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Monday, Dec 98:36 AMTullow Oil comes up dry in Ethiopia well
Monday, Dec 98:36 AM| Comment!
- Tullow Oil (TUWLF, TUWOY) says it will plug and abandon the Tultule-1 wildcat well in the South Omo block in Ethiopia as a dry hole.
- The well reached a total depth of 2,101 meters and was targeting a reservoir section similar to the sands drilled in the nearby Sabisa-1 well, where oil shows were encountered, but these sands were not penetrated in Tultule-1.
Friday, Nov 228:29 AMTullow strikes oil in Kenya
Friday, Nov 228:29 AM| Comment!
- Tullow Oil (TUWLF, TUWOY) says it made a significant discovery in Kenya, recording an estimated 100 meters of net pay in good quality sandstone reservoirs.
- Agete-1 is Tullow’s fifth consecutive oil discovery in the region and follows Ekales-1, which encountered net oil pay measuring 60-100 meters in September.
- The find should build on confidence that Tullow’s acreage will contain very material oil resources, analysts say, which should stand the company in good stead for making further discoveries during the intensive 2014 drilling campaign.
Tuesday, Nov 199:26 AMWSJ: Tullow Oil weighs potential Japanese buyers for its TEN stake
Tuesday, Nov 199:26 AM| Comment!
- Japanese trading firms Mitsui (MITSF, MITSY) and Itochu (ITOCF, ITOCY) are considering a stake in Tullow Oil's (TUWLF, TUWOY) $4.9B TEN oil project off the coast of Ghana, WSJ reports.
- Tullow said last week that the process to sell down part of its 47% stake in TEN was progressing well and that bids were expected later this month; Tullow wants to sell a 17%-20% stake, which could fetch ~$600M.
- A successful sale would free up Tullow to focus on further projects in Africa, where it has several exploration campaigns under way.
- Tullow's other partners in the project include Kosmos Energy (KOS) and Anadarko Petroleum (APC).
Wednesday, Nov 132:57 PMShell comes up dry off French Guiana
Wednesday, Nov 132:57 PM| 1 Comment
- Royal Dutch Shell (RDS.A, RDS.B) comes up dry with its final well in a four-well exploration program on the Guyane Maritime permit off French Guiana, and will plug and abandon it.
- Partner Wessex Exploration says the well had reached a total depth of 6,460 meters and, while it intersected the reservoir sequences expected, no evidence of hydrocarbons was found.
- All four wells in the program came up dry despite initially promising signs from a 2011 well in which Tullow Oil was the operator; Tullow (TUWLF, TUWOY) still owns a 27.5% stake in the permit, while current operator Shell owns 45%.
Wednesday, Nov 138:15 AMTullow expects bids this month for stake in Ghana TEN project
Wednesday, Nov 138:15 AM| Comment!
- Tullow Oil (TUWLF, TUWOY) says it expects bids later this month for the sale of part of its 47% stake in the $5B Tweneboa-Enyenra-Ntomme oil project offshore Ghana, as the company seeks to focus more on exploration and limit its development costs.
- Meanwhile, Tullow is rethinking plans to sell off gas assets in the North Sea after failing to attract sufficiently high offers.
Monday, Oct 284:59 PMKenya shutdown cools east African oil ambitions
Monday, Oct 284:59 PM| Comment!
- Tullow Oil's (TUWLF, TUWOY) suspension of drilling in Kenya after weekend protests shows how popular impatience for a share of the spoils is compounding the problems energy firms face building an oil and gas industry from scratch in east Africa.
- While the suspension is a blow to Kenya's government, investor confidence is another casualty; while east Africa is new hot new spot for oil and gas exploration, excitement has been tempered by wrangles with governments, gaps in regulations and rickety infrastructure.
- Local populations are understandably anxious for a windfall, but production may be years away, and such disruptions are more likely to slow the area's emergence as a significant producer, a Reuters analysis says.
Tuesday, Oct 2211:46 AMTotal resumes oil search in northern Uganda
Tuesday, Oct 2211:46 AM| Comment!
- Total (TOT) says it has resumed oil exploration activities in northern Uganda's Lake Albertine rift basin, a month after suspending operations in the formerly war-ravaged region following the discovery of unexploded ammunition.
- TOT, which jointly owns block 1 in the oil-rich basin with Tullow Oil (TUWLF, TUWOY) and Cnooc (CEO), suspended operations in September after company workers discovered the ammunition at two separate locations.
Friday, Oct 113:58 PMClashes erupt near oil region along Uganda-Kenya border
Friday, Oct 113:58 PM| Comment!
- Clashes between rival tribes along Uganda's northeastern border with Kenya have killed at least 12 people, as hostilities escalate near Kenya's oil-rich Turkan Rift Basin.
- The increased tensions is a concern for oil companies as they start exploiting the region's crude reserves; France's Total (TOT), China's Cnooc (CEO) and the U.K.'s Tullow Oil (TUWLF.PK, TUWOY.PK) are among companies invested in the region.
- Analysts say insecurity along a proposed pipeline route linking oil fields in landlocked Uganda and South Sudan to Kenya's port of Lamu on the Indian Ocean is a major threat to the development of the region's oil industry.
Tuesday, Oct 89:50 AMUganda seeks investor to build $2.5B oil refinery
Tuesday, Oct 89:50 AM| Comment!
- The Ugandan government is inviting companies to tender for the construction of a $2.5B refinery in the oil-rich Lake Albertine Rift basin.
- A lead investor will be named by April and will take an interest of as much as 60% in the facility, which is proposed to have capacity of 60K bbl/day, according to the country's energy ministry.
- The tender comes two weeks after Uganda issued its first oil production license to China's Cnooc (CEO), which in the process of developing Uganda's Lake Albertine fields together with Tullow Oil (TUWLF.PK, TUWOY.PK) and Total (TOT).
Tuesday, Oct 17:05 PMHyperdynamics CEO says DOJ probe shouldn't affect Guinea drilling
Tuesday, Oct 17:05 PM| 1 Comment
- A federal probe into Hyperdynamics' (HDY) business dealings is not expected to affect the company's ability to develop a massive oilfield off the coast of Guinea, according to CEO Ray Leonard.
- HDY is exploring an 18,750 sq. km area off the African coast with Tullow (TUWLF.PK, TUWOY.PK) and KNOC'S Dana; Leonard says he hasn't discussed the probe yet with the partners.
- Shares plunged 15% today after the Justice Department said late yesterday it had requested documents relating to HDY's business in Guinea.
Tuesday, Oct 18:49 AMUganda to license chunk of oil reserves, sets sights on first crude
Tuesday, Oct 18:49 AM| Comment!
- Eight years after oil was discovered in Uganda, the country is about to award production licenses for at least six new oil fields, a milestone in its effort to become Africa's next big oil-producing nation.
- Uganda so far has issued just one license for production and that was just last week, when Cnooc (CEO) won permission to develop the Kingfisher field, paving the way for the Chinese company to proceed with the $2B project expected to produce 30K-40K barrels of crude when it comes on stream in the next three to four years.
- CEO, Tullow (TUWLF.PK, TUWOY.PK) and Total (TOT) are equal partners in a venture to develop all 20 of the country's fields.
Wednesday, Sep 259:38 AMShell to suspend French Guiana drilling, partner says
Wednesday, Sep 259:38 AM| Comment!
- Royal Dutch Shell (RDS.A, RDS.B) will suspend exploration drilling off French Guiana until 2015 after three unsuccessful wells, according to a partner in the project.
- Tullow Oil (TUWLF.PK, TUWOY.PK) made the first oil find off the northeast of South America in 2011; Shell’s partners, including Total (TOT), have invested at least $800M to drill four further wells, with the first three failing to find commercial resources.
Friday, Sep 138:43 AMOil majors line up for Norway licensing round
Friday, Sep 138:43 AM| Comment!
- A record 50 oil companies, including all the majors except BP, applied to take part in Norway's mature areas licensing round, indicating continued exploration interest even as the country's oil production sinks to a 25-year low.
- Newcomer Tullow Oil (TUWLF.PK, TUWOY.PK) joins the usual applicants, including Statoil (STO), Shell (RDS.A, RDS.B), Chevron (CVX), Exxon (XOM) and Conoco (COP), with awards expected in January.
- There is heightened interest in available acreage in the northern part of the North Sea and the Barents Sea relative to previous years.
Friday, Sep 68:16 AMOMV finds Arctic oil and gas in Norway's northernmost discovery
Friday, Sep 68:16 AM| Comment!
- Austrian oil and gas company OMV (OMVJF.PK) says it discovered up to 164M barrels of oil and up to 40B cf of gas in the Barents Sea, and the license area in which the find was made could hold up to 500M barrels, in the northernmost discovery in Norway's Arctic.
- The find is a big boost for the region after Statoil (STO) put its 600M bbl, $15.5B Johan Castberg project on hold earlier this year because of rising costs.
- OMV holds a 25% stake in the license, Idemitsu Petroleum Norway holds 20%, Petoro 20%, Tullow Oil (TUWLF.PK, TUWOY.PK) 20% and Statoil 15%.
Wednesday, Aug 219:09 AMOil majors eye resources off Arctic's Jan Mayen island
Wednesday, Aug 219:09 AM| Comment!
- BP, ConocoPhillips (COP), Statoil (STO) and Eni (E) join other major oil companies in showing an interest in the resource potential of part of the Barents Sea and around Jan Mayen island off Norway, according to the country's oil directory.
- Seven companies already expressed interest in the area, including Chevron (CVX), Shell (RDS.A, RDS.B), Total (TOT) and Tullow Oil (TUWLF.PK).
- Norway recently opened for up for exploration a 44K sq. km area of the southeast Barents formerly disputed with Russia estimated to hold ~1.9B boe.
Wednesday, Aug 144:52 PMUganda sees first oil refinery onstream by 2018
Wednesday, Aug 144:52 PM| 1 Comment
- Uganda's government says construction of its first oil refinery will come on stream by 2018, starting with a capacity of 30K bbl/day, as the country seeks to cut imports and become self-sufficient in fuel products.
- The refinery project, expected to cost $2B, is part of a debate over how Uganda should develop its newly found oil reserves, estimated at ~3.5B barrels.
- China's Cnooc (CEO) has said it is interested in investing in the refinery; it is already developing fields in the Lake Albertine Rift basin in a JV with Total (TOT) and Tullow Oil (TUWLF.PK, TUWOY.PK).