United Oil & Gas Share Discussion Threads

[costax1654x] 03/1/2020 10:58

The only oil company who doesn't go up today

[tomford8] 03/1/2020 01:20

New Oil & Gas field in Egypt promises more discoveries

2nd January 2020 Ahmed Youness

CAIRO — Egypt announced Dec. 19 the discovery of a new oil and gas field in the Abu Sennan area in the Western Desert. The Egyptian Ministry of Petroleum and Mineral Resources said in an official statement that the new oil and gas field was discovered after excavation work by Borg El-Arab Petroleum Company, a government-affiliated company.

The statement indicated that the new field’s production is expected to reach an average of 7,000 barrels of crude oil per day, as well as 10 million cubic meters of gas. It added, “New discoveries in the Western Desert are proof that this region is still characterized by its high oil and gas possibilities, especially in the deep layers, in light of modern technologies contributing to achieving several promising discoveries in the area.”

On Dec. 12, Russia Today quoted Adel al-Bahnasawy, a journalist specializing in energy affairs, as saying that the new oil and gas field discovered in the Western Desert was a huge field compared to previous discoveries in the same area, stressing that this discovery will open the door to the possibilities of finding new oil fields in the Western Desert.

Bahnasawy told Al-Monitor over the phone that several discoveries have been made in the Western Desert, and that government officials believe the area is rich in undiscovered oil and gas fields.

Read More




*Spangle - Thank you for insight on BP I agree with you, who knows why BP loan UOG
looking forward to the year ahead could be some interesting moves...

[spangle93] 02/1/2020 20:17

Hi Tomford - I'd already shared my thoughts, post 1998, which were that loaning a junior oil company $8MM is completely out of context for BP, so there is more behind the story than a simple loan.

But Bernard Looney wouldn't be asked to sanction $8MM at BP - it's not material enough to trouble his time. That level would be a regional manager budget - at best it would be the E&P manager who replaced him when he was promoted to group CEO. So it's not as simple as two Irishmen meeting in a smoke-filled room.

BP has undoubtedly been in Egypt for many years, with developments in the Red Sea, and more recently, a new gas hub off the Alexandria coast.

So, I agree, BP operates in the country, and the managers of UOG and BP are both Irish. But it feels to me that there is something more, or at least different, with BP than the personal chemistry that exists between UOG and TLW management (at least until last week!)

[costax1654x] 02/1/2020 20:13

For the full project

[soulsauce] 02/1/2020 19:51

$5m per annum according to the broker note.

[costax1654x] 02/1/2020 18:47

150.000 m3gas per day?what sort of profit Uog will make on this one?

[soulsauce] 02/1/2020 18:41

UK assets not very exciting but just made a very nice turn on a small part of it.
And what about Italy?

[costax1654x] 02/1/2020 18:41

Just wondering how much Uog will make from 150.000 c3 of gas per day in Italy?

[costax1654x] 02/1/2020 18:38

uog have a strange mix of uk (not very exciting) assets. the jamacia asset needs tlw to be in better shape imv. the Egypt asset is good (but the psc terms need to be understood!).

[costax1654x] 02/1/2020 18:29

I don't think it will go below 3p,not holding any,just looking at it!

[iamgreat1] 02/1/2020 15:36

Sub 3p next week

[tomford8] 02/1/2020 12:09

Thanks Spangle for your interesting thoughts there.

[spangle93] 02/1/2020 12:01

Bernard Looney worked in our department as a junior drilling engineer. One of us went on to have a career.... ;-)

[tomford8] 02/1/2020 11:07

Egypt signs four Oil & Gas E&P Agreements worth $155 million

26th Dec 2019

The Egyptian General Petroleum Company (EGPC) and Ganope have signed four oil and gas exploration and production agreements that will see companies invest at least USD 155 mn to develop concessions in the Gulf of Suez, Nile Valley, and the Western desert, according to an Oil Ministry statement. The agreements also include USD 10.5 mn-worth of grants to drill 30 wells.

The House of Representatives had authorized the ministry earlier this month to sign nine oil and gas agreements that were said to cover areas in the Mediterranean, the Nile Delta, and the Western Desert. Other agreements that are likely to be announced soon include a go-ahead for Neptune Energy to explore in the Gulf of Suez, and for Shell to do the same in Western Desert.

Who’s working on the concessions? Under two agreements with a minimum planned investment of USD 51 mn, IEOC — the EGPC’s JV with Italy’s Eni — will explore in the western desert’s South East Siwa and West Razek concessions. USD 6.2 mn of those investments will come in the form of grants that will go toward the cost of drilling 17 wells, but it isn’t immediately clear where they’re coming from. Merlon El Fayum will also invest at least USD 36 mn to explore in northern Beni Suef in the Nile Valley, while Pacific Oil and ZNP will invest at least USD 68 mn for exploration in the Gulf of Suez’s Ras El Ush. Similarly, these agreements will involve USD 4.3 mn in grants to drill 13 wells.

Would they be under the new production sharing terms? It remains unclear whether the agreements will be subject to the friendlier oil and gas sharing terms rolled out by the ministry earlier this year. The new terms, which will be applied in a tender Ganope launched for 10 oil and gas exploration blocks off the Red Sea coast back in March, give producers larger portions of output in a bid to cut the time it takes for them to hit profitability on any one concession, as well as raise the cost-recovery ceiling on contracts.

(Source: Enterprise.press)

[tomford8] 01/1/2020 13:27

"BP will continue backing the oil sector in Egypt" - BP CEO Bernard Looney

CAIRO - December 2019 - BP in Egypt

Minister of Oil and Mineral Wealth Tarek el Molla in talks Chief Executive Officer of British Petroleum Company Bernard Looney and Chief Executive of Operations, Exploration and Research William Lane and Regional President of BP in North Africa and the Middle East Hisham Mekawy and BP Chairman in Egypt Karim Alaa.

The meeting took up the company's activities in Egypt and the development of new gas projects as well as present and future plans.

In a statement released by the Ministry of Petroleum, the minister said the meeting covered available investment opportunities in Egypt and means of beefing up strategic cooperation between Egypt and BP in the coming phase in view of Egypt's strategy to become a regional energy hub and expand its petroleum projects.

Talks also covered cooperation in the field of exchanging expertise, raising quality standards, as well as training of cadres.

Looney, on his part, highlighted the achievements of BP in Egypt since it started its operations in the Egyptian market 55 years ago, praising the positive cooperation with the sector of petroleum and the attractive investment atmosphere in Egypt.

He asserted that the company is committed to expanding its fields of operation in Egypt and luring more investments to this vital sector, citing its activities in North Alexandria and Atoll gas field in Eastern the Mediterranean.

Looney also praised Egypt's role in establishing the East Mediterranean Gas Forum which contributed to beefing up cooperation among its member countries, asserting that BP will continue backing the oil sector in Egypt and contribute to training Egyptian cadres in its various business spots worldwide.

plus

Egypt an unprecedented increase in oil, gas production in 2019 - report

CAIRO - 30 December 2019
Petroleum Minister Tarek el Molla said an unprecedented increase in the gas and petroleum production was reported in 2019. Some 7.2 billion cubic feet of natural gas and 650,000 barrels of crude oil were produced per day, he said. The highest rate of oil production was reported in August with 1.9 million barrels daily. The total output of petroleum materials hit 84.2 million tons in 2019 up by 7 percent from 2018. More than 43,000 cars are now operated by natural gas to bring the total number of gas-powered vehicles to 300,000. Around 1.2 million housing units were supplied with natural gas to bring to 10.7 million the number of gas-run households.

[soulsauce] 31/12/2019 17:04

Thanks for the information Buzzzz.

[bountyhunter] 31/12/2019 17:04

Are they putting their salaries up in the NY lol!?

[buzzzzzzzz] 31/12/2019 16:28

All I know is I was surprised when I looked at the RNS and saw 3p as I had committed my money at 4p.