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barrels of oil equivalent (BOE)

Definition  Concession is a form of contract in the oil and gas industry between a State and a company to explore and develop these resources. Comments Oil and gas concessions are very similar to mining concessions considering that in all countries, except USA, and few others the underground belongs to the State, not to the […]

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GDF Suez, Centrica and Bayerngas sanction Cygnus development  GDF Suez and its partners Centrica and Bayerngas  awarded the detailed design contract to AMEC for the development of the Cygnus natural gas field in the UK continental shelf in the southern North Sea. Cygnus was discovered in 1988 in the blocks 44/12a and 44/11a. Then several appraisal […]

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Total to join other Majors ExxonMobil and Chevron in the northeast Iraqi province The French major Total and US Marathon Oil Company (Marathon) signed a Farm-in Agreement to develop two blocks in the Kurdistan region, northeast Iraq, see map below (Source: Dr. M. Izady at The Gulf/2000 Project – SIPA – COLUMBIA UNIVERSITY) Kurdistan is one […]

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Gazprom and Novatek to boost Yamal giant fields development  The Yamal Peninsula and the near by Gydan Peninsula concentrate among the biggest reserves of natural gas and condensate in the world. The exploration of the Yamal Peninsula and offshore area around has disclosed 11 natural gas  and 15 oil, natural gas  and condensate fields with approximately:  – 16 trillion cubic […]

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