Crude oil and Nat-Gas Discovery & Development
Angola’s state-run oil giant Sonangol has released new figures for a recent major oil and gas find in the Kwanza Basin, in partnership with U.S. Cobalt and British BP. The basin is now estimated to hold up to 813 million barrels of oil equivalent. According to Sonangol, Block 20/11 holds an estimated 313 million barrels of condensate and 2.8 trillion cubic feet of natural gas.
Iran says it has increased capacity at its main crude export terminal on Kharg Island and can now handle eight simultaneous tanker loadings, while on additional vessel can load a ship-to-ship cargo. In all, the terminal can now store 30 million barrels of crude oil. Iran is hoping to eventually be able to handle 6 million barrels per day of exports at its terminals, and is producing now at 3.8 million barrels per day.
Indian giant Essar Oil says it has discovered 8 trillion cubic feet of original in-place shale gas resources underneath its coal-bed methane reserves in Raniganj (East) block in West Bengal. The evaluation comes from independent U.S. firm Invenire, with the support of the U.S. Trade and Development Agency. Essar Oil officials said that considering a 20-25 percent recovery factor, they should be looking at 1.6-1.7 trillion cubic feet of recoverable resources. Essar is the largest unconventional gas producer in India and is now producing over 1 million standard cubic meters per day from its CBM block.
Total Exploration and Production Nigeria Ltd has completed the phase 2 wellhead platforms, which is expected to increase Ofon field oil production to 65,000 barrels per day, up from 25,000 barrels per day. The extra production should also include 3 million cubic meters of gas per day.
Rosneft and BP Plc this week signed “final binding agreements” to establish the new Yermak Neftegaz LLC joint venture. The new JV will explore onshore for oil and gas in Russia’s West Siberian and Yenisey-Khatanga basins. The exploration area of the two combined is about 100,000 square miles. The JV will be 51 percent owned by Rosneft, with a 49 percent share for BP. The first phase will see a deeper appraisal of Rosneft’s discovery in 2009 of the Baikalovsky field in the Yenisey-Khatanga basin, along with exploration in the West Siberian area. Field work should get under way in the coming winter season. Over two phases, BP will invest $300 million for exploration.
MOL Group is saying it’s made its 8th discovery in Pakistan’s TAL Block at the Makori-Deep-1 exploration well. The well has reportedly flowed during testing at a rate of 2,020 barrels of oil per day. MOL says the find de-risks exploration in deeper fault blocks in this same play. Partners in the JV consortium are Oil and Gas Development Co. Ltd., Pakistan Petroleum Ltd., Pakistan Oilfields Ltd. and Government Holdings (Private) Ltd.
Enterprise Products Partners plans to build a new cryogenic natural gas processing facility and associated pipeline infrastructure in the Delaware Basin. The company said it will build a 300-MMcfd cryogenic gas processing plant and add more than 40,000 b/d of NGL extraction capability. The plant should begin operating in the second quarter of 2018, but the site has not yet been determined. The processing capacity will be 300 million MMcf/d with extraction capacity of more than 40,000 barrels per day of NGL.
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