|
|
|
Greetings from StratoChem Services!
It's going to be a busy and exciting summer here at StratoChem Services. We are happy to announce the accreditation and official opening of our satellite laboratory in Muscat, Oman. Additionally, StratoChem will participate in the Lebanon International Petroleum Exploration conference this July, a three-day event organized by the Lebanese Ministry of Energy and Water. Look for us there!
For further information about our services please direct inquiries to: info@stratochemlabs.com
|
|
StratoChem Lab Opens in Oman
StratoChem has just opened a new, fully-functional laboratory in Muscat, Oman. Under management of our partner, Shuram Oil & Gas, our Muscat lab offers a range of services, plus the experience, knowledge, professionalism, affordability and efficiency the industry has come to expect from StratoChem. For more information, please visit Shuram's website at http://shuramgroup.com/index_oilgas.html
Left to Right: Shuram President Salim El Maskary, Isotech Representative Mildred Rose, Shuram Operations Manager Jocelyn Cabaltera, StratoChem Representative Mohammed Saad, Geologist Hazem Habib
|
| Eni: Significant New Oil Discovery in the Egyptian Western Desert
(www.egyptoil-gas.com - May 24, 2012)
Eni has made a significant oil discovery at the Emry Deep exploration prospect, located in the Meleiha Concession, in the Western Desert of Egypt, 290 kilometers south west of Alexandria.
The Emry Deep 1X well led to the discovery of oil and was drilled to a total depth of 3,628 meters. The well encountered over 250 feet of net pay in multiple good-quality sandstones of the Lower Cretaceous "Alam El Bueib" Formation. During production tests the well flowed 3,500 barrels of high quality oil (41° API) per day and 1 million standard cubic feet per day of associated gas. The discovery is now estimated to range between 150 and 250 million barrels of oil in place and will require further appraisal drilling.
The drilling of the well is part of Eni's strategy to refocus exploration activities in Egypt by targeting deeper plays in the Western Desert.
The full field development foresees an early production phase from the current well which will be followed by the drilling of other development wells in 2012 to reach a production level of approximately 10,000 barrels of oil per day in the next months. Production will be routed to the nearby treatment facilities of Meleiha field. The short time to market of this discovery is also a result of Eni's strategy to focus on fast track development of conventional assets and those with synergies.
This result confirms that the Meleiha concession still holds significant un-tapped deep exploration potential and that the recently acquired 3D seismic survey has boosted the potential of the deep Lower Cretaceous and Jurassic formations.
Eni owns a 56% working interest in the Meleiha Concession through its affiliate IEOC (International Egyptian Oil Company), with partners Lukoil (24%) and Mitsui (20%). Agiba, a joint operating company owned by IEOC (40%), Mitsui (10%) and EGPC (50%) is the operator of the Emry Deep project.
Eni, through its fully owned affiliate IEOC, has been present in Egypt since 1954 and is the largest foreign energy player in Egypt. In 2011, the company's oil and natural gas equity production averaged approximately 240,000 barrels of oil equivalent per day (boe/d). In the Western Desert, Eni's activities are currently producing around 36,000 boe/d from 5 different development leases, all operated by Agiba.
|
| Iraq: Gulf Keystone Petroleum Announces Results, Updates Kurdistan Operations
(www.energy-pedia.com - May 28th, 2012)
Gulf Keystone, an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, has announced its results for the year ended 31 December 2011.
HIGHLIGHTS
Operational - to 31 December 2011 and post year end
Shaikan (75% working interest; Operator)
- 420% (P90) / 181% (P10) increase in gross oil-in-place numbers for the Shaikan discovery with a range of 8.0 billion (P90) to 13.4 billion (P10) barrels, following independent evaluation by Dynamic Global Advisors ("DGA") in November 2011
- 599 kmē of 3D seismic data processed and evaluated
- Strong flow rates of 9,800 barrels of oil per day ("bopd") achieved from the Shaikan-3 shallow appraisal well, with both Shaikan-1 and -3 presently tied to the Extended Well Test production facility ("EWT")
- New Triassic reservoir discovery following the drilling of the Shaikan-2 appraisal well to a total depth ("TD") of 3,300 metres, which tested at a maximum rate of 4,450 bopd of 36 degrees API oil
- Shaikan-4 appraisal well drilled to a TD of 3,387 metres with log and core data indicating a significant oil column with net pay intervals of 278 metres in the mid to upper Jurassic. The well achieved maximum aggregate flow rates of over 24,000 bopd in the course of the testing programme
- Shaikan-5 and -6 appraisal wells, which will complete the appraisal programme of the Shaikan field, are currently being tested after reaching TD in May 2012
- A dedicated development team was recruited and preparation of the Shaikan Field Development Plan commenced during 2011, which will be submitted to the Kurdistan Regional Government of Iraq within six months after the completion of the Shaikan appraisal programme
- Preliminary design has been prepared and a route survey is ongoing for a 36-inch diameter, 122 km pipeline to connect the Shaikan field with the existing Kirkuk-Ceyhan oil export line, capable of transporting a minimum of 440,000 bopd
- Sheikh Adi (80% working interest; Operator)
- The first preliminary evaluation for the Sheikh Adi block calculated by DGA with a range of 1.0 billion (P90) to 3.0 billion (P10) barrels of gross oil-in-place
- Sheikh Adi-1 exploration well reached TD at 3,800 metres with the gross pay interval of 2,790 metres, 35% increase on Shaikan-1
- Sheikh Adi-2 exploration well spudded on 23 May 2012 at a more optimal location selected after detailed analysis of the 3D seismic data
-
Akri-Bijeel (20% working interest)
-
Bekhme-1 exploration well spudded, reached TD and was tested in December 2011. While no hydrocarbons flowed to surface, based on the Bekhme-1 log data, DGA calculated a significant range of 2.5 billion (P90) to 5.4 billion (P10) barrels of gross oil-in-place resources for the Aqra/Bekhme anticline
-
Bijell-3 (Aqra-1) well spudded in January 2012 to appraise the Bijell discovery of 2.4 billion (P50) barrels of gross oil-in-place, as calculated by the operator of the block
-
Bakrman-1 exploration well spudded in May 2012
-
EWT for the Bijell discovery is planned for 2012
Ber Bahr (40% working interest)
-
Ber Bahr-1, the first exploration well on the block spudded in October 2011; after reaching a TD of 3,930 metres in April 2012, the well is being tested with results expected by the end of Q2 2012
-
Financial - as at 31 December 2011
-
Loss after tax $62.4 million (2010: $26.0 million)
-
Loss per share $0.08 (2010: $0.04)
- Cash, cash equivalents and liquid investments $237.6 million (2010: $211.4 million) as at 31 December 2012. Cash and cash equivalents and liquid investments of approximately $183 million as at 1 May 2012
-
Corporate developments
-
Successfully raised $200 million through a fully subscribed placing of 91,120,000 new common shares in September 2011
-
Further strengthening of the Board with the appointment of two additional Non-Executive Directors in October and November 2011
-
Gulf Keystone and two of its subsidiaries ("the Companies") obtained an injunction in the English Commercial Court restraining Excalibur Ventures LLC ("Excalibur") from pursuing the International Chamber of Commerce Arbitration proceedings, and an interim payment on account of costs was made to the Companies by Excalibur in July 2011 as directed by the Court. October 2012 has been set as a date for a trial in the English Commercial Court of all the claims asserted by Excalibur
-
Continued progress made towards achieving the goal of a gradual strategic exit from Algeria by transferring Gulf Keystone's right, title and interest for nil consideration in the HBH Permit to BG Group and Sonatrach in January 2012
-
Sale process for the Company's 20% interest in the Akri-Bijeel block initiated and negotiations are ongoing with several interested bidders
Forward Strategy
-
Complete appraisal programme of the Shaikan field and explore deep undrilled horizons with Shaikan-7
-
Increase Shaikan EWT production facilities output to 30,000 - 40,000 bopd to ramp up export and domestic sales and generate steady revenues
-
In the course of the Shaikan EWT, manage associated gas through re-injection at Shaikan-8, the first gas injection well to be drilled in 2012
-
Design and construct a pipeline to bring increasing Shaikan production to international markets
-
Complete and submit the Shaikan Field Development Plan, select development concept, obtain required approvals and prepare to move to the large-scale staged development in 2013 with the goal of achieving 400,000+ bopd plateau production
-
Continue aggressive exploration and appraisal of the Sheikh Adi, Ber Bahr and Akri-Bijeel blocks to prove up resource base with test production from the Bijell discovery to follow in 2012
-
Complete the ongoing process of the sale of the Company's 20% interest in the Akri-Bijeel block
-
Successfully remove the uncertainty caused by the claims asserted by Excalibur
-
Move from AIM to the premium segment of the Official List of the London Stock Exchange as part of establishing the Company as one of the major independent exploration and production players listed on the London Stock Exchange
-
Todd F Kozel, Executive Chairman and CEO of Gulf Keystone, commented:
'We have enjoyed another outstanding year in 2011 as we continue to develop our world class asset portfolio. Our ongoing operational success has allowed us to make significant progress in further proving up the value of our business. In particular we were delighted to report the two major independently audited upgrades of the gross oil-in-place volumes for Shaikan, which now has a mean value of 10.5 billion barrels. We have also enjoyed significant operational success at our Sheikh Adi block having completed the first exploration well and identified a location for the second, which spudded on 23 May 2012.
-
Furthermore, we believe the existing numbers for the Shaikan discovery remain conservative and look forward to completing the appraisal programme and targeting Shaikan's untapped resources. As 2012 looks set to be another fantastic year for the Company, we look forward to reporting further operational success as we achieve our goal of developing our world class acreage, thereby creating further value for our shareholders.'
Following the release of Gulf Keystone's results for the year ended 31 December 2011, the management will be hosting a presentation to analysts at 10.00 a.m. (UK time) today at Pelham Bell Pottinger, 6th Floor, Holborn Gate, 330 High Holborn, London WC1V 7QD.
Copies of the presentation will be available on the Company's website at www.gulfkeystone.com from 10.00 a.m. (UK time).
|
| Egypt: Bapetco Hits Dry in the Western Desert
Badr El Din Petroleum Company (Bapetco) has concluded the drilling of a new exploratory well in its Western Desert concession area as part of its exploration plan for the 2011-2012 fiscal year.
Egypt Oil and Gas has learned that one of the new wells, MAGD-C102-1, was drilled using the EDC-51 rig to a depth of 11,733 feet, with drilling costs reaching $2 million. The new wildcat has been abandoned as a dry hole.
During the previous fiscal year, Bapetco successfully drilled 34 wells, and the company is looking to drill 44 exploratory and developmental wells in the current fiscal year 2011-2012 in order to boost total production of crude oil and natural gas.
During March 2012, Bapetco's production figures stood at 1,150,409 barrels of crude oil and 2,136.071 cubic feet of natural gas.
Badr El Din Petroleum is a joint venture company between the Egyptian General Petroleum Corporation (EGPC) and Royal Dutch Shell that was found in 1983.
|
|
Egyptian Government Studies USD 6 Billion Oil-Refining and Petrochem Projects
Egypt's Industrial Development Authority is examining proposals from several investors worth EGP 48 billion for developing downstream oil and gas projects including refineries and petrochemicals production.
Mr. Ismail El-Nagdy head of IDA said that Qatari, Libyan and Algerian companies propose to set up new projects around the Suez Canal, one of the world's busiest transportation routes. Most of these projects involve oil refining and the setting up of large petrochemicals complexes.
Mr El Nagdy said that about 40 million barrels of oil are shipped each day through the Suez Canal from producers in the Arabian Gulf and Iran. The new projects will take advantage of this massive flow.
He said that two of these projects have already been approved and the companies will set up their facilities on 40,000 square meters of land after Egypt's presidential election.
|
|
Jordanian Government Seeks Contractors for Work on Oil Terminal
(www.egyptoil-gas.com/ - May 24, 2012)
 Jordan invited contractors to apply to prequalify as bidders for engineering, procurement and construction work on an oil terminal in the port of Aqaba, the Ministry of Energy and Mineral Resources said.
The facility, with a planned capacity of 120,000 cubic meters, is to be built in the southern city for the storage and distribution of imported crude and oil products, the ministry said today in a statement on its website. Contractors must submit prequalification documents by June 21, it said.
Jordan, one of the smallest economies in the Middle East, imports almost all of its energy. Its power plants have been forced to switch over to more expensive fuels after repeated cuts in natural-gas shipments caused by sabotage attacks on an export pipeline from neighboring Egypt.
|
|
Saudi Oil Output Exceeds Russia's
Oil production in Saudi Arabia, the world's largest crude exporter, rose to 9.923 million barrels a day in March, from 9.853 million barrels a day in February, overtaking Russia as the world's largest producer for the first time in six years, official data showed Sunday. Russia's output in March dropped to 9.920 million barrels a day, from 9.943 million barrels a day in February, according to figures posted on the Joint Organization Data Initiative, or JODI, website. Saudi Arabia burnt 377,000 barrels a day in power stations and water-desalination plants in March, up 45% from the 260,000 barrels a day used during the same period in 2011, and 24% higher than February, signaling a rise in demand for energy, which is needed to fuel electricity stations and industrial complexes in the rapidly growing economy
The Arab world's largest economy exported 7.704 million barrels a day in March, up from 7.485 million barrels in the month earlier, JODI said. No comparative figures were given on Russia's exports or domestic consumption for the same period.
The Organization of Petroleum Exporting Countries, whose members produce one in three barrels consumed world-wide, has raised output by a combined 2.2 million barrels a day over the past six months to soothe market fears that a July 1 ban by the European Union of imports of Iranian crude could strain oil markets.
Saudi officials have previously said that the OPEC member's output is seen continuing at current high levels amid recent efforts by some countries to switch to crude from the kingdom ahead of stifling sanctions on Iran and its exports later this year.
Saudi Arabia's output rose dramatically in November to 10.047 million barrels a day--the highest level in three decades--from 9.362 million barrels a day a month earlier on higher demand from Asia. The kingdom's oil minister Ali al-Naimi said earlier this month that the Gulf state is now pumping around 10 million barrels of crude a day and has 2.5 million barrels a day of spare capacity. |
|
|
|
|
|
Ahmed El Sayed (pictured) and Mohammed Habo conducted a Gore survey in Uganda.
|
 |
 |
. News from StratoChem!
StratoChem Services looks forward to this year's Lebanon International Petroleum Exploration (LIPE) forum, scheduled to be held from July 3rd to 5th in the Hilton Beirut Habtoor Grand Hotel. The event will feature a variety of presentations, the first Licensing Round for offshore exploration in Lebanese waters, and a geological field trip into Lebanon's scenic countryside.
StratoChem Services's Hossam Ali will be delivering two original papers, entitled "Geochemical Characterization of the Paleocene-Eocene Section of the Chekka Marls (N. Lebanon) and its Hydrocarbon Potential" and "The Hydrocarbon Potential of the Deepwater Levantine Basin: An Overview From a Regional Basin Modelling Study of the East Mediterranean." We also invite you to visit the official StratoChem booth in the conference's Exhibition Hall for an in-depth look at some of our exciting new offers and services. More information can be found on LIPE's website, at http://www.lebanon-exploration.com/LIPE_2012.htm.
|
|
|
A minaret above the Bab Zuweila Gate in Old Cairo.
|
Upcoming Events
--------------------------------------------------------
There are no abstract deadlines occurring in June 2012.
------------------------------------------------------
The following conferences occur in June 2012:
- The 25th World Gas Conference: Kuala Lumpur, Malaysia - starting June 4th, 2012
- Gas/LNG Contracts, Negotiation & Pricing Workshop: Dubai, UAE - starting June 10th, 2012
-
Global Petroleum Show: Calgary, Canada - starting June 12th, 2012
-
5th Annual Pipe Tech World Summit: Istanbul, Turkey - starting June 13th, 2012
- The 5th OPEC International Seminar: Vienna, Austria - starting June 13th, 2012
- 5th Annual Global Drilling Praxis Interactive Technology Workshop: Istanbul, Turkey - starting June 18th, 2012
- 5th Global Produced Water Management Praxis Interactive Technology Workshop: Cancun, Mexico - starting June 25th, 2012
- Global E&P Data and Knowledge Management 2012 Praxis Interactive Technology Workshop: Istanbul, Turkey - starting June 25th, 2012
- SPE Horizontal and Complex Wells: Reach Further, Recover More: Istanbul, Turkey - starting June 25th, 2012
- Africa Energy Forum 2012: Berlin, Germany - starting June 26th, 2012
For more complete conference information, go to the bottom of our home page at:
www.StratoChemServices.com. |
A mosque's mihrab indicates the direction of Mecca. |
The Mediterranean Sea on the Alexandria coast. |
| Egypt: New Developmental Well by Rashpetco in the Mediterranean
(http://www.egyptoil-gas.com - May 27, 2012)
Rashid Petroleum Company (Rashpetco) has successfully completed drilling a new developmental well in West Delta Deep Marine concession, in the context of its development plan for the 2011-2012 fiscal year.
The gas-producing well, dubbed SWAN-1 ST2, was drilled to a depth of 10,640 feet via the SCARABEO-6 rig. Sources placed investments in the well at $59 million.
During March 2012, Rashpetco's production figures stood at 10,655 barrels of condensate and 2,140,714 barrels of oil equivalent of natural gas.
Rashpetco is a joint venture company between British Gas Group holding 40% interest, the Italian Edison Gas holding 10%, and the Egyptian General Petroleum Corporation (EGPC) with the remaining 50%.
|
Algeria: Production Needs a Boost
(www.petroleumafrica.com - May 28, 2012)
It is well recognized that Algeria's hydrocarbon production has been at somewhat of a growth standstill for over five years. There are a couple of projects in the works that will give Algeria a production boost, one in the near-term and another a little farther down the road.
In the very near-term Algeria will see Anadarko Petroleum Corp. bring its El Merk central facilities and associated infrastructure on Block 208 online. The company said that the overall project had surpassed 90% completion at the end of Q1. First production from the facilities will come onstream during 2012, giving production totals for Anadarko and Algeria a boost.
Another company whose hard work will provide production dividends for Algeria is Petroceltic International plc. The company has made great strides in its exploration and appraisal programs over the past few years and has booked enough reserves to justify a substantial development on the Isarene permit.
Petroceltic's estimate of most likely gas resource in place in the permit area increased by about 70% to 10.3 Tcf. Substantial progress on finalizing a plan of development which incorporates gross recoverable contingent resources of 2.2 Tcf of gas and 180 million barrels of condensate, and LPG recoverable contingent resources over life of field has been made. The partners are working on the Final Discovery Report and the Declaration of Commerciality. Once a Plan of Development is agreed on it is envisaiged that the partners will move quickly toward development, which will give Algeria another boost in hydrocarbon production.
|
|
Iran: First Caspian Sea Oil Found in More Than a Century
(www.egyptoil-gas.com - May 22, 2012)
Iran has discovered oil in its Caspian Sea waters for the first time in more than a century, the state-run Fars news agency reported.
The deposit was found at a depth of 2.5 kilometers (1.5 miles) during drilling on a natural-gas field and may contain 10bn barrels of crude, Fars said, citing the National Iranian Oil Co. That's equal to 7 percent of Iran's known reserves.
While Iran is the second-largest oil producer in the Organization of Petroleum Exporting Countries, most existing fields are in the south and the Arabian Gulf. Hampered by sanctions over nuclear ambitions, it doesn't yet extract crude in the Caspian, where nations including Azerbaijan are tapping deposits and demarcation lines over territory are disputed.
"Iran has never found anything in its section of the Caspian because it's deep water, so these would be the first wells ever drilled," said Robin Mills, head of consulting at Dubai-based Manaar Energy Consulting and Project Management. "Ten billion barrels is certainly something to talk about. The question is whether Iran has the technology to develop it."
The oil strike is Iran's first in the Caspian Sea for 104 years, Fars cited Khazar Exploration and Production Co. Managing Director Ali Osouli as saying.
Iran has proven reserves of 151bn barrels, according to figures on the OPEC website based on 2010 data. The maximum estimated deposit at the Caspian Sea site would be slightly less than in the whole of Algeria, with 12.2bn, the data shows.
The Caspian basin may hold 17bn to 33bn barrels of oil, compared with the North Sea's 17bn, the Iranian oil ministry news website, Shana, said in 2009. It may also hold 8,000bn cubic meters of gas, Shana said.
International oil and gas companies such as Royal Dutch Shell Plc and Total SA have exited Iran to comply with US sanctions over its nuclear program, forcing the Islamic state to rely on its own technology for exploration and production.
As a result, Iran risks becoming a less important global oil supplier, with its share of production likely to slip from 4.9 percent in 2010 to 4.5 percent in 2015, according to the International Energy Agency. Output dropped below 3.3m barrels a day last month, compared with 4.1m barrels a day in 2008, according to data compiled by Bloomberg.
National Iranian Oil said last year that more than $500 million would be spent installing a semi-floating drilling platform in the Caspian and that the first exploration well would be completed by the end of March, helping Iran to catch up with neighboring countries already developing crude deposits.
Kazakhstan aims to begin production in 2013 at Kashagan in the northern Caspian, the world's fifth-largest oil field, with partners including Shell, Total, Eni SpA and Exxon Mobil Corp.
In neighboring Azerbaijan, BP Plc leads a group pumping oil at the Azeri-Chirag-Guneshli project, the largest field under development in its sector of the sea, according to BP's website.
|
|
