Lukoil, NewAge farm into Bowleven’s Cameroon offshore block

Bowleven, an Africa focused oil and gas exploration group, has delivered its strategic intent to sell part of its interest in the Etinde Permit, offshore Cameroon, by entering into a conditional agreement with Lukoil and NewAge.

Bowleven will reduce its interest in the Etinde permit from 75% to 25% and receive aggregate consideration of approximately $250 million comprising a $170 million cash payment at completion; a $40 million staged deferred cash payment due at Etinde development project FID and on completion of appraisal drilling; and a $40 million (net) carry for two appraisal wells.

Lukoil will acquire a 37.5% interest and NewAge will acquire an additional 12.5% interest in the Etinde Permit to increase its group holding from 25% to 37.5%. Camop, a wholly-owned subsidiary of NewAge, will become operator of the Etinde Permit following completion, allowing Bowleven to focus on its proven exploration skillset.

Bowleven will retain a 25% interest in the Etinde Permit, ensuring continued exposure to the considerable resource and future development potential of the acreage.

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.

Marsol International grows in partnership with RMA

Marsol International, a UAE-based global marine solutions provider focused on the offshore oil terminal market and related infrastructure, has entered into a partnership with RMA Engineering Solutions (RMAES) to support its international growth strategy.

RMAES is a member of the RMA Group, a diversified American-owned company headquartered in Bangkok, Thailand.  RMA specializes in providing innovative infrastructure, automotive and engineering solutions to clients in the emerging markets of Asia, Africa, and the Middle East, often in extremely challenging frontier environments.  The company has approximately $1 billion in annual revenues with offices on the ground in 21 counties.

RMA’s global breadth and support via development and investment funding will enable Marsol to deliver its solutions to a greater service level and a wider customer base.  It will also allow Marsol to pursue international growth through its ability to train local resources to take their place in the operation and maintenance of the facilities and related equipment.

Since 2005, Marsol International has provided operational engineering and management solutions to clients, consultants and EPC contractors for new offshore facilities, and operational and IRM services for existing facilities to offshore terminal owners and operators. 

Mike Young, managing director of Marsol International, said: “Marsol International has always employed a holistic approach to growing our business. We understand that the key to developing emerging markets is to train local people to an internationally accepted level, whereby empowering them to manage their own resources.

“Marsol International adds value by managing this process. From the concept and design stage, through to installation and operation, we work closely with clients to understand their requirements to ensure their needs are met by a fully operational solution with minimal modifications. Taking ownership of this process and training local staff to operate the field on a day-to-day basis is key to this integrated approach.”

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.

Polarcus nets LOI for survey offshore West Africa

Polarcus nets LOI for survey offshore West Africa.

Polarcus Limited 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, is expected to run for approximately one month.

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.

ConocoPhillips partner FAR starts effort to sell Kenya stake

FAR Ltd., exploring off Senegal with ConocoPhillips and Cairn Energy Plc, is looking for a partner in Kenya as drilling picks up in the region.

FAR started a process in London last week and Australia this week giving companies access to its data, Managing Director Cath Norman said today, June 13, in a phone interview from Melbourne. The explorer may reduce its stake in one block in Kenya to as little as 25% from 60% and complete a deal by the end of the third quarter at the earliest, she said.

“There’s a fair bit of interest offshore Kenya at the moment,” she said. “In Kenya, the prize is oil.”

Drilling

The Australian company is moving ahead with plans in Kenya, Senegal and Guinea Bissau as explorers including Woodside Petroleum Ltd. look at Africa. The industry is watching the Senegal drilling closely after disappointing exploration results in Africa in recent months, Norman said.

“Most of the junior end of the market has not actually come up with the goods,” she said. “With a little bit of success we’d have more interest flooding back into the sector.”

FAR rose 5.4% today to 3.9 cents in Sydney trading, valuing the company at A$105 million ($99 million).

In Senegal, FAR expects drilling to resume in about two weeks after a delay caused by rig maintenance and to complete the well in about a month, according to Norman.

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.