Amerisur to Begin Data Interpretation at San Pedro Block

- Amerisur to Begin Data Interpretation at San Pedro Block

Wednesday, July 13, 2011
Amerisur Resources plc

Amerisur announced an update on operations in Colombia and Paraguay.

Platanillo

The Company applied for a modification of the Platanillo Global Environmental License to the Ministry of Environment, Housing and Territorial Development (MAVDT) on January 21, 2011. That modification contemplated the construction of an access road to the southern part of the field and 8 new drilling locations within that section. The Company has maintained a close contact with MAVDT and has promptly provided all the information and assistance required by the environmental authorities. The proposal is under review by MAVDT.

It is expected that the drilling program will be underway during 4Q 2011. Given the delays occasioned by the permitting process the Company expects to complete 3 new wells during 2011, however the drilling program would continue consecutively should results merit, thus completing the total of 6 new wells during 1H 2012.

San Pedro Block Paraguay

The 13,000 km Aeromagnetometry program was completed on time and on budget and Fugro is well advanced with the data processing. The Company expects to begin interpretation during July 2011.

John Wardle, CEO, said, "The tremendous growth of activity in the Petroleum and Mining sectors in Colombia has placed an unprecedented load upon regulatory resources. This is an extraordinary situation, never seen before in the Colombian industry and has had an extraordinary effect upon the operations of all Operators in the country. Our respect for the environment where we work is paramount and is an integral part of our business. I believe we have maintained these high standards in our work and proposals to date. All preparations for the drilling program are complete, and have been so for some time, hence once we receive the approval of the environmental modification I expect to achieve rapid progress."

Oil & Gas Post

Promote Your Page Too
LINK

BP, Co-Venturers to Redevelop N. Sea Fields for $4.8B

- BP, Co-Venturers to Redevelop N. Sea Fields for $4.8B

Wednesday, July 13, 2011
BP plc

On behalf of its co-venturers BP announced an agreement to progress a major redevelopment of the Schiehallion and Loyal oil fields to the west of the Shetland Islands.

Schiehallion and Loyal have produced nearly 400 million barrels of oil since production started in 1998 and an estimated 450 million barrels of resource is still available. The investment of circa £3 billion in the redevelopment of the fields will take production out to 2035 and possibly beyond.

Trevor Garlick, Regional President for BP's North Sea business, said, "This important milestone is consistent with BP's strategy to sustain a material, high quality business in the North Sea region. The Schiehallion and Loyal oil fields are established assets with a strong future - and we and our co-venturers are taking some significant steps to maximize the greater potential we now see in these fields."

BP has developed a strong track record west of Shetland over the past two decades and will use the latest technology to maximize recovery from these fields.

The Quad 204 project involves replacing the existing Schiehallion Floating, Production, Storage and Offloading (FPSO) vessel with a new FPSO which is scheduled to be installed in 2015. The new vessel will be 270 meters long by 52 meters wide and able to process and export up to 130,000 barrels a day of oil, and store in excess of 1 million barrels.

There will also be a major investment in the upgrading and replacement of the subsea facilities to enable the full development of the reserves.

The new facilities are scheduled to commence production in 2016.

BP will have a 36.3 percent ownership interest in the new FPSO, with other interests as follows: Shell (36.3 percent); Hess Ltd (12.90 percent); Statoil (UK) Ltd (4.84 percent); OMV (UK) Ltd. (4.84 percent) and Murphy Petroleum (4.84 percent).

Commenting on the news, Bob Dudley, group chief executive of BP, said, "This decision is another example of BP's strategy to deliver long-term value growth through investing in the large fields and in key basins where it has extensive knowledge. BP has over 40 years experience in the North Sea, during which time it has developed a strong set of assets. We are committed to growing and maintaining a material, high quality business there for the long term. We are pursuing a number of additional growth opportunities to support this strategy. For us a key to this strategy is the need to maintain the integrity of our existing infrastructure; to look after our reservoirs and maximize recovery; and to deploy and develop the necessary capability."

Oil & Gas Post

Promote Your Page Too
LINK

Halliburton Secures Gig in Chevron's Polish Shale Exploration

- Halliburton Secures Gig in Chevron's Polish Shale Exploration

Wednesday, July 13, 2011
Halliburton Co.

Halliburton has been awarded a contract from Chevron for integrated services for shale natural gas exploration in Poland.

Work on Chevron Polska's initial shale gas exploration drilling program is expected to begin in the fourth quarter and the contract award is for three years, with extension opportunities. Halliburton services to be provided will include drilling services, mud logging, cementing, coiled tubing, slickline services, well testing, completion and hydraulic fracturing. Halliburton will support the project with project management services.

"Halliburton is committed to delivering the same industry-leading expertise and service for shale gas projects in Europe as we are delivering every day in North America," said Brady Murphy, Halliburton senior vice president, Europe/West Africa Region. "We have invested early in Poland, and we have the people and the technologies in place to support this growing market."

Oil & Gas Post

Promote Your Page Too
LINK

Dragon Oil Breathes Life into Caspian Well

- Dragon Oil Breathes Life into Caspian Well

Wednesday, July 13, 2011
Dragon Oil plc

Dragon Oil has recently refitted the previously stacked Rig 40 and commenced drilling on the Dzheitune (Lam) 13 platform. The rig has spudded the Dzheitune (Lam) development well 13/160, the first of four wells planned to be drilled from this platform. Two wells and one sidetrack are expected to be completed by the end of 2011 with the remaining two wells and another sidetrack to be completed in 2012. Later, the Rig 40 will be stacked pending consideration of options for its further use.

Oil & Gas Post

Promote Your Page Too
LINK