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Atlantic Petroleum News

03 Mar 2014

Norway Confirms Small Arctic Oil Find

Norwegian oil explorer Det norske made a small oil discovery in the Arctic Barents Sea with a gross oil column of about 30 metres and much poorer reservoir quality than expected, the Norwegian Petroleum Directorate said on Monday. Det norske earlier said it found some oil in the prospect but initial volumes did not justify development. Det norske operates the licence and holds a 20 percent stake. Other shareholders include Sweden's Lundin Petroleum (20 percent), Tullow (15 percent), Rocksource (5 percent), Norwegian state holding firm Petoro (30 percent) and Atlantic Petroleum (10 percent).

15 Nov 2012

Atlantic Petroleum to Gain Foothold Offshore Norway

Atlantic Petroleum gains entry to Norwegian Continental Shelf energy exploration through acquisition of Emergy Exploration AS. Atlantic Petroleum has issued a voluntary offer for 100% of the shares in Emergy Exploration AS, an independent, upstream oil and gas company focused on the Norwegian Continental Shelf. The Offer for 100% of the shares in Emergy is USD 12.7 million to be paid in cash or a combination of cash and shares in P/F Atlantic Petroleum, of which 50% will be paid in cash upon acceptance of the Offer and 50% will be paid at the latest on 31st January 2013 in cash, shares or a combination of cash and shares. The offer has been pre-accepted by the holders of 90% of the Emergy shares.

09 Dec 2008

Statoil - Operatorship on the Faroes

StatoilHydro was awarded operatorship of a large exploration area in the third Faroese Licensing Round on Dec. 8, 2008. StatoilHydro has a 50% stake in the license. The partners are DONG (30%), Faroe Petroleum (10%) and Atlantic Petroleum (10%). The area covers 5312 square kilometres, the largest license ever to be awarded in Faroese waters. No drilling commitments are imposed under the license, but StatoilHydro will gather seismic on the acreage. It has three to six years to decide whether to drill an exploration well.

13 Jan 2006

CNOOC to Bid on Nation Energy

on offshore oil and gas assets in Nigeria, www.TheStandard.com reported. CNOOC is eyeing an offer for Nations Energy, an independent oil producer based in Canada. The move by CNOOC comes after the company announced the acquisition of a 45 percent stake in oil and gas fields owned by Nigerian oil company South Atlantic Petroleum earlier this week. The deepwater fields are contained in a 1,295-square-kilometer tract off the Niger River Delta and contain estimated recoverable reserves of 1.1 billion barrels of oil equivalent. Nine-year-old Nations first bought assets in Kazakhstan in 1997. It operates OJSC Karazhanbasmunai - Kazakhstan's ninth-largest oil producer - in the west of the country on the Caspian Sea. The company has sunk about $370 million into the Central Asian operation.

10 Jan 2006

CNOOC Signs $2.268B Agreement with SAPETRO

CNOOC Limited signed a definitive agreement with South Atlantic Petroleum Limited to acquire a 45 percent working interest in an offshore oil mining license ''OML 130'' in Nigeria for $2.268 billion, subject to adjustments. The purchase will be funded from the internal resources of CNOOC Ltd. OML 130 is covered by both a Production Sharing Agreement and a Production Sharing Contract, each of which governs a 50 percent interest in OML 130. SAPETRO is currently the sole contractor and sole interest holder in the PSC. Under the agreement, CNOOC will be acquiring a 90 percent interest in the PSC and hence, a 45 percent working interest in OML 130. Located in Nigeria, the world's fifth largest crude oil exporter, the Niger Delta region is one of the world's most prolific oil and gas basins.

02 Dec 2005

Manitowoc Awarded Contract for Double-Hull Tug/Barge Unit

The Manitowoc Company, Inc. announced that Vane Line Bunkering, Inc. has awarded Manitowoc Marine Group (MMG) a contract for the construction of a 480-ft., 145,000-barrel, double-hulled hot oil tank barge and an accompanying 6,000-horsepower tug. The ocean-going articulated tug and barge (AT/B) unit is slated for delivery in fourth quarter of 2006. This contract also provides Vane Brothers with an option for an identical AT/B unit to be delivered in the third quarter of 2007. Other contract terms were not disclosed. The Vane contract represents the eleventh double-hulled barge and fourth ocean-going tug to be built by Manitowoc Marine Group. Both tug and barge, which will serve the mid-Atlantic petroleum markets, will be classified in compliance with ABS, Coast Guard, and OPA-90 standards.