Company Overview and News
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The following slide deck was published by Horizon Oil Ltd. in conjunction with their 2018 Q2 earnings call.
Twinza Oil Ltd., Perth, has signed a contract with China Oilfield Services Ltd. for use of the COSLSeeker jack up drilling rig to drill an appraisal well in Pasca A gas field in the Gulf of Papua offshore Papua New Guinea. (0-4)
Petroleo Brasileiro SA (Petrobras) has signed a contract with CGG to conduct a 2,180-sq-km full fold 3D survey using ocean-bottom nodes in the deepwater Santos basin offshore Brazil.
The Indian government is reported to be considering mergers of state-owned oil and gas companies to create two integrated giants.
Two state-owned oil companies in Iran have signed separate memoranda of understanding with international counterparts covering field development in the Islamic Republic.
US President Donald Trump intends to nominate Kevin J. McIntyre, co-leader of the global energy practice at Jones Day in Washington, as a member and, ultimately, chairman of the Federal Energy Regulatory Commission.
The Dakota Access crude oil pipeline project’s sponsor reported that it received the final easement necessary to complete the project from the US Army Corps of Engineers (ACE). “With this action, Dakota Access now has received all federal authorizations necessary to proceed expeditiously to complete construction of the pipeline,” Dallas-based Energy Transfer Partners LP said on Feb. 8.
Light, sweet crude oil prices gained modestly to close slightly above $52.30/bbl on the New York market Feb. 8 despite a build in weekly US oil inventories. Analysts noted oil prices still drew support from a drop in US gasoline inventories.
Beginning with the February Short-Term Energy Outlook, the US Energy Information Administration incorporated significant upward revisions to historical liquid fuel consumption from 2013-14, with the largest changes occurring in China and other nonmembers of the Organization for Economic Cooperation and Development. These revisions create a higher baseline from which 2015–16 STEO consumption is estimated.
Horizon Oil Ltd., Sydney, has expanded its portfolio interests in western Papua New Guinea with the $28-million (Aus.) acquisition of Eaglewood Energy BVI, originally a Canadian entity but owned since 2014 by Perth private independent Transform Exploration Pty. Ltd.
Light, sweet crude oil prices dropped more than 80¢/bbl on the New York market Feb. 7 for a second consecutive day and prices continued to drop in early Feb. 8 trading in advance of the weekly US oil and products inventory report from the US Energy Information Administration.
OMV Group’s Maari oil field in the Taranaki basin offshore New Zealand’s north island is being progressively brought back on stream this week.
The company has a 10% interest in the oil field, operated by OMV New Zealand. At the time of shutdown, the Maari/Manaia field was producing 10,000 barrels of oil per day from 10 producing wells. The wells are being reinstated in a controlled and phased manner with the objective of having all wells on production shortly. Initial production is likely to be enhanced somewhat due to natural pressure build up which will accelerate recovery of the production.