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2014-04-13 18:04:00

CONGO REVIVES OILFIELDS

CONGO REVIVES OILFIELDS

Republic of Congo's state oil company SNPC said it hopes to develop a strategy to pump more oil from fields under-exploited by foreign investors as part of a plan to revive oil production.

Societe Nationale des Petroles du Congo (SNPC) said in a statement in Congolese newspaper La Semaine Africaine on Friday that it had completed two geological surveys since December in the Mengo-Kundji-Bindi (MKB) permit to assess their potential.

"SNPC is using hydraulic fracturing on the Kundji field allowing improved production of compact reserves...which constitute the oil reserves on the MKB permit. It will use the same technique on the Mengo field," the announcement stated.

The Kundji field is currently being exploited by SNPC in collaboration with Ivorian state oil company Petroci and Canada's Orion Oil and Gas, SNPC said. It was previously abandoned by now dissolved French oil company Elf.

The Mengo field was similarly abandoned by Elf in the 1990s.

SNPC also carried out a survey of the Mayombe licence, not currently being exploited, to assess its potential for drilling.

Oil production in Republic of Congo has been in decline for years due to maturing fields and is down from around 310,000 bpd in 2010, according to data from the U.S. Energy Information Administration.

The country projects output of 242,000 barrels per day this year, up slightly from 242,000 bpd in 2013. Oil revenues make up more than 70 percent of the state's budget.

New discoveries have piqued investor interest and Congo plans a licensing round this year for around 10 onshore and offshore oil blocks. The region is thought to contain oil concealed below a layer of salt on the ocean bed and some expect reserves comparable to the billions of barrels found in fields off Brazil.

REUTERS.COM

Tags: IRAN, GAS, OIL

Chronicle:

CONGO REVIVES OILFIELDS
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

CONGO REVIVES OILFIELDS
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

CONGO REVIVES OILFIELDS
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

CONGO REVIVES OILFIELDS
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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