Eni CEO, Egyptian PM Confirm Commitment in Egypt

- Eni CEO, Egyptian PM Confirm Commitment in Egypt

Tuesday, July 12, 2011
Eni S.p.A.

The Egyptian Prime Minister HE Essam Sharaf and Eni CEO Paolo Scaroni met today in Cairo confirming the commitment of Eni to Egypt, following the recent agreements.

The new activities will take place in the Western Desert, in the Mediterranean and in the Sinai, and will cover both exploration and development, through the drilling of additional wells and the acceleration of production from new discoveries.

With these additional activities, Eni's investment in Egypt in the years 2011 and 2012 will amount to approximately US $3 billion. Eni will also sponsor a training plan for national staff working in the Petrobel and Agiba joint ventures with EGPC. Furthermore, in accordance with the Ministry of Petroleum, Eni will support the Sinai community with social activities.

Eni is the first international operator in Egypt with total operated production of round 500 thousand boe/day.

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Pacific Drilling Gains Total Nigeria Commitment

Pacific Drilling Gains Total Nigeria Commitment

Tuesday, May 03, 2011
Pacific Drilling S.A.

Pacific Drilling S.A. announced Monday that their latest generation drillship, the Pacific Scirocco, has received a Letter of Award from Total E&P Nigeria Limited, subject to completion of formalities with relevant government agencies in the near future, to perform exploration and development work in Nigeria. The minimum duration of the award is for a one-year initial term at a dayrate of $470,000 plus mobilization and client requested upgrades. The agreement further contemplates two one-year options at Totals discretion.

We are very pleased to announce a new core relationship with Total, a leading deepwater operator, consistent with our vision to work with the best in the industry, commented Pacific Drilling CEO Chris Beckett. This represents Pacific Drillings third commitment from a major oil company, including the two previously announced contracts for the Pacific Santa Ana and the Pacific Bora both contracted to Chevron in the Gulf of Mexico and Nigeria respectively.

Pacific Drillings fourth ultra-deepwater drillship, the Pacific Mistral, is under construction at Samsung Heavy Industries. The Mistral is on target for on time delivery in May 2011 and is the subject of advanced discussions with various clients. In March 2011 Pacific Drilling ordered two additional drillships from Samsung Heavy Industries, the Pacific Khamsin and the Pacific Sharav, scheduled for delivery in April and September 2013 respectively.

Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor. Pacific Drillings fleet of four of the newest ultra-deepwater drillships is expected to be in operation by the end of 2011, with two additional drillships on order at Samsung for delivery during 2013.

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PTTEP Withdraws Stake in Egypt Well

PTTEP Withdraws Stake in Egypt Well

Wednesday, March 30, 2011
PTTEP

PTT Exploration and Production Public Company Limited (PTTEP) announced its subsidiary PTTEP Sidi Abd El Rahman has withdrawn the entire 30% participation interest from Sidi Abd El Rahman Offshore Project in the Arab Republic of Egypt after fulfillment of the exploration work commitment. The withdrawal will be fully effective upon receiving an official approval from the government of the Arab Republic of Egypt.

In addition, PTTEP would like to report the drilling result of an exploration well in Rommana project, which is an onshore block in the Arab Republic of Egypt. The joint ventures include Sipetrol International S.A. (Operator), PTTEP Rommana Co. Ltd. (a subsidiary of PTTEP), and Centrica Resources Ltd., which hold the participation interests of 40%, 30%, and 30%, respectively. The exploration well, Moon Sinai-1, was spudded on January 6, 2011. It was drilled to an approximate total depth of 1,440 meters without petroleum shows, therefore; the well will be written off within the accounting period of the first quarter 2011, with an approximate total cost to PTTEP of US $1 million.