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[sarkasm] 13/8/2018 11:32

KUALA LUMPUR, Malaysia--Petroliam Nasional Bhd., Malaysia's national oil company more commonly known as Petronas, said it bought a 30% equity stake in Senegal's Rufisque Offshore Profond block from France's Total SA, marking its first entry into the West African country.

Total will hold a 60% stake in the exploration block, maintaining operatorship, and Senegal's national oil company, known as Petrosen, will own the remaining 10%, according to a statement Petronas released Monday.

The company didn't reveal any financial details about the deal.

The Rufisque Offshore Profond block, covering an area of 10,357 square kilometres off the coast of Senegal, is located near recent significant oil-and-gas discoveries in blocks such as St. Louis Profond, Cayar Profond, Rufisque and Sangomar Deep Offshore, Petronas said.

Exploration drilling activities in the Rufisque Offshore Profond block will begin next year, Petronas said.

Write to Yantoultra Ngui at [e-mail]



(END) Dow Jones Newswires

August 13, 2018 05:20 ET (09:20 GMT)

[cpap man] 13/8/2018 07:55

UOG



United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil & Gas



United Oil & Gas PLC ('United' or 'the Company')

Delivery of fast track 3D seismic data on Tullow Oil-operated licence, offshore Jamaica



Highlights

· Delivery of fast track 3D seismic data following completion of 2,250 sq km survey over Walton-Morant licence ahead of schedule and under budget

· High-grade Colibri target can be clearly identified on this new dataset

· Processing and interpretation of data underway - initial opinion is that the product is of excellent quality, and work now focused on further de-risking multiple targets including Colibri



United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that the fast track version of the recently acquired 3D seismic dataset over the Walton-Morant licence ('Walton-Morant' or 'the Licence'), offshore Jamaica, has been delivered by the operator, Tullow Jamaica Ltd ('Tullow'). Encouragingly, the high-grade Colibri target, which had previously been mapped on 2D seismic, has been clearly identified on the fast track version of the 3D seismic dataset. This follows the completion of a 2,250 sq km 3D seismic acquisition survey on the Licence (see announcement of 14 May 2018 for further details). United holds a 20% equity interest in the 32,065 sq km Licence, with the remainder held by Tullow, a wholly owned subsidiary of leading independent oil and gas exploration and production company Tullow Oil plc (LSE: TLW).



The 3D seismic survey, which is the first to have been acquired in Jamaica, forms part of a programme focused on de-risking highly prospective Cretaceous and Tertiary aged clastic and carbonate reservoir targets that have been mapped by Tullow on 2D seismic data. Among these is Colibri, which has been estimated from 2D data to hold gross mean-case prospective resources of over 200mmbbls. The technical case for Colibri has been further strengthened by the recent identification of an active thermogenically derived offshore oil seep to the south of the structure.



Initial opinion is that the fast track 3D seismic data is of excellent quality with the Colibri structure clearly visible on the newly acquired dataset. Processing and interpretation work is now underway and the Company will provide a further update to the market once this has been completed and final volumes are available.



United Oil & Gas Plc CEO, Brian Larkin, said, "The work programme to de-risk the 200mmbbl Colibri target on Walton-Morant continues to proceed on schedule and under budget. Being able to clearly identify Colibri on the 3D seismic at such an early stage is highly encouraging and with this in mind, we are looking forward to the processing and interpretation work being completed.



"United has a dual focused strategy to expose shareholders to multiple near-term value drivers from its portfolio of low-risk development and appraisal assets in Europe and potentially transformational exploration projects in Latin America, the Caribbean and Africa. Our 20% interest in Walton-Morant represents high impact exploration, however, near-term needle-moving activity is not confined to Jamaica. In Europe, the Podere Maiar gas discovery in Italy is being progressed through the permitting process ahead of being brought into production; while in the UK, the near-shore Colter Discovery, which lies in the same play as the prolific Wytch Farm field, is due to be drilled in Q4 2018. Activity with significant re-rating potential is being undertaken across our portfolio and I look forward to providing further updates on our progress."



Further Information on Walton-Morant Licence

The large 32,065 sq km Walton Morant Licence, offshore Jamaica, is exposed to a number of different plays across three geological basins including the Walton and Morant Basins. To date, only 11 wells have been drilled across the whole of Jamaica's onshore and offshore, and despite challenges with well placement due to a lack of seismic control, 10 of these encountered hydrocarbon shows. Oil-prone source rocks have been identified in the Eocene and in the Cretaceous, with migrant oil identified in onshore wells and outcrop samples. This provides good evidence of the presence of regional source rocks.



Recent work, including extensive onshore fieldwork, has confirmed the presence of all the elements required for a working petroleum system, and has also identified a thermogenically derived offshore oil seep close to Colibri, the main prospect of interest, providing further confidence that there is the potential to find significant commercial volumes within the Licence. Colibri has been high graded on the basis of its position in relation to migration routes out of an identified Eocene kitchen.



Tullow entered the Walton-Morant licence in November 2014. In addition to securing a large portfolio of legacy 2D seismic data, Tullow also acquired a further 3,650 km of 2D seismic in 2016 and 2017. Interpretation of the data set has identified attractive Cretaceous and Tertiary aged clastic and carbonate reservoir targets. The 3D seismic survey is designed to further de-risk these targets, including the Colibri lead.

[cpap man] 13/8/2018 07:51

UOG



United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil & Gas



United Oil & Gas PLC ('United' or 'the Company')

Delivery of fast track 3D seismic data on Tullow Oil-operated licence, offshore Jamaica



Highlights

· Delivery of fast track 3D seismic data following completion of 2,250 sq km survey over Walton-Morant licence ahead of schedule and under budget

· High-grade Colibri target can be clearly identified on this new dataset

· Processing and interpretation of data underway - initial opinion is that the product is of excellent quality, and work now focused on further de-risking multiple targets including Colibri



United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that the fast track version of the recently acquired 3D seismic dataset over the Walton-Morant licence ('Walton-Morant' or 'the Licence'), offshore Jamaica, has been delivered by the operator, Tullow Jamaica Ltd ('Tullow'). Encouragingly, the high-grade Colibri target, which had previously been mapped on 2D seismic, has been clearly identified on the fast track version of the 3D seismic dataset. This follows the completion of a 2,250 sq km 3D seismic acquisition survey on the Licence (see announcement of 14 May 2018 for further details). United holds a 20% equity interest in the 32,065 sq km Licence, with the remainder held by Tullow, a wholly owned subsidiary of leading independent oil and gas exploration and production company Tullow Oil plc (LSE: TLW).



The 3D seismic survey, which is the first to have been acquired in Jamaica, forms part of a programme focused on de-risking highly prospective Cretaceous and Tertiary aged clastic and carbonate reservoir targets that have been mapped by Tullow on 2D seismic data. Among these is Colibri, which has been estimated from 2D data to hold gross mean-case prospective resources of over 200mmbbls. The technical case for Colibri has been further strengthened by the recent identification of an active thermogenically derived offshore oil seep to the south of the structure.



Initial opinion is that the fast track 3D seismic data is of excellent quality with the Colibri structure clearly visible on the newly acquired dataset. Processing and interpretation work is now underway and the Company will provide a further update to the market once this has been completed and final volumes are available.



United Oil & Gas Plc CEO, Brian Larkin, said, "The work programme to de-risk the 200mmbbl Colibri target on Walton-Morant continues to proceed on schedule and under budget. Being able to clearly identify Colibri on the 3D seismic at such an early stage is highly encouraging and with this in mind, we are looking forward to the processing and interpretation work being completed.



"United has a dual focused strategy to expose shareholders to multiple near-term value drivers from its portfolio of low-risk development and appraisal assets in Europe and potentially transformational exploration projects in Latin America, the Caribbean and Africa. Our 20% interest in Walton-Morant represents high impact exploration, however, near-term needle-moving activity is not confined to Jamaica. In Europe, the Podere Maiar gas discovery in Italy is being progressed through the permitting process ahead of being brought into production; while in the UK, the near-shore Colter Discovery, which lies in the same play as the prolific Wytch Farm field, is due to be drilled in Q4 2018. Activity with significant re-rating potential is being undertaken across our portfolio and I look forward to providing further updates on our progress."



Further Information on Walton-Morant Licence

The large 32,065 sq km Walton Morant Licence, offshore Jamaica, is exposed to a number of different plays across three geological basins including the Walton and Morant Basins. To date, only 11 wells have been drilled across the whole of Jamaica's onshore and offshore, and despite challenges with well placement due to a lack of seismic control, 10 of these encountered hydrocarbon shows. Oil-prone source rocks have been identified in the Eocene and in the Cretaceous, with migrant oil identified in onshore wells and outcrop samples. This provides good evidence of the presence of regional source rocks.



Recent work, including extensive onshore fieldwork, has confirmed the presence of all the elements required for a working petroleum system, and has also identified a thermogenically derived offshore oil seep close to Colibri, the main prospect of interest, providing further confidence that there is the potential to find significant commercial volumes within the Licence. Colibri has been high graded on the basis of its position in relation to migration routes out of an identified Eocene kitchen.



Tullow entered the Walton-Morant licence in November 2014. In addition to securing a large portfolio of legacy 2D seismic data, Tullow also acquired a further 3,650 km of 2D seismic in 2016 and 2017. Interpretation of the data set has identified attractive Cretaceous and Tertiary aged clastic and carbonate reservoir targets. The 3D seismic survey is designed to further de-risk these targets, including the Colibri lead.

[bountyhunter] 12/8/2018 15:37

just voted at the end of the above article: right now 38% believe <$50 will be next move for WTI and 62% believe >$100 will be next move

[grupo guitarlumber] 10/8/2018 15:44

Goldman: Trade War Won't Crash Oil Prices
By Irina Slav - Aug 10, 2018, 9:15 AM CDT pipeine

In spite of the ongoing—and worsening—trade spat between the United States and China, Goldman Sachs has maintained its price forecast for West Texas Intermediate at US$70 for this year, CNBC reports, citing commodities head Jeffrey Currie.

Despite a string of weekly losses for WTI clearly linked to the escalation between the United States and China, Currie believes that global economic growth will support higher average prices for the year.

"When we look at the fundamental picture, it really hasn't changed. You've seen substantial liquidation, really off of the headline risk around tariffs, but the underlying fundamental story and the case for owning commodities, as well as oil, really remains intact,” Currie said.

In support of Currie’s sentiment, China stopped short of imposing import tariffs on U.S. crude oil, which some saw as a way of keeping the oil card on the table for future use. Others, like Currie, interpreted it as the only move that makes sense under the current circumstances.
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“The reason why is it can be redirected,” he told CNBC. “You're not going to impact oil because there's so many producers, so many consumers."

China is hardly the most replaceable importer of oil for any exporter, including the United States, given the amount of crude it takes in. Chances are that U.S. producers would find it challenging to quickly find new markets for the over half a million barrels daily they sold to China in June. Yet with the Iran sanctions, the challenge may not be as great as it would have been otherwise.

But it seems that for Currie, the most important factor is demand. Demand is strong, according to him, and this could even lead to a shortage given the decline in global inventories and the fact that Saudi Arabia has not ramped up supply as quickly as it was expected.

By Irina Slav for Oilprice.com