Oil news
Total to acquire ShaMaran Taza oil field in Kurdistan The Canadian ShaMaran Petroleum Corp (ShaMaran) announced this week to have sold its interests to the French major Total in the Taza oil field in Kurdistan. Last month Total had signed with the US Marathon Oil Company (Marathon) a Farm-in Agreement to acquire 35% of the working interests in the Harir and Safen Blocks in the Kurdistan region, northeast […]
South Sudan oil export pipeline to come thru Kenya Toyota Tsusho Corporation (Toyota Tsusho) increases its foothold in East Africa in leading the $3 billion South Sudan oil export pipeline project and in signing a Memorandum of Understanding (MOU) with the Republic of Kenya. In South Sudan, the oil revenues represent 98% of the country […]
BP to sell Carson refinery to Tesoro; Sunray and Hemphill gas processing facilities to Eagle Rock BP continues to implement its $38 billion divestment plan of non strategic assets by the end of 2013 in signing two spin off agreements with Tesoro Corporation (Tesoro) and Eagle Rock Energy (Eagle Rock) partners. These agreements cover: – Downstream assets with […]
Shah Deniz Consortium secures funding for TAP BP, State Oil Company of Azerbaijan (SOCAR) and Total, the stakeholders of the Shah Deniz Consortium, have committed to provide the founding to joint venture made of EGL Energy (EGL), Statoil and E.ON Ruhrgas for the Trans Adriatic Pipeline project The Trans Adriatic Pipeline (TAP) is a section of […]
CNPC to boost China shale gas through joint ventures China National Petroleum Corp. (CNPC or PetroChina) is to become the spearhead of China‘s new policy to boost its own shale gas exploration and production in multiplying joint ventures and strategic agreements such as with Shell, Gazprom or Sichuan Province. China holds about triple shale gas resources of […]
$185 million program to boost production by 30% MEG Energy Corp (MEG) from Calgary in Alberta, Canada, announced last July to revise upward its Christina Lake oil field production enhancement program called RISER. Christina Lake is an in situ oil sands field located 150 kilometers south of Fort McMurray in the northeast Alberta. Christina Lake […]
Laverda to contain 100 million barrels deep offshore WA Woodside Petroleum (Woodside) from Australia and Mitsui Oil Exploration Co, Ltd (Mitsui) have decided to move ahead in the development of the Laverda oil field in respect with the promising conclusions of the last appraisal drilling operations. In Laverda the both partners share working interests so […]
Definition Recoverable reserves are defined as the proportion of resources, here oil and gas, that can be technically, economically and legally possible to extract. The recoverable reserves may also be called proven reserves. Comments The recoverable reserves may be far different from the total resources called total Petroleum Initially-In-Place (PIIP). This Petroleum Initially-In-Place (PIIP) is an estimation resulting from exploration campaign […]
