TGS Launches Multi-Client Survey in Labrador Sea

- TGS Launches Multi-Client Survey in Labrador Sea

Tuesday, September 13, 2011
TGS-NOPEC Geophysical Co. ASA

TGS has commenced a new 22,000 km multi-client 2D survey offshore Newfoundland in the Labrador Sea in partnership with PGS.

The new seismic data is being acquired by the M/V Sanco Spirit and utilizes the PGS GeoStreamer® technology. Data acquisition will continue through 3Q 2011 and the vessel will return in 2012 to complete the survey. The survey area is north of oil discoveries including Hibernia, Hebron, Terra Nova and White Rose. The seismic survey covers some areas currently nominated in the Newfoundland and Labrador Offshore Petroleum Board’s call for bids (NL-11-03).

"It is important for TGS to return to Eastern Canada after a decade and add data coverage in an area where there is little modern seismic data available to the market. Eastern Canada remains one of the most promising deepwater exploration arenas in the world and we are excited to be a part of it," commented Stein Ove Isaksen, Senior VP North & South America for TGS.

Initial data will be available to clients during 4Q 2011. The survey is supported by industry funding.

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Rosneft CEO: Exxon May Replace Chevron in Black Sea Project -Report

- Rosneft CEO: Exxon May Replace Chevron in Black Sea Project -Report

Tuesday, September 13, 2011
Dow Jones Newswires
MOSCOW
by Jacob Gronholt-Pedersen

Russian state oil company Rosneft is in talks with two companies, including Exxon Mobil, to replace Chevron as partner in the Black Sea offshore Val Shatsky field, the Interfax news agency reports Tuesday citing Rosneft Chief Executive Eduard Khudainatov.

Khudainatov also said that by the end of the year, Rosneft and Exxon Mobil will conclude drafting a plan to develop three Arctic fields in the Kara Sea. Exxon Mobil replaced BP as partner in the project two weeks ago.

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

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Det norske Hits Pay in Norwegian Sea

- Det norske Hits Pay in Norwegian Sea

Tuesday, September 13, 2011
Det norske oljeselskap ASA

Det norske oljeselskap ASA, operator of PL 482, is in the process of completing exploration well 6508/1-2 on Skaugumsåsen. The well is located about 10 kilometers south of the Norne field in the Norwegian Sea.

The well encountered an 18 meter gas column and a 23 meter oil column.

Preliminary estimates of the discovery indicate recoverable volumes of 1 million Sm3 oil equivalents. Further studies are necessary in order to determine if the discovery is economically viable.

This is the first exploration well in license 48, which was part of the Awards in Predefined Areas (APA) 2007.

Well 6508/1-2 was drilled by the semisubmersible Aker Barents rig.

Partners in PL 482 include: Det norske (65 percent and operator), Petoro 20 percent and Skagen44 AS 15 percent.

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UK Govt, Oil Industry Attempt to Resolve North Sea Tax Issue

- UK Govt, Oil Industry Attempt to Resolve North Sea Tax Issue

Thursday, September 08, 2011
Dow Jones Newswires
ABERDEEN
by Alexis Flynn & Sarah Kent

The U.K. government and the North Sea oil and gas industry have set up a joint forum to discuss issues around the fiscal regime, although resolution on possible tax relief for the decommissioning of old fields and installations will likely take some time, Treasury Minister Justine Greening said Thursday.

North Sea oil and gas companies have been vocal in their criticism of Chancellor of the Exchequer George Osborne's decision to raise the top rate of tax on profits from offshore production in the last budget. They have argued that investment in what is a mature and declining basin risks being stymied by an unpredictable and onerous tax regime.

Greening, who was speaking at an industry conference here, said the new forum would include representatives from the Treasury, lobby group Oil and Gas UK and senior officials from the Department of Energy and Climate Change. By meeting on a regular basis, the forum would help the industry get more clarity on potential changes to the tax regime, and discuss possible future tax relief, such as decommissioning.

"What we will try to do is put some certainty in that. Now, obviously we can't always tie the hands of governments going forward, [but] I think what we can do is look to see to what extent we can find a way through this," said Greening.

Head of Oil and Gas UK Malcolm Webb said he was encouraged by the discussions.

"It was a very constructive meeting," said Webb.

However, Greening said it was impossible to say whether the issue around decommissioning would be resolved in time for the next budget

"I'm not going to put a timeline on it. What I can say is we've got a couple of working groups set up, one of them around decommissioning and we would like to very constructively work with the industry on that and we've been encouraged by the progress made. But let's be clear. If sorting out a long-term solution to decommissioning was easy it would have been sorted out a long time ago. We absolutely want to work on this as fast as we can. But what I think matters is getting the right long-term solution, one that stands on its own two feet," she said.

Webb said that although there was still lingering frustration over the unanticipated nature of the earlier tax increase, it was time for both industry and government to look to the future.

"There's some regret, but what the industry is determined to do is to turn the page to overcome the problems that the government has presented us with, and we really were encouraged [by the meeting] today."

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

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RBG Clinches Apache Contract Extension in North Sea

- RBG Clinches Apache Contract Extension in North Sea

Thursday, September 08, 2011
RBG

RBG has secured a major £30 million two year contract extension to provide Apache North Sea Limited with fabric maintenance and deck crew services.

The contract, which RBG has held since 2008, will see the continued delivery of a wide range of integrated services, including coatings specification, application and repair, passive fire protection, thermal insulation, special access solutions and scaffolding, across the five Forties field platforms, located in the North Sea.

Working with Apache, RBG has established an excellent safety record over the past three years, recording more than 542,000 hours without a lost time incident. RBG deploys multi-disciplined teams that execute the complex workscopes whilst minimizing pressures on bed space and travel logistics.

Dave Workman, RBG, chief executive officer, said, "Securing this contract underlines our position as the leading support contractor of choice in the UKCS and highlights the benefits of our integrated service offering. The region is still a major growth area and securing this extension positions us well for our plans in the region in 2011 and beyond.

"Over the past 35 years we have established an unrivaled track record for delivering fabric maintenance services across the North Sea. Securing this extension is recognition of the great work our projects team carry out and the safe, quality service they deliver, both onshore and offshore."

Bill Logan, Apache North Sea's production manager, said, "RBG has delivered a high quality service over the past three years and we are happy to continue our working relationship with the company."

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GE Selected for Centrica's Projects in N. Sea, Irish Sea

- GE Selected for Centrica's Projects in N. Sea, Irish Sea

Wednesday, September 07, 2011
GE O&G

GE O&G has signed contracts totaling more than $15 million to provide subsea systems to Centrica Energy Upstream of Aberdeen for use in projects in the North Sea and the Irish Sea.

GE reported at Offshore Europe 2011 that it will supply four shallow water vertical tree (SVXT) subsea tree systems for fields in the U.K. Southern North Sea gas basin and the East Irish Sea, and one MVXT system for use in the U.K. Central North Sea.

"The SVXT systems incorporate GE's latest design for shallow water applications and offer new, innovative features to meet Centrica Energy's specific requirements," said Matt Corbin, regional leader—United Kingdom and continental Europe for GE Oil & Gas. "The SVXT tree system is smaller and lighter than any traditional shallow water systems on the market and also offers the lowest installed cost."

The SVXT subsea tree merges horizontal and vertical tree technology, reducing weight by 20 percent, decreasing height and also delivering essential functionality in a pre-engineered, pre-configured modular style. Low-cost installation is achieved through a design that enables deployment using standard offshore jack-up drilling rigs without the need for major modifications.

The MVXT Tree System will be deployed in the Central North Sea and is a standard structured M-Series Vertical Subsea Tree, Nominal 18-3/4" - 5" x 2" 10K system.

"Centrica is at the forefront of developing marginal fields by using new and innovative approaches. The right technology is key to ensuring the economic viability of these fields so we're delighted to be working with GE on its new subsea tree technology," said Greg McKenna, commercial director for Centrica Energy Upstream.

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Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors

- Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors

Wednesday, September 07, 2011
Viking Moorings

Viking Moorings has signed a two-year agreement with Norwegian company, Deep Sea Anchors (DSA) to supply its industry leading deep water 'torpedo' anchors to mooring installations worldwide. The announcement was made at Offshore Europe in Aberdeen where Viking Moorings is exhibiting in the Deep Water Zone.

The agreement, which will cover all regions of the world outside Norway, will allow Viking Moorings to provide an even greater breadth of integrated anchoring solutions to its clients with, once a suitable project is identified, an exclusive agreement with DSA put in place to supply it anchors.

The Deep Penetrating Anchor (DPA), also known as the 'torpedo' anchor, is a dynamically installed anchor which is released freely from a predetermined height over the seabed using gravity as the installation force. The anchor penetrates well below the mudline and sets into stiff clay sediments providing a secure and cost effective anchoring solution irrespective of water depths and allowing for both taut leg and catenary mooring installations.

Other benefits include simplified installation, precise positioning and the elimination of the need for hydraulic and electrical lines which are often used for traditional anchor installations.

"Viking is all about providing greater innovation, greater choice and the optimal mooring solution for our customers," said Viking Moorings Chief Executive – Mooring Solutions, Wolfgang Wandl.

"Having considered a number of our recent mooring installations to be ideal for torpedo anchoring, the formal teaming up with DSA, one of the few providers of such anchors, was an obvious fit. There's no better forum to showcase these new capabilities than the Deep Water Zone and Offshore Europe this year and we look forward to a mutually collaborative arrangement with DSA."

"Deep Sea Anchors is very pleased to have signed this agreement with Viking Moorings," said Ivar Erdal, CEO of Deep Sea Anchors. "Working with Viking Moorings is a perfect match for us, combining our unique anchoring solutions for soft seabed and deep waters with Viking Moorings' comprehensive mooring services and dedicated team of experts.

He continued, "Viking Moorings' knowledge and presence in many countries and regions where our DPA's can be applied with success and to the great benefit of clients was a major reason for entering into this agreement. Being a small and focused company, market entrance remains a challenge - a challenge which can be made easier through this agreement."

Using gravity, the DPA™ anchor starts its descent under cable control before accelerating at up to 100 kilometers per hour for the final 75 meter drop, shooting the anchor deep into the seabed sediments to attain sufficient holding capacity. The anchor penetrates typically 25-35m into stiff clay sediments thus allowing for taut leg as well as catenary mooring. The anchors are not affected by waves and can be deployed at depths of between 500 and 3000 meters. Deep Sea Anchors is based in Trondheim, Norway.

Viking Moorings provides total mooring solutions to operators and drilling contractors, consisting of initial mooring design and analysis, rig move procedures, risk assessments and safety approvals, equipment rental, installation and support, chain inspection, spooling services and logistics services, marine sales, repair and maintenance.

Through a comprehensive evaluation of seabed conditions, Viking Moorings decides upon the optimal anchoring solution for each client whether it be a DPA or more traditional anchoring solution. Other anchors that Viking Moorings supplies to its customers includes the Vryhof Stevpris MK6 and MK 5 anchors, the Vryhof Stevshark anchor, the Stevin anchor, the Bruce Twin Shank and Dennla MK4 anchors and a number of others.

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Premier Oil Granted Drilling Permit in North Sea

- Premier Oil Granted Drilling Permit in North Sea

Wednesday, September 07, 2011
Norwegian Petroleum Directorate

The Norwegian Petroleum Directorate has granted Premier Oil Norge AS a drilling permit for well 9/1-1 S.

Well 9/1-1 S will be drilled from the Bredford Dolphin drilling facility in position 57°35'37.02"N and 4°00'56.05"E.

The drilling program for well 9/1-1 S concerns the drilling of a wildcat well in production license 406. Premier Oil Norge AS is the operator with a 40 percent ownership interest. The other licensees are Skeie Energy AS with 40 percent and Spring Energy Exploration AS with 20 percent. Production license 406 was awarded in APA 2006.

The area in this production license is located in the southeastern part of the North Sea. It consists of parts of blocks 8/3, 9/1, 17/12, 18/10 and 18/11. Well 9/1-1 S is the first exploration well to be drilled in this production license.

The drilling permit is contingent upon the operator securing all permits and consents required by other authorities before commencing the drilling activity.

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BP Announces North Sea Development

- BP Announces North Sea Development



Sep 6, 2011

BP (NYSE:BP) announced an agreement to invest up to $1.1 billion to progress a project to develop the Kinnoul reservoir in the central North Sea.

Kinnoul contains 45 million barrels of oil equivalent which will be connected to BP's Andrew platform and enable production to be extended to 2020 and beyond. Production from Kinnoul is forecast to peak at 45,000 barrels per day.

BP (NYSE:BP) has a potential upside of 54.2% based on a current price of $35.9 and an average consensus analyst price target of $55.37.

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Technip Scores Maersk Gig in North Sea

- Technip Scores Maersk Gig in North Sea

Tuesday, September 06, 2011
Technip

Technip was awarded an installation contract, worth approximately €40 million, by Maersk Oil North Sea UK Limited for the Gryphon Area Reinstatement Program – GARP, located about 320 kilometers North-East of Aberdeen in 110 meters of water.

This contract covers installation of 15 dynamic risers, 2 dynamic and 2 static umbilicals, 11 flexible flowlines as well as subsea equipment.

Technip's operating center in Aberdeen, Scotland will execute the contract, which is scheduled to be completed in the second semester of 2012. Vessels from the Technip fleet will be used for the campaign, including Skandi Arctic and Wellservicer.

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OMV Makes Gas Discovery in Norwegian Sea

- OMV Makes Gas Discovery in Norwegian Sea

Wednesday, August 31, 2011
Valiant Petroleum plc
by SubseaIQ

Valiant announced that drilling has completed on exploration well 6407/5-2S on PL471 located in the Norwegian Sea. The primary Chamonix target, a Cretaceous-age stratigraphic trap, was found to be dry having encountered poorly developed sands in the drill location. However, the well has made a small gas discovery in the secondary Cortina target having encountered a gross gas column of about 40 meters in the Upper and Middle Jurassic sandstones of the Rogn and Garn formations. An extensive data sampling program has been undertaken giving important information to de-risk similar nearby prospects. The discovery will be evaluated with the view to determine viability as a tie-back as part of a larger field development to surrounding infrastructure.

The well was drilled in a water depth of 230 meters using the semisubmersible rig Borgland Dolphin and was completed ahead of schedule and budget without any operational problems. The well has a deviated path and was terminated in the Lower Jurassic Tilje Formation at a vertical depth of 3359 m below sea surface. The partners in license PL471 are OMV Norge (50%, operator), Noreco (30%) and Valiant (20%).

Peter Buchanan, CEO, commented, "We are pleased to have made a small gas discovery on our first exploration well in Norway and we look forward to continuing to work together with our partners in order to fully evaluate its potential and the prospectivity of the rest of the license."

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GDF Suez Gets NPD Nod for North Sea Drilling

- GDF Suez Gets NPD Nod for North Sea Drilling

Wednesday, August 31, 2011
Norwegian Petroleum Directorate
by SubseaIQ

The Norwegian Petroleum Directorate has granted GDF Suez Norge AS a drilling permit for well 7124/4-1 S, cf. Section 8 of the Resource Management Regulations.

Well 7124/4-1 S will be drilled from the Aker Barents drilling facility at position 71°35'16.16" north and 24°5'56.84" east after completing the drilling of wildcat well 6508/1-2 for Det Norske Oljeselskap ASA in production license 482.

The drilling program for wellbore 7124/4-1 S relates to drilling a wildcat well in production license 530. GDF Suez Norge AS is the operator with a 30 percent ownership interest. The other licensees are Rocksource ASA (20 percent), Front Exploration AS (20 percent), North Energy ASA (20 percent) and Repsol Exploration Norge AS (10 percent).

The area in this license consists of the blocks 7123/6 and 7124/4. The well will be drilled about 100 kilometers north of Hammerfest and about 70 kilometers northeast of the Goliat field.

Production license 530 was awarded in the 20th licensing round. This is the first well to be drilled in the license.

The permit is contingent upon the operator securing all permits and consents required by other authorities prior to commencing drilling activity.

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Petrofac Wins North Sea Contracts

- Petrofac Wins North Sea Contracts

Tuesday, August 30, 2011
GDF SUEZ

GDF SUEZ E&P UK Ltd has awarded two significant contracts to Petrofac Offshore Engineering & Operations (OE&O), which will create an estimated 100 new jobs in the North Sea over the next five years.

The integrated services contract (ISC) and engineering services contract (ESC), which start in August 2011, have a combined value of £30 million over three years, with a two year option. The work scope includes the provision of operations, maintenance, engineering and general support services to assist GDF SUEZ E&P UK as it becomes a UKCS (UK Continental Shelf) duty holder for its operated projects, which include notably Cygnus in the Southern North Sea.

Jean-Claude Perdigues, managing director at GDF SUEZ E&P UK, said: "These two new contracts represent a significant milestone for GDF SUEZ E&P UK and will help the company to conduct its North Sea operations safely, efficiently and cost effectively. I look forward to a long and productive relationship with Petrofac OE&O as we work together to generate production and employment in the UKCS."

About GDF SUEZ E&P UK Ltd

GDF SUEZ E&P UK Ltd is involved in the exploration for and production of oil and gas in the Southern and Central North Sea and West of Shetland area. In total, the company employs around 100 staff at the London office and the operations centre in Aberdeen. In the UK, GDF SUEZ E&P holds around 50 exploration licences (19 as an operator) and 16 producing fields located in the UK North Sea. With the ongoing Cygnus and Juliet development projects the proportion of operated production will rise to 50% by 2013. A total of 10 million boe per year is produced by GDF SUEZ E&P UK.

Cygnus is one of the most significant undeveloped gas fields in the United Kingdom Continental Shelf. Analysis of the results from the discovery well and six appraisal wells, together with 3-D seismic evaluations, has led to a preliminary ultimate recovery estimate of at least 15 billion m3 of natural gas and potentially up to 28 billion m3.The development plan is for a four platform complex with two drilling centres and up to 10 wells. Final negotiations are underway on the export route. Project sanction is expected for Q1 2012.

About GDF SUEZ

GDF SUEZ develops its businesses around a model based on responsible growth to take up today's major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources.

The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services.

GDF SUEZ employs 218,350 people worldwide and achieved revenues of €84.5 billion in 2010.

The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.

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Statoil Makes Gas Find in North Sea

- Statoil Makes Gas Find in North Sea

Monday, August 29, 2011
Norwegian Petroleum Directorate
by SubseaIQ

Statoil Petroleum AS, operator of production license 569, is in the process of completing the drilling of wildcat well 16/7-10. The well proved gas/condensate.

The well was drilled 16 kilometers northeast of the Sleipner Øst field in the North Sea.

The purpose of the well was to prove petroleum in Paleocene reservoir rocks (the Ty formation). Only a thin gas/condensate column was encountered in a 115-meter thick reservoir with the expected reservoir quality. The licensees will evaluate the discovery together with other nearby discoveries.

The well was not formation tested, but data acquisition and sampling have been carried out.

The well was drilled to a vertical depth of 2487 meters below the sea surface and was terminated in the Shetland group in the Upper Cretaceous. The well will now be permanently plugged and abandoned.

The well is the first exploration well in production license 569, which was awarded in APA 2010.

Well 16/-10 was drilled by the Ocean Vanguard drilling facility, which will now proceed to production license 120 in the northern part of the North Sea to drill production wells at the Visund Sør field, where Statoil Petroleum AS is the operator.

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Sea Trucks Appoints CEO

- Sea Trucks Appoints CEO

Thursday, August 25, 2011
Sea Trucks Group

Sea Trucks announced the appointment of Robert-Jan van Acker as its Chief Executive Officer.

Mr. Robert van Acker (39) has over 13 years experience in the international marine industry. He joins Sea Trucks from Svitzer Group, the global provider of specialised marine services, where he worked for over 10 years in a series of increasingly senior management positions. Mr. van Acker led the Salvage, Euromed and Ocean Towage divisions from 2005 onwards, and lately held the position of Senior Executive Vice President as well as being a member of the executive committee of the Svitzer Group.

Mr. van Acker also led the Svitzer team in its successful joint venture, working with Sea Trucks on the removal of the West Atlas Rig in Australia in 2010. He established Svitzer India and was Managing Director of Wijsmuller Ocean Sparkle JV, a marine services company focused on delivering tugboat services to LNG terminals in India.

Robert holds a BA in Business Administration from the Hanze Business school in Groningen, The Netherlands and an Executive MBA from IMD Business school in Lausanne, Switzerland.

Robert will take up his position later this year, at a date which will be announced shortly. Until such time, Mr. Jacques Roomans (owner and President) will continue in his position as Chief Executive Officer until Mr. van Acker will assume his duties and he will work closely with Mr. van Acker during the hand-over period.

Jacques Roomans, President and CEO of Sea Trucks, commented, "We are delighted that Robert has agreed to join Sea Trucks at this exciting time. He brings with him a wealth of experience which will undoubtedly further help us achieve the ambitious goals that we have set ourselves for the coming years. Attracting someone of Robert's caliber to our company is an endorsement of our ambitions and of our vessel fleet and management team that we have in place. We look forward to working with Robert and welcoming him to the company in the very near future."

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Shell Announces It Closed Leak In North Sea

- Shell Announces It Closed Leak In North Sea



Aug 19, 2011

Royal Dutch Shell (NYSE:RDS.A) announced that it has closed a valve from which oil was spilling into the North Sea.

The company said that this is a "key step" in stopping the leak at its Gannet Alpha platform, the worst North Sea oil spill in more than a decade. The company also said that it will observe the flowline to make sure the valve remains sealed.

Over 1,000 barrels of oil has spewed into the sea since a pipeline was found to be leaking August 12, according to Shell, though it claims that after closing the well.

Royal Dutch Shell (NYSE:RDS.A) has a potential upside of 33.8% based on a current price of $62.67 and an average consensus analyst price target of $83.83.

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Shell Stops North Sea Pipe Leak

- Shell Stops North Sea Pipe Leak

Friday, August 19, 2011
Dow Jones Newswires
LONDON
by Alexis Flynn

Shell has stopped a leak from an underwater pipe at its Gannet Alpha platform that had been spilling crude oil into the North Sea for more than a week, the Anglo-Dutch major said Friday.

"Today, Shell divers closed the relief valve from which oil had been seeping at a rate of less than one barrel a day," said Shell. "Now there will be a phase of monitoring the flowline [the pipe] to check that it remains sealed," it added.

Shell has been battling a leak at the 18-year-old installation since last Wednesday. It estimates some 218 tons of crude oil have already spilled into the sea since then, though this isn't expected to reach land. Shell and U.K. environmental authorities say they expect the oil to be naturally dispersed through wave action.

"Closing the valve is a key step," said Glen Cayley, technical director of Shell's exploration and production activities in Europe. "It was a careful and complex operation conducted by skilled divers, with support from our technical teams onshore. But we will be watching the line closely over the next 24 hours and beyond."

However, some 660 tons of residual oil remain in the depressurized pipe, which has been secured on the seabed with concrete mats. The next phase of the operation will be to remove this remaining oil from the pipe.

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

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Statoil Primes Bit for North Sea Drilling

- Statoil Primes Bit for North Sea Drilling

Friday, August 19, 2011
Norwegian Petroleum Directorate

The Norwegian Petroleum Directorate (NPD) has granted Statoil Petroleum AS a drilling permit for well 15/8-2, cf. Section 8 of the Resource Management Regulations.

Well 15/8-2 will be drilled from the COSLPioneer drilling facility, at position 58°24'55.1"N 01°32'49.90"E. COSLPioneer is a new drilling facility that was built in China. The facility was docked at Sandnes this summer to be prepared for its first assignment on the Norwegian shelf.

The drilling program for well 15/8-2 concerns the drilling of a wildcat well in production license 303. Statoil Petroleum AS is the operator with a 100 percent ownership interest.

The area in this license consists of a part of block 15/2 and parts of blocks 15/3, 15/5, 15/6 and 15/8. The well will be drilled about ten kilometers west of the Sleipner Vest field in the central part of the North Sea.

Production license 303 was awarded on December 12, 2003 (APA 2003). This is the seventh well to be drilled in the license area.

The permit is contingent upon the operator securing all other permits and consents required by other authorities prior to commencing the drilling activity.

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Royal Dutch Shell Trying to Stop Oil Leak in North Sea

- Royal Dutch Shell Trying to Stop Oil Leak in North Sea



Aug 18, 2011

Royal Dutch Shell (NYSE:RDS.A) is trying to stop an oil spill leak in the North Sea.

In the first phase of the operation to shut down the leak, engineers have lowered five giant concrete "blankets" on to a stretch of pipeline to place it back on the seabed after it lifted 4 feet off the sea floor.

Work is ongoing to lay concrete blankets to secure the pipeline, Shell spokesman Steve Harris said.

"First, we have to make a risk assessment ... to make sure that we can find a safe way to shut it off. We expect the result of the risk assessment very quickly and then divers will go down 300 feet (90 meters) and turn off the remaining amount of oil that is leaking into the sea."

Nearly 1,300 barrels of oil has leaked from its Gannet Alpha platform since August 12.

Royal Dutch Shell (NYSE:RDS.A) has a potential upside of 32.6% based on a current price of $63.21 and an average consensus analyst price target of $83.83.

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WesternGeco Kicks Off 3D Seismic Survey in Barents Sea

- WesternGeco Kicks Off 3D Seismic Survey in Barents Sea

Thursday, August 18, 2011
Schlumberger Ltd.

WesternGeco has begun acquisition of the Bjørnøya Phase I "Ice Bear" 3D multiclient survey in the highly prospective West Loppa area of the Barents Sea.

Following previous surveys in the area, the Ice Bear survey will extend the existing WesternGeco West Loppa datasets to the North and West.

"The study area is located on the rim of the Bjørnøya Basin, on the west flank of the Loppa High and includes a large downthrown terrace in the North together with other Jurassic faulted structures, all of which have potential," said Phil Davey, WesternGeco Europe & Africa GeoSolutions manager, "Other, separate, but still promising features are seen in the southwestern part of the survey area."

Building on previous 2D datasets, the Ice Bear survey will consist of approximately 2500 sq km of 3D seismic data, acquired using 10 X 7 km streamers. Advanced acquisition techniques coupled with demultiple processing using the WesternGeco 3D GSMP General Surface Multiple Prediction technology will provide high-quality 3D data.

Acquisition commenced on July 10, 2011, and the fast-track data will be available in November 2011 in time for nominations for the 22nd Norwegian Licensing Round. The final processed data will be available for licensing in March 2012 in advance of the applications for the 22nd Norwegian Offshore Licensing Round. Companies are invited to contact WesternGeco to discuss their interest in this program.

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