BP Scoops Up Blocks Offshore Trinidad

- BP Scoops Up Blocks Offshore Trinidad

Monday, July 25, 2011
BP plc

BP has been awarded two deepwater exploration and production blocks by the Government of the Republic of Trinidad and Tobago.

BP was awarded a 100 percent interest in blocks 23(a) and TTDAA 14, both in deepwater frontier acreage offshore Trinidad's east coast, under production sharing contracts.

The success follows detailed subsurface research and evaluation by BP whose Trinidad operations account for more than half of Trinidad and Tobago's natural gas output and 12 percent of BP's global oil and gas production. The awards will double the acreage held by BP controlled companies in Trinidad and Tobago.

"BP has a long history and major business in Trinidad and Tobago, and we are keen to participate in the next phase of exploring the country's resources," said Bob Dudley, BP group chief executive. "These awards mean BP has gained access to 31 new upstream blocks across the world since July last year, a significant step up in new access.

"Increasing our efforts in exploration and applying our deepwater experience and expertise to new basins around the world is a key part of BP's strategy to deliver long-term value growth. We are pleased to see the confidence that governments across the world have placed in BP to carefully explore and develop resources."

Since July 2010 BP has gained new exploration access in Azerbaijan, Brazil, Indonesia, Australia, the UK and China. In addition, BP reached agreement in February with Reliance Industries to take a 30 percent interest in 23 oil and gas licences offshore India.

"BP is very pleased to be given this opportunity to be pioneers as we work to unlock Trinidad's deepwater potential using the best in class technology and expertise, potentially bringing additional benefits from our existing business and infrastructure," added BP Trinidad and Tobago regional president Norman Christie. "The decision to participate in this bid round demonstrates BP's long term commitment to Trinidad and Tobago."

Block 23(a), located approximately 300 kilometers north east of BP Trinidad and Tobago's (bpTT's) Galeota Point operations base, covers approximately 2,600 square kilometers in water depths averaging 2,000 meters. Block TTDAA 14 which is located next to block 23(a) covers a further 1,000 square kilometers in water depths averaging 2,000 meters.

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RWE Dea Scoops Up Block Offshore Trinidad and Tobago

RWE Dea Scoops Up Block Offshore Trinidad and Tobago

Tuesday, April 26, 2011

RWE Dea AG

As a result of the 2010 shallow water bid round in Trinidad and Tobago, RWE Dea has been awarded one of the country’s offshore blocks. The respective Production Sharing Contract has now been signed with the Government of Trinidad and Tobago in Port of Spain. For RWE Dea, this marks the entry into the country with its established natural gas infrastructure in a prolific oil and gas prone region.

The NCMA2 block is situated approximately 50 kilometers off the northern coast of Trinidad. The block covers 1,019 km² and is located in water depths of 100 to 200 meters. It is on trend with the Hibiscus and Chaconia gas fields. Operational work is planned to commence in July with the acquisition of a 3D seismic survey covering the whole concession. RWE Dea's share in block NCMA2 is 24% with Niko Resources as operator holding 56% and the state company Petrotrin the remaining 20%.

"We are delighted to have been awarded our first block in Trinidad and Tobago," said Thomas Rappuhn, Chief Executive Officer of RWE Dea AG. "The signed PSC strengthens our strategic position and secures further highly prospective exploration acreage for the company." In its annual press conference in early April, the RWE Dea had already announced to increase its annual gas and oil production to 70 million barrel of oil equivalent by 2016. "To allow us to sustain the anticipated higher production volumes of the coming years for the long term, and to increase them, we step into new areas like Trinidad and Tobago and will expand our country portfolio even further," Rappuhn continued. RWE Dea is today active in 14 countries through licenses and branch offices. The company holds stakes in more than 170 licenses and is the operator in more than 40% of them.

The engagement in Trindad and Tobago also ties in with RWE's gas strategy to strengthen the group’s business in one of the most important LNG supply countries along the Atlantic margin.

Rocksource Scoops Up Blocks Offshore Norway

Rocksource Scoops Up Blocks Offshore Norway

Friday, April 15, 2011
Rocksource ASA

Rocksource has been awarded 4 new licenses in the 21st Licensing Round on the Norwegian Continental Shelf (NCS) announced by the Ministry of Oil and Energy on the April 15, 2011. All licenses contain high potential, low risk prospects that have been de-risked using Controlled Source Electromagnetic (CSEM) data, processed in the proprietary software system ‘Rocksource Discover’, prior to application. These awards mark another significant milestone in the Company’s development and add multiple, high value drillable prospects to the Rocksource prospect inventory.

 

PL 602. Blocks 6706/10 (part), 6706/11, 6706/12 (part)

This license is located on the Vema Dome in the Vøring Basin (Norwegian Sea), immediately west of the Luva, Haklang and Snefrid discoveries. Several prospects have been mapped and de-risked using 3D seismic data and CSEM. The prospects have potential targets at multiple reservoir levels.

• The license group consists of:
  
  • Statoil (Op.): 40%
  • Petoro: 20%
  • Centrica: 20%
  • Rocksource: 20%
• The work program consists of:
  
  • Year 1-3: Acquire new 2D seismic and reprocess 3D seismic. Decide on drill or drop.
  • Year 4-5: Drill exploration well.
  • Year 6: Decide on continuation or drop.

 

PL 528 B. Block 6707/10 (part)

This license is located in the Vøring Basin in the Norwegian Sea, directly northeast of the Luva, Haklang and Snefrid discoveries. The license is an extension to PL 528, and the new acreage is securing ownership of the full extent of the Ivory prospect which was awarded in the 20th Round.

• The license group consists of:
  • Suncor Energy (Operator): 40%
  • Centrica: 30%
  • Rocksource: 30%

The work program follows PL 528, where a drill or drop decision must be taken within April 2012.

 

PL 601. Blocks 6609/3 and 6610/1

This license is located in the eastern part of the Træna Basin, in the Norwegian Sea. Several leads and prospects have been mapped and de-risked using 3D seismic data and CSEM.

• The license group consists of:
  • Wintershall (Op): 40%
  • Edison International: 20%
  • North Energy: 20%
  • Rocksource: 20%
• The work program consists of:
  • Year 1-3: G&G work, reprocessing of existing 3D seismic, acquisition of minimum 250 sq.km. new 3D seismic. Carry out G&G studies where evaluation and possible CSEM acquisition is included. Decide on drill or drop.
  • Year 4-5: Drill exploration well.
  • Year 6: Decide on continuation or drop.

 

PL 610. Blocks 7722/2 and 7722/3

This license is located at the eastern margin of the Loppa High, in the Barents Sea, immediately north of the Obesum discovery. The prospectivity has been mapped and de-risked using 2D seismic data and CSEM.

• The license group consists of:
  • GDF Suez E&P (Op.): 50%%
  • Spring Energy: 25%
  • Rocksource: 25%
• The work program consists of:
  • Year 1-3: Acquisition of new 3D seismic. Decide on drill or drop.
  • Year 4-5: Drill exploration well.
  • Year 6: Decide on continuation or drop.

Rocksource's COO Gregor Maxwell commented, "These awards further add to Rocksource’s existing portfolio of prospects which have been de-risked using an integrated evaluation of EM data in combination with conventional seismic and well information. We believe each award contains low risk, high value prospectivity which we look forward to maturing with our partners."

BNK Petroleum Subsidiary Scoops Up Spanish Concession

BNK Petroleum Subsidiary Scoops Up Spanish Concession

Tuesday, April 12, 2011
BNK Petroleum Inc.

BNK Petroleum announced that its wholly owned subsidiary Trofagas Hidrocarburos, S.L., has been awarded an oil and gas concession in the Autonomous Community of Cantabria, Spain totaling approximately 61,470 acres. This concession brings the Company's total acreage in Europe to about 3.6 million net acres in 5 separate basins.

This new concession located in the Cantabrian basin of Spain was acquired for a shale gas target. The Concession contains certain minimum requirements, which must be fulfilled by BNK to retain its interest. Some of the more significant minimum requirements consist of conducting geological work in the first year, drilling one vertical well each in years two, four, five and six.

Wolf E. Regener, BNK's President and CEO commented, "We are very pleased that we have been granted our first concession in Spain and are encouraged by the data we have gathered over the last two years. The shale gas data collected in Spain looks very promising. We look forward to developing shale gas in Spain both for our shareholders and the country of Spain."

Poland

The Company also announced that the Lebork S1 well on the Slupsk Concession is currently drilling at 3,517 meters, with over 220 meters of core taken. The core will be analyzed over the coming weeks. The Company anticipates that it will complete drilling and logging in the next week, at which time it will release an update with the available data. The majority of the analysis of the sidewall cores from the Wytowno #1 well are expected back from the subcontractor in May. The 1st well on the Starogard concession is expected to begin drilling sometime in June.

KazMunaiGas Scoops Up 4 Blocks

KazMunaiGas Scoops Up 4 Blocks

Monday, April 11, 2011
JSC KazMunai Gas Exploration Production

KazMunaiGas announced agreements reached with the JSC National Company KazMunayGas ("NC KMG") to acquire four hydrocarbon exploration contracts.

As per the agreement, KMG EP acquires the following four contracts: Temir, Teresken, Karaton-Sarkamys and the territory adjacent to Uzen and Karamandybas.

Temir and Teresken blocks are located in the Aktobe region in close proximity to the assets of Kazakhoil Aktobe LLP and Kazakhturkmunai LLP, as well as other assets, which may be of interest to KMG EP. The geographic location of the contract area has several advantages, including infrastructure and logistics.

The territory adjacent to Uzen and Karamandybas is located in the area of operations of Uzenmunaigas production facility. Block Karaton-Sarkamys is located in the Atyrau region 100km south-west of the Kulsary deposit in the area of operations of Embamunaigas production facility.

The acquisition cost of the four contracts is USD $40 million. The transactions will be financed from KMG EP's own funds.

According to the Company's estimates, the geological resources on four blocks are around 1.5 billion barrels of oil equivalent.

The terms of the contracts on the territory adjacent to Uzen and Karamandybas, Karaton-Sarkamys block and Temir, is 6 years from 2010, with the right of extension until 2019. With regard to the Teresken block, the license is for 6 years, starting in 2006, with the right of extension until 2015.

Significant synergies can be achieved through the use of the existing infrastructure of Embamunaigas and Uzenmunaigas production facilities in Atyrau and Mangistau regions, which will help to optimize capital and operating costs.

It is anticipated that the acquired assets will enhance the quality of the Company's on-shore projects portfolio and, in case of successful exploration, will increase the Company's recoverable reserves in the medium term, including Uzen and Emba groups of fields.

Askar Balzhanov, CEO of KMG EP, said, "The acquisition of these contracts is another step towards the implementation of the Company's strategy to grow via acquisitions and expansion of exploration. KMG EP has repeatedly stated its intention to purchase these four blocks, and now the agreement is reached. The Company will continue its search for highly promising assets, acquisition of which will serve the interests of all shareholders."

The acquisition was approved by the Board of Directors of KMG EP and the Board of Directors of NC KMG. Approvals of the Government regulators have been received.

The closing of the deal is expected in the second quarter of the current year.