Penspen Lands 2nd PMS Contract with Al-Khafji Joint Operations

- Penspen Lands 2nd PMS Contract with Al-Khafji Joint Operations

Wednesday, July 13, 2011
The Penspen Group

Penspen has been awarded a new five-year contract to provide project management services (PMS) to Al-Khafji Joint Operations (KJO), a joint venture between Aramco Gulf Operations and Kuwait Gulf Oil Company, in its development of the Khafji and Hout Fields on the Kuwait / Saudi Arabia border.

The contract follows on from the previous PMS contract awarded to Penspen by KJO in 2005. The scope of works includes all aspects of managing the engineering, detailed design, procurement and construction of KJO's oil and gas projects in Khafji. Penspen's core project management team will be based on site with a number of satellite teams based in Contractors' offices around the world.

The project is expected to employ approximately 200 people for five years and will include major onshore and offshore Field Development from FEED through Tendering, Detailed Design and Construction. Specific services provided will include:

• Review of Design Basis and Scoping Papers(DBSP) for all KJO Projects
• Supervise FEED Preparation by other Engineering Contractors and issue tender for EPC Contracts
• Commercial and Technical Review of EPC Contractors Bids
• Technical Review and Approval of EPC Contractors Design by Satellite Team
• Follow up Material Procurement and Supervise Construction and Commissioning
• Technical Support to KJO and Satellite Teams from Core Team
• Contract Administration and Project Controls for all KJO Projects

In February this year, Penspen won The British Business Forum Award of Merit at The British Business Forum Excellence Awards in Kuwait for its previous exemplary work on the contract.

Penspen's Director of PMS, Chris Williams, said, "We are delighted to have been re-awarded this contract. Our work in Saudi Arabia for Khafji Joint Operations builds on our many decades of experience in the region. It is one of our key objectives to provide outstanding technical service for our clients, and in doing so, to establish successful long-term client relations. We very much look forward to working with KJO for the next five years."

KJO Executive Director, Projects, Jamal Jaafar, said, "KJO are pleased with Dar/Penspen's previous contract performance and happy to renew this working association for another 5 years. This clearly gives uninterrupted continuity to manage our Industrial Projects in an efficient professional way that we have come to expect from Dar/Penspen, and we wish them success in achieving the new contract objectives."

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Rosneft CEO: Chevron to Exit Joint Black Sea Project

- Rosneft CEO: Chevron to Exit Joint Black Sea Project

Friday, June 10, 2011
Dow Jones Newswires
KRASNODAR (Dow Jones Newswires)
by Jacob Gronholt-Pedersen

Rosneft is seeking new partners for its Val Shatsky project in the Black Sea because Chevron is likely to leave the block, Eduard Khudainatov, the CEO of the Russian state-owned oil major, said Friday.

"We had some disagreements," said Khudainatov.

When asked whether Rosneft will develop the Val Shatsky block in the Black sea together with Chevron, Khudainatov said: "Obviously not."

"Chevron still wants to work with us on offshore projects. Now we're considering where we will work (together)," he said.

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

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Japan to Launch Joint Oil Exploration with Top Russian Firm -Nikkei

- Japan to Launch Joint Oil Exploration with Top Russian Firm -Nikkei

Friday, June 03, 2011
Dow Jones Newswires

The Japanese government is in talks with Russia's state-owned Rosneft to jointly develop oil fields in eastern Siberia and the Far East, with exploration starting as early as this year, The Nikkei reported early Saturday.

Japan's Ministry of Economy, Trade and Industry and Russia's top petroleum company will form a working-level committee this summer to study deposits in the Magadan oil field in the Sea of Okhotsk as well as in eastern Siberia. If promising reserves are found, a new firm will be established, with a Japanese consortium holding a stake of up to 49%.

Inpex, Japan Oil, Gas and Metals National Corp., and trading houses are expected to participate.

After the March earthquake and tsunami, Russia proposed joint resource and energy development with Japan. Despite territorial disputes with Russia over islands off Hokkaido, Japan aims to strengthen bilateral economic relations and secure a steady supply of petroleum.

A geological research institute estimates that the Magadan field holds about 1.8 billion barrels of oil.

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

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NC KMG, KMG EP Sign MOU for Joint Participation in Caspian Sea

- NC KMG, KMG EP Sign MOU for Joint Participation in Caspian Sea

Wednesday, May 25, 2011
JSC KazMunaiGas Exploration Production

JSC NC KazMunaiGas (NC KMG) and JSC KMG EP (KMG EP) have signed a Memorandum of Understanding, providing KMG EP with access to the detailed geophysical, financial and economic data of a number of oil and gas projects, including those located in the Kazakhstan sector of the Caspian sea. The list of projects includes, in particular, the offshore blocks Zhambyl, Ustyurt, Zhenis, Godina, С-1, С-2 as well as an onshore block Urikhtau. By agreement between the two parties the list of oil and gas projects may be expanded.

On the basis of the provided data KMG EP will conduct a technical, economic and investment evaluation of the above-stated projects to consider the Company's participation in these projects, subject to negotiations with NC KMG and on the same commercial terms as other participants.

Kairgeldy Kabyldin, Chairman of the Management Board of NC KMG noted, "The engagement of the resources and experience of KMG EP in the joint development of the Caspian sea shelf along with the large international oil companies is an important step for the KazMunaiGas group of companies. Enhanced participation of the National Company KMG in the offshore projects corresponds to the strategic interests of the country in the oil and gas sector."

Askar Balzhanov, Chief Executive Officer of KMG EP said, "Signing of the Memorandum is an important step in implementation of our Strategy which envisages participation in the development of the Caspian sea shelf as a way to increase the Company's resource base and hydrocarbons production. KMG EP possesses the necessary technical and financial resources for carrying out offshore oil operations."

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Inpex: Agreement Signed for Vladivostok LNG Joint Study

Inpex: Agreement Signed for Vladivostok LNG Joint Study

Wednesday, April 27, 2011

Inpex Corp.

Inpex announced that the Company Japan Far East Gas Co., Ltd., newly established by INPEX, ITOCHU, Japan Petroleum Exploration Co., Ltd. (hereinafter JAPEX), Marubeni and ITOCHU (hereinafter CIECO), has signed an agreement on the implementation of a joint study for the natural gas utilization project in Vladivostok area with Russia's Gazprom. The Agreement was signed on April 25, 2011 in Moscow, Russia.

The Joint Study consists of a Pre-FEED for the construction of a liquefied natural gas (LNG) plant with production capacity of 10 million tons per year, a preliminary feasibility study on the compressed natural gas (CNG) pilot project and a preliminary study on gas-chemical complex project. The Joint Study is scheduled to be completed by the end of 2011.

The Agency for Natural Resources and Energy of Japan's Ministry of Economy, Trade and Industry, ITOCHU, JAPEX and Gazprom implemented a preliminary feasibility study (Pre-FS) from May 2009 to July 2010. Following the result on the Pre-FS as well as the discussions between the related parties, an agreement was signed between the Agency and Gazprom in January 2011 on the framework and cooperation for the Joint Study. This Agreement was hereby signed on the details of the Joint Study in furtherance of the above-mentioned agreement between the Agency and Gazprom.

On March 19, 2011 at the meeting on the comprehensive development of the fuel and energy industry in Eastern Siberia and the Far East held in Sakhalin Oblast, Prime Minister Putin revealed his intentions to increase LNG supply to Japan and alluded to the construction of a new LNG plant in that area. This Joint Study and realization of its future potential projects are considered to be very important for Russia-Japan relations, as well as for the stable LNG supply to not only Japan but also to the Far East and other Asian countries, and will contribute to the diversification of Russia's gas (LNG) export sources.

Rosneft, Lukoil Agree to Joint Offshore-Exploration Deal

Rosneft, Lukoil Agree to Joint Offshore-Exploration Deal

Thursday, April 21, 2011
Dow Jones Newswires

Rosneft and the country's biggest private oil producer, Lukoil, on Thursday signed a long-term cooperation deal that includes offshore exploration in Russian Arctic waters.

The two companies agreed to work together on "geological exploration in the license areas of Rosneft on Russia's shelf and development of fields already discovered," Lukoil and Rosneft said in a joint statement.

Shell, Gazprom CEOs Discuss Joint Projects

Shell, Gazprom CEOs Discuss Joint Projects

Tuesday, April 12, 2011
Dow Jones Newswires
by Jacob Gronholt-Pederson

The heads of energy giants Shell and Gazprom met Tuesday in Moscow to discuss potential joint projects in Russia and outside Europe, the Russian company said in a statement.

Peter Voser, chief executive of Shell, and Gazprom CEO Alexei Miller discussed the "implementation of joint projects in western Siberia and in eastern Russia," Gazprom said.

In addition, they talked about possible joint processing and distribution activities in Europe and Russia, as well as Gazprom participating in Shell's exploration and production projects elsewhere, the Russian company said.

Shell and Gazprom signed a memorandum of understanding last year on a global strategic partnership.

The two companies are already partners in the Sakhalin-2 project on Russia's Pacific coast.