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Exploration Development 2001 P19

  • 02/14/2001 -- Tyumen Oil subsidiary to develop new discoveries
    Tyumen Oil Co. said its newly formed subsidiary TNK-Uvat will develop the Kalchinskoye, Irtyshskoye, and Yuzhno-Pikhtovoye oil deposits in Western Siberia under a production-sharing agreement.
  • 02/13/2001 -- OMV group sells Sawan field gas to Pakistani distributor
    A Pakistan-foreign joint venture will supply 170 MMcfd of gas to Sui Southern Gas Co. Ltd. (SSGCL) from Sawan field in Sindh Province of Pakistan. The SW-Miano JV will invest $160 million over 2 years to bring the field on stream.
  • 02/13/2001 -- Peru approves tax break for Camisea project
    Peru approved early reimbursement of the 18% general sales tax on the import and/or local purchase of new capital goods and intermediate goods and services for the operators of the Camisea contracts signed late last year (OGJ Online, Dec. 11, 2000).
  • 02/13/2001 -- Ivanhoe to develop three China blocks
    A unit of Ivanhoe Energy Inc., Bakersfield, Calif., has signed agreements with PetroChina Co. Ltd. in Beijing, China, for joint venture development of reserves in the Sichuan Basin. The Zitongxi, Zitongdong, and Yudong blocks cover more than 2.2 million acres near Chongqing, about 932 miles southwest of Beijing.
  • 02/13/2001 -- Repsol buys into Peruvian block
    Repsol Exploracion Peru, a unit of Spanish company Repsol-YPF SA, has acquired a 60% share in Peru�s northern jungle Block 39 from US firm Barrett Resources Corp., Denver, Colo., which became block operator in September 1999.
  • 02/13/2001 -- Anadarko to buy Berkley Petroleum for $1 billion, thwarting Hunt's bid
    Anadarko Petroleum Corp. said Monday it will acquire Berkley Petroleum Corp., Calgary, at a cost of more than $1 billion. It will pay $11.40 (Can.)/share in cash for an equity value of $777 million (US) and assume Berkley debt estimated at $250 million (US).
  • 02/12/2001 -- Hydro reports record earnings, expands overseas exploration
    Norsk Hydro AS Pres. and CEO Egil Myklebust Monday reported his company had a net income of 14 billion kroner in 2000. Myklebust credited a combination of the rapid implementation of a restructuring strategy started in 1999, internal improvement programs, and a strong oil market for the record profits.
  • 02/09/2001 -- Sinopec, CNOOC to cooperate in East China Sea
    China Petroleum Corp. (Sinopec) and China National Offshore Oil Corp. plan to establish a joint management committee to supervise exploration and production activity in the East China Sea.
  • 02/09/2001 -- Exploration/Development news briefs, Feb. 9
    Berkley Petroleum � Hilton Petroleum � Elk Point Resources � Paramount Resources � Kookaburra Resources � Trimark Oil & Gas � Richland Petroleum � Westminster Resources � PYR Energy � Amstrong Resources � Canadian Blackhawk Energy � Infinity � Parallel Petroleum � Beta Oil & Gas � Pease Oil & Gas
  • 02/09/2001 -- Anadarko to drill 600 wells in Western Canada this year
    Anadarko Petroleum Corp. said Friday it plans to invest $380 million (Can.) this year through Anadarko Canada Corp. to drill 600 wells in Western Canada. About $265 million (Can.) of the capital budget will go for development and exploratory wells.
  • 02/09/2001 -- Logic group chooses first project for small-field development program
    UK North Sea government-industry competitiveness body Logic Friday chose the Nisus consortium for development design for BP's marginal Wood field, the first discovery to advance under the 'satellite accelerator' program. The Nisus consortium consists of Global Marine Integrated Services Reservoir Management Ltd., Stolt Offshore Ltd., and Wood Group Engineering Ltd.
  • 02/08/2001 -- CMS has gas discovery off Equatorial Guinea
    CMS Oil & Gas Co., Jackson, Mich., has a discovery at Estrella-1 off Equatorial Guinea. The wildcat is in 200 ft of water 22 miles northwest of Bioko Island. Estrella was drilled to 10,324 ft and flowed at a combined rate of 47.3 MMcfd of gas and 6,780 b/d of condensate from two intervals from 6,950-7,200 ft.
  • 02/08/2001 -- Alberta securities agency eyes tighter disclosure rules
    The Alberta Securities Commission is considering requiring publicly traded oil and gas companies to make broader disclosure of reserves and related information. It was acting on recommendations that an ASC oil and gas task force made last month.
  • 02/07/2001 -- PetroChina makes new finds in Xinjiang
    PetroChina Co. Ltd. has made three major discoveries in northwestern China�s Junggar basin of Xinjiang region with combined estimated oil in place of almost 200 million tonnes. The Junggar basin is believed to hold 8.6 billion tonnes of crude and 2.1 trillion cu m of gas resources.
  • 02/07/2001 -- Nova Scotia to sell oil, gas company
    Pengrowth Energy Trust, Calgary, and two other companies have agreed to acquire Nova Scotia Resources Ltd. (NSRL) and interests in the Sable Offshore Energy Project, offshore Nova Scotia, for $420 million (Can.) prior to adjustments. NSRL is owned by the government of Nova Scotia.
  • 02/06/2001 -- Anadarko to double Rocky Mountain spending
    Anadarko Petroleum Corp., Houston, will more than double spending in the Rocky Mountain area this year to more than $131 million. Anadarko is looking for gas and coalbed methane. It plans to drill more than 20 exploration wells and 130 development wells in Wyoming, Colorado, and Utah, and plans to participate in more than 275 wells operated by other companies.
  • 02/06/2001 -- ENI takes stake in Iranian field
    ENI SPA said Tuesday it has taken a 38.25% interest in a joint venture that will spend $300 million to develop Balal oil field off Iran. The field, which has 100 million bbl of reserves, will produce an estimated 40,000 b/d. It is in 70 m of water in the Persian Gulf.
  • 02/06/2001 -- Ethopia gives Gambela Petroleum 15,000 sq km concession
    Gambela Petroleum Corp. has signed a production-sharing agreement with Ethiopia, said parent company Pinewood Resources Ltd., North Vancouver, BC. It has committed to spend more than $5 million on work commitments. In order to cover costs, Gambela is looking for an equity partner.
  • 02/05/2001 -- Canadian Hunter earnings up 203%
    Canadian Hunter Exploration Ltd., Calgary, had a 203% increase in earnings in 2000 to $207.7 million (Can.) and a 143% increase in cash flow to $593.1 million. The company attributed the earnings gains to exceptionally high commodity prices and increases in oil and gas production.
  • 02/05/2001 -- PTTEP to assess Arthit
    PTT Exploration & Production PCL will launch a $40 million second drilling campaign to assess Arthit, one of the most promising gas areas in the Gulf of Thailand. PTTEP, which is majority-owned by the Thai government, will drill at least 10 wells in the three-block area designated Arthit in the second quarter. The three blocks are 14A, 15A, and 16A.
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