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Oil Reservoirs News

28 Sep 2022

Mitsubishi to Team Up with Port of Corpus Christi on US Ammonia Plant

(Photo: Port of Corpus Christi)

Japanese trading company Mitsubishi Corp said on Wednesday it had signed a memorandum of understanding (MoU) with the Port of Corpus Christi Authority of the United States to collaborate on large-scale production facility of fuel ammonia in Texas.The move comes as part of Mitsubishi's efforts to create global supply chains of the clean fuel to help Japan's and other Asian countries' attempts to combat climate change, the company's senior vice president, Hiroki Haba, told the International Conference on Fuel Ammonia.Ammonia is used for fertilizer and industrial materials…

16 Dec 2014

Zargon Cash Dividend for December 2014

Zargon Oil & Gas Ltd. confirms that the monthly cash dividend for the month of December in the amount of Cdn. $0.06 per common share will be paid on January 15, 2015 to shareholders of record on December 31, 2014. Unless otherwise indicated, all dividends paid by Zargon are "eligible dividends" for Canadian tax purposes. Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 30.175 million common shares outstanding. Zargon Oil & Gas Ltd. is a Calgary based oil and natural gas company working in the Western Canadian and Williston sedimentary basins that has delivered a long history of returns and dividends (distributions).

18 Nov 2014

Zargon Oil & Gas Confirms Cash Dividend

Zargon Oil & Gas Ltd. confirms that the monthly cash dividend for the month of November in the amount of Cdn. $0.06 per common share will be paid on December 15, 2014 to shareholders of record on November 30, 2014. Unless otherwise indicated, all dividends paid by Zargon are "eligible dividends" for Canadian tax purposes. Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 30.175 million common shares outstanding. Zargon Oil & Gas Ltd. is a Calgary based oil and natural gas company working in the Western Canadian and Williston sedimentary basins that has delivered a long history of returns and dividends (distributions).

08 Jul 2014

Maersk Taking $1.7b Charge on Brazil Assets

Full-year underlying profit guidance unchanged; writedown raises questions over company's oil strategy. Danish oil and shipping group A.P. Moller-Maersk moved to shrink its Brazilian petroleum operations on Tuesday, selling its stake in its only producing Brazilian oilfield and saying it will write off $1.7 billion of investments in the country. The write-off affects two exploration areas, Itaipu and Wahoo, which failed to deliver on oil volume expectations, and the Polvo field, both northeast of Rio de Janeiro in the Campos Basin, Maersk said. Maersk bought the assets from South Korea's SK Energy Co Ltd for $2.4 billion in 2011. On Tuesday, Brazil's HRT Participacoes em Petroleo SA said it bought Maersk's 40 percent Polvo stake for an undisclosed sum.

07 May 2014

Use a new EOR technology brings award for BP

In recognition of the breakthrough new enhanced oil recovery – or EOR – technology, BP has been presented with the Distinguished Achievement Award. The award was presented on 4 May, 2014 at the Offshore Technology Conference (OTC) in Houston, Texas. This is the second time in four years that BP has won the award at this major annual gathering for oil and gas professionals. BP's plans to use the new enhanced oil recovery – or EOR – technology from day one of operations at the Clair Ridge field west of Shetland, UK have won BP this major industry award.Until now, emerging EOR techniques have typically been applied to older fields as the oil production rate falls and recovery of oil and gas becomes harder - and uneconomic.

23 Apr 2014

Offshore Oil & Gas: Brazil’s Northern Frontier

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon exploration along its northeastern and northern coasts. These are some of the poorest regions in the country and infrastructure for oil and gas exploration is minimal, yet significant discoveries and seismic indicators of large reservoirs are tantalizing and have attracted major local and foreign investors. Potential for oil discoveries in the area is proven, yet players will be faced by many challenges offshore and on land in order to uncork reservoirs at the Northern Frontier.

10 Jan 2014

Aker Completes Well-intervention Services Business Sale

Image courtesy of Aker Solutions

Aker Solutions says it has completed the sale of its well-intervention services business area to EQT, a Swedish private equity fund. The unit was sold for an enterprise value of NOK 4 billion and the agreement includes an earn-out provision where Aker Solutions will receive 25 percent of any internal rate of return exceeding 12 percent a year on EQT's equity investment. Aker explain that the business provides services that optimise flows from oil reservoirs. It is strongly positioned within wireline tractor services…

13 Nov 2012

First Voith Water Tractor with Fully ECS

First Voith Water Tractor with fully electronic control system

Shipowner Fukushima Kisen based in Iwaki on the east coast of Japan has commissioned the first Voith Water Tractor (VWT) with a fully electronic control system (ECS). On the ECS version, the hydraulic unit is no longer separate but is installed on the rotor casing foundation of the Voith Schneider Propeller (VSP). Not only does this save space, but it also simplifies maintenance and increases reliability. The new VWT Shinano has been designed for harbor assistance and escort duties.

22 Aug 2012

Deepwater Oil Strike by Petrobras Offshore Brazil

Petrobras strikes oil deposits in a new discovery in the 'Rights Transfer Area' some 200 km off the coastal city of Rio de Janeiro. Petrobras has discovered good quality oil in the fourth well drilled in the Rights Transfer area in the Santos Basin pre-salt cluster. The well, 3-BRSA-1053-RJS (3-RJS-699), known as Franco SW, is located at a water depth of 2,024 m, some 210 km off the coast of the city of Rio de Janeiro and 17 km south of discovery well 2-ANP-1-RJS (Franco). The discovery was confirmed by good quality cable test oil samples (28º API). They were collected in carbonate rock reservoirs, with rock thicknesses similar to those found in the discovery well. The discovery also confirms the extension of the oil reservoirs in the southern Franco area.

05 Jul 2007

Eidesvik Orders Seismic Vessels from Ulstein

Eidesvik has ordered two large, state-of-the-art seismic vessels of the type Ulstein SX120 from Ulstein Verft. The ships will be delivered in spring 2010. The contract’s total value is about $223.3m. Eidesvik is known for innovation and a green profile. The ships that Eidesvik has ordered will be contracted by the world’s largest seismic company, the merged CGG-Veritas. “The ships are gentle on both the external environment and the working environment onboard. We believe the Ulstein X-Bow’s smooth and gentle motion in heavy sea makes it highly suitable for seismic operations,” says Meling. “The bow also helps reduce fuel consumption, which means less pollution. In oceanic seismic surveys, the sea bottom is examined with shock waves in the search for gas or oil reservoirs.

12 Oct 2006

Santos Discovers Oil and Gas in Vietnam

Santos Limited (STO) announced that it has completed testing of the Dua-5X well, offshore Vietnam, after discovering multiple gas and oil reservoirs in the southern fault block of the Dua structure. The company reported that the two reservoir intervals have been tested with the primary reservoir target flowing oil at a stable rate of 5,543 barrels of oil per day (bopd) plus 6.76 million standard cubic feet of gas per day through a 2 inch choke. The oil and gas producer said that a deeper secondary reservoir flowed at a rate of 247 bopd through a 28/64” choke. Santos reported that work would now commence on the resource assessment and preparation of a reservoir evaluation report, which is the first step in the commercialization process within the PSC terms.

05 Jul 2006

Santos Strikes Oil

According to reports, the Australian oil exploration company Santos announced an oil and gas discovery at the Dua-4X exploration well currently being drilled in exploration Block 12E, offshore of Vietnam. Initial tests at the Dua-4X and Dua-4X ST1 wells, operated by Premier Oil, discovered oil and another well is to be drilled to evaluate reserves in the southern part of the field, said a Santos report. Santos have agreed in April this year to take a 37.5% interest in two Vietnam exploration permits - Block 12E and Block 12W. Dua-4X was drilled down-flank from the 1974 Dua-IX disco very well that produces: 1,500 barrels of oil per day. Following the intersection of hydrocarbons in the Dua 4X,vprineal well, a sidetrack has been drilled (Dua-4X ST1) to provide further geological information.

02 Feb 2006

U.S. Execs to Discuss Cuban Oil Reserves

In the two years since oil reservoirs were discovered off Cuba's coast, Canadian, Chinese, Indian and Norwegian companies have lined up to explore the potentially lucrative Caribbean waters. U.S. oil exploration in Cuban waters - along with most U.S. trade - is prohibited under a 45-year-old U.S. embargo designed to undermine Fidel Castro's communist government. This week, American energy executives meet their Cuban counterparts in the first private-sector oil summit between the two countries. Cubans hope to inform the businessmen of their country's oil potential while undermining the embargo, which has often frustrated American corporations.

16 Jun 2006

Statoil to Increase Production

Accordint to AP Statoil ASA will increase efforts to produce more oil in Norway's home waters, even as it expands exploration. Statoil is the key petroleum producer on Norway's offshore oil fields, operating 24 fields that account for about 60 percent of the country's production. Norway is the world's third largest oil exporter, after Saudi Arabia and Russia, with production in April of 2.4 million barrels a day plus natural gas. About 1.4 million barrels a day are produced by Statoil. In areas that are already producing, Lund said the company will use new technology to increase the amount of oil recovered from mature fields. Statoil will also step up the search for new oil reservoirs that are close to existing platforms…

13 Apr 2000

Offshore News

R&B Falcon Confirms U.S. Reading & Bates Development Co. (DEVCO), a wholly owned subsidiary of R&B Falcon Corporation, announced its Boomvang Project in deepwater offshore Texas is proceeding rapidly. DEVCO concurs with previously announced reserve estimates of 70-100 million boe in several oil reservoirs extending across portions of East Breaks Blocks 642, 643, 688 and 732. Platform, production facilities and pipeline contracts are being evaluated, and development drilling is scheduled to begin in the second quarter of this year. The partners anticipate first production in the first quarter of 2002. DEVCO owns a 50 percent working interest in the Boomvang Project. Kerr-McGee Oil & Gas Corp., a wholly owned subsidiary of Kerr-McGee Corp. is operator and owns a 30 percent working interest.

24 Sep 1999

Elf Makes Second Gulf Of Mexico Discovery

French oil company Elf Aquitaine has announced its U.S. oil and gas subsidiary Elf Exploration Inc. made its second deep offshore oil discovery in the Gulf of Mexico this year. Elf officials said workers made the find at the Matterhorn well in the Mississippi Canyon Block 243, in which Elf Exploration Inc. has a 100 percent working interest. A Global Marine Celtic Sea semi-submersible vessel had drilled the well to a depth of 8,165 ft. and found 370 gross ft. of oil reservoirs in two zones, officials added. "Production tests showed a daily flow rate of 6,640 barrels of good quality oil as well as associated gas." The Matterhorn discovery follows Elf's March find at the Anconcagua prospect in Mississippi Canyon Block 305.