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BP CEO Dudley draws up plans to step down next year

September 30, 2019 | Company Operations, Management

London, UK | –  British multinational oil and gas company  BP plc  Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth today, sources close to the company said on Monday. BP’s first American CEO has indicated several times in closed discussions in recent years that he would like to retire at the age of 65, taking him …

China drilled 8,882 meters deep to pump crude from Asia’s deepest oil well

July 27, 2019 | Asia, Drilling / Completions

London, UK | – China’s oil giant PetroChina has dug some 8,882 meters below Earth’s surface to create the deepest oil well on land in Asia. The previous record was set by another Chinese oil major. The drilling of the Luntan One well at the Tarim oilfield in northwest China’s Xinjiang was completed on Thursday, Chinese media reported, citing the local branch of the company. It took PetroChina more than a year to finish the work due to the complex geological structure and high temperature …

Kenya plans to begin oil exports in Q3 this year

July 25, 2019 | Company Operations, Kenya

Nairobi, Kenya | – Kenya is expected to begin oil exports in the third quarter 2019, British multinational oil and gas exploration company Tullow oil said on Wednesday.  Mark MacFarlane, executive vice president for east Africa of Tullow Oil, said in a statement that in May the Early Oil Pilot Scheme (EOPS) production was increased from 600 barrels of oil per day (bopd) to 2,000 bopd and, to date, more than 200,000 barrels of oil have been delivered to the port of Mombasa. “Tullow expects …

Nigeria has no plans to renew expired oil block licences

July 25, 2019 | Company Operations, Government & Regulations, Licensing & Concessions, Nigeria

NNPC withholds payments to Eni Abuja, Nigeria | – The Nigerian government  has no immediate plan to renew the expired oil block licences, particularly those belonging to international oil companies (IOCs)  operating in the country, the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, has said. Nogtec Abuja bureau gathered that the IOCs operating some oil blocks with expired licences in various locations in the Niger Delta had been making enquiries on when the government would renew the licences. Commenting on …

Tullow reduces oil production outlook again on Ghana faults

July 24, 2019 | Company Operations, Energy Trading & Markets, Ghana

London, UK | –  Tullow Oil reduced its 2019 production forecast for the second time in three months as technical glitches in Ghana continued to cast a shadow. Full-year output is now seen at 89,000 to 93,000 bpd, reflecting delays in well completion at the African country’s TEN project, Tullow said Wednesday. It’s a further setback for a company that relies on the continent for more than 90% of its revenue. “The main issue is down to these last couple of wells at Enyenra, which …

Italian Eni announces a new light oil discovery offshore Angola

May 14, 2019 | Angola, Company Operations, Exploration / Discoveries

London, UK | – Italian multinational oil major Eni has made a new light oil discovery in Block 15/06, in Angola’s deep offshore. The well was drilled on the Ndungu exploration prospect. The new discovery is estimated to contain up to 250 million barrels of light oil in place, with further upside. After Kalimba, Afoxé and Agogo, the Ndungu discovery further demonstrates the exploration potential contained in the block’s deeper geological sequences. The Ndungu-1 NFW well is located a few kilometres from Eni’s West Hub …

Schlumberger sells drillpipe and fishing businesses

May 14, 2019 | Asset Acquisitions & Divestitures, Company Operations, Oilfield Services

Houston, US | –  Wellbore Integrity Solutions (WIS), and Schlumberger announced that they have entered into an agreement for WIS to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility located on Rankin Road in Houston, Texas. The transaction is valued at approximately $400 million and is subject to regulatory approvals and other customary closing conditions. The parties expect to close the transaction by year-end 2019. WIS expects to operate the combined …

Shell targets 600 MMcf/day gas output from new Nigerian projects

May 14, 2019 | Company Operations, LNG & LPG, Nigeria

Lagos, Nigeria |  — The Shell Petroleum Development Company of Nigeria  (SPDC), a subsidiary of Royal Dutch Shell  aims to produce 600 MMcf/day of natural gas from fields in south eastern region of  to bolster energy supply in the oil-rich West African country, the company said late Monday. Development of the Assa North and Ohaji South gas projects in Imo state will generate energy equivalent of about 2,400 MW, enough to provide uninterrupted electricity to about 2.4 million homes, according to Shell. “The projects would be …