Oxy and partners to explore Albania blocks


Lundin Oil AB says force majeure has been lifted on two of the three blocks in Albania in which it is a partner. Under an agreement with the Albanian government, Blocks 2 and 3 have been given the green light, while Block A will remain in force majeure.

The blocks were awarded in June 1998 but have been in force majeure since December 1998.

"Preparations are under way to commence drilling operations in the fourth quarter of 2000 on the Shpiragu prospect, formerly known as Sqepuri, in Block 2, which is a large, subthrust structural feature with over 3,000 m of vertical closure," said Lundin. The partners have identified several additional "large" leads on existing seismic and landsat images, says the firm.

"The blocks are located within and on trend with the previous petroleum system in Albania, where an estimated 1 billion bbl of recoverable reserves have been discovered," said Lundin. "Most of the existing oil fields in Albania are located within the boundaries of Blocks 2 and 3. The current producing area of these fields has been excluded from the permits; however, rights to deeper exploration objectives below these fields are included."

Partners in the project are a unit of Oxxidental International Exploration & Production Co. (operator, 50%), Forest Oil Albania (30%), and Lundin Oil Albania (20%).

Related Articles

Eagle Ford briefs

02/10/2015

Forest Oil to sell Arkoma basin gas properties

11/18/2014 Forest Oil Corp., Denver, has agreed to sell its natural gas properties in the Arkoma basin for aftertax cash proceeds of $185 million. The deal, e...

AMP acquires additional midstream assets in Eagle Ford

09/01/2014 American Midstream Partners LP (AMP) has opted to use, and has received approval of, its right-of-first-offer to acquire the Gonzales County, Tex.,...

Sabine, Forest sign merger agreement

05/06/2014 Sabine Oil & Gas LLC and Forest Oil Corp. have signed a definitive merger agreement under which the companies will combine their businesses in ...

Templar Energy buys Texas Panhandle assets for $1 billion

10/04/2013 Oklahoma City-based independent Templar Energy LLC has acquired oil and gas assets in the Texas Panhandle from Forest Oil Corp. for $1 billion.

Tennessee firm buys Pacific Energy Alaska assets

12/17/2009 A unit of Miller Petroleum Inc., Huntsville, Tenn., has purchased the Alaska Cook Inlet assets of bankrupt Pacific Energy Resources Ltd., Long Beac...

Forest Oil to sell Permian basin assets

12/03/2009 Forest Oil Corp. of Denver agreed to sell its remaining Permian basin properties for $800 million to SandRidge Exploration & Production LLC.

Forest Oil makes executive appointments

11/25/2009

Forest Oil Corp. made several executive personnel changes.

Texas-Panhandle

11/03/2009 Forest Oil Corp., Denver, drilled and completed its second operated horizontal Granite Wash in the Greater Buffalo Wallow area of Hemphill County, ...
White Papers

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by
Available Webcasts


OGJ's Midyear Forecast 2015

When Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST



On Demand

Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST


Cognitive Solutions for Upstream Oil and Gas

Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected