South Korea Interested to Invest Oil Exploration Project in Ghana
Ghana’s largest oil field, the Jubilee oil field has been up for grabs, and oil majors from across the world are falling over each other to grab it. And now it is the South Koreans.
Since Komos Energy put up their stake in the Jubilee field for sale, Ghana has been in the spotlight, as major oil companies including state-owned companies shove each other aside to acquire the stake.
In July 2009, the Indian state-run Oil & Natural Gas Corporation (ONGC), expressed interest in buying Kosmos Energy’s stake in the field.
And then in August 2009, the Chinese revealed their interest in the field. The China National Offshore Oil Company (CNOOC) showed keen interest in buying the stake. The Chairman of CNOOC, Fu Chengyu told the Reuters news service that China was bidding for the stake. “We are participating in the bid,” he was reported to have said. The bid was put at $3 billion to $5 billion.
In the heat of the melee, speculations became rife that Ghana favoured a China deal.
But in October 2009, Kosmos agreed to sell the stake to its Texas neighbour, US oil giant ExxonMobil for a $4 billion deal.
The ExxonMobil deal however was never sealed because it required the approval of the government of Ghana. The government declined to approve the deal because, it said Kosmos broke the law when it opened its data room to ExxonMobil against the established law that says that partners in the field must be given the first option to buy if one decides to sell. Read more
AAPH To Commence Oil Production Mid-June
American Petro-Hunter, Inc. wishes to update the ongoing activities at the #1 Lutters Well oil well at the Poston Prospect located in Trego County Kansas.
American Petro-Hunter and the operator of the project, S & W Oil & Gas, LLC of Wichita, have determined that construction for the pad site and tank battery will begin on June 1st. The Operator has installed 5 1/2″ casing and cement in preparation for completing the well. Additionally, arrangements have been made for the imminent arrival of pumping equipment in readiness for the establishment of commercial oil production.
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China National Offshore Oil Corporation to Build Coal-to-Gas Project
China National Offshore Oil Corporation (CNOOC), the country’s biggest offshore oil and gas producer, has signed an agreement to build a coal-to-natural gas project and supporting equipment with a total investment of CNY 30 billion in Shanxi Province.
The investment, the biggest in the field, will include CNY 21 billion to CNY 24 billion in core engineering. Within three years, the oil and gas giant will complete the construction of the project with an annual production of 4 billion cubic meters and two coalmines with a yearly output of 10 million tons each. Read more
Thermal Balance Brakes Announces Exclusive Partnership
Thermal Balance Brakes is proud to announce they have entered into an exclusive partnership deal with The Gripper Group of British Columbia, Canada for marketing of Harmonic Fatigue Detection and Thermal Cycling of Brakes.
“We are very excited about our new exclusive partnership,” says Thermal Balance Brakes CEO, Frank Masyada. “Working with The Gripper Group opens up international markets to us in Asia and the Middle East.”
The Gripper Group, under the leadership of CEO, Gerard Jones, is well versed in oil rig and gold mining operations. For oil rigs, their expertise caters to providing high-quality risk management assessments. They are able to identify potential problems in oil rig operations. They can then provide solutions that correct the problems and reduce the risks back to an acceptable level. The Gripper Group provides services to a wide variety of industries internationally including Oil and Gas Exploration and Production and Drilling, Mining, Refineries, Utilities (Water, Gas and Electricity) and Government. Read more
Marathon Oil Corporation to Participate in UBS Global Oil and Gas Conference
Marathon Oil Corporation announced today that David E. Roberts, Jr., Marathon executive vice president of Upstream, will be presenting at the UBS Global Oil and Gas Conference on Tuesday, May 19, 2009, at 12:55 p.m. EDT.
A live audio webcast of these remarks, along with the associated slides, will be accessible via Marathon’s Web site at www.marathon.com. This presentation and associated question and answer session may include forward-looking information. A replay of the presentation will be available and archived on Marathon’s Web site through June 2, 2009. Read more
Energy hungry China: China inks oil deal with Kazakhstan
Energy hungry China has signed a loan for oil deal with neighbouring Kazakhstan, which will get $10 billion for financing oil and other projects. This is the four deal signed by China since February offering loans and investments totaling $46 billion to four countries in exchange for oil.
The latest deal involves a $5 billion loan to be given by the state-owned China National Petroleum Corp to Kazakhstan’s KazMunaiGaz EP for the joint purchase of MangistauMunaiGaz, which owns oil and gas fields. China, which has been wooing Kazakhstan at the political level for the past few years, will invest another $5 billion in other projects in the country. Read more
