November 20, 2008
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Home / Issue Archive / 2007 / October #10 / E&P Update

№ 10 (October 2007)

E&P Update

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Investment in Shah Deniz Stage 2 Seen at $10 Billion

Investment in the second stage of the Shah Deniz gas field in Azerbaijan’s section of the Caspian Sea could exceed $10 billion, a member of the operating consortium said. “We as investors are supposed to put a lot of money into Shah Deniz Stage-2. We’re probably talking of at least $10 billion,” said Jan Heiberg, the vice president of Statoil Azerbaijan.

BP Plc and StatoilHydro both own 25.5 percent stakes in the consortium developing Shah Deniz. The State Oil Co. of Azerbaijan, or Socar, LUKOIL Holdings of Russia, France’s Total SA and NICO all own 10 percent each, while Turkey’s TPAO owns 9 percent.

Rigzone.com

 

KazMunaiGaz Announces Oil Discovery in the “Pearls” Project

Uzakbai Karabalin, head of KazMunaiGaz,announced, at KIOGE-2007, of the new hydrocarbons discovered in the “Pearls” project.
“According to preliminary data given by core samples and geotechnical prospecting, oil and gas beds were discovered and their potential is going to be specified in the course of future research,” announced Uzakbai Karabalin, the president of KazMunaiGaz, at the conference during his report “Combining the interests of the state and the business”. “Traces of hydrocarbons found in the ‘Pearls’ structure are another proof of the high potential of the Kazakhstan sector of the Caspian Sea. We hope that the following exploration and evaluation works will confirm our expectations.”

The site is controlled by Caspiy Meruerty Operating Company, B.V., a joint operator founded by KazMunaiTeniz, Shell Exploration Production Offshore Ventures and Oman Pearls Company.

Uzakbai Karabalin also noted in his speech that KazMunaiGas, as a 100 percent state company, is fully aware of its responsibility for the effective work of the oil and gas sector of the Kazakhstan Republic and its influence on the sustainable development of the national economy.

The Pearls contract area is located in the North Caspian sector  approximately 90 kilometers from Bautino (Mangistau Region). Exploration drilling was conducted by the jack-up rig Astra.

KazMunaiGaz

 

Timan Secures In Principle Offer of Drilling Rig for its Caspian Offshore

Timan announces that it has successfully completed preliminary negotiations with the state oil and gas company of Azerbaijan, SOCAR, over the provision of a jack-up drilling rig and related drilling services. SOCAR confirmed a decision in principle to provide Geotermneftegaz, Timan’s 80 percent owned subsidiary, with an option on the jack-up rig Khazar.
Subject to contracts being successfully finalised, this will allow Timan to proceed with exploration drilling on its Block No.2, Izerbash licence offshore in the Russian sector of the Caspian Sea.
Timan is currently seeking to attract a major strategic partner on a farm-in basis for its Caspian project. The contract with SOCAR for the drilling rig would be financed by the funds contributed to the development of the project by the farm-in partner.
Alexander Kapalin, CEO of the company, said: “In the context of exceptional current demand for rigs in the Caspian Sea, SOCAR’s offer of this rig provides Timan with a timely and significant strategic advantage in its off-shore exploration programme. However, our immediate priority however remains to bring our Timan-Pechora assets to pilot production”

Timan Oil and Gas

 

Yugragazpererabotka Begins Design of Gas-Processing Complex in Nizhnevartovsk Region

Yugragazpererabotka, the joint venture between SIBUR and TNK-BP, has announced a tender for provision of engineering services for design of a casinghead gas transportation and processing complex in the Nizhnevartovsk region. Yugragazpererabotka’s capacity for casinghead gas processing is currently about 8 bcm per year. The additional volume of casinghead gas processed at the complex is estimated at 3 bcm per year.
In the first design stage, it is planned to study the possibilities for expanding facilities, with detailed description of each version, and estimation of capital costs and return from investment. The final expansion version will be chosen per the results of the first stage.The second stage involves conducting a feasibility study of the chosen version.

TNK-BP

 

Transneft Has Approved Construction of a Pipeline by Urals Energy

Urals Energy has announced that Transneft has approved the Company’s proposed designs and construction of the Dulisminskoye pipeline tie-in to Transneft’s ESPO.
Following the approval of the proposed technical designs and projected construction work, the Company intends to commence field preparation work for construction of the tie-in pipeline as planned in Q4 2007.
The Dulisminskoye field is located in the strategically significant Eastern Siberia Region. This region has become the key new frontier in the Russian oil and gas sector with its significant undeveloped reserves and close proximity to Asian-Pacific markets.
As assessed by DeGolyer and MacNaughton the Dulisminskoye field is estimated to have 464 mmboe and is projected to reach 30,000 bopd production by 2011. First oil from the field is expected to flow into Transneft’s ESPO in H1 2009.
Lyonid Dyachenko, Chief Executive, commented:
“The approval of the tie-in designs is a major milestone and will allow us to commence construction of the pipeline on time. As well as our earlier signed memorandum with Gazprom regarding the sale of gas from the Dulisminskoye field, this is another important step towards full development of this significant asset.”

Urals Energy

 

Tatneft and Shell to Develop Strategic Partnership in Tatarstan

At the end of September Tatneft’ and Shell signed Agreement on heavy oil development and agreed to conduct joint feasibility study of the project and of technologies for development and processing (treating) of heavy oil which is a part of existing exploration and production licenses held by Tatneft.
The agreement also allows in the long term for other potential joint activities, including acquisition of new licenses for hydrocarbon exploration in Tatarstan and in other regions of Russia. To implement the achieved agreements, Tatneft’ and Shell will consider establishment of a joint venture or use of other forms of cooperation.

Tatneft

 

Input/Output Changes Name to ION

Input/Output, Inc. announced that it has changed its company name to ION Geophysical Corporation. The name change, which is effective immediately, will be accompanied by a rebranding initiative that reflects the company’s evolution from its legacy as a seismic equipment manufacturer to its present position as a broad-based provider of cutting-edge imaging technologies, services, and solutions for the global oil & gas industry.
“The name ION was chosen because it represents a simple transition from I/O,” stated Chris Friedemann, senior vice president of Corporate Marketing for ION. “The addition of the ‘N’ conveys ‘I/O Now’ as well as ‘I/O Next,’ reflecting both our offerings of today and our innovations of tomorrow. An ion is an atom that has gained or lost electrons and, as a result, is both energized and in a state of flux. ION symbolizes our corporate growth history and the capabilities we have gained through acquisition. At another level, the dynamic nature of the ion reflects our restless passion for developing state-of-the-art products, services, and solutions that are tailored to the unique requirements of each customer we serve and project we undertake.”
The brand transition will be supported through an integrated promotional campaign that includes print, on-line, and multimedia initiatives. ION has adopted a new tagline – Charged with InnovationTM – to reflect the company’s tradition of developing revolutionary geophysical products and services such as VectorSeis®, FireFly, DigiFINTM, and the reverse time migration (RTM) imaging technique.

ION Geophysical Corporation

 

NOVATEK Acquires Working Interest In Egyptian Concession

NOVATEK announced it has acquired a 50 percent working interest in the concession agreement for oil and gas exploration and development at the El-Arish offshore block in Egypt from Tharwa Petroleum S.A.E. The remaining 50 percent working interest is held by Tharwa Petroleum S.A.E.
The offshore block, comprising an area of approximately 2,300 sq. kilometers, is located along the Mediterranean coast and is adjacent to the north coast of the Sinai. Half of the block lies at depths of up to 50 meters with the remaining area reaching depths of up to 500 meters.
The concession agreement provides for a minimum exploration period of four years which will include undertaking geophysical studies of the concession block as well as the drilling of two wells. NOVATEK will have the opportunity to extend the exploration period to nine years if preliminary results require further study. The concession agreement provides for a twenty year development period for each commercial discovery with a possible five year extension.
“The El-Arish offshore block is the Company’s first international project. Our participation in the concession is consistent with NOVATEK’s long-term strategy of expanding its resource base and geographically diversifying its core activities in order to establish a stable base for production growth.” commented NOVATEK’s CEO, Leonid Mikhelson at the signing ceremony in Cairo.

NOVATEK

 

FMC Technologies Has Signed a Distributorship Agreement with Cosmos-Neft-Gas Company.

Cosmos-Neft-Gas will supply a complete package of wellhead equipment, Christmas trees and control panels for Gazprom and other Russian operators.
Cosmos-Neft-Gas LTD is a Russian manufacturing company operating since 1994.

FMC Technologies

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