Newfoundland

By OGJ editors
HOUSTON, Dec. 4
– Shoal Point Energy Ltd., Calgary, and Canadian Imperial Venture Corp., St. John’s, plan to explore the Cambro-Ordovician Green Point formation on land and near shore in western Newfoundland.

Under an agreement with McLaren Resources Inc., Toronto, Shoal Point Energy plans to operate three exploratory wells. Shoal Point Energy 61.5% and CIVC 38.5% hold 137,000 acres of exploration rights above the Ordovician carbonate platform in Exploration License 1070 in the Port au Port Bay area with Green Point potential. All drilling targets are reachable from shore.

Green Point is recognized as having high total organic carbon, locally in excess of 10%, and is the probable source, based on geochemical affinities, of numerous oil and gas seeps in the region as well as early production on Shoal Point and the major exhumed oil field at Port au Choix, 200 miles north of Port au Port Bay, CIVC said.

To facilitate farmout deals, EL 1070 has been divided into 15 blocks. CIVC and McLaren have entered into a farmout agreement giving McLaren the right, on a well by well basis, to participate in a planned three-well program to start as early as possible in 2010. McLaren will pay 32% of the cost of the well to earn a 16% working interest in the block on which the well is drilled. Provided McLaren participates in all 3 wells, it will have the right to pre-empt and match the terms of any third party offer on remaining blocks in EL 1070.

The three firms also agreed to establish a 1.5 million acre area of mutual interest for lands outside EL 1070 that are potentially prospective. They intend to gain acreage through land sales and farm-out deals with others that hold lands in the AMI.

Related Articles

OGJ Newsletter

01/26/2015

International news for oil and gas professionals

OGJ Newsletter

01/19/2015

International news for oil and gas professionals

API forms midstream department to address transportation system issues

01/13/2015 The American Petroleum Institute has formed a midstream department to address issues related to energy systems and the transportation of crude oil ...

Second ExxonMobil crude tanker nears service

01/12/2015 The second of two new US-flagged crude oil tankers belonging to SeaRiver Maritime Inc., the marine affiliate of ExxonMobil Corp., has been built an...

Security takes center stage

12/15/2014

Thwarting terrorists, repelling pirates, and routing organized crime: sounds like themes of familiar, big-budget Hollywood movies.

Linn exits Anadarko basin in deal worth $1.95 billion

12/12/2014 Linn Energy LLC has agreed to sell all of its oil and gas properties and related midstream assets in the western Anadarko basin for $1.95 billion t...

Barton introduces bill to remove US crude export limits

12/11/2014

US Rep. Joe Barton (R-Tex.) introduced legislation that would remove US crude oil export limits that have been in place for nearly 40 years.

Study improves subsea pipeline preheating

12/01/2014 A higher flow rate at lower temperatures can more effectively preheat subsea crude oil pipelines than currently used techniques. This article found...

US crude exports debate prompts a fresh look at the Jones Act

12/01/2014 The Jones Act, which requires that maritime transportation of goods between domestic ports take place on US-flagged vessels, is becoming more promi...
White Papers

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

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Cognitive Solutions for Upstream Oil and Gas

When 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

When 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



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


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