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Petroleum / Mining in Northern Europe

  • BHP Billiton bucks trend by looking to accelerate oil and gas exploration

    UNITED STATES, 2016/05/11 The boss of BHP Billiton said the commodities giant will not wait for prices to recover and will invest in its oil division as it pursues “quality increase projects”. Chief executive Andrew Mackenzie, speaking at a conference in Florida, said the multinational would undertake “one of our most signficant oil exploration programmes” by accelerating its activities. BHP will conduct further drilling on the Green Canyon lease in the Gulf of Mexico by completing the Caicos exploration well in July next successful results from Shenzi North before this year.

  • Norway’s Statoil sells stake in oil block in Angola

    ANGOLA, 2016/03/26 Norwegian oil company Statoil has sold the 20 % share it held in the company responsible for oil production in block 4/05 of the Angolan sea, according to an executive order signed by the Angolan Oil Minister. The document signed by Jose Maria Botelho de Vasconcelos authorises the transfer of Satoil’s interest in the production sharing arrangement on that block, north of Luanda, but does not explain reasons or funds involved in the transaction.

  • The Scottish oil field services company Wood Group

    KAZAKHSTAN, 2015/10/14 The Scottish oil field services company Wood Group will provide the Tengizchevroil crude storage capacity project at the Tengiz field with detailed engineering, control hardware and remote instrument enclosures in order to help increase its storage capacity. Wood Group will assume control over the work at the Tengiz field as part of a multi-million dollar arrangement, which the group had won in Kazakhstan from US civil engineering outfit Bechtel.

  • Zambia: London Copper Edges Lower

    UNITED KINGDOM, 2015/01/06 London copper edged lower on Tuesday, falling for a fifth consecutive session to trade around its lowest in four and a half years on worries about slowing request in top consumer China. Reuters said the three-month copper on the London Metal Exchange (LME) fell 0.2 %, or US$9.75 a tonne, to US$6,280.25, next hitting US$6,230 a tonne on Monday, the lowest since June 2010. The statement said the majority-traded copper arrangement on the Shanghai Futures Exchange finished 0.2 % higher at 45,290 Yuan a tonne. "We think the price has a little bit additional room to fall, I will not be surprised to see prices go down to $6,000 a tonne," said one metals trader in Shanghai.

  • Britain's Deteriorating Energy Security and Why We Must Frack

    UNITED KINGDOM, 2014/06/10 Renewed concerns over European energy dependency on Russia means the question of energy security is high on the list of priorities at the G7 in Brussels. Energy security should be measured according to the diversity of sources of supply and dependence on imports from volatile countries.   In 2013, the UK’s total energy production fell by 6.5% from 2012 mainly due to falls in the production of oil, coal and natural gas. According to the Department of Energy and Climate Change (DECC), the UK’s net energy import dependency climbed to 47%, the highest level since 1975, and energy exports reached their lowest level since 1980. 

  • Shell, Schlumberger, Others Invest $1bn in Snake Island Integrated Free Zone

    UNITED KINGDOM, 2014/06/10 Shell Nigeria Exploration and Production Company (SNEPCO), Schlumberger, Globestar, Atlantic Aviation and 19 other enterprises operating within the Snake Island Integrated Free Zone (SIIFZ) in Lagos have made a total investment of about $1billion in the zone. Speaking during the weekend at the same time as the Minister for Industry, Trade and Investment , Mr. Olusegun Aganga visited the Snake Island facilities of Nigerdock, the Chairman of Jagal Group, owners of Nigerdock, Mr. Anwar Jarmakani stated that in the last three years, SIIFZ has attracted direct investment to the tune of over $230million. Jarmakani noted that Nigerdock has commenced discussions with eleven other entities that plan approaching into the zone, adding that these entities possess the new national-of-the-art technologies, with expertise in various aspects of integrated deepwater oil and gas services.

  • Afrem International will exploring for natural gas in Kenya

    UNITED KINGDOM, 2014/03/09 UK-based oil and gas firm, Afrem International will in April begin exploring for natural gas in the Tanga Region, bordering Kenya. Afrem which acquired 74% interest in the Tanga Block, located offshore and onshore northeast Tanzania had not started exploration since announcing the acquisition of the block in 2011. This has caused complaints from the residents of Mkinga and Tanga Districts who were relocated to pave way for the project to start. But the Tanga Regional Commissioner, Chiku Galawa said exploration was initially scheduled to start last month (January), but was delayed to give additional time for the firm to make adequate logistical arrangements. "Please understand that the oil and gas exploration is a capital intensive undertaking that needs plenty of money, facilities and expertise, " she said last week.

  • British firm drills for Ethiopia’s first oil

    ETHIOPIA, 2014/02/23 The British Oil company prospecting for oil in the Ogaden basin, New Age, has noted oil and gas flow in its appraisal well Elkuran-3. New Age started drilling the appraisal well last October, with a targeted depth of 2,850 meters. R eliable sources told The Reporter that a crew was drilling the well at the same time as it noted oil and gas flow at a depth of 1200 meters on February 12, 2014. "Oil and gas shows were noted throughout the intervals," the source said. The results are similar to that of Tenneco, the American company that drilled the initial exploration well in the Elkuran locality in the 1970s. "Tenneco's drilling crew encountered similar results in 1972," the source said.

  • Chevron Officially Granted Shale Gas Exploration Rights in Lithuania

    LITHUANIA, 2013/09/05 Lithuania has finally confirmed that it will proceed with the granting of rights to Chevron Corp. to explore for shale gas in western part of the country. Chevron Exploration and Production Lietuva was the sole applicant in a tender for a license to explore for shale oil and gas in the 1,800 square kilometre Silute-Taurage prospect, which Lithuanian experts estimate may hold up to 80 billion cubic metres (bcm) of technically recoverable shale gas. The multinational committed to spending a minimum of 80 million litas ($31 million) in exploration on the 1,800 square kilometre field located in western Lithuania near the Baltic Sea in exchange for a seven-year permit. Chevron would as well be granted a ten years license to explore for conventional oil in the field.

  • Cuadrilla Resources has withdrawn

    UNITED KINGDOM, 2013/09/05 Cuadrilla Resources has withdrawn an application to extend its current permit for drilling and horizontal well testing at a site near Balcombe village in West Sussex at the same time as its current drillling permit expires at the end of September. The UK shale pioneer said that it was moving forth with a new application “to resolve any potential legal ambiguity around how the planning boundary should be drawn for a subsurface horizontal well." The company will submit a new application, which will cover the same well testing as in a 2010 proposition and will not seek permission for additional drilling. Cuadrilla has so far drilled a 3,000 ft vertical well at the site and has presently begun drilling a well horizontally for 2,000 ft.
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