Statoil Wraps Up Ops Offshore Egypt
Monday, March 28, 2011
Statoil
by SubseaIQ
The Kiwi well in the Egypt's El Dabaa License (Block 9) was completed this week and the Discoverer Americas drillship will soon head back to the US Gulf of Mexico.
The exploration well targeted the Kiwi prospect in the El Dabaa license, located in the Mediterranean west of the Nile Delta, with a water depth of around 2,700 meters at the drill site.
Extensive logging has been performed in the well, and preliminary results show that the well is dry.
The offshore operations were completed safely and the results of the well will now be further evaluated and integrated into the understanding of the area before any new decisions about the acreage are made.
Statoil is the operator and holds 80% equity in the license. Sonatrach International Petroleum E&P, a wholly owned subsidiary of the Algerian state oil and gas company, holds the remaining 20%.
Showing posts with label US. Show all posts
Showing posts with label US. Show all posts
Monday, March 28, 2011
Tuesday, March 22, 2011
Haynesville Surpasses Barnett as Largest Shale Gas-Producer in US
Tuesday, March 22, 2011
The Haynesville Shale play in Northwest Louisiana and East Texas has surpassed North Texas' Barnett Shale as the No. 1 natural gas producer among U.S. shale plays, according to the U.S. Energy Information Administration website and an energy consulting firm.
But there's still some debate as to whether Haynesville is the clear-cut No. 1.
Among those wanting further clarification and more detailed confirming data Monday were Steven Grape, the Dallas-based domestic reserves project manager for the EIA, and Gene Powell, publisher of the Fort Worth-based Powell Shale Digest, widely considered an authority on U.S. shale-gas plays and especially the Barnett Shale, which underlies more than 20 North Texas counties.
by Jack Z. Smith
Fort Worth Star-Telegram, Texas
But there's still some debate as to whether Haynesville is the clear-cut No. 1.
Among those wanting further clarification and more detailed confirming data Monday were Steven Grape, the Dallas-based domestic reserves project manager for the EIA, and Gene Powell, publisher of the Fort Worth-based Powell Shale Digest, widely considered an authority on U.S. shale-gas plays and especially the Barnett Shale, which underlies more than 20 North Texas counties.
The EIA had posted on its website Monday an item headlined "Haynesville surpasses Barnett as the Nation's leading shale play," based on "reported pipeline flows" of natural gas from the two regions.
It cited as its source Bentek Energy of Evergreen, Colo., a well-known energy consulting firm.
The EIA website included a Bentek chart showing that the Haynesville Shale area had production of an estimated 5.5 billion cubic feet of natural gas per day, compared to 5.25 billion for Barnett. It said Haynesville surpassed Barnett in output even after the North Texas field had recovered fully from "freeze-offs" at wellsites that had briefly reduced production during bitterly cold weather in early February.
Matt Marshall, a senior energy analyst for Bentek, told the Star-Telegram in a telephone interview Monday afternoon that company estimates, updated through Sunday, showed output in the Haynesville production area in Louisiana had jumped to 5.6 billion cubic feet per day.
However, that number includes an estimated 950 million cubic feet of output that, while in the general Haynesville production area, actually comes from geological formations other than the Haynesville Shale itself, Marshall said. But the 5.6 billion does not include roughly "several hundred million" cubic feet of daily gas production from the East Texas portion of the Haynesville Shale, he said.
Marshall said Bentek's latest estimates show that production in the Fort Worth Basin, home to the Barnett Shale, is 5.44 billion cubic feet per day. But that figure includes about 790 million cubic feet that actually is from formations other than the Barnett, he said.
Actual production from the entire Barnett Shale per se and the Haynesville Shale per se in Louisiana is virtually tied at about 4.65 billion cubic feet per day, Marshall said. But if you add in the Haynesville Shale production from East Texas, Haynesville is the clear-cut leader, based on estimates of flows through gas pipelines, Marshall said.
Both Powell and Grape said Monday that they want more information about the Bentek analysis before they can be assured that Haynesville is the new No. 1 shale play in gas production.
Powell said the most-accurate measurement of production from each shale play is actual well production data, rather than estimates based on reported pipeline flows. But there can be a time lag of several months before firm well-production data can be assembled. Grape, the EIA official, stressed that the Bentek information represents "estimates" based on pipeline flows. He said he needed more information before being able to say firmly whether Haynesville or Barnett is now the top producer.
EIA data for 2009, based considerably on natural gas reserves, showed the Barnett Shale as the leading gas-producing area in the nation, with nearly 1.8 trillion cubic feet of output. Grape said earlier this month that he thought Barnett also was the leading producer last year, although the EIA hasn't published final 2010 figures.
It cited as its source Bentek Energy of Evergreen, Colo., a well-known energy consulting firm.
The EIA website included a Bentek chart showing that the Haynesville Shale area had production of an estimated 5.5 billion cubic feet of natural gas per day, compared to 5.25 billion for Barnett. It said Haynesville surpassed Barnett in output even after the North Texas field had recovered fully from "freeze-offs" at wellsites that had briefly reduced production during bitterly cold weather in early February.
Matt Marshall, a senior energy analyst for Bentek, told the Star-Telegram in a telephone interview Monday afternoon that company estimates, updated through Sunday, showed output in the Haynesville production area in Louisiana had jumped to 5.6 billion cubic feet per day.
However, that number includes an estimated 950 million cubic feet of output that, while in the general Haynesville production area, actually comes from geological formations other than the Haynesville Shale itself, Marshall said. But the 5.6 billion does not include roughly "several hundred million" cubic feet of daily gas production from the East Texas portion of the Haynesville Shale, he said.
Marshall said Bentek's latest estimates show that production in the Fort Worth Basin, home to the Barnett Shale, is 5.44 billion cubic feet per day. But that figure includes about 790 million cubic feet that actually is from formations other than the Barnett, he said.
Actual production from the entire Barnett Shale per se and the Haynesville Shale per se in Louisiana is virtually tied at about 4.65 billion cubic feet per day, Marshall said. But if you add in the Haynesville Shale production from East Texas, Haynesville is the clear-cut leader, based on estimates of flows through gas pipelines, Marshall said.
Both Powell and Grape said Monday that they want more information about the Bentek analysis before they can be assured that Haynesville is the new No. 1 shale play in gas production.
Powell said the most-accurate measurement of production from each shale play is actual well production data, rather than estimates based on reported pipeline flows. But there can be a time lag of several months before firm well-production data can be assembled. Grape, the EIA official, stressed that the Bentek information represents "estimates" based on pipeline flows. He said he needed more information before being able to say firmly whether Haynesville or Barnett is now the top producer.
EIA data for 2009, based considerably on natural gas reserves, showed the Barnett Shale as the leading gas-producing area in the nation, with nearly 1.8 trillion cubic feet of output. Grape said earlier this month that he thought Barnett also was the leading producer last year, although the EIA hasn't published final 2010 figures.
Marex Group Reaches Agreement to Acquire Spectron Group
Tuesday, 22 March 2011 02:35 PR Newswire
Marex Group Limited ("Marex"), the international broker of commodity derivatives, financial futures and foreign exchange, which is majority-owned..
NEW YORK, March 22, 2011 /PRNewswire/ -- Marex Group Limited ("Marex"), the international broker of commodity derivatives, financial futures and foreign exchange, which is majority-owned by JRJ Group ("JRJ") and its partners, Trilantic Capital Partners and BXR Group, today announces that it has reached agreement with Imarex ASA to acquire its 100% holding of Spectron Group Limited ("Spectron") for approximately $154.1 million.
Operating from offices in London, Continental Europe, Asia and the US, Spectron is a leading global broker of wholesale energy and other commodity products. Spectron provides electronic and voice brokerage services for a diverse range of mainly Over-the-Counter ("OTC") markets, including gas, power, environmental products, freight, crude oil and related products, coal, weather and metals. Spectron's broad client base includes traders and risk managers within large oil and gas corporations, energy utilities, commodities firms, financial institutions and charterers. The transaction is subject to FSA approval in the UK and expected to close in the second quarter of 2011.
The combination of the two companies is highly complementary, with each firm a leader in its respective markets. As a leading intermediary in European power and gas markets, Spectron is well positioned for a continuation of the secular growth trend in energy-related financial market activity, with transaction levels expected to continue to respond positively to the processes of liberalisation and integration necessary to realize key EU objectives for competitive, secure and sustainable European energy markets. Marex is a leading broker of metals, agricultural, energy and financial products. Together, the companies will comprise the world's largest independent, privately-owned broker in power, gas, fuel oil, metals, agriculture and other high growth asset classes, able to service clients across both OTC and exchange-traded arenas.
Roger Nagioff, CEO of Marex and Co-Founding Partner of JRJ Group, said: "The partnership with Spectron is transformational for shareholders, clients and employees of both firms. It's a highly complementary combination given Marex's longstanding expertise in exchange-traded commodity derivatives, and Spectron's market-leading execution capabilities in a broad range of energy-related OTC derivatives. This transaction is entirely consistent with, and supportive of, Marex's strategy of growing the firm to become the preeminent independent global broker across the commodities and financial asset classes."
Gordon Bennett, Managing Director of Spectron, said: "The partnership with Marex provides new opportunities for the clients and employees of the combined group. Marex has a successful track record in growing its business and providing top quality service for its clients. I am excited about working with the Marex team to develop the enlarged group into a world-leader across the energy and commodities sectors."
About Spectron
Spectron operates one of the largest global marketplaces for energy, commodity, freight and environmental products from its offices in London, Frankfurt, Oslo, Singapore and several cities across the US. Spectron Group is regulated by the Financial Services Authority in the UK and the National Futures Association in the US. Its screen-based trading system, combined with specialist voice brokers, serves users who trade physical and financial products in a number of wholesale markets, including natural gas, electricity, emissions, coal, metals and weather. About $500bn worth of products and contracts are transacted via the Spectron Group annually. For further information, please visit http://www.spectrongroup.com/.
About Marex
Marex is amongst the world's largest independent, privately-owned, brokers, providing execution, direct market access and clearing services in the metals, energy, agriculture, financial futures and foreign exchange markets. Marex's client base includes commodity producers and consumers, banks, brokers, CTAs, hedge funds and professional traders. Marex is a member of the London Metal Exchange, the CME Group exchanges, ICE US, NYSE Liffe, ICE Futures and Eurex and offers access to all major exchanges in the US and Asia. Marex is headquartered in London with offices in New York, Hong Kong and Geneva. Marex subsidiaries are regulated by the Financial Services Authority in the UK, the National Futures Association in the US and the Securities and Futures Commission in Hong Kong. For further information, please visit http://www.marex.com/.
J.P. Morgan plc acted as financial adviser to Marex on the acquisition and Reynolds Porter Chamberlain LLP and The Dontzin Law Firm LLP acted as legal counsel. PricewaterhouseCoopers LLP provided additional advice.
About JRJ Group
JRJ is a private investment firm established in January 2009. JRJ focuses exclusively on the financial services sector, providing capital, operational expertise and strategic guidance to enhance the value of its investments. For further information, please visit http://www.jrjgroup.com/.
Gavin Prentice, Marex
Hong Kong
Ekaterina Alferova, Brunswick Group
New York
Michelle Lee, Brunswick Group
SOURCE Marex
Link
Marex Group Limited ("Marex"), the international broker of commodity derivatives, financial futures and foreign exchange, which is majority-owned..
NEW YORK, March 22, 2011 /PRNewswire/ -- Marex Group Limited ("Marex"), the international broker of commodity derivatives, financial futures and foreign exchange, which is majority-owned by JRJ Group ("JRJ") and its partners, Trilantic Capital Partners and BXR Group, today announces that it has reached agreement with Imarex ASA to acquire its 100% holding of Spectron Group Limited ("Spectron") for approximately $154.1 million.
Operating from offices in London, Continental Europe, Asia and the US, Spectron is a leading global broker of wholesale energy and other commodity products. Spectron provides electronic and voice brokerage services for a diverse range of mainly Over-the-Counter ("OTC") markets, including gas, power, environmental products, freight, crude oil and related products, coal, weather and metals. Spectron's broad client base includes traders and risk managers within large oil and gas corporations, energy utilities, commodities firms, financial institutions and charterers. The transaction is subject to FSA approval in the UK and expected to close in the second quarter of 2011.
The combination of the two companies is highly complementary, with each firm a leader in its respective markets. As a leading intermediary in European power and gas markets, Spectron is well positioned for a continuation of the secular growth trend in energy-related financial market activity, with transaction levels expected to continue to respond positively to the processes of liberalisation and integration necessary to realize key EU objectives for competitive, secure and sustainable European energy markets. Marex is a leading broker of metals, agricultural, energy and financial products. Together, the companies will comprise the world's largest independent, privately-owned broker in power, gas, fuel oil, metals, agriculture and other high growth asset classes, able to service clients across both OTC and exchange-traded arenas.
Roger Nagioff, CEO of Marex and Co-Founding Partner of JRJ Group, said: "The partnership with Spectron is transformational for shareholders, clients and employees of both firms. It's a highly complementary combination given Marex's longstanding expertise in exchange-traded commodity derivatives, and Spectron's market-leading execution capabilities in a broad range of energy-related OTC derivatives. This transaction is entirely consistent with, and supportive of, Marex's strategy of growing the firm to become the preeminent independent global broker across the commodities and financial asset classes."
Gordon Bennett, Managing Director of Spectron, said: "The partnership with Marex provides new opportunities for the clients and employees of the combined group. Marex has a successful track record in growing its business and providing top quality service for its clients. I am excited about working with the Marex team to develop the enlarged group into a world-leader across the energy and commodities sectors."
About Spectron
Spectron operates one of the largest global marketplaces for energy, commodity, freight and environmental products from its offices in London, Frankfurt, Oslo, Singapore and several cities across the US. Spectron Group is regulated by the Financial Services Authority in the UK and the National Futures Association in the US. Its screen-based trading system, combined with specialist voice brokers, serves users who trade physical and financial products in a number of wholesale markets, including natural gas, electricity, emissions, coal, metals and weather. About $500bn worth of products and contracts are transacted via the Spectron Group annually. For further information, please visit http://www.spectrongroup.com/.
About Marex
Marex is amongst the world's largest independent, privately-owned, brokers, providing execution, direct market access and clearing services in the metals, energy, agriculture, financial futures and foreign exchange markets. Marex's client base includes commodity producers and consumers, banks, brokers, CTAs, hedge funds and professional traders. Marex is a member of the London Metal Exchange, the CME Group exchanges, ICE US, NYSE Liffe, ICE Futures and Eurex and offers access to all major exchanges in the US and Asia. Marex is headquartered in London with offices in New York, Hong Kong and Geneva. Marex subsidiaries are regulated by the Financial Services Authority in the UK, the National Futures Association in the US and the Securities and Futures Commission in Hong Kong. For further information, please visit http://www.marex.com/.
J.P. Morgan plc acted as financial adviser to Marex on the acquisition and Reynolds Porter Chamberlain LLP and The Dontzin Law Firm LLP acted as legal counsel. PricewaterhouseCoopers LLP provided additional advice.
About JRJ Group
JRJ is a private investment firm established in January 2009. JRJ focuses exclusively on the financial services sector, providing capital, operational expertise and strategic guidance to enhance the value of its investments. For further information, please visit http://www.jrjgroup.com/.
Enquiries
LondonGavin Prentice, Marex
Tel: +44 (0)20 7650 4004
Ethan Levner, JRJ Group
Tel: +44 (0)20 7290 7050
Carole Cable, Brunswick Group
Tel: +44 (0)20 7404 5959
Jeremy Capstick, J.P. Morgan
Tel: +44 (0)20 7742 4000
Hong Kong
Ekaterina Alferova, Brunswick Group
Tel: +852 3512 5093
New York
Michelle Lee, Brunswick Group
Tel: +1 212 333 3810
SOURCE Marex
Link
Subscribe to:
Posts (Atom)