Upstream

Transocean to buy Norwegian rig firm Songa Offshore for $1.1 billion

August 15, 2017 | Deepwater, Mergers, Acquisitions & JVs, Rigs & Vessels

London, UK | – Transocean Ltd, one of the world’s biggest drilling rig operators, has agreed to a deal to buy Norwegian competitor Songa Offshore SE for 9.1 billion Norwegian crowns (US$1.1 billion), the two companies said Aug. 15. The deal, which would be mostly paid for in shares and convertible bonds, would strengthen Transocean’s position in offshore drilling as Songa is Norwegian oil major Statoil ASA’s largest drilling service provider. The offer values Songa shares at 47.50 Norwegian crowns each, a 39.7% premium over …

Nigeria to continue Lake Chad Basin oil exploration despite deaths

August 03, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Nigeria

Abuja, Nigeria | – Nigerian scientists will continue to search for oil in the restive Lake Chad Basin region despite a kidnapping of some researchers by suspected Boko Haram members, a university and state oil firm NNPC said July 31. Members of an oil prospecting team were kidnapped in the northeast’s restive Lake Chad Basin region on July 25, prompting a rescue bid that left at least 37 dead including members of the team, rescuers from the military and vigilantes, officials say. Three kidnapped members …

Ambush on Nigeria oil team may hamper Buhari’s recovery plan

August 03, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Government & Regulations, Nigeria

Boko Haram Islamists’ attack shows ‘new level of boldness’ Government has vowed to continue oil exploration in northeast London, UK | – An attack by Islamist militants on an oil exploration team in Nigeria’s northeast has hurt the government’s ambition to find new crude reserves and quashed hopes of a quick recovery of the West African nation’s least developed region. Militants of the Boko Haram Islamist group on July 25 staged an ambush on geologists, staff of the state-run oil company and soldiers in a …

Eni  Zohr field development offshore Egypt is 80% complete

August 03, 2017 | Development / Production, Egypt

Huge Mediterranean field could satisfy domestic gas demand Cairo, Egypt | – The development of the giant Zohr gas field offshore Egypt, recently discovered by Italian oil giant Eni, is 80% complete less than two years after the discovery was made, a record in the oil industry, Eni CEO Claudio Descalzi said during his meeting with Egyptian Prime Minister Sherif Ismail in Cairo. According to Eni, the meeting, which was also attended by Egypt’s Petroleum and Mineral Resources Minister Tarek El Molla, focused primarily on the future of Zohr’s mega …

Total to boost Nigeria’s oil output by 200,000 bpd in 2018

August 03, 2017 | Company Operations, Nigeria

Lagos, Nigeria | – The Managing Director/Chief Executive Officer Total upstream companies in Nigeria, Mr Nicolas Terraz, on Wednesday said that the firm would boost the country’s daily oil production by 200,000 barrels from 2018. Terraz, who was represented by Mr Biodun Afolabi, Executive Director, Corporate Affairs and Services, said that the additional barrels would come from the company’s multi-billion dollar Egina Field Development. According to the chief executive officer, the Egina Field Development will come on stream in 2018. The managing director, who made …

Nigeria’s NNPC in funding deals with foreign partners to develop oil fields

August 03, 2017 | Budget & Investment, Company Operations, Nigeria

London, UK |  – Nigerian National Petroleum Corporation, (NNPC)  said Thursday it had agreed new funding arrangements with four foreign partners to develop new oil fields in the Niger Delta that will substantially increase Nigerian reserves and daily production. The first of the deals, with US major Chevron Corporation, is for development of two offshore oil blocks OMLs 91 and 91 and is expected to add 211 million barrels of oil and 1.9 Tcf of gas to Nigerian reserves, and potential output of 30,000 b/d …

At least 30 dead after attempted rescue of abducted oil team in northeast Nigeria

July 27, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Nigeria

Maiduguri, Nigeria | – At least 30 people including civilians and members of the military have died after an attempted rescue of an oil exploration team kidnapped by suspected Boko Haram militants in northeast Nigeria, officials told Reuters on Thursday. The team searching for oil in Nigeria’s conflict-ridden northeast was made up of members from the state oil firm and university researchers and staff, while the attempted rescue was carried out by military personnel and vigilantes. The military said a day earlier that it had …

Nigeria’s NNPC collaborates with Halliburton for oil search in inland basins

July 22, 2017 | Exploration / Discoveries, New Technology, Nigeria

Lagos, Nigeria | – A new vista has been added to the ongoing search for commercial hydrocarbon in the inland sedimentary basins by the Research and Development Division of the Nigerian National Petroleum Corporation (NNPC), following ongoing collaboration with the US based Halliburton Corporation to achieve the exact location of viable crude oil deposits. Group General Manager in charge of the R&D Division, Dr. Bola Afolabi, said in Port Harcourt that the collaboration with Halliburton would help fast-track the inland basin exploration efforts through the …