<a href="http://youngpetro.org/2013/03/06/how-is-it-possible-to-produce-oil-from-sand/"><b>How is it possible to produce oil from sand?</b></a> <a href="http://youngpetro.org/2011/10/09/people-engineers-and-spe-members/"><b>People, Engineers and SPE Members</b></a> <a href="http://youngpetro.org/2012/12/19/if-i-were-a-prime-minister/"><b>If I Were a Prime Minister…</b></a> <a href="http://youngpetro.org/2012/12/26/polish-shales-delayed/"><b>Polish shales delayed?</b></a> <a href="http://youngpetro.org/2013/01/11/russia-continues-the-policy-of-states-companies-monopoly/"><b>Russia continues the policy of state companies’ monopoly</b></a>
 

Lundin Petroleum look for profit from Johan Sverdrup field

Lundin Petroleum look for profit from Johan Sverdrup field

Lukas Lundin, investment manager for his billionaire Swedish family, said the oil stock bearing their name should double in value in next 10 years after its biggest North Sea discovery.

Lundin Petroleum, which is Sweden’s largest oil company has become the most expensive European explorer,  since it began trading in 2001, with value of $6.8 billion it may rise up to $16 billion now. Lundin family owns  about 30 percent of Stockholm-based Lundin Petroleum.

The company jumped in trading after discovering the Avaldsnes prospect in 2010 and Aldous in 2011, which were later renamed Johan Sverdrup. It holds about 3.6 billion barrels of oil under the seabed and it’s Norway’s largest field in almost four decades.

“I am extremely optimistic about Lundin Petroleum, short-term as well as longer-term,”  – said Lukas Lundin last week. The company has “proven that they have capability to deliver world-class exploration successes. It is hard not to be bullish.”

Optimistic plans can be stopped by pressure of Norway’s government, it plans to change oil and gas taxation this year.

The Lundin family have been involved in oil exploration and production for over thirty years. The family’s fortune has shifted into oil from mining, with Lundin Group’s investment in petroleum explorers over 50 percent of the total.

Read more:
Bloomberg

 Photos:

Harald Pettersen/Statoil ASA

Lundin-petroleum.com

Another natural gas deposit discovered in Israel

Another natural gas deposit discovered in Israel

Independent exploration and production firm Noble Energy announced on Wednesday that they  made a new deep-water natural gas discovery off Israel.

The company founded by Lloyd Noble is the operator of the license where the Karish well is located, about 20 miles northeast of the Tamar field in the Mediterranean Sea. Noble said the well encountered 184 feet of net natural gas pay.

Discovered gross resources, combined with resources in an adjacent block, are estimated to range between 1.6 trillion and 2 trillion cubic feet of natural gas, the company said.The find marks the seventh consecutive field discovery for Noble Energy and its partners in the Levant Basin of the eastern Mediterranean Sea.

In addition to being the operator, Noble Energy holds a roughly 47 percent stake in the license where the well sits. Avner Oil and Delek Drilling also have stakes.Noble Energy has onshore operations in the U.S. and offshore operations in the Gulf of Mexico, eastern Mediterranean and West Africa.

Read more: Fuel Fix

Lekoil – next steps in West Africa

Lekoil – next steps in West Africa

Young oil company Lekoil Nigeria raised $48.6 million from investors as part of its listing on London’s Alternative Investment Market. The firm plans to use the funds to become a pan-African oil and gas business.

Until now it has an agreement with Afren witch gain a 27-percent interest in the OPL310 license, offshore Nigeria, and its holds a 69.75-percent interest in Blocks 2514 A & B, offshore Namibia.

OPL310 license located in the Dahomey-Benin Basin , has prospective resources estimated at around 128.5 million barrels of oil equivalent (MMboe).

According to Chief Executive Olalekan Akinyanmi, Lekoil plans to take advantage of the undoubted opportunities in Nigeria for indigenous businesses. Obviously these are great steps towards development and production business in Africa.

Read more:

Rigzone

Across the ocean drilling and explorating- how drillships work?

Across the ocean drilling and explorating- how drillships work?

Have you heard that drillships are modificated marine vessels?
The first drillship was the Cuss 1 created especially for Mohole project which was an ambitious attempt to drill through the Earth’s crust into the Mohorovičić discontinuity and was executed from 1961 to 1966. Fortunately, the collapse of these plans didn’t prevent fast-developing technology of the drillships. Nowadays, these units are fitted with a drilling derrick and moon pool.

Additionally, drillships have extensive mooring or positioning equipment, as well as a helipad to receive supplies and transport staff. In order to drill, column called as marine riser need to pass through the vessel’s moon pool
and connect outlet of the well with the bottom of the drillship.
The major advantage is possibility to drill on very deep waters, from 610 to even 3,048 meter! Furthermore, drillships are completely independent, in contrast to semi-submersibles and jackup barges which need to be transported by another units like seagoing tugs.

Drawbacks? The main disadvantage is susceptibility to being agitated by waves, wind and currents. It’s especially troublesome when the vessel is actually drilling, because the drillship is connected to equipment thousands of feet under the sea. This is why these units are equipped with the most sensitive mooring systems. Sometimes, especially on the shallower waters, drillships are moored to the seafloor with a few anchors but when waters are deeper drillships depend on dynamic positioning systems (DPS) to keep the vessel in place while drilling.
The most expensive drillship ever built is DrillMAX ICE constructed in South Korea.

More you can find on:
How Does a Drillship Work? |RIGZONE

Would you like to work among staff of the drillship? Share your opinon with us.

Photo by Aker Solutions

The United States to start fuelling the World

The United States to start fuelling the World

Federal government authorities agreed on global export of American natural gas. This essential decision gets historic importance in energy market diversification.

Freeport LNG, Texas may be the first facility eligible to become full played liquefying  and shipping terminal in the United States as if Energy Department reviews its application. Terminal was built four years ago and now modified for total $10 billion. Freeport LNG’s management has already concluded preliminary agreements with Japaneese Chubu Electric Power and Osaka Gas and also with BP. Initial overseas exports could start this Summer.

“This incremental, thoughtful approach supports an increased level of natural gas production and adds certainty for domestic manufacturers who seek to invest in the U.S. and grow jobs,” Dow Chemical Co. management said.

Authorities set limit of 1.4 billion cubic feet daily shipping over the next 20 years. More than 10 companies by this time requested  permission to export US-produced natural gas. Decision threatens European gas monopolist and might change everyday life of EU citizens.

Feds give Texas project license to broadly export LNG || Fuelfix

CORRECTION:

“ConocoPhillips does not have liquefaction capacity as part of this newly announced export licensing. ConocoPhillips is a managing partner in the Freeport LNG facility and has import capacity.
ConocoPhillips has a long-term agreement with Freeport LNG Development, L.P. to utilize 0.9  BCFD of regasification capacity at Freeport’s 1.5  BCFD LNG receiving terminal in Quintana, Texas. The terminal became operational in 2008. In order to deliver natural gas from the Freeport Terminal to market, ConocoPhillips constructed a 32-mile, 42-inch pipeline from the terminal to a point near Iowa Colony, Texas. Market conditions currently favor the flow of liquefied natural gas (LNG) to European and Asian markets; therefore, the company’s near-to-mid-term utilization of the terminal and the pipeline is expected to be limited to LNG storage and related activities.” We are utterly sorry for any misconceptions.