OGJ. Madagascar Oil Ltd. reported that its steam-flood pilot (SFP) in Tsimiroro heavy oil field has increased oil production from 222 b/d in December 2013 to 425 b/d in February. The results of the pilot, scheduled to end by this year's second quarter, will determine if the company proceeds with a commerciality declaration later this year.
The nine-pattern SFP began in late-2012 to test the viability of using a conventional-pattern, vertical, multilayer steam flood. The data acquired will resolve numerous reservoir performance factors that Madagascar Oil expects to derisk the decision to proceed with a full-scale development of the field. According to the company, that decision also is contingent on approvals from l'Office des Mines Nationales et des Industries Strategiques, which manages mineral and petroleum resources in Madagascar.
Tsimiroro field has independently audited contingent resources of 1.7 billion bbl (P50) stock tank oil originally in place. Madagascar Oil says it will update those figures upon completion of a full-field interpretation that is nearing completion.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.