CNOOC makes large-sized oil discovery at Kenli 6-1 well offshore China

first_imgDrilled to a depth of 1,596m, the KL6-1-3 well encountered oil pay zones with a total thickness of approximately 20m The KL6-1-3 well was drilled to a depth of 1,596m. (Credit: Pixabay/D Thory) China National Offshore Oil Corporation (CNOOC) has announced what it claims to be a large-sized oil discovery at the Kenli 6-1 well located in the Bohai Bay, China.Located in Laibei lower uplift in southern Bohai basin with an average water depth of about 19.2m, the discovery well KL6-1-3 was drilled to a depth of 1,596m.KL6-1-3 well encounters oil pay zonesFollowing drilling, the well had encountered oil pay zones with a total thickness of approximately 20m.Following testing, the well had produced around 1,178 barrels of oil per day.The Chinese national oil company said in a statement: “The successful exploration of Kenli 6-1 demonstrated the Company’s remarkable breakthrough in the exploration area of Laibei lower uplift, and further proved the huge exploration potential of the Neogene lithologic reservoir in the Laizhou Bay.”Recently, the company commenced production from the Bozhong 34-9 oilfield located in the south of Bohai Sea, China.According to the company, the oilfield is contained in an average water depth of 18.1m. CNOOC is the sole stakeholder in the Bozhong 34-9 oilfield.CNOOC is planning to drill a total of 57 wells at the Bozhong 34-9 Oilfield, out of which 38 will be production wells, while the remaining will be water injection wells.The Bozhong 34-9 project is anticipated to realise its peak production of nearly 22,500 barrels of crude oil per day in 2022.Earlier this year, CNOOC said it plans to investment CNY85bn ($12.2bn) to CNY95bn ($13.7bn), targeting a net production capacity of 520-530 million barrels of oil equivalent (Mboe) in 2020.CNOOC’s net production for 2021 and 2022 are estimated to be around 555 million boe and 590 million boe, respectively.last_img read more

Seabird Exploration announces update on COVID-19

first_imgSo far, the main effect for the Company has been the termination of two OBN surveys off West Africa The company has decided to postpone the remaining outfitting of the Fulmar Explorer until markets normalize. (Credit: Pixabay/C Morrison) The COVID-19 outbreak continues to affect the global economy as well as oil demand.  While market uncertainty is high, the Company continues to work with its clients as usual.  However, to cope with the uncertainty and preserve cash, the Company has decided to reduce costs further and postpone capex until the market situation normalizes and/or we see concrete work for the vessels affected by this.Operations:  The immediate effects of the COVID-19 situation for the Company are operational.  In particular, crew changes for existing projects and mobilization of crew for new projects are made difficult by travel and immigration restrictions.  This may have an impact on operational cost, due to additional salaries and increased travel costs caused by the restrictions.  Worst case, projects may also be delayed or cancelled due to the logistical challenges created by the COVID-19 restrictions.  So far, the main effect for the Company has been the termination of two OBN surveys off West Africa as announced on April 7th.In the event of a prolonged period of economic shutdown, the Company has contingency plans in place to reduce costs even further and place the vessels idle at a very low cost.  In such an event, our ambition is to be able to run the company at less than USD 400k per month including all stacking costs and SG&A, while maintaining ability to operate at least two vessels on contracts simultaneously.  Based on contract negotiations and clients existing plans, management currently has no reason to believe that it will be necessary for the Company to execute on its contingency plans.Capex:  The Company has decided to postpone the remaining outfitting of the Fulmar Explorer until markets normalize and/or the vessel sees a contract award.  Meanwhile, we will reengineer the project with an ambition to reduce the capex need further.  Further, the Company has finished all preparatory work for rigging of the Geo Barents.  The vessel has been bid for a contract in the Eastern hemisphere, and the actual rigging will take place upon contract award.  The remaining cost for rigging the vessel is estimated to be no more than USD 600k.In sum, the actions taken will help the Company preserve cash and enable it to weather a prolonged downturn in our markets.  The Management and Board of Directors is confident that the Company`s strong balance sheet, modern, flexible and competitive fleet, efficient operations and industry-leading and uniquely low-cost position puts Seabird Exploration on a strong footing to weather the current difficult market conditions and improve its competitiveness versus the industry as the economy and oil markets eventually recovers. Source: Company Press Releaselast_img

LLOG Exploration sanctions Taggart development in US Gulf of Mexico

first_imgThe Taggart discovery is located on Mississippi Canyon Block 816 in around 5,650 feet of water Initial development plans at Taggart include the completion and tieback of two wells. (Credit: Pixabay/Keri Jackson) LLOG Exploration Offshore has sanctioned its Taggart discovery and finalised the plans to develop via the Devils Tower Spar in the US Gulf of Mexico.The firm has signed a production handling agreement for the development via tieback to the Williams-owned Devils Tower Spar in Mississippi Canyon 773.Devils Tower Spar is located 140 miles (225.3km) southeast of New Orleans in the Mississippi Canyon area of the Gulf of Mexico.The Taggart discovery is located on Mississippi Canyon Block 816 in around 5,650 feet of water.In 2013, the Mississippi Canyon 816 #1 discovery well was drilled to a depth of 11,562 feet and encountered 97 feet of net pay in two Miocene objectives.Taggart development is wholly owned by LLOG and its affiliatesLLOG said that the two subsequent appraisal wells were drilled in 2015 and 2019 and respectively encountered 147 feet and 84 feet of net pay.Initial development plans at Taggart include the completion and tieback of two wells. First production is anticipated in 2022.LLOG president and CEO Philip LeJeune said: “LLOG is pleased to announce the sanctioning of our Taggart discovery, and we look forward to the successful development of this deepwater asset.“Williams will provide the infrastructure necessary for the efficient and economic development of the Taggart discovery which has reserves totaling approximately 27 million barrels of oil equivalent.“We believe this partnership is a perfect match due to both companies’ experience developing deepwater assets and commitment to operating with excellence, integrity, and safety.”The Taggart development is wholly owned by LLOG and its affiliates.Recently, US-based midstream company Williams signed a tieback agreement for the Taggart development.The tieback agreement includes the provision of offshore natural gas and oil gathering and production handling services for the Taggart development at Williams’ Devils Tower Spar.last_img read more

Colombia’s ANH to award four onshore blocks to Parex Resources and CNE

first_img The offered blocks are said to have potential in gas and crude oil. (Credit: John R Perry from Pixabay) Colombia’s Agencia Nacional de Hidrocarburos (ANH) said that it will sign contracts for offering four onshore blocks in the country to Canadian oil and gas firms Parex Resources and CNE Oil & Gas.According to the national hydrocarbons agency, the associated investments for the blocks are estimated to be around $40m.The offered blocks are VIM 43, VIM 44, VMM 47, and LLA 134, which are said to have potential in gas and crude oil. They were offered under the Nation – Territory Coordination and Concurrence Procedure.The contracts with the Canadian firms will be signed on or after 30 November as no counteroffers were made during Colombia’s third cycle of the Permanent Process for the Assignment of Areas (PPAA).ANH said that the investments will cover the two phases of the exploration period, which are minimum exploration programme and additional exploration programme.Colombian Minister of Mines and Energy Diego Mesa Puyo said: “The results of the third cycle of the Permanent Process of Allocation of Areas demonstrate the progress of the reactivation of the hydrocarbons sector in Colombia that we have promoted since the National Government.“This sector will continue to be the linchpin of sustainable revival as the gateway to investment and employment generation, as well as the fundamental axis of our energy self-sufficiency.”ANH also announced that 16 companies have qualified for the fourth round of the PPAA, which will be launched on 20 November 2020 at the 3rd Oil and Gas Summit.Recently, CPVEN has provided a binding commercial offer to NGX Energy for gas drilling and services to develop SN-9 in Colombia.SN-9’s wells are NGX Energy’s 311,353 acre project in the Lower Magdalena Basin of Colombia, which is a prolific hydrocarbon producing region near the Caribbean coast. The associated investments for the blocks are estimated to be nearly $40mlast_img read more

Brexit vote has helped us, says Purplebricks CEO

first_imgPurplebricks CEO Michael Bruce says the uncertainty caused by the Brexit vote in June has been an opportunity for the company, which released its results this week.Speaking during an interview with London-based website DirectorsTalk, Bruce suggested that he saw “Brexit as an opportunity to grow our market share and get out there an educated the UK consumers that the cost of selling your house is too high, you’ve been paying it for too long, and that the unfair commission based model agency is not the one that you should choose”.“We have been very pleased to see that the UK consumer is making that choice, and that there is a seismic change happening in the estate agency [sector] and we’re at the forefront of that change – and we’re looking to capitalise on it.”The comments come after Purplebricks yesterday reported its first profit of £300,000 as well as a 119% increase in the number of Local Property Experts joining the company over the past six months.“This shows that more and more people from the industry want to join Purplebricks to offer a better quality of service,” says Bruce.“It’s why we’re the most positively reviewed estate agent in the UK, and possibly the world.”City investors would appear to agree with Bruce’s bullish summary of his company’s performance to date, and prospects. Its share price has jumped by 6% since its results were released.Purplebricks Michael Bruce Brexit shares EU Referendum December 6, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Brexit vote has helped us, says Purplebricks CEO previous nextAgencies & PeopleBrexit vote has helped us, says Purplebricks CEOUncertainty has helped break traditional agents’ grip on consumers, claims Michael BruceNigel Lewis6th December 20160619 Viewslast_img read more

Found its happy? Rightmove share price edges towards historic £50 high

first_imgHome » News » Found its happy? Rightmove share price edges towards historic £50 high previous nextProducts & ServicesFound its happy? Rightmove share price edges towards historic £50 highFavourable analyst reports and juicy profits last year have helped push up portal’s stock value dramatically over the past three months.Nigel Lewis1st June 201801,214 Views Rightmove shares are about to break the £50 barrier for the first time as the portal’s popularity with investors has seen its stock enjoy a three-month money-making run.This will be an historic high for the company’s shares, which were launched in 2006 at £3.35p each, valuing the company at £425 million.This means anyone who bought shares worth £100,000 then could now cash them in for £1.25 million.Also, Rightmove’s share price has increased by 19% since early March from £41.8p a share to £49.70p today.This values the company at £4.45 billion, or almost exactly twice that of Zoopla, even at ZPG recently inflated takeover stock value, and a staggering 27 times Rightmove’s forward earnings forecast.The huge and ongoing increases in Rightmove’s share price have been attributed by experts to several City investment analyst reports including  those from Peel Hunt, JP Morgan and Liberum Capital.Rightmove’s growthRightmove has also been delivering what the City likes – growth. Its annual report for 2017 published in March revealed yet another year when turnover, profits and shareholder dividend increased year-on-year. During 2017 it increased its monthly revenue from agents by 10% to £922.Rightmove has also been helped by Zoopla’s recent lock-stock purchase by US private equity firm Silver Lake, which put a similar move by Rightmove in the spotlight.Following the flotation during the heady days before competition in the form of Zoopla or OnTheMarket, Rightmove’s agent shareholders were Countrywide with 22.5% and both Connells and Halifax Estate Agency Services with 21.7% each.peel hunt# jp morgan liberum capital rightmove share price June 1, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Purplebricks confirms ‘no more launches’ and prepares to park its tanks on Zoopla’s front lawn

first_imgHome » News » Agencies & People » Purplebricks confirms ‘no more launches’ and prepares to park its tanks on Zoopla’s front lawn previous nextAgencies & PeoplePurplebricks confirms ‘no more launches’ and prepares to park its tanks on Zoopla’s front lawnHybrid agency also confirms it is on the hunt for fellow European businesses to buy, and will soon launch a household bills dashboard.Nigel Lewis24th July 201804,272 Views Purplebricks has confirmed that it is not planning to launch any more businesses from scratch and will instead focus on buying up existing agents in Europe.“We’d be more interested at this stage in an acquisition than putting some troops on the ground,” founder Michael Bruce told Reuters yesterday.“We’re not directly touting, but it’s clear that people know us and the brand and what we’re trying to achieve,” he said.“We know who’s doing OK in these markets and we’re observing them.”The most successful online and hybrid sales and letting agents in Europe at the moment include SeLoger.com and CyberPret.com in France, Maklaro.de and Nestpick.com in Germany and Spotahome in Spain.Purplebricks also revealed that the business will now focus on ‘bedding down’ its existing overseas operations in the US and Australia and increasing its UK market share from 7% to 10%.Purplebricks PlusThe company is also planning to launch a service called Purplebricks Plus which will enable home owners to see all their household bills on one dashboard, heralding the company’s first activity outside house sales and lettings, and parking its tanks on the front lawn of Zoopla.Bruce says the service is being prepared for launch next April and claims it will enable Purplebricks to stay “front of mind” during the long stretches in between each home move.These latest developments didn’t impress City investors. Purplebricks’ share price dropped by 4.5% yesterday to £2.97, a long way off its £5.13p share price a year ago.purpelbricks SeLoger.com Maklaro.de Purplebricks Plus europe European Union July 24, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Government pumps £142 million into plan to build 8,500 new homes

first_imgThousands of homes will be built in growing communities as a result of a £142 million investment in infrastructure, Housing Minister Kit Malthouse MP has revealed.The money will be spent on widening bridges, building roads and connecting utilities so that up to 8,500 properties can be built.The spending, under the Housing Infrastructure Fund, is all part of the government’s drive to deliver 300,000 homes a year by the mid-2020s.Malthouse said: “For decades, governments of all stripes and types have not built enough homes but we are turning that around, brick by brick.“We are driving to create homes, opportunities and thriving communities – and this £142 million investment will mean we can build more of the properties our country so badly needs.“We need to keep upping our game and build more, better, faster, if we are to meet our ambition to deliver 300,000 homes a year by the mid-2020s.”The funding comes from the government’s £5.5 billion Housing Infrastructure Fund so that land can be made ready for development. Money from this fund is allocated to authorities after a competitive funding allocation process.4,500 homes in WokingGovernment will invest £95 million in Woking, Surrey, which will unlock land to build up to 4,500 homes in the town. The money will pay to widen the Victoria Arch Bridge, to pay for road improvements, buying land and connecting utilities. The project, which is being delivered by Surrey County Council, is expected to significantly reduce congestion in the area, as well as opening up land for housing.4,000 homes in TruroAn extra 4,000 homes will be built as a result of a £47 million investment in new road links in Truro, Cornwall. The funding will be spent on a new northern access road, connecting sites from the A390 in the west to the Royal Cornwall Hospital and employment hub in the east.Read more about new homes.Truro Kit Malthouse MP new homes Sheila Manchester Woking June 12, 2019The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Land & New Homes » Government pumps £142 million into plan to build 8,500 new homes previous nextLand & New HomesGovernment pumps £142 million into plan to build 8,500 new homesThe cash will be spent on widening bridges, building roads and connecting utilities in Surrey and and Cornwall.Sheila Manchester12th June 201901,012 Viewslast_img read more

Challenger portal prepares to go live next week after three years in development

first_imgIt’s been three years in development but early next week challenger portal Moovshack is due to go live, The Negotiator can report.It is the brainchild of Mike Silver, who founded East Midlands estate agency Middletons in 2011 but sold it in 2015. He’s also a man who does not tire of explaining how his app is not a ‘challenger portal’ at all.Instead, he says, it’s a smartphone app that enables house hunters to both find their next home and then communicate and transact with both the vendor or landlord and agent all the way through to completion.The full launch, which will come later this year, will be a test of his belief that both agents and consumers are happy to let one home moving platform handle all the communication and procedural work required to progress a sale or rental, including both offer negotiation.But Silver has the Coronavirus crisis on his side. He believes Moovshack’s ability to offer an arms-length digital way to buy or rent a home means it will appeal to a public wary of physical contact.Whole journey“For too long Rightmove and Zoopla have only been involved at the start of the journey and have not been interested or invested in getting the transaction to completion – whereas we are,” he says.“People don’t care about proptech, they only care about their home-moving journey being as short and easy as possible.”His team is due to set its systems live early next week and then will begin contacting the 3,000 or so agents who have expressed an interest in using the service and persuading them to sign up.But the biggest hill to climb for Moovshack is getting consumers to use it. To do this, he’s signed a deal with the UK’s largest newspaper publishing group, Reach, to advertise the app across its network of 247 national and regional newspapers.He also says his pricing model for agents is an advantage – agents can list for free on the app but only pay when they communicate directly with the parties involved in a sale or rental.Visit the Moovshack website.   Moovshack Mick Silver portals June 9, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Challenger portal prepares to go live next week after three years in development previous nextProptechChallenger portal prepares to go live next week after three years in developmentFormer estate agent and Moovshack founder, Mick Silver, talks to The Negotiator about his bid to persuade the industry and consumers that there is a better way to move home.Nigel Lewis9th June 202001,159 Viewslast_img read more

Exclusive: Haart seeks 350 home-working staff across UK

first_imgHome » News » Agencies & People » Exclusive: Haart seeks 350 home-working staff across UK previous nextAgencies & PeopleExclusive: Haart seeks 350 home-working staff across UKHuge scale of company’s Partner network expansion is revealed, for which the company says it has received 2,000 applicants so far.Nigel Lewis7th October 202001,882 Views The scale of the Haart huge push to set up a ‘virtual’ network of partners across the UK has been revealed after it posted over 350 job adverts on recruitment websites across the UK, The Negotiator has been told.Haart has confirmed that this is part of its major expansion programme across the UK as it rolls out its new Partnership scheme with employees working flexibly from home, but also recruits new staff to its pared-down branch network.CEO Paul Smith (below) says: “Estate agency is evolving and as a company we are adapting and growing in response to the needs of our clients and our staff.“Last week alone, we received more than 2,000 CVs and appointed our 41st Partner.“Our recruitment drive shows just how much we’re committed to our strong branch network as well as recognising the success of the Partner scheme.“Our people are at the heart of our success and we’re delighted that so many want to be part of the Spicerhaart estate agency network.“We’re proud to be a sought-after employer and we are doing everything we can to find the best people to help our customers with their property needs.”BallooningResearch by recruitment website Adzuna shows that roles for remote working positions like those offered by Haart’s Partnership programme are ballooning as Covid impacts attitudes to home working, up nearly seven-fold compared to before the pandemic.This research shows that the Spicerhaart group has the most ads for remote positions followed by Bupa and Mastercard.“Remote working is here to stay, but remote job opportunities have a way to go to catch-up,” says Adzuna co-founder Andrew Hunters.“Nine-in-ten job openings fail to specify if a role is remote and may be missing out on applications from cautious job seekers nervous about returning to the office.”Read more about Haart’s hub/partner programme.Partner programme haart CEO Paul Smith October 7, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more