans five deep-water exploration wells there this year and between six and eight exploration and appraisal wells next year.

In the last three weeks Anadarko has obtained three drilling permits from U.S. regulators, he said.

"That's very good progress in that we now have some confidence that when we apply for a permit we know about how long its going to take," he said. "That allows us to then put rig contracts in place."

Permits have been difficult to come by since last year's deadly Deepwater Horizon disaster. Anadarko was a minority owner of BP's doomed well, which blew out and caused the worst offshore oil spill in U.S. history.

Anadarko said last month that it has agreed to jointly develop its Lucius field in the Gulf with ExxonMobil, which has its own big discoveries a few miles away. Lucius is believed to hold 300 million barrels of high-quality crude and Daniels said he expects the project to be sanctioned by the end of this year with first production planned for 2014.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Shell Executive Is Optimistic about Alaska Drilling

- Shell Executive Is Optimistic about Alaska Drilling

Wednesday, July 13, 2011
Houston Chronicle
by Jennifer A. Dlouhy

The Obama administration moved Tuesday to synchronize work by more than a dozen agencies with roles in vetting drilling in Alaska, as a top Shell executive said he is optimistic the company will be able to drill there next summer.

The administration's move seeks to quell complaints by oil companies and their advocates in Congress who say the permitting process is broken and has stalled promising exploration projects in Alaska and nearby waters.

The administration launched a working group, headed by Deputy Interior Secretary David Hayes, that will bring together seven Cabinet-level departments and other agencies. Hayes said the panel would "facilitate safe and responsible development in Alaska."

"We are committed to proceed in a balanced, science-driven way that addresses the needs of industry, of the environment and of local communities," he said during a forum on Arctic drilling sponsored Tuesday by the Center for Strategic and International Studies.

The new government working group won't replace the host of state and federal permits that oil companies must secure before they begin drilling in the region. And Hayes rejected the notion that the move constituted "streamlining" of environmental safeguards or other requirements that govern oil and gas exploration in Alaska.

But, at the same time, he said, "this is a one-stop shop for coordination of permitting. This group will ensure that there is good coordination in that regard."

'A positive step'

Sen. Lisa Murkowski, R-Alaska, called the administration's move "a positive step."

"A broken federal permitting process has for years held up responsible development of our offshore oil and natural gas resources in Alaska," she said. Murkowski added that she hopes the panel is "successful at closing what has been an endless loop of approvals, appeals and delays."

Sen. Mark Begich, D-Alaska, said the group could go a long way to "untying the procedural knots that have stalled development" in offshore Alaska and the National Petroleum Reserve.

One of those delayed projects is Shell Oil Co.'s plan to drill exploratory wells in the Beaufort and Chukchi seas. The company had hoped to launch work on its first Beaufort well after ice cleared this summer but scrapped the plans in February, after a federal Environmental Appeals Board rejected two essential air permits issued by the Environmental Protection Agency.

The EPA just issued new draft air quality permits for Shell's proposed Arctic drilling, and EPA officials say they are confident that the documents will withstand the legal challenges that derailed last year's permits.

Shell Alaska Vice President Pete Slaiby said he too is optimistic. He predicted the company will have working air quality permits by mid-October and then will prevail in any legal challenges before the appeals board.

Shell is asking federal regulators for permission to drill up to five wells in both the Beaufort and Chukchi seas during next year's three-month drilling season, with those projects sharing some of the same assets and infrastructure. If federal regulators don't approve drilling in both seas, the company might not pursue either project next year, Slaiby said, because it wants the efficiencies of doing both at once.

Although the Bureau of Ocean Energy Management, Regulation and Enforcement is now reviewing Shell's proposed Beaufort exploration plan, its separate drilling blueprint for the Chukchi Sea is on hold, pending the outcome of a court-mandated review of the government's sale of drilling leases where that work is planned.

The Interior Department is facing a court-ordered Oct. 3 deadline to decide whether to affirm that lease sale, after updating environmental assessments. The government cannot approve drilling on those leases unless the sale is affirmed.

Warning from activists

Environmentalists have warned that it could be difficult to clean up any oil spilled in slushy Arctic waters. Cold, icy conditions also mean it could take far longer than in the much warmer Gulf for spilled oil to naturally break up in the water. And they insist the risks are too great for animals in the region as well as the native communities that live off those resources.

In response, Shell has bolstered its Arctic drilling proposals with new emergency equipment and plans for responding to a blowout. For instance, the company would use two drillships in the region, ensuring one would be on hand to drill a relief well if necessary. Shell also has committed to developing a containment system that could be deployed to trap and siphon off gushing crude.

Copyright (c) 2011, Houston Chronicle

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NZOG Chief Executive To Step Down

- NZOG Chief Executive To Step Down

Thursday, June 30, 2011
NZOG

NZOG (New Zealand Oil & Gas Ltd) advises that Chief Executive and Managing Director David Salisbury has given six months notice of his resignation.

David Salisbury joined NZOG in April 2007. He is resigning for personal reasons and his last day with the company will be 29 December 2011.

NZOG Chairman Tony Radford said "the Board is disappointed to be losing someone of David's calibre. David has made a tremendous contribution during a period of growth for our business that has included many significant challenges.

"David has brought great enthusiasm, rigour, discipline and insight to our business strategy. I know he is keen to conclude a number of important initiatives over the coming months."

Tony Radford said the six month notice period provides time to ensure a smooth transition and a process will commence shortly to recruit a replacement Chief Executive.

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Petrobras Reconducts Executive Board Members

- Petrobras Reconducts Executive Board Members

Wednesday, May 18, 2011
Petrobras

Petrobras informed that its Board of Directors, during the meeting held on May 13th, 2011, reconducted the members of the Executive Board for a three year period, keeping the Executive Board composition as described below:

• José Sergio Gabrielli de Azevedo: Chief Executive Officer
• Almir Guilherme Barbassa: CFO and Investors Relations Director
• Guilherme de Oliveira Estrella: Exploration and Production Director
• Jorge Luiz Zelada: International Director
• Maria das Graças Silva Foster: Gas & Power Director
• Paulo Roberto Costa: Downstream Director
• Renato de Souza Duque: Service Director

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Baker Hughes Names New Executive Chairman

Baker Hughes Names New Executive Chairman

Friday, April 29, 2011
Baker Hughes Inc.

Baker Hughes has approved the transition of Chad C. Deaton, Chairman of the Board and Chief Executive Officer, to the new role of Executive Chairman beginning January 1, 2012. At that time Martin S. Craighead will assume the position of Chief Executive Officer in addition to his role as President of Baker Hughes.

Mr. Deaton said, "In October 2011, I will have served seven years as the leader of Baker Hughes. We have accomplished the major objectives I had when I joined the company in the fall of 2004 and I am very proud to have shared this success with our outstanding employees, management team and Board of Directors. We have expanded and refocused the company, building its competitive strengths while maintaining financial discipline and improving our returns. We have established a strong culture based on our Core Values of Integrity, Performance, Learning and Teamwork.

"I have tremendous respect for Martin's abilities and confidence in his leadership. As an experienced operations executive, Martin has an exceptional background for the CEO role. He has been with the company for over 25 years, including management roles in both the United States and other countries. He is one of the veterans of the company's management team who has effectively mobilized our people and technology into a new geographic alignment as a leading global supplier of oilfield services."

H. John Riley, Lead Director of the company's Board of Directors, said that "The entire board is extremely appreciative of Chad Deaton's outstanding leadership and significant contributions to the success of Baker Hughes over the past several years. He has implemented a strategy for growth and improved performance that has re-energized and broadened the horizons for the company. We look forward to Chad's active involvement in his new role as Executive Chairman.

"The Board joins me in congratulating Martin for earning the opportunity to lead Baker Hughes in the future as the company continues its growth as a leader in our industry. Baker Hughes is extremely well positioned for the future."

KBR Says Hello to New Executive Appointments

KBR Says Hello to New Executive Appointments

Monday, April 18, 2011

KBR Inc.

KBR announced the executive appointments of Roy Oelking, Dennis Calton and John Rose within its leadership organization.

Roy Oelking has been appointed Group President, KBR Hydrocarbons responsible for the company's four hydrocarbon business units: Downstream, Gas Monetization, Oil & Gas, and Technology. Prior to being appointed as Group President, Oelking served as President, KBR Oil & Gas. He joined KBR in 2008 and previously served in various leadership capacities with Worley Parsons and J. Ray McDermott.

Dennis Calton has been appointed President, KBR Oil & Gas, responsible for the strategic growth of one of KBR's four Hydrocarbons business units. Prior to being appointed President, Oil & Gas, Calton served as Executive Vice President, KBR Operations. He joined KBR in 1975 and has served in many important capacities with wide-ranging experiences include working offshore, managing the company's Singapore office and overseeing KBR resource centers and project management oversight activities.

In anticipation of his retirement in June 2012, John Rose will assume the role of Executive Vice President, KBR Operations. In his new capacity, John will examine how KBR’s resource centers can more effectively serve KBR's business units in their pursuit and execution of work. Rose previously served as Group President, KBR Hydrocarbons. Rose, whose tenure with KBR spans more than 40 years, has served in various leadership positions within the company.

"Roy, Dennis and John have been instrumental to the success of KBR throughout their years of service," said William P. Utt, KBR Chairman, President and CEO. "I am confident that under their leadership and vision in these newly appointed roles, KBR's Hydrocarbons and Operations groups will continue expanding their global footprint and building upon KBR's current success."

BP investors poised to voice anger at executive bonuses

BP investors poised to voice anger at executive bonuses

10 April 2011

London. BP is preparing for an acrimonious showdown with investors at its annual meeting on Thursday as disgruntled shareholders object to boardroom bonuses and US Gulf Coast residents fly to London to confront top directors over last year's Deepwater Horizon oil disaster.

The Association of British Insurers (ABI) has issued an "amber top" alert to fellow institutional investors warning them to examine the issues surrounding bonuses of more than £100,000 to two of BP's top executives – finance director Byron Grote and downstream chief Iain Conn.

Critics view the payments as inappropriate following the environmentally catastrophic oil spill. BP argues that the executives met targets in their particular roles and that neither played any part in its offshore exploration division.

"Shareholders have to decide if they think these bonuses are appropriate after the year the company had," said an ABI spokesman.

Meanwhile, the corporate governance consultancy Pirc has urged investors to oppose BP's remuneration report over payouts to outgoing executives, including former chief executive Tony Hayward, who got £1m compensation for loss of office and has share awards yet to vest worth as much as £8m. Glass Lewis, a large US shareholder advisory firm, is urging a vote against BP's report and accounts.

BP is approaching the first anniversary of the blowout of its Macondo oil well off the Louisiana coast. The explosion last April of BP's Deepwater Horizon rig killed 11 people and caused a spill that polluted fishing areas and fouled hundreds of miles of beaches. Groups including Greenpeace and Christian Brothers Investment Services will make their voices heard. Some will attempt to present BP with a "black planet" award for ecological failures.

A delegation from the Gulf Coast will be at the meeting, to be held at the ExCel centre in Docklands. Among them will be Diane Wilson, a fourth-generation shrimper from Texas who was arrested last year for pouring an oil-like substance over herself in a congressional committee room while Hayward was giving evidence.

Wilson says oil is still washing up on the beaches around her home town of Seadrift, Texas – and that paperwork surrounding compensation for victims is impenetrable. She told the Observer she is planning "something more than just getting up" and asking a question: "What they're messing with is an entire way of life."

Others object to BP's £1.6bn "Sunrise" project to excavate oil from Canada's tar sands. But unlike last year, there will be no formal resolution protesting at BP's conduct.

Transocean Execs Donating Portion of Bonuses To Victims (RIG)

Transocean Execs Donating Portion of Bonuses To Victims (RIG)

Transocean's (NYSE:RIG) senior management team said last night they would donate the portion of their bonuses they earned from getting good marks on internal safety metrics to the families of the 11 men killed in last years Deepwater Horizon tragedy.

The donation will be made to the Deepwater Horizon Memorial Fund, established last year in the wake of the disaster, for donations by coworkers and friends to help the families of the 11 men lost in the accident.

The non-deductible sum will exceed $250,000. More than $1.6 million has already been distributed to the families to date.

"Nothing is more important to Transocean than our people, and it was never our intent to diminish the effect the Macondo tragedy has had on those who lost loved ones," said Steven Newman, chief executive, announcing the bonus donations, in a news release on Tuesday. "The executive team made this decision because we believe it is the right thing to do."

Total to Start Gas Production Project in China

PARIS (Dow Jones Newswires), March 23, 2011

Total with partner PetroChina will start a non-conventional gas production project in China, La Tribune newspaper reported, citing the French company's Chief Executive Officer Christophe de Margerie.

PetroChina will own 51% of the operation, located in Interior Mongolia, the newspaper said.

The project will require $2 billion in investment and is expected to start production in 2012 or 2013. Output will plateau at 50,000 barrels of oil equivalent a day, La Tribune said. The reserves are estimated at 440 million barrels of oil equivalent.

Total also plans to open a second oil refinery in China, the newspaper said.

Separately, the French company's CEO said Total won the rights to operate a field in Uganda.
No officials at Total were immediately available for comment.

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Northern Oil and Gas, Inc. Announces Upcoming Conference Presentations

Northern Oil and Gas, Inc. Announces Upcoming Conference Presentations

Tuesday, 22 March 2011 06:50 PR Newswire

Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) ("Northern Oil") today announced that it has been selected to present at two forthcoming energy...

WAYZATA, Minn., March 22, 2011 /PRNewswire/ -- Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) ("Northern Oil") today announced that it has been selected to present at two forthcoming energy conferences.  Management of Northern Oil will present at the Howard Weil Energy Conference March 27th - 31st, 2011, in New Orleans, LA and at the Independent Petroleum Association of America's Oil and Gas Investment Symposium in New York, NY April 11th – 13th, 2011.

Michael Reger, Chief Executive Officer, is scheduled to present at the Howard Weil Energy Conference in New Orleans, LA on Tuesday, March 29th at 11:35 AM Eastern.

Ryan Gilbertson, President, is scheduled to present at the Independent Petroleum Association of America's Oil and Gas Investment Symposium in New York, NY on Tuesday, April 12th at 4:35 PM Eastern.

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at http://www.northernoil.com/ or by calling investor relations at 952-476-9800.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about actual or potential future sales, capital expenditures, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: oil and gas prices, our ability to raise capital, general economic or industry conditions nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:

Investor Relations

Erik Nerhus

952-476-9800

Link

http://www.ordons.com/