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Polarcus reported that the company has received a Letter of Intent for a 3D marine seismic acquisition project for an undisclosed client offshore West Africa.
The project, subject to the execution of a service contract, will commence in July 2014 and is expected to run for approximately three months.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.
Ophir Energy has reported that drilling operations have now concluded on the Okala-1 well in the Mbeli Block offshore Gabon. Ophir has a 50% net operated interest.
The well was drilled by the Vantage Titanium Explorer drillship to a depth of 4,229 m MD targeting Cretaceous sands in the pre-salt section. The well encountered a thick section of Aptian salt as prognosed and well developed sandstones in the Gamba and Dentale formations.
However, there were no significant hydrocarbon shows in the target reservoirs. Ophir’s share of the Okala-1 well costs was partially covered by carries from the company’s JV partners.
The Vantage Titanium Explorer will now move to Equatorial Guinea to begin a campaign of three exploration and appraisal wells on Block R.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.
Explorers in Egypt expect constraints on domestic energy prices to loosen, prompting new investment in oil and natural gas fields.
Companies including Citadel Capital SAE, Circle Oil Plc and Petroceltic International Plc expect President Abdel-Fattah El-Sisi to make good on promises to reduce subsidies of more than $20 billion a year and ease demands that producers sell fuel on the domestic market well below international prices, they said at a conference in London on June 27.
The changes would allow the government to cut the budget deficit and pay suppliers money owed for fuel, said Mohamed Shoeib, a managing director at Cairo-based Citadel. It’s a necessary first step if Egypt wants to lure back investors driven from the country by recent turmoil as it tries to both increase exports and meet surging domestic energy demand.
The government “should tackle the problem and not escape it,” Shoeib, whose company has about $10 billion invested, mostly in Egyptian energy projects, said in an interview. “It should happen very soon.”
Egypt is poised to become a net fuel importer as authorities divert gas from export projects to meet local demand, sometimes failing to pay the suppliers. The practice prevented the UK’s BG Group Plc from meeting contracted LNG shipments this year. The company has been in talks with the government about guarantees for future exports, with receivables for gas still owed by Egypt doubling in a year to March 31.
Oil Minister
Egypt plans to pay at least $1.5 billion to energy suppliers before the end of the year, or about a quarter of its debt as of April, Reuters reported June 26, citing Oil Minister Sherif Ismail.
Egyptian General Petroleum Corp., the state energy company, “is doing the best it can” to pay off the debt, said Chris Green, CEO at Circle Oil. “The key thing is reducing subsidy.”
Sea Dragon Energy Inc. plans to acquire additional assets in the country, said CEO Paul Welch. “The time is great now to get involved in Egypt.”
Oil producers receive international prices for their products in Egypt, while gas suppliers are paid only a fraction of what they could earn from exports when they sell on the domestic market, Stephane Foucaud, a London-based analyst at FirstEnergy Capital Corp., said in an interview at the conference.
“The gas price simply has to increase” and that will “unlock exploration” because some fields are not economic to drill at the current tariff, said David Thomas, COO at Petroceltic. “The country is full of opportunity. My question is, when the race will start?”
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.
