Marathon Oil has agreed to sell its 10% working interest in Block 31, off Angola to China Petrochemical Corp. (Sinopec) for US $1.5 billion.. The companies anticipate closing 4Q 2013, with an effective date of January 1, 2013. The transaction will bring Sinopec’s stake in Block 31 to 15%…
ONGC Videsh Ltd. (OVL) and Oil India Ltd. (OIL) have agreed to purchase Videocon Mauritius Energy Ltd.’s 10% share in the Rovuma Area 1 Offshore Block in Mozambique (Area 1) for US $2.47 million. The acquisition will give OVL 60% stake and OIL 40% stake in Area 1…
Russian state-owned company Gazprom along with a consortium of Japanese firms have signed a memorandum of understanding (MOU) concerning the development of Gazprom's Vladivostok LNG project. Present for the signing on June 22 were Gazprom Chairman Alexey Miller and Masanori Toyoshima…
PTTEP Australasia (PTTEP AA) achieved first oil from the Montara field in the Timor Sea off Western Australia, the company announced on June 20. The Montara Venture FPSO started production at the H2 well at the beginning of June, achieving steady rates by June 12…
FMC Technologies, Inc. was awarded a US $1.2 billion contract from Total Upstream Nigeria Ltd. for subsea equipment for the Egina field, and Saipem won a $3 billion contract for the subsea development of the field. The Egina field is located in Block OML 130 offshore Nigeria…
National Iranian Oil Company (NIOC) plans to absorb as much as US $25 billion worth of investment for its development, exploratory and seismic operations during the current Iranian calendar year up to March 2014. At the closing ceremony of seismic operations at Ahwaz oil field…
UK-based exploration firm Ithaca Energy has agreed farm-out deals with Edison International and Shell on North Sea blocks. Shell is to take a 50% stake from Ithaca in production license P2048, covering central North Sea blocks 29/24, 29/25…
Sakhalin-II is an intergrated, export-oriented oil and gas development, and Russia’s first offshore gas project. It handles production from Piltun-Astokhskoye oil field and the Lunskoye natural gas field in the Okhotsk Sea, and is managed and operated by Sakhalin Energy Investment Co…
Engineering capacity and a lack of standardization are serious challenges to the subsea industry, says a keynote speaker at this week's UTC in Bergen. Werner Menz, president subsea controls in newly formed joint venture OneSubsea, says…
The Norwegian Ministry of Petroleum awarded 24 licenses in the country’s 22nd licensing round. The offerings include 20 production licenses in the Barents Sea and four in the Norwegian Sea. The agency granted 29 companies shares—including ConocoPhillips…
Emerson Process Management, a business of Emerson was awarded contracts by Chevron Australia Pty Ltd., valued at US$67 million, to provide control valves and valve actuators to help ensure the efficient and safe flow of natural gas at the Gorgon Project…
Santos announced a gas discovery at the Bassett West-1 exploration well in WA-408-P, located in the Browse Basin offshore Western Australia. Bassett West-1 is located about 475km north-northeast of Broome and about 90km east-northeast of the Crown-1 discovery…
BHP Billiton finalized a sale of its interests in the East and West Browse Joint Ventures off Australia that was previously announced in December. The company will receive US$1.63 billion from PetroChina International Investment (Australia)…
Lundin Petroleum is to update its reserves estimates on the giant Johan Sverdrup field offshore Norway after its latest appraisal well completed. Lundin says the latest well on the find, 16/2-21 located in PL501, had been a success finding…
Nine offshore oil concessions are up for grabs in Peru's international bid round, which the country launched on Friday, 31 May 2013. The government estimates that the round could rake in US$450 million with companies investing a minimum of $50 million…
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