Cheiron, Egypt’s largest independent oil and gas E&P company, said it has made a new oil discovery in the Geisum and Tawila West concession in the Gulf of Suez. The company said in its media release that the discovery was made by the GNN-11 exploration well, which was drilled on a fault block east of the GNN oil field development. Cheiron, through its subsidiary PICO GOS, has a 60 percent interest and operation in the concession, with Kufpec holding the remaining 40 percent. Field operations are managed by the joint venture company PetroGulf Misr on behalf of EGPC (50%) and…
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Heat-related illnesses affect offshore oil and gas rig workers as temperatures rise on the US Gulf Coast. A rare heat advisory from the Interior Department’s Bureau of Environmental Safety and Enforcement warned offshore oil companies on Tuesday to take extra precautions in the gulf, including taking regular breaks. In some recent cases, affected workers have been brought ashore for further evaluation, according to the alert. Extreme heat has sweltered Texas and Louisiana for weeks. For nearby offshore production regions, the heat index, a measure of how temperatures feel when combined with humidity, has reached 100F to 110F (38C to 43C)…
There is “solid” oil growth in 2023 in public guidance for US producers, Macquarie strategists noted in a new report recently sent to Rigzone. “Among a sample of 42 U.S. onshore public producers representing ~4.8 million bpd net in Q4 2022, we see guidance pointing to aggregate output/output oil growth of nearly 290,000 bpd day (~six percent),” strategists noted. in the report. “While we have made efforts to adjust for M&A/A&D activity in this analysis (injecting an additional layer of estimation/uncertainty), growth from the private side may still be seeping into these numbers, as a cost private. with increased production…
As this brutally hot summer creeps into Labor Day, we’re all dealing with rising gas prices as we hit the beach, barbecues, or the mall for back-to-school shopping. Crude production cuts by the Russians and Saudis are the main culprit, and the situation would probably be much more precarious if it weren’t for strong US shale production that keeps gas prices from rising to 5 dollars a gallon or more, except in California of course. It is crucial to maintain this long-term production not only to replenish US oil reserves but to grow them. In today’s RBN blog, we continue…
Former OPEC president Diezani Alison-Madueke has been charged with bribery in the UK, following an investigation by the country’s National Crime Agency. Alison-Madueke, 63, is accused of accepting bribes during her time as Nigeria’s Minister of Petroleum Resources in exchange for oil and gas contracts, the agency said in a statement on Tuesday. The former minister is alleged to have benefited from at least £100,000 ($127,300) in cash, as well as flights on private jets and luxury holidays. A lawyer for Alison-Madueke in Nigeria was not immediately available for comment. “We suspect that Diezani Alison-Madueke abused his power in Nigeria…
Oil fell modestly amid signs that supplies are recovering while concerns persist over demand in China, the world’s biggest crude importer. West Texas Intermediate futures for October remained below $80 a barrel as lackluster summer trading leaves the market struggling for direction. Iran’s observed exports have risen to 2.2 million barrels a day this month, and Turkey and Iraq have held a sudden flurry of talks as they seek to restart a major pipeline. A rally in crude oil that began in late June has faltered in recent weeks, with futures about where they were at the start of the…
TotalEnergies and Inpex, partners in the Ichthys LNG project in Australia, have secured interest in a license that could provide future resources for the plant near Darwin. The two companies have signed an agreement to acquire a 100% interest in the AC-RL7 permit in Australia, currently owned by PTTEP. TotalEnergies said in its press release that it will acquire a 26% stake in the permit, in line with its stake in Ichthys LNG, while Inpex will acquire the remaining 74% and take over the operation. The deal is subject to approval by the relevant authorities. The permit covers an area…
Shell UK Ltd has informed Deltic Energy that site survey work associated with the location of the Selene exploration well has commenced, Deltic revealed in a press release. Shell has confirmed that a geophysical survey vessel has been mobilized to acquire high-resolution 2D seismic lines over the proposed well location, Deltic said in the statement. Deltic emphasized that the seismic acquisition is expected to be completed before the end of August. The acquired data will then be used to inform the geotechnical survey, which will further help determine the exact location and placement of the platform, Deltic revealed. “Commencement of…
An unnamed disturbance that the US National Hurricane Center (NHC) was tracking in the Gulf of Mexico yesterday has become Tropical Storm Harold, the NHC site shows. As of 4 a.m. CDT, Tropical Storm Harold had maximum sustained winds of 45 mph and west-northwest motion of 18 mph, according to the site. “Heavy rainfall from Tropical Storm Harold is expected in South Texas through early Wednesday and may produce areas of urban and flash flooding,” said a statement posted on the NHC site at 4 a.m. CDT . “In parts of northern Coahuila and northern Nuevo Leon in Mexico, flash…
Nostrum Oil & Gas PLC, an independent oil and gas company focused on the pre-Caspian Basin, has approved a limited-scale drilling program for its Chinarevskoye field, a 170.3-square-mile (274-square-kilometer) license located north of Uralsk, Kazakhstan. Nostrum halted drilling activities at the Chinarevskoye field in early 2020 as it entered a financial restructuring process. The company continued to evaluate further exploration and production opportunities through subsurface studies, updating its geological and reservoir models, it said in a press release on Monday. Nostrum’s subsequent work in the field and reprocessing of its 3D seismic allowed it to formulate a limited-scale two-well drilling…