Noble, CONSOL Team Up in $3.4B Marcellus JV

- Noble, CONSOL Team Up in $3.4B Marcellus JV

Thursday, August 18, 2011
Noble Energy Inc.

Noble Energy has signed definitive agreements which create a joint venture partnership with CONSOL for the development of their Marcellus Shale properties in southwest Pennsylvania and northwest West Virginia.

Under the arrangement, Noble Energy will purchase a 50 percent interest in 663,350 net undeveloped acres for $1.07 billion, payable in three equal annual installments beginning at closing. In addition, the Company will fund $2.13 billion of CONSOL's future drilling and completion costs. This funding obligation is expected to extend over an eight-year period and is limited to one third of CONSOL's drilling and completion costs with an annual cap of $400 million and a suspension of disproportionate funding at natural gas prices below $4 per million British thermal unit (MMBtu). The acreage value of $3.2 billion equates to a discounted present value of $7,100 per net acre. Noble Energy will also acquire a 50 percent interest in 70 million cubic feet equivalent per day (MMcfe/d) of existing Marcellus production and infrastructure for $219 million. The payments are anticipated to be funded from cash on hand and the Company's currently undrawn revolving credit facility. The effective date of the transaction is July 1, 2011. Closing is expected to occur by the end of September 2011, subject to customary adjustments and conditions.

Key operational aspects of the joint venture include:

• Acreage estimated to contain 7.4 trillion cubic feet equivalent (Tcfe) risked resources net to Noble Energy's interest, of which 400 billion cubic feet equivalent (Bcfe) were proven reserves at year-end 2010
• More than a decade of development activity anticipated, which includes the drilling of approximately 4,400 gross well locations
• Net production to Noble Energy's interest has the potential to reach 600 MMcfe/d in 2015 and is expected to continue growing into the next decade
• Leasehold position is over 85 percent held by production, almost entirely operated with close to 100 percent working and 88 percent net revenue interests
• A pre-defined long-term development plan forecasts drilling activity to increase from 4 rigs to 16 rigs in 2015
• Operations to be shared between the partners with Noble Energy's initial focus on the wet gas portion of the acreage
• Sharing of midstream infrastructure and access to water handling capabilities

Charles D. Davidson, Noble Energy's Chairman and CEO, commented, "Noble Energy is excited about the opportunity to establish a position in the Marcellus Shale, which is considered to be one of the most economically attractive developments in North America due to its enormous resource potential, its proximity and access to premium markets, and its competitive cost structure. This transaction will complement and further strengthen our U.S. portfolio by adding a high-quality asset with a substantial growth profile. The Marcellus, combined with our ongoing developments in the DJ basin and deepwater Gulf of Mexico, will provide important balance to our rapidly expanding international programs. Spreading the transaction costs over an extended time horizon creates better partner alignment on investment decisions and maintains our strong balance sheet."

David L. Stover, President and COO, added, "Noble Energy is fortunate to be partnering with CONSOL, a well-known and respected Appalachian operator. The joint oversight and operations are designed to create value through the sharing of best practices and expertise. Both companies are committed to operating in a safe, environmentally responsible manner while maintaining a good working relationship with the local communities."

J. Brett Harvey, CONSOL's Chairman and CEO, commented, "We are extremely pleased to have Noble Energy as our partner in the Marcellus. Noble Energy is a world-class operator that shares CONSOL's dedication to safety and compliance and they bring a strong technical and operational expertise to this partnership. This agreement will benefit the regional economy, the communities in which we operate, our employees, and our respective companies. Together we will be able to accelerate the development of this significant resource safely, efficiently and economically."

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Shell NZ to Join Great South Basin JV, Seismic Program to Begin in 4Q11

- Shell NZ to Join Great South Basin JV, Seismic Program to Begin in 4Q11

Tuesday, August 16, 2011
OMV

OMV New Zealand and Shell New Zealand announced major milestones for the Great South Basin joint venture, with the addition of Shell into the venture and confirmation that a comprehensive 3D seismic program will begin later this year on Permits 50119 and 50120. Permit 50121 will be returned to the Crown.

Subject to ministerial approval, under the new joint venture agreement Shell, a world leader in deep water exploration and production with a 100 year history in New Zealand, will take a 50% share while the existing joint venture partners OMV and PTTEP retain 18% each and Mitsui Australia retains 14%.

OMV New Zealand will remain operator of the Great South Basin permits until the end of the seismic acquisition program which is expected to be completed in early 2012. The 3D program itself will be undertaken by the state of-the-art vessel Polarcus Alima and is expected to cover about 3,000 km2.

Shell will become the joint venture's operator once the seismic acquisition program is completed.

"We are very pleased to announce these developments which we believe clearly demonstrate the joint venture's commitment to the Great South Basin. It is important to be geared up for the next steps in the exploration of a frontier basin," said OMV New Zealand Managing Director Peter Zeilinger.

"We have allocated significant manpower to studying the Great South Basin over the past four years and invested over NZ$50 million to date. The joint venture is now committing to an additional significant investment for the next phase of the project," he said.

In late 2010 OMV and its joint venture partners began an in-depth review of their planning for the Great South Basin. As part of that assessment, the joint venture identified the need for an additional partner with considerable deep water experience and best practice exploration and operating processes.

OMV New Zealand

"We undertook a detailed evaluation of several companies who could meet these tests. Shell's proven track record as an internationally experienced deep water operator with high safety and environmental standards made them the logical partner of choice," Mr. Zeilinger said.

Shell brings valuable technical expertise to the joint venture from safely delivering more than 20 groundbreaking deepwater projects around the globe. Shell's membership in the Great South Basin joint venture builds on its continuing investment in Taranaki, where it is a joint venture partner in the Maui, Kapuni and Pohokura fields.

Chairman Shell Companies in New Zealand Rob Jager said the new Great South Basin venture reflected Shell's continuing commitment to exploration and production in New Zealand.

"Shell has been investing in New Zealand for more than 100 years and safely operating offshore for more than 30 years in the challenging conditions off the coast of Taranaki. We have been impressed by the work of the joint venture to date, and see this as an exciting opportunity to bring our local and global experience to another promising region," he said.

Exploring a new frontier area is very much a long term process, Mr. Zeilinger explained.

"There are no guarantees that drilling will take place, but we are hopeful that the seismic survey will yield positive results. Our focus right now is on carrying out a robust survey," he said.

Mr. Jager said that as the new joint venture partner and future operator Shell is looking forward to working with OMV on the next stage of the project.

"Safety comes first for Shell. We have a Goal Zero operating philosophy which demands no harm to people and protect the environment. Another top priority is to get to know the local stakeholders better so that we have a strong understanding of their views and a positive foundation for continuing engagement over the coming years," he said.

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Iraq Oil Ministry: Shell, Iraq Gas JV to Produce 2 Bcfpd

- Iraq Oil Ministry: Shell, Iraq Gas JV to Produce 2 Bcfpd

Tuesday, August 16, 2011
Dow Jones Newswires
AMMAN
by Hassan Hafidh

Iraq's gas deal with Shell to capture and exploit associated gas from its giant southern oil fields is expected to produce two billion cubic feet a day, according to an official agreement summary obtained by Dow Jones Newswires Tuesday.

The Iraqi oil ministry signed in July a final draft deal with Shell and Japan's Mitsubishi to develop gas production in southern Iraq. However, in order to become valid the deal still needs approval from the Baghdad government.

The two sides disclosed few details about the agreement when they signed it in July.

The investment required for the 25-year venture--in which Baghdad has 51%, Shell 44% and Mitsubishi 5%--is $17.2 billion instead of the previously announced $12 billion, the document said.

It said some $12.8 billion would be spent on rehabilitation of existing infrastructure and building new ones, while an additional $4.4 billion is required for an liquefied natural gas facility to be built by Shell and Mitsubishi.

The joint venture, called the Basra Gas Company, or BGC, initially would deliver gas to Iraq's domestic market to fuel-starved Iraqi power plants, but would then export the extra gas after meeting local need. The planned LNG terminal would handle the export of 600 million cubic feet a day.

Baghdad needs to contribute $5.236 billion in the venture, some $1.524 billion of which is existing infrastructure. While Shell and Mitsubishi need to contribute nearly $7 billion, and the remaining money will be financed through the venture's returns, according to the summary submitted by Iraq's oil ministry to the country's parliament.

Shell and Mitsubishi are also offering an optional loan of $1 billion to the Iraqi side in the venture, it added.

The joint venture would sell produced gas to Iraq's state South Gas Company, or SGC, at international standard pricing. The crude and gas linked pricing formula in the agreement summary implies that, at Brent price of $75 a barrel, the BGC joint venture would get $3.22 per million British thermal units of dry gas sold to SGC.

But the SGC would have to sell the gas it buys back from the joint venture at just $1.04/mmbtu to Iraqi power plants and industry, meaning the SGC would pay huge subsidies, which would further increase if world's gas prices rise.

Iraq estimates, however, it should still make around $31.1 billion over the 25 years of the project from taxes, fees and the raw gas sales to the joint venture, the document said.

The BGC would use Shell technology to gather and process gas from the giant southern oil fields of Rumaila, West Qurna Phase 1 and Zubair.

Iraq, which has natural gas reserves totaling 112.6 trillion cubic feet, the tenth largest in the world, produces only around 1.5 billion cubic feet a day, with half of that amount is being flared daily, because of lack of infrastructure to produce and market the gas.

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

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National Fuel Deems Marcellus JV Unlikely

- National Fuel Deems Marcellus JV Unlikely

Friday, August 05, 2011
National Fuel Gas Co.

Today at the quarterly earnings teleconference of National Fuel Gas Co., Chief Executive Officer David F. Smith will make the following statement about the possibility of a joint venture (JV) involving the Marcellus Shale assets of its subsidiary Seneca Resources Corporation:

"That brings me to an update on a potential joint venture. Our future growth prospects – and the fact that we're not capital constrained or up against a schedule of lease expirations – sets a pretty high bar. As a result, while we have been relatively close with two different parties over the last two or three months, we ultimately chose not to consummate either of those particular transactions. While they were good and serious offers – we determined that they just weren't good enough. And while discussions do continue with a few potential partners, as we've said in the past, unless a Joint Venture enhances shareholder value, unless it produces significant advantages above and beyond our existing robust plans for growth, which as I said is a pretty high bar, we will simply move forward on our own. At this point that's the likely outcome.

"With or without a JV, our prospects are compelling. We have the resources – financial and human – and the assets to deliver exceptional value to our shareholders for years to come."

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Petroceltic-Hess JV to Explore Iraqi Blocks

- Petroceltic-Hess JV to Explore Iraqi Blocks

Wednesday, July 27, 2011
Petroceltic International Inc.

Petroceltic announced that, in partnership with Hess Middle East New Ventures, a subsidiary of Hess Corporation ("Hess"), it has executed two Production Sharing Contracts ("PSCs") with the Kurdistan Regional Government of Iraq ("KRG"). The PSCs are in respect of the Dinarta and Shakrok exploration blocks ("Dinarta" and "Shakrok") in the central north of the Kurdistan Region of Iraq.

Dinarta

Dinarta is a highly prospective undrilled block in a proven but largely unexplored area along trend from existing discoveries in the Kurdistan Region of Iraq. The block, which covers an area of 1319 sq km, is located approximately 75 kms north of Erbil and along trend from the significant Shaikan, Atrush and Swara Tika oil discoveries.

The block itself contains a number of identified surface structures, the largest of which, the Chinara Anticline, is 25 kms along strike from the Swara Tika-1 well, currently reported to be testing a significant new oil discovery. The other structures on the block also have significant potential surface closure areas with multiple reservoir targets believed to be likely to be present in the Jurassic and Triassic strata preserved in this block. The resource potential of the identified structures is considered by Petroceltic to be very significant.

Shakrok

Shakrok is a highly prospective undrilled block in a proven but largely unexplored area along trend from existing discoveries in the Kurdistan Region of Iraq. The block, which covers an area of 418 sq km, is located approximately 50 kms north east of Erbil and is along trend from the nearby Taq Taq oil field and the recently announced Bina Bawi oil discovery.

The block itself contains significant surface anticlines, and, similar to Dinarta, multiple reservoir targets are believed to be likely to be present in the Jurassic and Triassic strata preserved in the block. The resource potential of the identified structures and the Shakrok Anticline in particular is considered by Petroceltic to be significant and in line with other discoveries that have recently been made in the region.

PSC Commitments and Work Program

Each PSC has an initial 3 year exploration period during which the joint venture plans to acquire 2D seismic and drill a minimum of one exploration well. Based on the anticipated work programs, Petroceltic's total financial commitment during the first license period is expected to be approximately $72 million, the majority of which will be incurred over the next 6 months. These amounts are inclusive of all signature and capacity building bonuses payable to the KRG under the terms of the PSC's.

Petroceltic holds its 16% participating interest (20% paying interest) in the PSCs, through a wholly owned subsidiary, Petroceltic Kurdistan Limited ("PKL"). Both blocks will be operated by Hess and the KRG has a carried interest of 20% in each PSC through all phases of operations.

Commenting, Brian O'Cathain, Chief Executive of Petroceltic, said, "The signature of the Dinarta and Shakrok PSCs represents Petroceltics entry into an exciting new region and with an outstanding partner in Hess. These highly prospective blocks add further high impact exploration potential to our portfolio and complement our ongoing exploration and appraisal activities in Algeria and Italy.

"While significant discoveries have already been made, the Kurdistan Region of Iraq remains, a vastly under explored area with huge potential. Our exploration activities in the region are already progressing and we plan to open an office in Erbil in the coming months.

"We have worked closely with the KRG and our co-venturer Hess to conclude these agreements, and are now delighted to have signed the PSCs. We are committed to continuing to work closely with the KRG to maximize the value of these blocks for both the Government and people of the Kurdistan Region of Iraq, and our shareholders."

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Galoc JV to Install Improved Mooring at FPSO

- Galoc JV to Install Improved Mooring at FPSO

Tuesday, July 26, 2011
Otto Energy Ltd.

Otto has continued to focus on its Philippines-based portfolio of high quality exploration assets, complemented by oil production from the Galoc field.

Highlights:

• Galoc production during the quarter of 618,244 bbl gross of crude oil (116,106 bbl net to Otto), with 88% 12-month rolling uptime for the field
• Exercise of farm-in option by BHP Billiton in SC55 and Otto (through its wholly-owned subsidiary NorAsian Energy Ltd) lodgement of notice to enter drilling exploration sub-phase
• Completion of Duhat-1/1A exploration well drilling provides strong support for follow up in SC51
• Completion of 210 km2 high quality 3D seismic acquisition over Lampos and Lampos South prospects in SC69
• Galoc joint venture approval in July to install an improved mooring and riser system upgrade for FPSO Rubicon Intrepid, crucial to progressing Phase 2 field development

Production

Since the start-up of production in October 2008, the Galoc oil field has produced a total of 7.54 million barrels of crude oil as of 30th June 2011, and delivered 22 offtakes to refinery customers. As at the end of the June 2011 quarter, the field was producing around 6,750 barrels of oil a day

Otto, through its shareholding in the field operator Galoc Production Company WLL (GPC), has commenced pre-planning activities for the further development of the Galoc field with a decision on Phase 2 due to be taken in early 2012.

Exploration and Development

Interpretation of the recently acquired 3D seismic from Service Contract 55, offshore Palawan, has matured the amplitude-supported Hawkeye prospect and a series of large Nido level carbonate prospects. The permit contains a significant number of high quality, large volume prospects that are being quickly matured for drilling by Otto and its partners. The JV has recently elected to enter the next permit sub-phase which requires a commitment well to be drilled prior to August 2012.

Corporate

The Board is currently finalizing negotiations for the appointment of a new CEO and will advise the market accordingly once completed.

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Galoc JV to Upgrade FPSO

- Galoc JV to Upgrade FPSO

Friday, July 08, 2011
Otto Energy Ltd.
by SubseaIQ

Galoc Production Company (GPC) reported an update regarding an upgrade of the mooring and riser system for the FPSO Rubicon Intrepid operating at the Galoc field.

The new turret mooring system is designed to substantially increase the reliability and uptime of the FPSO and is a crucial component to enable the Galoc Joint Venture to move ahead with Phase 2 development.

Otto owns 31.38% of GPC, which has a participating interest of 59.84473% in the Galoc field.

Otto Chief Financial Officer and Acting CEO Matthew Allen said, "The upgrade of the FPSO system will substantially improve the uptime of the Galoc field, which is an important revenue-generator for Otto. In addition, it provides a vital platform from which to embark on our planned Phase 2 development of the field, which we expect to approve early next year."

"Engineering work on the new system is already well underway, and we look forward to the upgraded FPSO returning to the Galoc field before the end of 2011."

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Petsec Finalizes Interest Sale in China JV

- Petsec Finalizes Interest Sale in China JV

Thursday, June 23, 2011
Petsec Energy Ltd.

Petsec advised that the final tranche of consideration in respect of the sale of its China Joint Venture interest has been received. The transaction was completed under the previously announced Sale and Purchase Agreement whereby Horizon Oil acquired Petsec's wholly owned subsidiary, Petsec Petroleum LLC, which held the Company's 25% working interest in the Block 22/12 Beibu Gulf project in China.

The sale for A$38 million in cash, plus 15 million Horizon share options with an exercise price of A$0.37, follows Petsec's previous announcements that it is debt free after eliminating US $100 million of debt over the past three years.

Petsec Energy Ltd's Chairman, Mr Terry Fern, said the Company will use the sale proceeds to fund the expansion and transition of its existing USA oil and gas operations to onshore areas of the USA, and to participate in the rapidly expanding shale oil industry.

"The Company's strategy is to not only move into areas where the shale source rocks are oil-prone but also to continue with our structured transition to a greater focus on exploration for liquid rich reserves in general," Mr. Fern said.

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Repsol, Alliance Oil Team Up in Russian JV

- Repsol, Alliance Oil Team Up in Russian JV

Monday, June 20, 2011
Alliance Oil Co.

Repsol and Alliance Oil have signed a Memorandum of Understanding to form a joint venture that will serve as a growth platform for both companies in the Russian Federation, the world's largest oil and gas producer.

Alliance Oil will hold a 51% stake in the joint venture and contribute producing assets in the Volga-Urals Region while Repsol will own the remaining 49% and make an initial cash investment to finance future growth opportunities.

The agreement seeks to combine Alliance Oil's knowledge and privileged access to Russian exploration and production business opportunities with Repsol's know-how and technical capabilities to create a long-term exploration and production alliance.

In addition to the exploitation of the assets to be contributed by Alliance Oil, the agreement includes seeking opportunities for exploration and growth through producing assets in the Russian Federation.

"This cooperation with Alliance Oil enables Repsol to increase its producing assets and obtain privileged access to assets in the country, home to some of the largest hydrocarbon resources in the world, reinforcing this growth vector of our group," said Repsol Executive Chairman, Antonio Brufau.

"We are pleased to develop our partnership with Repsol and together create an additional important strategic upstream growth platform in Russia. I am convinced that the joint venture will create significant value for our shareholders and make a meaningful contribution to our reserves and production," said Eric Forss, Chairman of Alliance Oil Company ltd.

Repsol already owns a 3.47% stake in Alliance Oil resulting from the merger between Alliance Oil and West Siberian Resources in 2008. Repsol also owns a 74.9% stake in Eurotek-Yugra, which holds exploration and production licenses in the Karabashsky-1 and -2 blocks in the prolific West-Siberia basin.

The transaction is subject to negotiation of final contractual terms, due diligence of the assets to be contributed by Alliance Oil and the procurement of the relevant regulatory and corporate approvals, which is expected to be completed during 2011.

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Shell, CNPC Form Alliance for Well Manufacturing JV

- Shell, CNPC Form Alliance for Well Manufacturing JV

Monday, June 20, 2011
Royal Dutch Shell plc

Shell and China National Petroleum Company (CNPC) have signed a Global Alliance Agreement emphasizing their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China.

The two parties also signed a Shareholders Agreement to establish a Well Manufacturing joint venture (50% CNPC and 50% Shell) subject to further corporate and government approvals. It is intended that the joint venture will develop an innovative, highly automated Well Manufacturing System (WMS) that could significantly improve the efficiency of drilling and completing new wells onshore. The details of the parties' respective contributions to the joint venture will be agreed during the transition phase over the coming months.

Peter Voser, Chief Executive Officer of Royal Dutch Shell plc, and Jiang Jiemin, Chief Executive Officer of CNPC, attended the signing ceremony in Beijing. Peter Voser said, "CNPC and Shell are collaborating in a variety of projects globally with the aim of investing for profitable growth, and to meet the world's growing demand for cleaner, affordable energy. The Shareholders Agreement for the Well Manufacturing JV underscores how Shell and CNPC are working together to develop gas resources using innovative and cost competitive technologies."

Full scale commercialization of tight gas, shale gas and coal bed methane can require the drilling of hundreds of wells each year, over many years. It is intended that the WMS will be designed to drill and complete wells in a standardized and repeatable manner, using advanced automation techniques. The system aims to incorporate the best technology and procurement capabilities from both partners.

The joint venture intends to use state-of-the-art technologies such as automated directional drilling and drilling optimization, including technologies pioneered by Shell in its North America tight gas operations. The WMS joint venture is expected to source the majority of its rigs, services and drilling equipment from low-cost suppliers in China. This combination could unlock substantial natural gas resources cost-efficiently, and on a large scale.

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Gazprom Neft, Shell to Mull JV for Western Siberia Projects

- Gazprom Neft, Shell to Mull JV for Western Siberia Projects

Friday, June 17, 2011
Dow Jones Newswires
MOSCOW
by Malgorzata Halaba

Gazprom Neft, the oil arm of Gazprom, said Friday it has signed a cooperation agreement with Shell Exploration Company BV, a unit of U.K. energy giant Shell.

The companies will assess the potential of creating a joint venture to pursue projects in Western Siberia and areas both inside and outside of Russia, and to further develop cooperation between the two companies in upstream and downstream, the statement said.

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

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Strike Enters JV for Eagle Ford Exploration

- Strike Enters JV for Eagle Ford Exploration

Thursday, June 16, 2011
Strike Energy Ltd.

Strike has signed the joint venture agreement governing the Eagle Ford Shale Exploration in Texas.

Under the terms of the joint venture, Strike has secured a 27.5 per cent stake in the venture, which also includes four Texas-based companies. The joint venture is formally named Eagle Landing Joint Venture.

Currently the joint venture has secured 12,400 acres, with 3,410 acres net to Strike. This acreage has been acquired over the last 12 months and the leasing activities will be ongoing for several months.

The majority of the leases are located in Fayette County, Texas, which are on trend with high activity areas in Gonzales and De Witt Counties being drilled primarily by EOG and Petrohawk. Published projected recoveries in these areas range of 450,000 to 1,000,000 barrels of oil equivalent per well based on 160 acres spacing.

Other operators are successfully extending the productive Eagle Ford trend into eastern Gonzales County in the vicinity of the joint venture acreage position, including Penn Virginia, Forest Oil and Magnum Hunter. Three wells recently drilled in Fayette County by Southern Bay Operating, LLC (a subsidiary of GeoResources Inc) are now being fracced and tested. These wells Flatonia East Unit 1H, Flatonia East Unit 2H and Black Jack Springs Unit 1H are in the vicinity of the Strike joint venture leasing. Australian listed company Eureka Energy (ASX: EKA) has a 9.4% working interest in the Black Jack Springs Unit 1H well.

If published recoveries are extended onto leases secured by the Eagle Ford joint venture to date, this provides a target potential of gross 35 to 77 million barrels of oil equivalent or 10 to 21 million barrels of oil equivalent net to Strike's acreage position.

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CGGVeritas, PetroVietnam Enter Seismic JV

- CGGVeritas, PetroVietnam Enter Seismic JV

Friday, May 20, 2011
CGGVeritas

CGGVeritas has signed an agreement with PetroVietnam Technical Services Corporation (PTSC) to create a marine joint venture company. The newly established company, PTSC CGGVeritas Geophysical Survey Company Limited, is 51% owned by PTSC and 49% owned by CGGVeritas and will deliver 2D and 3D marine seismic acquisition services to oil and gas company clients mainly operating in Vietnamese waters and the region.

CGGVeritas will contribute the Amadeus, a high-capacity 3D seismic vessel, to the joint venture and PTSC will contribute the Binh Minh II, a 2D seismic vessel.

Jean-Georges Malcor, CEO of CGGVeritas, said, "This joint venture builds on our long-term partnership with PTSC by supporting growing demand for 3D marine seismic for deepwater exploration and production in Vietnamese waters and by providing infrastructure for PTSC's international E&P activity and expansion globally."

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CGGVeritas Marks Ops Step-Change with Eldesvik JV

CGGVeritas Marks Ops Step-Change with Eldesvik JV

Monday, May 02, 2011
CGGVeritas

CGGVeritas announced Monday a new joint venture with the Norwegian ship-owner Eidesvik Offshore to manage ten high-capacity 3D vessels in the CGGVeritas fleet, including the two new X-BOW vessels, Oceanic Vega and Oceanic Sirius. The joint venture, CGGVeritas Eidesvik Ship Management AS, will be based in Bergen and is 51 % owned by Eidesvik and 49 % owned by CGGVeritas.

The joint venture marks a step-change in the way CGGVeritas operates its high-end seismic vessels. It creates an integrated team of highly skilled professionals dedicated to ship management to fully support and develop the performance of the fleet. CGGVeritas and Eidesvik are both contributing resources and support to the joint venture.

Jean-Georges Malcor, CEO of CGGVeritas, said: "This new joint venture is a key step in our performance action plan. It builds a strong partnership that is focused on shared objectives around the operational excellence of our marine fleet and supports our plans to streamline the number of our maritime partners. I look forward to working closer with our long-term partner Eidesvik to further strengthen our business in the future."

CGGVeritas is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.

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Eni, Sonatrach Team Up in Algeria Shale JV

Eni, Sonatrach Team Up in Algeria Shale JV

Thursday, April 28, 2011
Eni S.p.A.

Eni and Sonatrach signed a cooperation agreement for the development of unconventional oil, with particular focus on shale gas reinforcing the close relationship between the two companies.

With extensive experience in exploration and production of unconventional oil, Eni and Sonatrach will jointly implement activities to assess the technical and commercial feasibility of exploration and operational initiatives in shale gas.

Based on previous assessments, Eni confirms the significant shale gas reserves in Algeria which Eni and Sonatrach wish to explore and develop. This will enable both companies to make important discoveries which will enhance the gas potential of the country.