Italian oil company Eni and British BP will aim to produce 350m cu ft per day of gas from the discovery in South Baltim east of the Nile Delta in Egypt by the end of the current fiscal year, a report said.
The production will be linked to the national grid during the second half of 2017, added the Daily News Egypt report.
Six development wells will be drilled on depths ranging from 3,900 to 4,000 metres below the seabed, the report quoted a source as saying.
Drilling for each well could take two and a half months, he added, pointing out that the Baltim reserves were estimated at 700bn cu ft of recoverable gas. The second well is currently under construction.
Statoil ASA announced Friday that it will acquire Petróleo Brasileiro S.A’s 66 percent operated interest in the BM-S-8 offshore license, located in Brazil’s Santos basin, for a total of $2.5 billion. The acquisition includes a “substantial” part of the Carcará oil discovery, which is one of the largest discoveries in the world in recent years according to Statoil.
“The Carcará field will significantly enhance our international production volumes in the 2020s and beyond. We are developing a strong Brazilian business with a broad portfolio, material production, high impact exploration opportunities and excellent potential for long term value creation and cash flow,” said Eldar Sætre, president and chief executive officer of Statoil, in a company statement.
RAS LANUF, Libya – Libya’s Petroleum Facilities Guard (PFG) signed an agreement on Thursday to reopen the ports of Ras Lanuf, Zuwetina, Es Sidra and Brega. The move paves the way for the resumption of oil export activities.
“We again reiterate our unwavering support for the Government of National Accord and would do whatever is necessary to protect Libya’s economic prosperity and bring peace and stability to the Libyan people,” PFG Executive Director Ibrahim Jadhran said in a statement announcing the deal.
Indonesia expects to start natural gas production from two deepwater fields this year and next, even as major oil companies are reviewing economics for other projects, a senior energy official said late on Thursday.
The Bangka project, majority owned by Chevron, will start operation in August, Wiratmaja Puja, the director general of oil and gas at Indonesia’s Energy Ministry, told Reuters in an interview.
Italian oil firm Eni’s Jangkrik project is expected to commence operation in July 2017, he said.
28/07/2016|Oil and Gas People
Cyprus has received expressions of interest from Statoil, ExxonMobil, Eni, Qatar Petroleum, Cairn Energy and Total for offshore blocks offered in Cyprus’ third licensing round, the energy ministry said on Wednesday.
The country’s third offshore licensing round for offshore exploration in blocks 6, 8 and 10 in the Exclusive Economic Zone of Cyprus was launched in March this year and the deadline for the submission of applications expired on Friday, July 22, 2016.
The ministry received six applications in total, by eight companies and for all three available blocks.
Under the provisions of the relevant legislation, the ministry said that the six applications submitted will be evaluated by the competent Advisory Committee, which will then draft its opinion in a preparatory report. On the basis of the report and the recommendation of the Minister of Energy, the Council of Ministers will appoint the team that will negotiate, with the companies selected, the final terms of the Exploration and Production Sharing Contracts (PSCs).
The energy ministry noted that the final decision for the granting of exploration licenses is at the discretion of the Council of Ministers.
Bahrain’s government said its new USD17 million renewable energy plant is set be operational by next year in Bahrain.
Producing up to five megawatts (MW) of electricity, the new plant will boost the growing demand for electricity in the kingdom.
It’s worth mentioning that according to the 2011 Index of Economic Freedom, Bahrain has the freest economy in the Middle East and North Africa region.
24/07/2016|Pars Oil and Gas Company
All Health, Safety and Environment (HSE) units at South Pars gas field’s developing refineries will be upgraded in a bid to improve safety indicators and environment protection standards, said managing director of Pars Oil and Gas Company (POGC).
POGC focuses on HSE indicators and enforcing its requirements in commissioning the phases of South Pars gas field, Ali Akbar Shabanpour said. “Implementation of safety programs in launching a refinery is of importance and the contractors must put the instructions into effect.”
Sustainable exploitations of national resources and protecting the environment require implementation of HSE regulations; therefore, priority is given to gas treatment, sour water and sulfurization units.
On reducing gas flaring at refineries, he said POGC asked operators of some phases to submit their technical and financial proposals to employers so the HSE units are developed to improve standard indicators and environment protection.