http://www.crippssears.com/ All the latest news and updates from the Cripps Sears News Team. en http://www.crippssears.com/typo3conf/ext/tt_news/ext_icon.gif http://www.crippssears.com/ 18 16 All the latest news and updates from the Cripps Sears News Team. TYPO3 - get.content.right http://blogs.law.harvard.edu/tech/rss Fri, 10 Feb 2012 12:05:05 +0000 http://feedproxy.google.com/~r/crippssears-news/~3/TgDtXZ1Ht98/ The company's half-year net profits reach A$659 million.
The Australian company saw its revenues hit A$659 million (£445 million) and highlighted the strengthening of the bullion price as the main reason for its surge in profits.

Gold prices currently stand at £1,086.27 and the popularity of the substance has led the mining business to record high profits. Newcrest has seen its sales rise 19 per cent from the previous year's total of A$438 million.

The increase has added to the company's overall value of A$2.34 billion which was also helped by the sale of two mines within the southern hemisphere country for A$55 million and bosses hope the increase continues.

Analysts at Macquarie said: "We believe with production levels forecast to improve over the coming quarters and expansion projects getting closer to completion, the momentum in the stock is to the upside."

© Adfero Ltd]]> Energy News Fri, 10 Feb 2012 12:05:05 +0000 http://www.crippssears.com//news-events/v2/view/newcrest-mining-sees-profits-soar-by-50/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/7i6yrKz-gnQ/ Korea Gas Corp agrees to 2 million tonnes a year for the next 20 years.
The country's Korea Gas Corp has agreed a deal with Qatar-based company Rasgas for an additional two million tonnes of the fuel a year for the coming two decades.

Both companies already have a contract in place to supply Korea with seven million tonnes a year until 2024/26, which allows the Asian country to tap into Qatar's annual production capacity of 77 million tonnes.

The oil-rich Arabic nation is currently the world's leading exporter of LNG, but had struggled to find buyers until a tsunami hit Japan's Fukushima plant.

Young Sung Park, Korea Gas Corp's chief operating officer, said in a statement: "This agreement is further evidence of these strong ties and helpful for long term security of LNG supply to Korea."

Whilst Qatar is prospering, neighbours Saudi Arabia have aimed to drive down oil barrel prices to $100 (£64) to help stabilise the country's economy.

© Adfero Ltd]]> Energy News Thu, 09 Feb 2012 15:05:03 +0000 http://www.crippssears.com//news-events/v2/view/korea-steps-up-its-qatari-oil-commitment/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/cJNqKp-i_ZU/ The company's growth boosted by higher output and prices.
Bosses highlighted higher output and prices as the main reason for the rise in growth. Europa reported that revenues had grown by two thirds, whereas the business' production soared by 23 per cent to 187 barrels per day.

The company brought in even more money as oil prices rose by 39 per cent to $108.90 (£68.47) per barrel.

It comes after Royal Dutch Shell announced major expansion plans in Austraila and North America following the company's 54 per cent rise in profits.

Hugh Mackay, Europa's chief executive, said: "I am highly encouraged by the performance of our producing UK assets during the first half of the year. I commend our operations team for their dedication and hard work in delivering this improvement and their ongoing efforts to improve operating efficiency."

© Adfero Ltd]]> Energy News Wed, 08 Feb 2012 15:05:09 +0000 http://www.crippssears.com//news-events/v2/view/europa-oil-gas-turnover-soars-by-61/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/eKWA3JyOePw/ The Russian-built line will be ready by 2017.
Reuters reported that the first phase of the development costing $1.7 billion will install 185 km of track in the East Kalimantan region with a further 60 km being added in the second phase of construction.

It is hoped that the first phase will be operational by 2017 with Russian Railways hoping to transport 20 million tonnes of coal every year through Indonesia.

Awang Faroek, the governor of East Kalimantan, told a news conference in Jakarta: "The first stage of the railway will be meant for coal, but hopefully we can also use it for crude palm oil, plantation harvests, rubber and people."

Commitment to coal has been on the increase as mining giant Xstrata announced that its production rates were up by seven per cent for the past 12 months.

© Adfero Ltd]]> Energy News Tue, 07 Feb 2012 15:05:03 +0000 http://www.crippssears.com//news-events/v2/view/coal-line-to-be-built-in-indonesia/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/bly14DiqJR4/ Chris Huhne stepped down to fight charges of perverting the course of justice.
Mr Huhne stepped down from the role in order to fight charges of perverting the course of justice relating to a speeding offence. He confirmed that he will continue to serve his constituents in Eastleigh.

Today (February 6th) Mr Davey will be joined by deputy prime minister Nick Clegg as he meets graduates looking to secure green jobs.

He is expected to say: "I have long believed in the need to marry our economic and environmental agendas. Greening the economy isn't just good for the planet, it's good for the wallets, purses and pockets of every British citizen too."

Mr Davey will also tell his audience that his priorities will be very simple, and they include green jobs, green growth and "getting the best deal for energy bill payers".

© Adfero Ltd]]> Energy News Mon, 06 Feb 2012 12:05:04 +0000 http://www.crippssears.com//news-events/v2/view/ed-davey-to-carry-on-chris-huhnes-work-as-energy-secretary/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/SmxT67UIjPI/ BPMigas has reported on the country's production.
It comes after BPMigas reported that as of the end of January, the country was only making 886,508 bpd.

The Jakarta Post said that this was down from the average rate of production at the conclusion of 2011, which stood at 905,000 bpd.

"We have sent warning letters to the 36 oil companies," said head of BPMigas Raden Priyono.

The target in Indonesia is set by the 2012 state budget, with oil giants like Total E&P Indonesie, Chevron Pacific Indonesia and ConocoPhillips among the organisations.

However, Pri Agung Rakhmanto, from the ReforMiner Institute, told the Jakarta Post that the targets were unrealistic.
"No matter what we do to oil companies [who fail to achieve their targets], if the target is unrealistic, they won’t be able to achieve it," he noted.

Yesterday, it was reported that Indonesia's government is now hoping to make one of the world's largest palm oil and rubber companies in the world by combining state planters.

© Adfero Ltd]]> Energy News Fri, 03 Feb 2012 12:05:05 +0000 http://www.crippssears.com//news-events/v2/view/indonesia-might-not-meet-oil-production-targets-in-2012/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/82C3U8cQTuE/ The Dutch oil company posts a 54% rise in profits.
The oil giant is planning a $30 billion (£19.4 billion) investment on new oil and gas developments over the coming year which is an increase of $6 billion on 2010.

Whilst companies such as Premier Oil announced that it had reached its production target for 2011, Shell now plans to make major investments in countries such as North America and Australia with 60 per cent of upstream funding planned for the developments.

Shell will also increase exploration projects in places such as the Arctic with the company increasing commitment to $5 billion.

Peter Voser, chief executive of the oil giant, said: "Shell's strategy is innovative and competitive. Our improving financial position creates an opportunity to increase both our dividends and investment levels. With ramp up now well in hand for near-term growth, I want to move our agenda forward today, with new targets for the company."

© Adfero Ltd]]> Energy News Thu, 02 Feb 2012 15:05:03 +0000 http://www.crippssears.com//news-events/v2/view/royal-dutch-shell-eyes-expansion-plans/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/-sCk93Zk9hY/ The company produced 85.3 million tonnes of coal but copper fell by 3%.
The company saw record output levels of thermal coal in Australia for 2011 but saw a three per cent drop in copper production. Its new Mangoola mine in the southern hemisphere country recovered well despite flooding at the beginning of 2011.

In the past 12 months Xstrata produced 85.3 million tonnes of coal accounting for 70 per cent of all the company's profits.

Xstrata is just one of a number of mining companies that have posted positive figures. Atlantic Coal also announced that it could double its production following the acquisition of a 410-acre anthracite site in Pennsylvania.

Analysts at Deutsche Bank said: "Xstrata's 2011 production was impacted by massive rain events, seismic events, industrial action, equipment issues and lower grades. Lower grades at a number of the copper and zinc operations impacted production levels, but these will be corrected with project delivery over the near to medium term."

© Adfero Ltd]]> Energy News Wed, 01 Feb 2012 18:05:07 +0000 http://www.crippssears.com//news-events/v2/view/xstrata-announces-boost-in-coal-production/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/EXhTmGOZORg/ The company has agreed a $223 million deal with ConocoPhillips to double its North Sea interest.
The agreement will see Centrica acquire Concoco's non-operated interests in oil and gas at the Statfjord field in British waters. The UK-based company now owns 15.17 per cent of the project, strengthening its position in the region.

It comes after UK-based Premier Oil announced that it had met its production target for the previous year hitting the 60,000 barrels of oil equivalent per day goal. The Statfjord field sits across both Norwegian and British sectors of the sea and will serve the UK's gas market.

Mark Hanafin, managing director of the company, said: "Increasing our stake in Statfjord marks the latest stage in our drive to secure high quality sources of gas for our customers, adding both earnings and long-term value to Centrica. It underlines our commitment to invest in North Sea production and secure future energy supplies for the UK."

© Adfero Ltd]]> Energy News Mon, 30 Jan 2012 15:05:03 +0000 http://www.crippssears.com//news-events/v2/view/centrica-increases-stake-in-north-sea-project/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/rhB8HdBmEJY/ By 2035, China and India alone will consume 31 per cent of the world's energy. The demand from... For the energy industry, this means there is one way to look for future opportunities – east. China itself is already stepping up its plans for oil and gas development. Last year, saw the surveying investment for oil and gas rise by 6.7 per cent, leading to the discovery of two major oil fields and six gas fields, each of which had an estimated 30 billion cubic meters of gas, China Daily reported. Gas imports through the Central Asian pipelines are expected to hit 55-60 billion cubic meters by 2015, according to figures from China National Petroleum Corporation, double the capacity expected at the end of 2012. In July, use of natural gas doubled year-on-year, in part as an effort to slash emissions – and demand is only expected to rise. With this is mind, the oil and gas industry is scrambling for development opportunities in Asia, where it can tap into this huge market. Thailand is among the countries at the forefront of these developments, with its new energy minister recently reviving plans for the country to become a huge regional oil trading hub to rival Singapore. The plans are hugely dependent on the building of a 180km bridge for road, rail and pipelines which would allow for the transportation of crude from the Middle East, Reuters reported. Energy minister Pichai Naripthaphan said: "If we have the land bridge, Thailand has the potential to become a centre for oil trading and a leader in biofuel in the region." At the same time, Thailand is looking to invest more in reserves overseas, with Myanmar, Cambodia and Vietnam all key targets, the latter of which has found itself at the centre of an energy dispute between India and China recently. ONGC Videsh Ltd (OVL), a unit of India's Oil and Natural Gas Corp, inked a deal with Vietnam Oil & Gas Group which will see both countries' investment in oil and gas increase during the next three years. OVL already owns a 45 per cent share in the 06.1 offshore block and along with its partners, including PetroVietnam, has developed the Lan Tay field in the block and the new deal brings the pair even closer. However, the pair's exploration activities in the disputed South China Sea have led to China calling on India to cease its activities in the region, just days after China and Vietnam signed a pact to end the dispute in this area. With the Philippines, Brunei, Malaysia and Taiwan all also placing claims over sections of the South China Sea, disputes over its reserves are unlikely to be resolved anytime soon, but companies are experiencing success in other areas of Vietnam. Premier Oil announced the start of production from the Chim Sáo field in Block 12W in October, which is expected to plateau at 25,000 barrels of oil per day. Looking further South, Indonesia is looking to make a name as a regional producer of shale gas. The country recently set itself a 100 trillion cubic feet production target and state-run oil and gas company Pertamina is expanding is exploration activities. "With such huge potential, we are in favour of speeding up the operations. Shale gas is a new gas source for Pertamina. We hope to follow the United States and Canada, which use shale gas as primary contributor to national gas production," upstream director Muhamad Husen said. And even further south Australia is seeing increased fire in its energy industry, with two major projects being given the green light in the past month – although the subject of China is never far away from the discussion. Chevron gave the go ahead to its Wheatstone LNG project in Western Australia, which when up and running will have two trains with a capacity of 8.9 million tons per annum. John Watson, chairman and chief executive officer, Chevron Corporation, said: "This project, along with Gorgon LNG, is well-positioned to provide a large, secure energy supply to meet growing demand in the Asia-Pacific region, and to place Chevron as one of the world's leading LNG suppliers." Apache also recently announced the $438 million (£318 million) development of the Balnaves oil field in Production License WA-49-L offshore Western Australia. First production is expected to begin in 2014, with peak daily production expected to hit 30,000 barrels. The development consists of two horizontal production wells connected to a floating production, storage and offloading (FPSO) vessel via subsea tiebacks – and as with investments of this size comes benefits for oil services companies, which are also benefiting from Chinese demand. Woodside's North West Shelf Oil Redevelopment Project involved the conversion and installation of the Okha FPSO as well as the replacement of associated subsea infrastructure. Figures from International Maritime Associates suggest South East Asia accounts for 33 of the FPSO projects in the pipeline, and this could rise in line with demand. Market analyst Wang Meng told China Daily the country has been constructing more LNG terminals along the coast with the aim of boosting imports – and the projects in Australia and other Asia Pacific countries are only too keen to oblige. Chevron vice chairman George Kirkland, speaking upon the announcement that 50 per cent of the investment in the Wheatstone LNG project will go on local content, highlighted Australia is ideally placed to help meet China's veracious appetite for energy. He told the Sydney Morning Herald: "The opportunities and economic benefits are on a scale that has never been seen before in Australia." Indeed, the scale of opportunity offered by the huge demand for energy seen from China and the emerging economies of Asia Pacific is one which has likely not been seen recently by the entire oil and gas industry.
]]> Energy News Mon, 30 Jan 2012 11:04:00 +0000 http://www.crippssears.com//news-events/v2/view/looking-to-the-east-the-rise-of-oil-and-gas-in-asia-pacific-1/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/9AK6vdL_mcI/ By 2035, China and India alone will consume 31 per cent of the world's energy. The demand from... For the energy industry, this means there is one way to look for future opportunities – east. China itself is already stepping up its plans for oil and gas development. Last year, saw the surveying investment for oil and gas rise by 6.7 per cent, leading to the discovery of two major oil fields and six gas fields, each of which had an estimated 30 billion cubic meters of gas, China Daily reported. Gas imports through the Central Asian pipelines are expected to hit 55-60 billion cubic meters by 2015, according to figures from China National Petroleum Corporation, double the capacity expected at the end of 2012. In July, use of natural gas doubled year-on-year, in part as an effort to slash emissions – and demand is only expected to rise. With this is mind, the oil and gas industry is scrambling for development opportunities in Asia, where it can tap into this huge market. Thailand is among the countries at the forefront of these developments, with its new energy minister recently reviving plans for the country to become a huge regional oil trading hub to rival Singapore. The plans are hugely dependent on the building of a 180km bridge for road, rail and pipelines which would allow for the transportation of crude from the Middle East, Reuters reported. Energy minister Pichai Naripthaphan said: "If we have the land bridge, Thailand has the potential to become a centre for oil trading and a leader in biofuel in the region." At the same time, Thailand is looking to invest more in reserves overseas, with Myanmar, Cambodia and Vietnam all key targets, the latter of which has found itself at the centre of an energy dispute between India and China recently. ONGC Videsh Ltd (OVL), a unit of India's Oil and Natural Gas Corp, inked a deal with Vietnam Oil & Gas Group which will see both countries' investment in oil and gas increase during the next three years. OVL already owns a 45 per cent share in the 06.1 offshore block and along with its partners, including PetroVietnam, has developed the Lan Tay field in the block and the new deal brings the pair even closer. However, the pair's exploration activities in the disputed South China Sea have led to China calling on India to cease its activities in the region, just days after China and Vietnam signed a pact to end the dispute in this area. With the Philippines, Brunei, Malaysia and Taiwan all also placing claims over sections of the South China Sea, disputes over its reserves are unlikely to be resolved anytime soon, but companies are experiencing success in other areas of Vietnam. Premier Oil announced the start of production from the Chim Sáo field in Block 12W in October, which is expected to plateau at 25,000 barrels of oil per day. Looking further South, Indonesia is looking to make a name as a regional producer of shale gas. The country recently set itself a 100 trillion cubic feet production target and state-run oil and gas company Pertamina is expanding is exploration activities. "With such huge potential, we are in favour of speeding up the operations. Shale gas is a new gas source for Pertamina. We hope to follow the United States and Canada, which use shale gas as primary contributor to national gas production," upstream director Muhamad Husen said. And even further south Australia is seeing increased fire in its energy industry, with two major projects being given the green light in the past month – although the subject of China is never far away from the discussion. Chevron gave the go ahead to its Wheatstone LNG project in Western Australia, which when up and running will have two trains with a capacity of 8.9 million tons per annum. John Watson, chairman and chief executive officer, Chevron Corporation, said: "This project, along with Gorgon LNG, is well-positioned to provide a large, secure energy supply to meet growing demand in the Asia-Pacific region, and to place Chevron as one of the world's leading LNG suppliers." Apache also recently announced the $438 million (£318 million) development of the Balnaves oil field in Production License WA-49-L offshore Western Australia. First production is expected to begin in 2014, with peak daily production expected to hit 30,000 barrels. The development consists of two horizontal production wells connected to a floating production, storage and offloading (FPSO) vessel via subsea tiebacks – and as with investments of this size comes benefits for oil services companies, which are also benefiting from Chinese demand. Woodside's North West Shelf Oil Redevelopment Project involved the conversion and installation of the Okha FPSO as well as the replacement of associated subsea infrastructure. Figures from International Maritime Associates suggest South East Asia accounts for 33 of the FPSO projects in the pipeline, and this could rise in line with demand. Market analyst Wang Meng told China Daily the country has been constructing more LNG terminals along the coast with the aim of boosting imports – and the projects in Australia and other Asia Pacific countries are only too keen to oblige. Chevron vice chairman George Kirkland, speaking upon the announcement that 50 per cent of the investment in the Wheatstone LNG project will go on local content, highlighted Australia is ideally placed to help meet China's veracious appetite for energy. He told the Sydney Morning Herald: "The opportunities and economic benefits are on a scale that has never been seen before in Australia." Indeed, the scale of opportunity offered by the huge demand for energy seen from China and the emerging economies of Asia Pacific is one which has likely not been seen recently by the entire oil and gas industry.
]]> Energy News Mon, 30 Jan 2012 11:04:00 +0000 http://www.crippssears.com//news-events/v2/view/looking-to-the-east-the-rise-of-oil-and-gas-in-asia-pacific/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/rTeEcS_IYms/ The Arctic is believed to hold around 30 per cent of the world's undiscovered natural gas and 13... It is for this very reason that oil and gas companies have been refocusing their efforts on the region in recent years, with decidedly mixed levels of success. Statoil, for example, earlier this year made what it described as one of the most important finds on the Norwegian Continental Shelf in the past decade. Located around 100 kilometres north of the Snohvit gas field in the Barents Sea, the Skrugard Prospect has an estimated volume of between 15 and 250 million recoverable barrels of oil equivalent (boe). In contrast, Cairn Energy has been forced to deal with successive disappointments with its drilling programme in Greenland, which has also been dogged by environmental protestors intent on stopping exploration in the region. The company said it remains committed to the region, despite announcing in September its Gamma-1 Well encountered no reservoir or hydrocarbon shows and its Delta-1 Well produced only minor hydrocarbon indications. Delta-1 marked the third dry well which had to be abandoned this year and came as the Arctic drilling window neared its close as the harsh winter drew in. On top of this, Cairn has been dealing with a Greenpeace protest, which included campaigners occupying its Edinburgh headquarters and 20 protestors boarding its Leiv Eiriksson oil rig. For others, their journey down the road to Arctic oil production has barely even begun. Questions on the environmental impact of drilling have thrown a spanner in the works of Shell's plans to drill up to ten wells in the Chukchi and Beaufort Seas in Alaska over the next two years, although the plans are once again on track following the granting of the final air quality permits needed. The US Environmental Protection Agency finally granted permission for Shell to operate the Discoverer drillship and a support fleet of icebreakers, oil spill response vessels, and supply ships for up to 120 days each year, putting the company on track to begin drilling in the region in the summer of 2012. However, the permits contain stricter restrictions than those initially issued in 2010, after challenges were made by North Slope communities and environmental groups to the Environmental Appeals Board. The new permits require Shell to reduce its fleet emissions of most key air pollutants including fine particulates and nitrogen dioxide by more than 50 per cent on the original licences. Spokesman Curtis Smith said Shell remains confident it will be able to commence drilling next year, but this is unlikely to be the last of the delays for those hoping to make an entry into the Arctic region. In the wake of the Deepwater Horizon disaster, oil spill response has been placed under greater scrutiny. Environmental groups argue that a spill would be almost impossible to clean up during the icy winters and such an event causes irreparable damage to wildlife and the native communities in the region. Following the announcement from the Obama Administration that it will be going ahead with Chukchi Lease Sale 193, the administration was criticised by a host of organisations for ignoring a report from the US Geological Survey claiming there is information missing which makes it difficult to make a fully-educated decision on exploration in the region. The movement approves 500 licences in the Chukchi Sea, but an open letter signed by groups including the World Wildlife Fund and the Alaska Wilderness League calls into question spill response. "If an oil spill were to happen in the Arctic's extreme, remote conditions, there is no proven method and almost no resources available to clean it up. This fact has been affirmed by administration officials themselves," the letter reads. This fact leads into perhaps another of the key challenges for those looking to explore the Arctic's significant reserves,  on top of the issues with accessibility brought on by the short length of the region's drilling season. With the renewed focus from the oil and gas industry, Arctic waters have become hot political ground, not least between North America and Russia. Earlier this year, Rosneft and ExxonMobil signed a strategic cooperation agreement for the development of resources in the Kara Sea in the Arctic, making Russia another key player in the so-called Cold Rush. As much as $3.2 billion (£2.3 billion) is to be spent on developing Blocks 1, 2 and 3 in the Kara Sea, among others, and with Exxon's investment record many expect the return to be significant. It's not just oil which is sparking this renewed interest in the Arctic – minerals are a key target too – and it's also not just the debating table which is being used to defend this. Country's surrounding the Arctic sea have been stepping up their military presence in the region as they look to claim greater amounts for their own. Russia already ruffled feathers when it placed a flag on the Arctic seabed in 2007, with Canada among those which took particular offence to the gesture, gearing nations on both sides of the Atlantic up for a new 'cold war'. Rob Huebert, a professor of political science at the University of Calgary, warned in a recent paper: "The strategic value of the region is growing. As this value grows, each state will attach a greater value to their own national interests in the region. The Arctic states may be talking co-operation, but they are preparing for conflict." Despite the political overtones, the facts about the Arctic remain the same. And although companies are preparing for delays, enthusiasm does not appear to be dampening. A Statoil executive recently announced it is to begin Arctic drilling in Alaska in 2014, acknowledging: "The reason we're looking at 2014 as the earliest possible has to do with the long period of work that needs to be performed for permits and to meet regulatory requirements." This serves to suggest that while there are operational, political and environmental challenges to operating in what is perhaps the oil industry's final frontier, they are by no means insurmountable.
]]> Energy News Mon, 30 Jan 2012 11:01:00 +0000 http://www.crippssears.com//news-events/v2/view/the-arctic-the-final-frontier-for-energy-companies-1/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/k23gpEyeoX8/ The Arctic is believed to hold around 30 per cent of the world's undiscovered natural gas and 13... It is for this very reason that oil and gas companies have been refocusing their efforts on the region in recent years, with decidedly mixed levels of success. Statoil, for example, earlier this year made what it described as one of the most important finds on the Norwegian Continental Shelf in the past decade. Located around 100 kilometres north of the Snohvit gas field in the Barents Sea, the Skrugard Prospect has an estimated volume of between 15 and 250 million recoverable barrels of oil equivalent (boe). In contrast, Cairn Energy has been forced to deal with successive disappointments with its drilling programme in Greenland, which has also been dogged by environmental protestors intent on stopping exploration in the region. The company said it remains committed to the region, despite announcing in September its Gamma-1 Well encountered no reservoir or hydrocarbon shows and its Delta-1 Well produced only minor hydrocarbon indications. Delta-1 marked the third dry well which had to be abandoned this year and came as the Arctic drilling window neared its close as the harsh winter drew in. On top of this, Cairn has been dealing with a Greenpeace protest, which included campaigners occupying its Edinburgh headquarters and 20 protestors boarding its Leiv Eiriksson oil rig. For others, their journey down the road to Arctic oil production has barely even begun. Questions on the environmental impact of drilling have thrown a spanner in the works of Shell's plans to drill up to ten wells in the Chukchi and Beaufort Seas in Alaska over the next two years, although the plans are once again on track following the granting of the final air quality permits needed. The US Environmental Protection Agency finally granted permission for Shell to operate the Discoverer drillship and a support fleet of icebreakers, oil spill response vessels, and supply ships for up to 120 days each year, putting the company on track to begin drilling in the region in the summer of 2012. However, the permits contain stricter restrictions than those initially issued in 2010, after challenges were made by North Slope communities and environmental groups to the Environmental Appeals Board. The new permits require Shell to reduce its fleet emissions of most key air pollutants including fine particulates and nitrogen dioxide by more than 50 per cent on the original licences. Spokesman Curtis Smith said Shell remains confident it will be able to commence drilling next year, but this is unlikely to be the last of the delays for those hoping to make an entry into the Arctic region. In the wake of the Deepwater Horizon disaster, oil spill response has been placed under greater scrutiny. Environmental groups argue that a spill would be almost impossible to clean up during the icy winters and such an event causes irreparable damage to wildlife and the native communities in the region. Following the announcement from the Obama Administration that it will be going ahead with Chukchi Lease Sale 193, the administration was criticised by a host of organisations for ignoring a report from the US Geological Survey claiming there is information missing which makes it difficult to make a fully-educated decision on exploration in the region. The movement approves 500 licences in the Chukchi Sea, but an open letter signed by groups including the World Wildlife Fund and the Alaska Wilderness League calls into question spill response. "If an oil spill were to happen in the Arctic's extreme, remote conditions, there is no proven method and almost no resources available to clean it up. This fact has been affirmed by administration officials themselves," the letter reads. This fact leads into perhaps another of the key challenges for those looking to explore the Arctic's significant reserves,  on top of the issues with accessibility brought on by the short length of the region's drilling season. With the renewed focus from the oil and gas industry, Arctic waters have become hot political ground, not least between North America and Russia. Earlier this year, Rosneft and ExxonMobil signed a strategic cooperation agreement for the development of resources in the Kara Sea in the Arctic, making Russia another key player in the so-called Cold Rush. As much as $3.2 billion (£2.3 billion) is to be spent on developing Blocks 1, 2 and 3 in the Kara Sea, among others, and with Exxon's investment record many expect the return to be significant. It's not just oil which is sparking this renewed interest in the Arctic – minerals are a key target too – and it's also not just the debating table which is being used to defend this. Country's surrounding the Arctic sea have been stepping up their military presence in the region as they look to claim greater amounts for their own. Russia already ruffled feathers when it placed a flag on the Arctic seabed in 2007, with Canada among those which took particular offence to the gesture, gearing nations on both sides of the Atlantic up for a new 'cold war'. Rob Huebert, a professor of political science at the University of Calgary, warned in a recent paper: "The strategic value of the region is growing. As this value grows, each state will attach a greater value to their own national interests in the region. The Arctic states may be talking co-operation, but they are preparing for conflict." Despite the political overtones, the facts about the Arctic remain the same. And although companies are preparing for delays, enthusiasm does not appear to be dampening. A Statoil executive recently announced it is to begin Arctic drilling in Alaska in 2014, acknowledging: "The reason we're looking at 2014 as the earliest possible has to do with the long period of work that needs to be performed for permits and to meet regulatory requirements." This serves to suggest that while there are operational, political and environmental challenges to operating in what is perhaps the oil industry's final frontier, they are by no means insurmountable.
]]> Energy News Mon, 30 Jan 2012 11:01:00 +0000 http://www.crippssears.com//news-events/v2/view/the-arctic-the-final-frontier-for-energy-companies/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/59mRgYPLNvY/ The company has been given an 87,500 tonnage allocation.
The South African subsidiary of UK-based company Bisichi Mining will begin trading at the country's biggest terminal for coal export which currently has a design capable of holding 91 million tonnes of the substance per year.

Despite the promising deal it falls short of the four million tonnes per annum Quattro project which allows junior black economic empowerment coal producers to access the profitable market.

It comes after Atlantic Coal announced that it was optimistic for the forthcoming year revealing that it had mined 200,000 tonnes of the fuel resource in the past 12 months.

Andrew Heller, managing director of Bisichi Mining said: "The approval of allocation at RBCT will allow Black Wattle direct access to the coal export market. I would like to thank Vunani Ltd, our co-shareholder in Black Wattle, for all their hard work in helping Black Wattle obtain this allocation."

© Adfero Ltd]]> Energy News Fri, 27 Jan 2012 15:05:09 +0000 http://www.crippssears.com//news-events/v2/view/black-wattle-seals-coal-tonnage-deal/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/1m1XaXcZO0Y/ Leni Oil & Gas is stepping up its production in the Gulf of Mexico.
The company's Ocean Columbia jack-up rig is expected to arrive soon so that the oil giant can begin exploration on the Gulf of Mexico asset. Leni is targeting the Tex X2 sandstones at the A-2ST01 well as its first project with further drilling work at the El-184 site to follow.

Leni has set a budget of $280,000 (£178,400) and a timeframe of 16 days to complete the drilling and exploration process.

It comes after Cuba was subject to oil exploration following the completion of a rig off the coast of the nation's capital, Havana. Companies such as Repsol, Hydro and Gazprom will use the facility over the next 12 months.

Ricardo Torres Perez, deputy director of Havana University's centre for the study of the Cuban economy, said that a discovery of "even modest amounts of oil" would be a "significant step" for Cuba.

© Adfero Ltd]]> Energy News Thu, 26 Jan 2012 15:05:02 +0000 http://www.crippssears.com//news-events/v2/view/eugene-island-drilling-to-begin-next-week/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/0k-GJyOCrwc/ The company mined over 200,000 tonnes of coal in 2011.
Bosses at the company are expecting to further expand operations in 2012 after acquiring a number of key pieces of equipment including a Komatsu PC2000 hydraulic excavator.

At the beginning of January the company announced that it had signed a new anthracite deal to lease a 410-acre site in Pennsylvania. The company believes that the new deal will double production for 2012.

On top of the run-of-mine coal, Atlantic also announced that it had sourced 105,403 tonnes of clean coal up by almost 30,000 on the 2010 figure. The company sold 106,403 tonnes in 2011 at an average price of $142.33 per tonne (£91.32).

Steve Best, Atlantic managing director, said: "We will see increased production for 2012 and indeed, both initial production and sales price figures for January 2012 look to be a large improvement on those achieved in January 2011."

© Adfero Ltd]]> Energy News Tue, 24 Jan 2012 15:05:03 +0000 http://www.crippssears.com//news-events/v2/view/atlantic-coal-optimistic-about-year-ahead/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/QJghMexo5NE/ Ophir wants to increase activity in the country after securing the use of a rig.
Bosses at the company are planning a 60-day exploration programme where they will look into three different wells beginning in April 2012. Ophir recently acquired the Ocean Rig's "Eirik Raude" facility as well as a plus one contingent well in its Block R field.

The organisation has recently drilled two gas discoveries in the area and is hoping to find more with the latest exploration plans. Ophir has also said that it will make a final investment decision at the end of 2012 with liquefied natural gas coming from Block R by 2018.

Nick Cooper, chief executive of the company, said: "We are pleased to have secured a rig for the Equatorial Guinea programme and look forward to spudding the first well in April."

Elsewhere, Faroe Petroleum has announced that it has secured seven exploration contracts from the Norwegian Continental Shelf which it believes shows its ambitions for work in the area.

© Adfero Ltd]]> Energy News Mon, 23 Jan 2012 15:05:05 +0000 http://www.crippssears.com//news-events/v2/view/ophir-set-to-increase-gas-drilling-in-equatorial-guinea/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/eW0-QyuUOTc/ The rig has been built for deep water excavation of the region.
The facility situated in Florida Strait, the stretch of ocean that separates Cuba and the US can be seen from the nation's capital Havana. After being assembled in China through a joint venture between Saipem and Italian company Eni the rig will be used by a number of oil businesses.

It is believed that Spain's Repsol, Norway's Hydro and India's ONGC Videsh will be the first companies to use the site and plan to drill two wells. Once completed Malaysia's Petronas and Russia's Gazprom will make the subsequent facilities in the second wave.

Ricardo Torres Perez, deputy director of Havana University's centre for the study of the Cuban economy, said: "The discovery of even modest amounts of oil would be significant for Cuba. It would become less energy dependent and might eventually become an energy exporter; new credit and foreign investment would materialise, along with refining and service jobs."

Elsewhere, Premier Oil has announced that it reached the company's target of producing 60,000 of oil equivalent per day predicting an income of $825 million (£533.7 million) as a result.

© Adfero Ltd]]> Energy News Fri, 20 Jan 2012 15:05:04 +0000 http://www.crippssears.com//news-events/v2/view/cuba-oil-rig-construction-completed/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/LCCzS--v_8g/ Company reached 60,000 boepd by the end of 2011.
The company expects to export the fuel for $825 million (£533.7 million) up from the $764 million 2010 figure. The group holds sites in the North Sea, Indonesia and Vietnam and managed to keep a steady figure of 60,000 to 65,000 barrels within the first part of 2012.

Premier's production in the North Sea improved in the second part of 2011 and it agreed to transfer 37.3 per cent of its interest in Block 23/22b of its Lacewing well to a third party.

Simon Lockett, chief executive, said: "We are delighted to have met our year-end production target of 60,000 boepd following the successful start-up of our two major projects in Asia during the fourth quarter. We look forward to further significant strides in our development projects during 2012."

Elsewhere, Faroe Petroleum has announced that it has secured an exploration contract for seven sites on the Norwegian Continental Shelf.

© Adfero Ltd]]> Energy News Thu, 19 Jan 2012 15:05:05 +0000 http://www.crippssears.com//news-events/v2/view/premier-oil-meets-production-target/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/N69BVqHzsxY/ The company has won seven new licences on the Norwegian Continental Shelf.
The Aberdeen-based company were awarded the deals under the 2011 Norwegian APA Licence Round. It now means that Faroe holds more sway in the area with contract equities ranging from 20 per cent to 75 per cent.

Officials at the company have that this latest move has shown their ambitions for further exploration in the Nordic country.

It comes after Wood MacKenzine announced oil investment in the UK had increased by an average of 21 per cent despite drilling activity being at its lowest since 2003.

Graham Stewart, chief executive of Faroe Petroleum, said: "Winning these licences in such a highly competitive round is real testament to the skills and creativity of the technical team we have in place and the continuing success we have delivered with the drill bit across our Norwegian licence areas."

© Adfero Ltd]]> Energy News Wed, 18 Jan 2012 15:05:09 +0000 http://www.crippssears.com//news-events/v2/view/faroe-petroleum-secures-norwegian-exploration-deal/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/vwAPB7CYfXU/ The Arabic country is hoping to drive down costs to $100 a barrel.
It is the first time the country has aimed for a treble-digit figure for oil prices. In 2008 the country's king Abdullah had earmarked a $75 barrel target but this latest figure brings Saudi Arabia in line with competitors such as Venezuela and Algeria.

The Arabic state's current price stands at $111.

Ali Naimi, the Saudi oil minister, said in an interview with CNN: "Our wish and hope is we can stabilise this oil price and keep it at a level around $100. If we were able as producers and consumers to average $100 I think the world economy would be in better shape."

Saudi Arabia's decision to become more competitive with its rivals comes after a number of countries including Japan announced that they would aim to reduce their dependency on oil from Iran.

© Adfero Ltd]]> Energy News Tue, 17 Jan 2012 15:05:04 +0000 http://www.crippssears.com//news-events/v2/view/saudi-arabia-aims-for-lower-oil-barrel-prices/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/rUmPR9np2js/ Production figures for the company grew by 126%.
The Chinese coal bed methane company is working to optimise its gas assets which comprise both production and distribution operations. In 2011 GDG posted a 126 per cent increase in gas production with 131 per cent more wells being drilled.

It is currently undergoing a major expansion programme, spurred by a $250 million (£163 million) capex programme which targets a massive uplift in production to an annual target of 18 billion cubic feet.

Randeep Grewal, chief executive of the company, said: "The value to the overall business will become increasingly apparent as momentum continues to build from the additional production wells in a proven resource area with a proven commercial drilling fleet contracted from Greka."

In December, Victoria Oil and Gas reached a major landmark after successfully delivering the first commercial gas to Cameroon on time and within budget.

© Adfero Ltd]]> Energy News Mon, 16 Jan 2012 15:05:04 +0000 http://www.crippssears.com//news-events/v2/view/green-dragon-gas-on-target-to-meet-demand/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/G_4yGMxCLDk/ Country promises to make "concrete steps" to reduce dependency.
The middle-eastern state has been under scrutiny after countries were worried about its nuclear policy. Iran is allegedly in the process of developing its nuclear programme, which could include an atomic bomb, sparking concern around the world.

Now the Japanese finance minister, Jan Azumi, has vowed that the Asian powerhouse will slowly back out of Iran by limiting the amount of oil it imports from the middle east.

Japan is the second biggest customer for Iranian oil, and has already urged Gulf Arab countries to increase their exports to make up any shortfall.

Timothy Geithner, US Treasury secretary, said: "We are working very closely with Europe and Japan and allies around the world to substantially increase the amount of pressure we bring on Iran. We very much appreciate the support Japan has provided standing with us and the international community."

© Adfero Ltd]]> Energy News Thu, 12 Jan 2012 15:05:12 +0000 http://www.crippssears.com//news-events/v2/view/japan-to-reduce-iranian-oil-imports/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/4x6WeYlr1qw/ The UK oil industry reached £7.5 billion in 2011.
The Edinburgh-based company said that the strong results suggested that the high oil price "continues to give companies and investors the confidence to progress projects".

Wood MacKenzie expects the investment rate to stay the same until 2014.

It is predicted that in 2012 there will be more than £2 billion invested in the West of Shetland area alone. In November the industry enjoyed a recruitment boom with nearly 90 per cent of all operators in the UK expecting to take on new staff.

Lindsay Wexelstein, lead analyst for Wood MacKenzie's UK upstream research team said: "Companies have turned their attention away from exploration and appraisal activity to developing fields for the time being as the stable, high oil price environment has offered them the opportunity to focus on progressing development projects to turn reserves into revenue."

© Adfero Ltd]]> Energy News Wed, 11 Jan 2012 15:05:11 +0000 http://www.crippssears.com//news-events/v2/view/uk-oil-investment-hits-record-figures/?no_cache=1 http://feedproxy.google.com/~r/crippssears-news/~3/AgXUVbAjWwM/ Company sees a 78% increase its reserves.
The company recently saw a 78 per cent increase in its proved and probable (2P) reserves at the Iraqi Kurdistan field and now it aims to boost the overall capacity of its asset.

Gross proven, plus probable, plus possible reserves (3P) are now estimated at 876 million barrels of oil, up 68 per cent on the previously reported figure.

As well as working on upgrading the site, Genel and its partners will drill five development wells, planned to take Tawke's actual production to around 100,000 barrels a day.

Tony Hayward, former head of BP and chief executive of Genel Energy, said: "The major plant and pipeline upgrade we have announced today underlines our confidence in the huge potential of the Tawke field and the Kurdistan region of Iraq."

Elsewhere, French oil and gas company Total has expanded its operations in the US after sealing a joint venture with American magnate Chesapeake.

© Adfero Ltd]]> Energy News Tue, 10 Jan 2012 15:05:11 +0000 http://www.crippssears.com//news-events/v2/view/genel-energy-to-boost-oil-production-at-tawke-field/?no_cache=1