Energy Bangla

Tullow Oil plc announces that the Hanssen wildcat well, in production licence 537, offshore Norway, has encountered a 20-25 metre oil bearing sandstone with good reservoir properties in the main target (Stø Formation). The Hanssen well was drilled about 7 kilometres northwest of the Wisting Central oil discovery and about 315 kilometres north of Hammerfest. The well also encountered hydrocarbon bearing sandstones in the Late Triassic (Snadd Formation) and in... »

SINGAPORE, June 30, 2014 (BSSAFP): Oil prices eased in Asia Monday on softer US demand, but tensions in the Middle East where jihadists have declared an Islamic state straddling Iraq and Syria will likely keep prices high, analysts said. US benchmark West Texas Intermediate for August delivery was down 26 cents at $105.48 a barrel in late-morning trade and Brent crude dropped 22 cents to $113.08. Analysts said investors are... »

“The PR Marriott 46 rig has recently completed the Ngamia-2 well which was drilled 1.7 km from the Ngamia-1 discovery well to test the northwest flank of the prospect. The well encountered up to 39 meters of net oil pay and 11 meters of net gas pay and appears to have identified a new fault block trap north of the main Ngamia accumulation. The reservoirs were high quality with more... »

Tullow Oil plc (Tullow) is pleased to announce that it has refinanced its NOK 2 billion (ca. $330 million) Norwegian exploration loan facility and that it has successfully increased the size of the facility to NOK 3 billion (ca. $500 million) and extended the availability to the end of 2017. The arrangement is a fully committed revolving credit facility, and replaces the previous facility, arranged for Spring Energy before its... »

By Nick Cunningham: Much has been made about the role that hydraulic fracturing – or fracking — has played in revolutionizing the energy landscape, unlocking vast new reserves of oil trapped in shale rock. This “tight oil” is pouring into the global pool of oil supplies at a crucial time, preventing oil prices from spiking in an age of high demand and geopolitical turmoil. But the world still relies overwhelmingly... »

TOKYO, May 29, 2014 (AFP) – A 998-tonne oil tanker was listing off the Japanese coast Thursday after a large explosion and subsequent fire that sent towering columns of acrid smoke into the sky. The 64-year-old captain of the ship was still unaccounted for hours after the accident, while four of his crew were in hospital being treated for severe burns, according to coastguards. The tanker had unloaded its cargo... »

SINGAPORE, April 24, 2014 (BSS/AFP) – Oil prices rebounded in Asian trade today as heightened tensions in Ukraine overshadowed data showing US commercial crude oil inventories reaching an all- time high. New York’s West Texas Intermediate for June delivery, was up 24 cents at $101.68 a barrel in mid-morning trade, and Brent North Sea crude for June rose 19 cents to $109.30. Both contracts tumbled Wednesday on the US stockpiles... »

SINGAPORE, April 07, 2014 (BSS/AFP) – Crude prices dropped in Asian trade Monday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya, analysts said. New York’s main contract West Texas Intermediate (WTI) for May delivery dropped 26 cents to $100.88 a barrel in mid-morning trade and Brent North Sea crude for May slid 82 cents to $105.90. The announcement of a deal to reopen... »

By. James Burgess: Since the first discovery of the massive Jubilee oilfield in Ghana by a start-up company, the West African playing field has begun to change, and so too have investor sentiments, disappointed most recently by the low fourth-quarter 2013 results of major integrated oil companies like Exxon, Shell, Chevron and BP. But while the supermajors are struggling with soaring project costs and poor balance sheets, innovative juniors and... »

By. James Burgess: The future of oil exploration lies in new technology – from massive data-processing supercomputers to 4D seismic to early-phase airborne spy technology that can pinpoint prospective reservoirs. Oil and gas is getting bigger, deeper, faster and more efficient, with new technology chipping away at “peak oil” concerns. Hydraulic fracturing has caught mainstream attention, other high-tech developments in exploration and discovery have kept this ball rolling. Oil majors... »